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or Improve* with the pmmm® thereof (subject only to the prior payment of the reaaenable and neeeeeary axpmma of ©parating and maintaining such works or properties. If than one series at boade shall ha issued hereunder payable fro® the revenues of any works or properties, priority at Xian m mmk works or proper- %ta& and the rvenuea thereof shall dapmti on the time of the delivery of such bonds, such series enjoying alien prior and superior to that enjoyed by any series of bonds sube^usatly deliveredj provided, however, ttet a-, to any issue or series of bonds which may bo author!ssed as a unit bat delivered tram time to tina in bioeke, the «ov»ralag body maty in. tba proceedings authorising the issuance of said bonds provided that aXX of tba bonds at mwah mat ten or iesue shall oc-^fual aa to Xian regardless of tba tina of delivery,), or nay b« issued narablo in part twarn such revenues and in onrt tram tba proo^oda of |anas aa above grovidad. AXX bonds issued under tba provisions of tbla not abaXl constitute negotiable inetromeate law aa that lew ia non or may noraaftor ba ia fora# in tha State of mvada. (Any resolu­tion authorising tba issuance of bonds karem&mr) fh* board by reso­lution shall provide for tbs araation of a sinking fond into whieh shell ba paid itrrn tba revenues of tba wriw or properties, subject only to prior p ymmt at tha reasonable and naaaaaory expenses at operating and, aainbalaiag tba works or properties) soma faiiy attffi- eiont to pay principal of and interest on scab bonds and to create such reserve for; contingencies aa nay ba provided in snob resolution. Moneys ia tba sinking fund shall ba applied to tba payment of intoreat on and principal of tba bonds or to tba purchase or retirement of tba bonds prior to maturity In such manner as may ba provided is said resolution. Such sinking fond and any reserve or contingency fund, or both. for which provision mzv ba s^adc fry reaa3Lutlo& may be kept on deposit in any beak or banks within or without tba. state which may ? ba designated in such resolution. The board may bo resolution (author­ising snob bonds may contain) make snob eonvenante with the future holder or holders of tba bonds as to tba management and operation of tba works or properties, tba imposition and collection of rates and chargee for tba prodaets or services furnished thereby, tbs disposi­tion of sueb rates and revenues, tba ioautfcth of future toads and the