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SEC* 13® The members of the board of directors shall each receive fifteen dollars per day and actual traveling expenses for each day spent attending meetings of said board or while engaged in official business under the order of the board. The board shall fix the compensation to be paid to the other officers named xn this act; provided, that said board shall, upon the petition of a majority of the electors^ _ I within such district, submit to the electors at any general election of said district a schedule of salaries and fees to be paid the directors and officers thereof. Such petition shall be presented to the board twenty days prior to such general election, anH a schedule fee submitted upon a two-thirds vote therefor shall be put into effect upon the first of the month next ensuing. . SEC© 14© No director or any other officer named in this act shall m any manner be interested, directly or indirectly, in any contract awarded by the board, or in the profits to be derived therefrom; and for any violation of this provision such officer shall be deemed guilty of a misdemeanor, and upon conviction thereof shall suffer a forfeiture of his office, and he shall be punished by a fine not exceeding five hundred dollars, or by improsonment in the county jail not to exceed six months or by both such fine and imprisonment. I , H 1 1 SEC. 15. The board of directors, or other officers of the district, shall have no power to incur any debt or liability whatever, either by issuing bonds or otherwise, in excess of the express provisions of this act, and any debt or liability incurred in excess of such express provisions shall be and remain absolutely void® SEC. 2. Section 16 of the above-entitled act, being section 8254*16, 1929 N.C.L. 1949 Supp®, is hereby amended by dividing said section into sections 16, 16a, lob, 16c, l6d, l6e, l6f, l6g, l6h, and l6i, said sections to read as follows: SECTION 16. Whenever the district proposes to issue its negotiable bonds to obtain funds for the accomplishment of any of its corporate purposes, the board shall by resolution, determine the amount of money necessary to be raised to accomplish such purposes, and shall immediately thereafter submit its proposal for a bond issue of such amount at a special election of the district, called for that purpose, to the electors of the district possessing the qualifications prescribed by this act. Section 16a. Notice of such election must be given by posting notices thereof in three public places in each election precinct in the district not less than fifteen (15) nor more than twenty (20) days before the date of election, and the publication thereof for three weeks in some newspaper published in Clark County. Such notice shall specif^ the time of holding the election, the amount of bonds proposed to be issued, the mn-HmiiTn interest rate and maximum maturity of such bonds, and shall state in sub­stance the purpose for which the money so raised shall be used. Section 16b. Said election must be held and the results thereof determined and declared in all respects in conformity with the provisions of this act governing the election of officers, and no informalities in conducting such an election shall in­validate the same if it shall have been otherwise fairly conducted. At such election the ballot shall contain the words " ----- ----(Question) Yes," or tt (Question) No, "or words equivalent thereto. If a majority of the votes cast are "Yes", the board of directors shall be authorized to incur the expense and indebtedness for the purpose stated in the proposal voted upon, and shall cause bonds to be issued in the amount authorized to be issued, as hereinafter provided. If a majority of the votes cast at such bond elections are "No," the result of such j. election shall be so declared and entered on record. Thereafter, whenever said board in its judgment deems it for the best interest of the district that the question of the issuance of bonds in such amount, or in any other amount, shall be submitted to the electors it shall so declare on record in its minutes, and may thereupon submit such question to said electors in the same manner and with like effect as at such previous election, but no question shall be resubmitted to the electors within one year after the same has been voted upon and rejected. Section 16c. If the bonds shall be authorized to be issued at such election, they shall be issued as the general obligations of the district, for the payment of which the full faith, credit and resources of the district are pledged, and it shall* be the duty annually of the governing body to provide for the levy of taxes on_all I taxable property in the district (subject to pertinent existing constitutional restrictions) fully sufficient in conjunction with other available income and revenues of the district to assure the prompt payment of principal and interest as they fall due, and to establish such reserves for contingencies as may be provided in the resolution adopting the proposal to be submitted at any bond election. The governing body of the district shall in each year in due season prior to the time when county