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and collected in the same manner as state and county taxes and the proceeds thereof shall be paid to the Treasurer of the District to be used for the purposes for which the tax was levied. All taxes levied as herein provided shall constitute a lien on the property charged therewith from the date of the levy thereof by the County Commissioners, or the entry thereof on the assessment roll of the County Auditor, until the same are paid, and thereafter, if allowed to become delinquent, shall be enforced in the same manner as is now provided by law for the collection of state and county taxes. No additional allowance, fee or compensation shall be paid to any officer for carrying out the provisions of this section. In the event that the total taxes requested to be levied in any one year by the District and the political subdivisions which overlap it should exceed fifty mills and reduction thereof shall be necessary by reason of the restriction Contained in Section 2 of Article X of the Constitution of Nevada, the board charged with the duty of making such reductions and allocations is hereby required to allo'cafT'to the District sufficient taxes to assure the payment District oFlno'Key sufficient to make certain the prompt payment of principal of and interest on any bdnds~5f ffie District which may have been Issued with the pledge of the fulf faith, credit and resources of the District, and where bonds have so issued, the District shall be regarded as a political subdivision of the State of Nevada for the purposes of Chapter 233, Statutes of Nevada, 1947, and the provisions of said chapter shall be applicable to said District. Section 12. Equality of Bonds, Pledge of Revenues. Bonds of this issue shall be equally secured by the revenues of and from the works and properties of the District (including works and properties hereafter constructed or acquired) and by the tax receipts of the District. 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 the revenues of the District over the bonds herein ordered issued or over any other bonds of the District heretofore or hereafter issued. All of the revenues of the District after payment of costs of operating and maintaining the works and properties and the general expense of the District are hereby pledged for the security of the bonds and such revenues and any interest earned on such revenues shall constitute a trust fund for the security and payment of the bonds and the interest thereon. Said revenues and the funds derived therefrom shall be used only as permitted under the terms of this resolution and Chapter 167, Statutes of Nevada, 1947, as amended and supplemented. Section 13. Funds'. There are hereby established in the Treasury of the District the following separate funds: 1. W A T ER W O R K S BONDS, 1954, ACQUISITION AND CONSTRUCTION FUND (herein referred to as “Construction Fund”) ; 2. W A T ER W O R K S BONDS, 1954, R E V E N U E FUN D (herein referred to as “Revenue Fund”) ; 3. W A T ER W O R K S BONDS, 1954, SINKING FUND (herein referred to as “Sinking Fund”), in which the following subfunds shall be established: (a) Bond Service (herein referred to as “Bond Service Fund”), (b) Bond Redemption (herein referred to as “Redemption Fund”), and (c) Reserve for Contingencies (herein referred to as “Reserve Fund”) ; 4. W A T ER W O R K S M AINTENANCE AND O PERATIO N FUN D (herein referred to as “M. & O. Fund”). Section 14. Construction Fund. The purpose of the Construction Fund hereinbefore estab­lished is to insure the application of the proceeds received on the sale of the bonds to the purposes stated in the notice of election (said purposes being stated in the bond proposal set forth in the recitals hereof), for which purposes said bonds are to be issued. The Treasurer of the District shall immediately upon receiving the proceeds of the sale of the bonds place said proceeds in the Construction Fund. The money set aside and placed in the Construction Fund shall be applied exclusively to said purposes and shall remain in said Construction Fund until from time to time expended for the purposes stated in the notice of election, the payment of the incidental expenses in connection therewith, the payment of expenses incurred in connection with the authorization and issuance of the bonds, 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, and repayment 5 to Clark County of any amounts advanced to the District by said county which amounts have not been repaid at the time the bonds are issued; provided, however, that money may be paid or transferred from the Construction Fund in furtherance of the purposes of its establishment, to any other such separate fund established for a like purpose in connection with the bonds, and any proceeds so transferred shall be applied exclusively to said purposes. Section 15. Revenue Fund. All moneys received by the District from the sale or distribution of water or otherwise derived from the works or property of the District shall be paid into the Revenue Fund, and no disbursements shall be made from said fund except as provided in this resolution. Section 16. Maintenance and Operation Fund. The necessary and reasonable costs of the operation and maintenance of the works and properties of the District and the general expenses of the District shall be paid from the revenues prior to the payment of principal and interest on the bonds and the sums for other security funds as provided in this resolution. Moneys required for said operation and maintenance and general expenses shall from time to time be set aside from the Revenue Fund and transferred and paid into the M. & O. Fund. The maintenance and operation expenses and the general expenses of the District shall be paid from said M. & O. Fund. Section 17. Sinking Fund. The purpose of the Sinking Fund and its subfunds, as herein­before established, is to insure prompt payment of the principal of and interest on the bonds|' when due and payable, to pay the purchase price of bonds, if any, purchased prior to maturity, and in the event said bonds shall be called for redemption before maturity, to insure prompt payment of the principal of and premium on the bonds redeemed on the redemption date. Section 18. Bond Service Fund. The purpose of the Bond Service Fund hereinbefore established is to insure the payment, when due and payable, of the principal and interest on the bonds. On the date of the bonds and thereafter until the date the first instalment of interest is due, on the first day of each month there shall be set aside from the Revenue Fund and transferred to and placed in the Bond Service Fund a sum at least equal to 1/12 of said first annual instalment. No such transfers from the Revenue Fund for the payment of said first instalment need be made prior to actual delivery of the bonds and until after the District shall have acquired the water facilities of the Las Vegas Land and W ater Company; provided, however, that not later than the first day of the fourth month next succeeding the month in which the District shall acquire the facilities of the Las Vegas Land and W ater Company and on the first day of each month thereafter until said first instalment is due, the amount required to meet said first instalment shall be set aside from the Revenue Fund and transferred to and placed in said Bond Service Fund in approximately equal monthly sums, each to be set aside and placed in the Bond Service Fund in such time that the total amount of such first instalment of interest is in said Bond Service Fund at least one month prior to the date said first instalment falls due. On March 1, 1955, and thereafter so long as any of the bonds are outstanding, on the first day of each month there shall be set aside from the Revenue Fund and transferred to and placed in said Bond Service Fund a sum at least equal to 1/6 of the payment of the semiannual interest next coming due on said bonds. On March 1, 1956, and monthly thereafter on the first day of each month so long as any of the bonds are outstanding there shall be set aside from the Revenue Fund and transferred to and placed in said Bond Service Fund a sum at least equal to 1/12 of the next maturity or maturing instalment of the principal of such bonds. During the year next preceding the principal payment date of the last maturity of bonds then outstanding, the amounts required to be set aside monthly for payment of the last maturing instalment of principal of and interest on said bonds need not be in amounts greater than necessary to produce a sum which, when added to any amount in the Reserve Fund available for such payment (as hereinafter more particularly provided in Section 19 hereof), will be sufficient to pay said last maturing instalment of principal of and interest on said bonds upon the date when the same may be due and payable. Said sums shall be set aside from the Revenue Fund and transferred to and placed in the Bond Service Fund in such time that the next maturing instalment of principal of and interest on the 6