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Section 5. Registration. Said bonds m ay be registered as to principal only and any registered bond m ay be discharged from registration in the manner and with the effect set forth in the provisions for registration contained in the form o f bond hereinafter set forth. Section 6. R edem ption. T h e bonds m aturing on or prior to M arch 1, 1964, shall not be subject to call or redem ption prior to maturity. Bonds m aturing M arch 1, 1990, or any of them, m ay be called before m aturity and redeemed from revenues of the D istrict (but prior to M arch 1, 1964, not from the proceeds of refunding bonds) on M arch 1, 1959, or on any interest paym ent date thereafter prior to maturity. Such bonds shall be redeemed in inverse order o f number beginning with the highest num bered bond. B onds m aturing on or after M arch 1, 1965, or any of them, at the option o f the Board o f D irectors of the D istrict m ay be called and redeem ed on M arch 1, 1964, or on any interest paym ent date thereafter prior to maturity, from the proceeds o f refunding bonds or from any funds o f the D istrict. T h e principal am ount of bonds to be redeemed at any tim e shall be determined by the Board o f D irectors of said D istrict; provided, how ever, that such Board must call bonds, w hen required to do so under Section 9 hereof. A n y bonds called before m aturity pursuant to this section shall be redeem ed at a redem ption price equal to one hundred and 5/100 per cent (100.5% ) o f the principal am ount thereof, plus one-half of one per cent (J^ o f 1 % ) o f such principal am ount for each w hole tw elve m onths’ period and for any rem aining fraction o f a tw elve m onths’ period from the date fixed for redem ption to the m aturity date of such bond, but the redem ption pifice, including prem ium payable at any tim e upon redem ption, shall not exceed one hundred five per cent (1 0 5 % ) of such principal amount. A ll or any o f the bonds subject to call m ay be called for redem ption at any one time. If less than all of the bonds are redeem ed at any one time, such bonds shall be redeem ed only in inverse order o f m aturity and num ber, beginning w ith the highest num bered bond. T he interest paym ent date on w hich bonds are to be presented for redem ption is hereinafter som etim es called the “ redem ption date.” Section 7. Notice of Redemption. N otice o f the intended redem ption shall be published b y one (1) publication in a new spaper o f general circulation published in the D istrict, one (1) publication in a newspaper o f general circulation published in T he City of L os A ngeles, California, and one (1) publication in a financial newspaper or journal of national circulation published in the C ity of N ew Y ork, N ew Y ork, said publications to be at least thirty (30) days but not m ore than sixty (60) days prior to the redem ption date. T h e notice o f redem ption shall (a) state the redem ption date; (b ) state the redem ption p rice; (c ) state the num bers and dates o f m aturity of the bonds to be redeem ed; (d ) require that such bonds be surrendered with all interest coupons m aturing subsequent to the redem ption date at the office of the Treasurer o f the D istrict in the City of Las V egas, Nevada, or at any fiscal agency o f the D istrict in T he C ity of L os A ngeles, California, in the C ity of Chicago, Illinois, or in the C ity o f N ew Y ork, N ew Y ork, at the option of the h old er; (e ) require that bonds w hich at the tim e o f call are registered so as to be payable other than to bearer shall be accom panied by appropriate instruments o f assignm ent duly executed in blank; and (f) give notice that further interest on such bonds will not accrue after the designated redem ption date. If any of the bonds designated for redem ption shall be registered so as to be payable otherw ise than to bearer, the Treasurer of the D istrict shall, on or before the date o f the publication o f said notice of redem ption, mail a similar notice, postage prepaid, to the respective registered ow ners thereof at the addresses appearing on the bond registry books. T h e actual receipt by the holder o f any bond (hereinafter referred to as “ bondholder” ) o f notice of such redem ption shall not be a condition precedent to redem ption, and failure to receive such notice shall not affect the validity o f the proceedings for the redem ption o f such bonds or the cessation o f interest on the date fixed for redem ption. The notice or notices required b y this section shall be given by the Treasurer o f the District. A certificate b y the Treasurer of the D istrict that notice o f call and redem ption has been given to holders o f registered bonds as herein provided shall be conclusive as against all parties, and no bondholder w hose registered bond is called for redem ption m ay ob ject thereto or ob ject to the cessation of interest on the redemption date fixed b y any claim or show ing that he failed to actually receive such notice o f call and redem ption. Section 8. R edem ption Fund. P rior to the tim e the Board o f D irectors of the District determines to call and redeem any of said bonds and prior to the publication o f the notice o f a redem ption there must be set aside in the R edem ption Fund (hereinafter in this