Subject to the provisions of NRS 349.320, any general obligation bonds or special obligation bonds of the State issued in accordance with the provisions of the State Securities Law or any other act and payable from any pledged revenues and any general obligation bonds of the State so issued but not payable from pledged revenues may be refunded on behalf of the State by the Commission authorizing the issuance of the refunded bonds, without the necessity of the refunding bonds being authorized at an election except as otherwise provided in NRS 349.320, by the adoption of a resolution or resolutions by the Commission and by any trust indenture or other proceedings appertaining thereto, authorizing the issuance of refunding bonds to refund, pay and discharge all or any part of such outstanding bonds of any one or more or all outstanding issues:

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1.  For the acceleration, deceleration or other modification of the payment of such obligations, including any interest thereon in arrears, or about to become due for any period not exceeding 3 years from the date of the refunding bonds, unless the capitalization of interest on bonds constituting an indebtedness increases the state debt in excess of the State’s debt limitation in the State Constitution;

2.  For the purpose of reducing interest costs or effecting other economies;

3.  For the purpose of modifying or eliminating restrictive contractual limitations appertaining to the issuance of additional bonds, otherwise concerning the outstanding bonds, or otherwise relating to any facilities appertaining thereto;

4.  For any combination of the purposes stated in subsections 1, 2 and 3.