Notwithstanding any other provision of law, a State Governmental Entity, as such term is defined in Section 695.3 of this title, is authorized to issue refunding bonds for the purpose of refinancing existing bonds or obligations without further authorization from the Legislature provided the issuance of the refunding bonds and any services, fees and expenses related thereto are reviewed and approved by the Deputy Treasurer for Debt Management and the Council of Bond Oversight pursuant to the provisions of the Oklahoma Bond Oversight and Reform Act.