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upr000153-081
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    1 z 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 R Y L A W >T. Sec. Ih Prohibits any director or officer from having any interest in any contract of the board or profits thereof Sec. 15 Limits power of the board to incur debt or liability or issue bonds except as provided in express provisions of the act. Sec. 16 Authorizes issuance of negotiable ly out of revenue, to be in coupo nb foonrdms, paiyna bdleen omsionlaet­ior of one hundred dollars or a multiple thereof, bearing interest not exceeding six (6) per cent {%) per annum, to mature not later than forty (^0) years from their date, returnable at the option of the district prior to maturity. Such bonds may be sold in such manner and at such times at public or private sale as may be determined by the board. Such bonds may be issued in an amount sufficient to include all incidental costs incurred in connection with the construction, acquisition, extension or improvement of the works or properties of jthe district, including engineering and legal fees, fiscal agent’s expenses and payment of interest during the period of construct­ion of water works and for six (6) months thereafter. When issuing bonds, the board must create a sinking fund sufficient to pay principal and interest on the bonds. The board may covenant in such bonds with the bond holders to govern its operation and management of the district as provided in the covenant. The dist­rict must collect rates and charges sufficient to pay its operating expenses, to provide a sinking fund as aforesaid and an adequate depreciation fund. The board is given exclusive authority to fix rates and charges. The board may issue refunding bozrb in the same manner as provided for the issuance of original bonds. Sec. 17 Empowers a bond holder or bond holders to compel the board to fix rates and charges adequate to repay the bond and perform any other covenant connected therewith; to enjoin a violation of his rights; to compel the board to act as if it were trustee of an express trust or to secure the appointment of a receiver of the district. Sec. 18 Authorizes Clark County to advance funds to the district to pay the preliminary organization, administration, and engineering costs thereof, by declaring an emergency and securing funds in the manner now provided by law authorizing short term loans. (Sec. 301*+ N.C.L. Supp. 19^1; Sec. 3015 - 3016 N.C.L. 1929). Sec. 19,20, 21 and 22: Relate to interpretation of the Act.