A. Bonds may be issued for the purpose of refunding any bonds issued pursuant to article 2 or 3 of this chapter.

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B. Refunding bonds issued pursuant to this article shall have such details and be issued and sold as provided by the governing body of the city or town and shall be secured as provided in this article, except that interest on the refunding bonds shall be payable semiannually on January 1 and July 1 and the due date of the refunding bond shall be January 1 in the year in which it becomes due.