By resolution of its board of directors, an authority may provide for the issuance of: Refunding bonds to refund any bonds of the authority that were issued under this subtitle and are outstanding; or A single issue of bonds to: Pay the cost of a project or of the improvement, extension, or reconstruction of or additions to a project; and Refund bonds that: Were issued under this subtitle and are outstanding; and Have matured, are subject to redemption, or can be retired.