(a) The authority may authorize and issue, on terms the board considers advisable, a refunding obligation to provide for the retirement of an outstanding obligation issued by the authority under this chapter. The refunding obligation:(1) may be issued for an obligation that is due or to become due; and(2) is subject to the provisions of this chapter relating to the issuance of other obligations.(b) A refunding obligation may be:(1) exchanged for like par amounts of the outstanding obligation; or(2) sold, with the proceeds being used to retire the outstanding obligation.(c) The refunding obligation must be:(1) secured in all respects to the same extent as other obligations issued under this chapter; and(2) paid from the same revenue from which the refunded obligation was to be paid. Acts 2003, 78th Leg., ch. 1277, Sec. 1, eff. April 1, 2005.