1.  The Authority may issue refunding obligations to refund any obligations then outstanding which have been issued under the provisions of NRS 315.9981 to 315.99874, inclusive, including the payment of any redemption premium thereon and any interest accrued or to accrue to the date of redemption of the obligations and for any statutory purpose of the Authority. The issuance of the obligations, the maturities and other details thereof, the rights of the holders thereof, and the rights, duties and obligations of the Authority in respect to them are governed by the provisions of NRS 315.9981 to 315.99874, inclusive, which relate to the issuance of original obligations insofar as appropriate.

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2.  Refunding obligations issued as provided in this section may be sold or exchanged for outstanding obligations issued under NRS 315.9981 to 315.99874, inclusive, and, if they are sold, the proceeds thereof may be applied, in addition to any other authorized purposes, to the purchase, redemption or payment of the outstanding obligations. Pending the application of the proceeds of the refunding obligations, with any other available funds, to the purpose for which they are issued, the proceeds may be invested in direct obligations of, or obligations the principal of and the interest on which are unconditionally guaranteed by the United States of America, or obligations of any agency or instrumentality of the United States of America, which mature or which are subject to redemption by the holders thereof, at the option of such holders, not later than the respective dates when the proceeds, together with the interest accruing thereon, will be required for the purposes intended.