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acquired, e x t e n d e d o r impr o v e d w i t h t h e p r o c e e d s t h e r e o f (subject only to the p r i o r p a y m e n t o f t h e r e a s onable and n e c e s s a r y expe n s e s o f operating a n d m a i n t a i n i n g s u o h w o r k s or properties, if m o r e t h a n one series o f bonds shall b e Issued h e r e u n d e r p a y a b l e f r o m tide revenues of a n y w o r k s o r p r o p e r t i e s , p r i o r i t y of l i e n on s u e h w o r k s or p r o p e r ­ties and t h e revenues t h e r e o f s h a l l depend o n t h e t i m e o f the deli v e r y of s u o h bonds, sueh series e n j o y i n g a l i e n p r i o r and s u p e r i o r to that enjoyed b y any series of bonds s u b s e quently delivered} provided, h o w e v e r , that as to any issue o r series o f bo n d s w h i c h m a y b e a u t h o r i s e d as a u n i t b u t d e l i v e r e d f r o m t i m e to time in blocks, the g o v e r n i n g body m a y i n the p r o c eedings aut h o r i z i n g the issuance o f said bonds p r o v i d e d that a l l of the bonds o f sueh series o r issue shall co-equal as t o l i e n regardless of t h e time o f delivery.), or m a y be iss u e d payable In p a r t f r o m s u o h revenues and in part f r o m the p r o c e e d s of taxes as a b o v e provided. A l l bonds is s u e d u n d e r the p r o v i s i o n s of this act shall oonstltute n e g o t i a b l e instruments l a w as that l a w is n o w or m a y h e r e a f t e r be i n force i n the State of Nevada. (Any r e s o l u ­t i o n au t h o r i z i n g t h e issu a n c e o f bonds hereunder) T h e board b y r e s o ­l u t i o n shall p r o v i d e f o r the crea t i o n of a sin k i n g f u n d into w h i c h s h a l l b e p a i d (from the reve n u e s o f the w o r k s o r properties, subject only to p r i o r p a y m e n t o f the reasonable a n d n e e e s s a r y expenses of opera t i n g a n d m a i n t a i n i n g the works o r properties) s u m s fully suffi­cient to p a y p r i n c i p a l of and Interest on sueh b o n d s and to create suoh res e r v e f o r contingenoies as m a y be p r o v i d e d in sueh resolution* H o n e y s in the sinking fund sh a l l b e a p p l i e d to t h e p a y m e n t of Interest o n a n d principal of t h e b o n d s or to t h e purchase or r e t i rement of t h e bonds p r i o r to m a t u r i t y in s u e h m a n n e r as m a y be p r o v i d e d in said resolution. S u e h sinking fiund a n d any r e s e r v e or contingency fund, o r both, for w h i c h provi s i o n m a y be m a d e b y resolution m a y be kept on deposit in a n y b a n k o r b a n k s w i t h i n or w i t h o u t the state w h i c h m a y be d e s i g n a t e d in sueh r e s o l u t i o n . T h e board, m a y b y resolu t i o n (author­i z i n g s u e h b o n d s m a y contain) m a k e s u c h oonvenants w i t h t h e future h o l d e r o r h o l d e r s o f the bonds as to t h e m a n a g e m e n t a n d o p e r a t i o n of the wo r k s or properties, t h e imposi t i o n and c o l l e o t l o n o f rates and charges for the p r o d u c t s or services f u r n i s h e d thereby, the d i s p o s i ­t i o n of suoh rates and revenues, the i s s u a n c e o f fu t u r e b o n d s a n d the