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% 4> Said bonds are to bear interest at a coupon rate or rates to be determined upon the sale thereof, but not to exceed six per cent (6%) per annum, payable annually for the first year and semiannually thereafter. The bonds and the interest thereon are to be payable in lawful money of the United States of America at the office of the Treasurer of said District in the City of Las Vegas, Nevada, or at any fiscal agency of the Las Vegas Valley Water District in The City of Los Angeles, California, in the City of Chicago, Illinois, or in the City of New York, New York, at the option of the holder. The bonds maturing on or prior to March 1, 1964, shall not be subject to redemption. Bonds maturing on March 1, 1990, may be called on March 1, 1959» or on any interest payment date thereafter, and redeemed from revenues, but shall not be redeemed prior to March 1, 1964, from the proceeds of refunding bonds. Bonds maturing on or after March 1, 1965, may be called and redeemed on March 1, 1964, or on any interest payment date thereafter, from the proceeds of refunding bonds or from any other available funds. All bonds subject to redemption shall be redeemed in inverse numerical order, beginning with the highest numbered bond. Not earlier than November 1, 1958, any bonds subject to redemption may be purchased by the 8