resolution 3 established) m oneys available for the purpose and sufficient to redeem, at the premiums payable as in this resolution provided, the bonds designated in such notice for redem ption. Said m oneys must be set aside in said fund solely for that purpose and shall be applied on or after the redem p­tion date to paym ent (principal and prem ium ) for the bonds to be redeem ed upon presentation and surrender of such bonds and all interest coupons m aturing after the redem ption date, and shall be used only for that purpose. A n y interest coupons due on or prior to the redem ption 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 must have attached thereto or presented therewith all interest coupons m aturing after the redem ption date. If after all o f the bonds have been redeemed and canceled or paid and canceled there are m oneys rem aining in said R edem ption Fund, said m oneys shall be transferred to the R evenue F u n d ; provided, how ever, that if said m oneys are part o f the proceeds o f refunding bonds said m oneys shall be disposed o f in the manner provided b y law. Section 9. Application of Redemption Fund. M oneys held in the R edem ption Fund shall be applied as follow s: (1) B eginning not earlier than four m onths prior to M arch 1, 1959, purchases o f any bonds w hich are subject to redem ption (irrespective o f the m aturity or num ber of such bonds) m ay be made at any tim e or from tim e to tim e for such prices and in such manner, either at public or private sale, or otherwise, as the Board o f D irectors of the D istrict, in its discretion, m ay determine, but the purchase price (including brokerage or other charges but excluding accrued interest w hich is payable from the Bond Service Fund) shall not exceed the redem ption price o f the bonds so purchased on the next interest paym ent date. (2) From any am ounts in the R edem ption Fund not theretofore used or com m itted for the purchase o f bonds under subparagraph (1) hereof, the Board o f D irectors of said D istrict shall call for redem ption on M arch 1, 1959, or on any interest paym ent date thereafter such amount o f bonds then subject to redem ption as, with the redem ption premium, will exhaust the R edem ption Fund as nearly as m ay b e ; provided, how ever, that the Board shall not be required to call bonds for redem ption unless sufficient m oneys are in said fund to redeem at least $50,000 par value principal o f bonds, in the manner provided in this resolution. Section 10. E ffect of the N otice of R edem ption. W h en notice of redem ption has been given, substantially as provided in Section 7 hereof, and when the am ount necessary for the redem ption o f the bonds called for redem ption (principal and prem ium ) is set aside for that purpose in the Redem ption Fund, the bonds designated for redem ption shall becom e due and payable on the date fixed for redem ption thereof, and upon presentation and surrender of said bonds and all interest coupons m aturing after the redem ption date, at the place specified in the notice of redem ption and, if any o f said bonds be registered, upon the appropriate assignm ent thereof in blank, such bonds shall be redeem ed and paid at said redem ption price out o f the R edem ption Fund, and no interest w ill accrue on such bonds called for redem ption or on any interest coupons thereof after the redem ption date specified in such notice, and the holders o f said bonds so called for redem ption after such redem ption date shall look for the paym ent o f such bonds and the prem ium thereon on ly to said Redem ption Fund. A ll bonds redeem ed and all interest coupons thereof shall be canceled forthw ith b y the Treasurer o f the D istrict and shall not be reissued. Section 11. Levy and Collection of Taxes. So far as possible, the principal of and interest on said bonds shall be paid from revenues from the w orks and properties o f the D istrict. H ow ever, it shall be the duty o f and the Board of D irectors o f the D istrict shall annually provide for the levy of taxes on all taxable property in the D istrict (su bject to pertinent existing Constitutional restrictions) fully sufficient, in conjunction w ith other available incom e and revenues of the District, to assure prom pt paym ent o f principal and interest as they fall due. T h e Board of D irectors shall in each year in due season prior to the tim e when county taxes are levied b y the Board o f County Com m issioners o f Clark County, determine the am ount o f taxes w hich are necessary to be levied on the taxable property in said D istrict for said year, for the purpose of supplem enting other incom e and revenues of the D istrict available for the paym ent o f the principal and interest o f said bonds. P rior to the date on w hich said Board o f County Com m issioners makes the county levy for such year, the Board o f D irectors o f the D istrict shall certify to the Clerk of said Board o f County Com m issioners the am ount necessary to be raised by taxes levied against the taxable property in the D istrict in such fiscal year. T h e Board o f County Com m issioners shall, at the tim e o f m aking the levy o f county taxes for that year, levy the tax so certified upon all taxable property in the D istrict. Said tax when levied shall be entered upon the assessment rolls 4