Sec. 12. Except as specifically provided in this chapter, refunding bonds issued under this chapter shall be issued in accordance with the provisions of law applicable, either at the time of the issuance of the refunding bonds or at the time of issuance of the bonds to be refunded, to:

(1) the type of bonds being refunded; or

(2) the type of bonds that the bonds being refunded had previously refunded.

Formerly: Acts 1973, P.L.28, SEC.1. As amended by Acts 1982, P.L.28, SEC.4.