(a)  Prior to the issuance of previously authorized general obligation debt contained in the capital improvement plan, the sinking fund commission may cause a savings analysis to be performed to determine if the estimated savings resulting from the defeasance of the general obligation debt recommended for defeasance by the sinking fund is more or less than the savings which would be achieved if the previously authorized general obligation debt were not issued. In the event that the sinking fund commission makes a finding that the savings would be greater from not issuing the previously authorized general obligation debt, then the sinking fund commission may use sinking funds to replace, in whole or in part, the same debt authorization.

(b)  Upon the sinking fund commission’s determination to use sinking funds to replace, in whole or in part, authorized but unissued general obligation debt authorization, the amount designated by the sinking fund commission is hereby appropriated for that purpose.