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V shall approve, except that in no event shall the bonds be sold at a price which will result in an interest yield therefrom of more than six percent per annum computed to average maturity according to standard tables of bond values. The proceeds from the sale of the bonds shall be applied exclusively to the purposes stated in the notice of the election, and to the payment of the incidental expenses in connection therewith, and expenses incurred in connection with the authorization and issuance of the bonds, including but without limitation, engineering and legal fees and expenses, fiscal agents’ fees and expenses, and the payment of interest on the bonds during the period of con­struction of any improvements for which the bonds were voted and for six months there­after. The proceeds from the sale of the first bonds issued by the district may also be used to repay any amounts advanced to the district by Clark County, which have not been repaid at the time the bonds are issued. Pending the preparation or execution of definitive bonds, interim receipts or certificates or temporary bonds may be delivered to the purchaser of said bonds. All bonds issued under the provisions of this act shall constitute negotiable instruments within the meaning of the negotiable instruments law as that law is now or may hereinafter be in force in the State of Nevada. Section l6f. In addition to the power to issue general obligation bonds of the district, as-Hereinbefore set forth, the district shall also have the power, under pro­ceedings taken in accordance with this section, to issue bonds payable solely from, and secured by a pledge of, revenues derived from the operation of the works or properties constructed, acquired, extended or improved with the proceeds of such bonds, or any portion of such revenues; provided, however, that no bond of the district, whether a general obligation bond or a bond payable solely from revenues, shall have any priority with respect to payment of principal and interest out of revenues of the district over any other bond of the district heretofore or thereafter issued. Section l6g. The board by resolution shall provide for the creation of a sinking fund into which shall be paid sums fully sufficient to pay principal of and interest on such bonds and to create such reserve for contingencies as may be provided in such resolution. Moneys in the sinking fund shall be applied to the payment of interest on and principal of the bonds or to the purchase or retirement of the bonds prior to maturity in such manner as may be provided in said resolution. Such sinking fund and any reserve or contingency fund, or both, for which provision may be made by resolution may be kept on deposit in any bank or banks within or without the state which may be designated in such resolution. Section l6h. The board may by resolution make such covenants with the future holder or holders of the bonds as to the management and operation of the works or properties, the imposition and collection of rates and charges for the products or services furnished thereby, the disposition of such rates and revenues, the issuance of future bonds and the creation of future liens and encumbrances against said works or properties and the revenues thereof, the carrying of insurance on the properties constituting such works, the disposition of the proceeds of ary such insurance, and other pertinent matters as may be deemed necessary by the governing body to assure the marketability of such bonds; provided, such covenants are not inconsistent with the provisions of this act. Section l6i. The board may submit to the electors of the district a proposal for the issuance of bonds of the district for the purpose of refunding any or all of the outstanding bonds of the district. Such refunding bonds may either be sold and the proceeds applied to the retirement of the outstanding bonds, or may be deliver­ed in exchange for the outstanding bonds. The refunding bonds shall be authorized in all respects as original bonds are herein required to be authorized, and the governing body in adopting by resolution the proposal to be submitted at any bond election for the refunding bonds shall provide for' the security of such bonds and the source from which such bonds are to be paid and for the rights of the holders thereof in all re­spects as herein authorized to be provided for other bonds issued under authority of this act. The governing body may also provide that the refunding bonds shall have the same priority of lien on the revenues pledged for their payment as was enjoyed by the bonds refunded. As amended, Stats., 1948, 210 and Stats., 1951. . SEC. 17® That in addition to all other remedies, any holder of a bond of the district incorporated under this act, including a trustee for bond holders, shall have the right, subject to any contractual limitations binding upon such bond holders or trustee, and subject to the prior or superior rights of others: (1) By mandamus or other suit, action or proceedings, at law or in equity, to enforce his rights against such district and the board of such district, including the right to require such district and such board to fix and collect rates and charges -9-