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Section 5. Registration. Said bonds may be registered as to principal only and any registered bond may be discharged from registration in the m anner and w ith the effect set forth in the provisions for registration contained in the form of bond hereinafter set forth. Section 6. Redemption. The bonds m aturing on or prior to March 1, 1964, shall not be subject to call or redemption prior to m aturity. Bonds m aturing M arch 1, 1990, or any of them, may be called before m aturity and redeemed from revenues of the D istrict (but prior to March 1, 1964, not from the proceeds of refunding bonds) on March 1, 1959, or on any interest payment date thereafter prior to m aturity. Such bonds shall be redeemed in inverse order of number beginning with the highest numbered bond. Bonds m aturing on or after March 1, 1965, or any of them, at the option of the Board of Directors of the D istrict may be called and redeemed on March 1, 1964, or on any interest payment date thereafter prior to m aturity, from the proceeds of refunding bonds or from any funds of the District. The principal am ount of bonds to be redeemed at any time shall be determined by the Board of Directors of said D istrict; provided, however, that such Board m ust call bonds, when required to do so under Section 9 hereof. Any bonds called before m aturity pursuant to this section shall be redeemed at a redemption price equal to one hundred and 5/100 per cent (100.5%) of the principal am ount thereof, plus one-half of one per cent of 1%) of such principal am ount for each whole twelve m onths’ period and for any rem aining fraction of a twelve m onths’ period from the date fixed for redemption to the m aturity date of such bond, but the redemption price, including premium payable at any time upon redemption, shall not exceed one hundred five per cent (105%) of such principal amount. All or any of the bonds subject to call may be called for redem ption at any one time. If less than all of the bonds are redeemed at any one time, such bonds shall be redeemed only in inverse order of m aturity and number, beginning w ith the highest num bered bond. The interest payment date on which bonds are to be presented for redemption is hereinafter sometimes called the "redemption date.” Section 7. Notice of Redemption. Notice of the intended redemption shall be published by one (1) publication in a newspaper of general circulation published in the D istrict, one (1) publication in a newspaper of general circulation published in The City of Los Angeles, California, and one (1) publication in a financial newspaper or journal of national circulation published in the City of New York, New York, said publications to be at least thirty (30) days but not more than sixty (60) days prior to the redemption date. The notice of redemption shall (a) state the redemption date; (b) state the redemption price; (c) state the numbers and dates of m aturity of the bonds to be redeemed; (d) require that such bonds be surrendered w ith all interest coupons m aturing subsequent to the redemption date at the office of the T reasurer of the D istrict in the City of Las Vegas, Nevada, or at any fiscal agency of the D istrict 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; (e) require that bonds which at the time of call are registered so as to be payable other than to bearer shall be accompanied by appropriate instrum ents of assignm ent duly executed in blank; and (f) give notice th at further interest on such bonds will not accrue after the designated redemption date. If any of the bonds designated for redemption shall be registered so as to be payable otherwise than to bearer, the T reasurer of the D istrict shall, on or before the date of the publication of said notice of redemption, mail a similar notice, postage prepaid, to the respective registered owners thereof at the addresses appearing on the bond registry books. The actual receipt by the holder of any bond (hereinafter referred to as “bondholder”) of notice of such redemption shall not be a condition precedent to redemption, and failure to receive such notice shall not affect the validity of the proceedings for the redemption of such bonds or the cessation of interest on the date fixed for redemption. The notice or notices required by this section shall be given by the Treasurer of the District. A certificate by the Treasurer of the D istrict th at notice of call and redemption has been given to holders of registered bonds as herein provided shall be conclusive as against all parties, and no bondholder whose registered bond is called for redemption may object thereto or object to the cessation of interest on the redemption date fixed by any claim or showing th at he failed to actually receive such notice of call and redemption. Section 8. Redemption Fund. Prior to the time the Board of Directors of the D istrict determines to call and redeem any of said bonds and prior to the publication of the notice of a redemption there m ust be set aside in the Redemption Fund (hereinafter in this resolution 3 established) moneys available for the purpose and sufficient to redeem, at the premiums payable as in this resolution