The board shall have power, and is hereby authorized from time to time, to issue negotiable refunding bonds:

1. (1) To refund unpaid matured bonds;
2. (2) To refund unpaid matured coupons evidencing interest upon its unpaid matured bonds; and
3. (3) To refund interest at the coupon rate upon its unpaid matured bonds that has accrued since the maturity of those bonds.

Source: SL 1971, ch 134 , § 4 (B).