The county may, by resolution of the council, issue bonds to refund any bonds issued
pursuant to this article and provide for the rights of the holders hereof. Such refunding
bonds may be issued in an amount sufficient to provide for the payment of the principal
of, redemption premium, if any, and interest on the outstanding bonds to be refunded.
In the event the principal amount of the refunding bonds shall be greater than the
outstanding principal amount of the bonds to be refunded, the council may increase
the non-ad valorem assessments which secure such refunding bonds up to an amount not
to exceed the difference between the respective principal amounts of the refunding
bonds and the outstanding refunded bonds, provided notice to the affected property
owners is given in accordance with the notice provisions of division 3 hereof and
a public hearing is held by the council.
