70-634.

Pledge of revenue; provision for refunding indebtedness.

Such resolution or agreement may further provide for the refunding of any such revenue debentures, notes, warrants, bonds or other evidences of indebtedness, through the issuance of other revenue debentures, notes, warrants, bonds or other evidences of indebtedness, entitled to rights and priorities similar in all respects to those held by the revenue debentures, notes, warrants, bonds or other evidences of indebtedness, that are refunded, and for the issuance of such refunding revenue debentures, notes, warrants, bonds or other evidences of indebtedness, either in exchange for revenue debentures, notes, warrants, bonds or other evidences of indebtedness then outstanding, or the sale thereof and the application of the proceeds of such sale to the retirement of the revenue debentures, notes, warrants, bonds or other evidences of indebtedness, then outstanding.