For a start, grind the heads off and knock the bolts out with a suitable punch.
Reinforced concrete posts don't like being drilled, but you may get away with it!
John
In newer posts you would have approx 4 vertical bars about an inch from each corner. I would guess yours will be similar with the bolts going between them in the middle. So you shouldn't have any trouble drilling new holes inline with the old ones ( vertically )
If they won't knock out, use the smallest masonry drill you can find to drill right close the the bolt, and parallel. You may find the heat and vibration loosens it. If not you can rattle the bolt around with a hammer as it is now not held tightly on all sides. The hole in the concrete is about half an inch so there is room for a drill to cut through.
On mine, I invested in some stainless bolts when rebuilding. You might get away with BZP if you paint them well before fitting. Hex headed bolts you can at least get a grip on to turn them and break the rust.
I've also tried pushing stainless tube into the hole first, as a liner. Either method ought to last a lifetime.
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