provided, the bonds designated in such notice for redemption. Said moneys m ust be set aside in said fund solely for th at purpose and shall be applied on or after the redemp­tion date to payment (principal and premium) for the bonds to be redeemed upon presentation and surrender of such bonds and all interest coupons m aturing after the redemption date, and shall be used only for th at purpose. Any interest coupons due on or prior to the redemption date shall continue to be payable to the respective holders thereof but w ithout interest thereon and shall be paid from the Bond Service Fund upon presentation and surrender thereof. Each bond presented m ust have attached thereto or presented therew ith all interest coupons m aturing after the redemption date. If after all of the bonds have been redeemed and canceled or paid and canceled there are moneys rem aining in said Redemption Fund, said moneys shall be transferred to the Revenue F u n d ; provided, however, th at if said moneys are part of the proceeds of refunding bonds said moneys shall be disposed of in the m anner provided by law. Section 9. Application of Redemption Fund. Moneys held in the Redemption Fund shall be applied as follows: (1) Beginning not earlier than four months prior to March 1, 1959, purchases of any bonds which are subject to redemption (irrespective of the m aturity or num ber of such bonds) may be made at any tim e or from time to time for such prices and in such manner, either at public or private sale, or otherwise, as the Board of Directors of the D istrict, in its discretion, may determine, but the purchase price (including brokerage or other charges but excluding accrued interest which is payable from the Bond Service Fund) shall not exceed the redemption price of the bonds so purchased on the next interest payment date. (2) From any amounts in the Redemption Fund not theretofore used or committed for the purchase of bonds under subparagraph (1) hereof, the Board of Directors of said D istrict shall call for redemption on M arch 1, 1959, or on any interest paym ent date thereafter such amount of bonds then subject to redemption as, with the redemption premium, will exhaust the Redemption Fund as nearly as may b e ; provided, however, th at the Board shall not be required to call bonds for redemption unless sufficient moneys are in said fund to redeem at least $50,000 par value principal of bonds, in the m anner provided in this resolution. Section 10. Effect of the Notice of Redemption. W hen notice of redemption has been given, substantially as provided in Section 7 hereof, and when the am ount necessary for the redemption of the bonds called for redemption (principal and premium) is set aside for th at purpose in the Redemption Fund, the bonds designated for redemption shall become due and payable on the date fixed for redemption thereof, and upon presentation and surrender of said bonds and all interest coupons m aturing after the redemption date, at the place specified in the notice of redemption and, if any of said bonds be registered, upon the appropriate assignm ent thereof in blank, such bonds shall be redeemed and paid at said redemption price out of the Redemption Fund, and no interest will accrue on such bonds called for redemption or on any interest coupons thereof after the redemption date specified in such notice, and the holders of said bonds so called for redem ption after such redemption date shall look for the payment of such bonds and the premium thereon only to said Redemption Fund. All bonds redeemed and all interest coupons thereof shall be canceled forthw ith by the Treasurer of the D istrict and shall not be reissued. Section 11. L evy and Collection of Taxes. So far as possible, the principal of and interest on said bonds shall be paid from revenues from the works and properties of the D istrict. However, it shall be the duty of and the Board of Directors of the D istrict shall annually provide for the levy of taxes on all taxable property in the D istrict (subject to pertinent existing Constitutional restrictions) fully sufficient, in conjunction w ith other available income and revenues of the D istrict, to assure prom pt payment of principal and interest as they fall due. The Board of Directors shall in each year in due season prior to the time when county taxes are levied by the Board of County Commissioners of Clark County, determine the am ount of taxes which are necessary to be levied on the taxable property in said D istrict for said year, for the purpose of supplem enting other income and revenues of the D istrict available for the payment of the principal and interest of said bonds. P rior to the date on which said Board of County Commissioners makes the county levy for such year, the Board of Directors of the D istrict shall certify to the Clerk of said Board of.County Commissioners the am ount necessary to be raised by taxes levied against the taxable property in the D istrict in such fiscal year. The Board of County Commissioners shall, at the tim e of m aking, the levy of county taxes for th at year, levy the tax so certified upon all taxable property in the District. Said tax when levied shall be entered upon the assessment rolls 4