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1 bonds which may be authorized as a unit but delivered' . 2 r from time, to tima> in blocks, the governing body may in the 3 proceedings authorizing the issuance of said bonds provide 4 that all of the bonds of such series or issue shall be coequal 5 as to lien regardless of the time of delivery. 6 Sec 4 All bonds issued under the provisions of this act 7 shall constitute negotiable'instruments within the meaning 8. of the negotiable instruments law as that law is now or may 9 * hereafter be in force in Nevada. 10 Sec. 5, Any resolution authorizing the issuance of bonds 11 •• hereunder shall provide for the. creation ol a sinking fund 12 into which shall be paid from the revenues,of the utility, sub- • 13 ject only to prior payment of the reasonable and necessary 14 expenses of operating and maintaining the utility, sums fully' | 15 ? sufficient to pay principal of and interest on such bonds, andA : 16 to create such reserve for contingencies as may be provided. 17 in such resolution.' The moneys in the sinking fund shall be 18 .. applied to the payment of interest on and principal Of the 19 bonds or to the purchase or retirement of the bonds prior to 2(j maturity in such manner as may be provided in said resolu- 21 :' tion. 22 The resolution authorizing the issuance of bonds hereun- 23 • der may contain such covenants with the future holder or 24 holders of the bonds as to the management and operation 25 . of the utility, the imposition and collection of-fees and 26 ' charges for the products, commodities or services furnished \ 27 thereby, tbe disposition of such fees and revenues, the issU- 28 _ ance of future bonds''and the creation of future liens and 29 - encumbrances, against said utility and the revenues' thereof, I 30 the »earrying of insurance on the, properties constituting such 31 utility, the disposition of the proceeds of any such insurance, 32 and other pertinent matters, as may be deemed necessary- by ------ - 4 --------- V 1 the governing body to assume, the marketability of said bonds, 2 provided such covenants are not inconsistent with the pro- 3 visions of this act. 4 Provision made in such resolution for the management for . 5 : operating of the utility may in the discretion of the govern- 6 ing body provide for a nonpolitical, nonpartisan board of 7 trustees to have complete and independent control and opera- 8 tion of the utility while any of. the bonds remain outstand- 9 ing. Such board shall consist of five members to be origi- 10 - nally appointed in the • resolution creating ’the board, for 11 such terms as may be provided in such resolution. '"Sub- 12 Sequent, vacancies shall be filled by vote of the members of* 13 the board. The governing body of the municipal corpora- 14 A tion may in-the resolution make such additional provisions 15 as to the qualifications and membership of the board and 16 the manner of its organization and operation as may seem 17 desirable. 18 SUcy6. When any municipal corporation shall have issued 19 bonds Hereunder and shall have pledged- the revenues of any 20 utility for the payment thereof as herein provided, such 21 municipal corporation shall impose and collect fees and 22 .charges for the products, commodities and services furnished 23 by such utility, including those furnished to the municipal 24 corporation itself and its various agencies and departments, 25 in such amounts and at such rates as shall be fully sufficient 26 at all times to pay the expenses of operating and maintaining 27 such utility, provide a sinking fund sufficient to assure 28 the prompt payment of principal of and interest on the 29 bonds as each falls due, provide such reasonable fund 30 for contingencies as may be required by the resolution author- 31 ? izing the bonds and provide an adequate depreciation fund 32 for such repairs, extensions} and improvements to the utility — 5 -------