By resolution of its board of directors, an authority may provide for the issuance of:

1. (1) Refunding bonds to refund any bonds of the authority that were issued under this subtitle and are outstanding; or

2. (2) A single issue of bonds to:

   1. (i) Pay the cost of a project or of the improvement, extension, or reconstruction of or additions to a project; and

   2. (ii) Refund bonds that:

      1. 1. Were issued under this subtitle and are outstanding; and
      2. 2. Have matured, are subject to redemption, or can be retired.

Added by Acts 1985, c. 173, § 2.