61 Pa. Stat. § 390.706
The Governor, the Auditor General and the State Treasurer are hereby authorized to provide, by resolution, for the issuance of refunding bonds for the purpose of refunding any bonds issued under the provisions of this chapter and then outstanding, either by voluntary exchange with the holders of such outstanding bonds with accrued interest and any premium payable thereon, at maturity or at any call date. The issuance of refunding bonds, the maturities and other details thereof, the rights of the holders thereof, and the duties of the Governor, the Auditor General and the State Treasurer in respect to refunding bonds shall be governed by the foregoing provisions of this chapter, insofar as they may be applicable. Refunding bonds may be issued by the Governor, the Auditor General and the State Treasurer to refund bonds originally issued or to refund bonds previously issued for refunding purposes.
61 P.S. § 390.706