Indiana Code Title 5. State and Local Administration § 5-1.2-4-11

Sec. 11. (a) The authority has the power to issue, from time to time, bonds to renew or to pay bonds, including the interest on these bonds, whenever the authority considers refunding expedient, to refund any bonds by the issuance of new bonds, whether the bonds to be refunded have or have not matured, and to issue bonds partly to refund outstanding bonds and partly for any other of its purposes, powers, and programs.

(b) The refunding bonds may be sold and the proceeds applied to the purchase, redemption, or payment of the bonds to be refunded, or exchanged for the bonds to be refunded.

(c) A savings to the authority or to the unit issuing the bonds to be refunded is not required for the issuance of the refunding bonds or the issuance of bonds to refund refunding bonds.  Refunding bonds issued under this article are payable out of any specified revenue or money of the authority, subject only to any agreements with the holders of particular bonds pledging any particular money or revenue.

(d) Refunding bonds issued under this section are not: