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Section 13. The members of the board of directors shall each receive fifteen dollars per day and actual traveling expenses for each day spent attending m eetings of said board or while engaged in official business under the order of the board. The board shall fix the compensation to be paid to the other officers named in this act; provided, th at said board shall, upon the petition of a m ajority of the electors within such district, submit to the electors at any general election of said district a schedule of salaries and fees to be paid the directors and officers thereof. Such petition shall be presented to the board tw enty days prior to such general election, and a schedule fee subm itted upon a tw o-thirds vote therefor shall be put into effect upon the first of the month next ensuing. Section 14. No director or any other officer named in this act shall in any m anner be interested, directly or indirectly, in any contract awarded by the board, or in the profits to be derived there­from ; and for any violation of this provision such officer shall be deemed g uilty of a misdemeanor, and upon conviction thereof shall suffer a forfeiture of his office, and he shall be punished by a fine not exceeding five hundred dollars, or by imprisonment in the county jail not to exceed six months or by both such fine and imprisonment. Section IS. T he board of directors, or other officers of the district, shall have no power to incur any debt or liability whatever, either by issuing bonds or otherwise, in excess of the express provisions of this act, and any debt or liability incurred in excess of such express pro­visions shall be and rem ain absolutely void. Section 16. W henever the district proposes to issue its negotiable bonds to obtain funds for the accomplishment of any of its corporate purposes, the board shall by resolution, determine the am ount of money necessary to be raised to accomplish such purposes, and shall immediately thereafter subm it its proposal for a bond issue of such am ount at a special election of the district, called for th at purpose, to the electors of the district possessing the qualifications prescribed by this act.( As amended, Chap. 130, Nevada Statutes, 1949, and Chap. 307, Nevada Statutes, 1951.) Section 16a. Notice of such election m ust be given by posting notices thereof in three public places in each election precinct in the district not less than fifteen (15) nor more than tw enty '(20) days before the date of election, and the publication thereof for three weeks in some newspaper published in Clark County. Such notice shall specify the time of holding the election, the am ount of bonds proposed to be issued, the maximum interest rate and maximum m aturity of such bonds, and shall state in substance the purpose for which the money so raised shall be used. (As amended, Chap. 130, Nevada Statutes, 1949, and Chap. 307, Nevada Statutes, 1951.) Section 16b. Said election m ust be held and the results thereof determined and declared in all respects in conformity w ith the provisions of this act governing the election of officers, and no informalities in conducting such an election shall invalidate the same if it shall have been other­wise fairly conducted. A t such election the ballot shall contain the words “............... (question) yes,” or “............... (question) no,” or words equivalent thereto. If a m ajority of the votes cast are “yes,” the board of directors shall be authorized to incur the expense and indebtedness for the purpose stated in the proposal voted upon, and shall cause bonds to be issued in the amount authorized to be issued, as hereinafter provided. If a m ajority of the votes cast at Such bond elections are “no,” the result of such election shall be so declared and entered on record. Thereafter, whenever said board in its judgm ent deems it for the best interest of the district th at the question of the issuance of bonds in such amount, or in any other amount, shall be subm itted to the electors it shall so declare on record in its minutes, and may thereupon subm it such question to said electors in the same m anner and with like effect as at such previous election, but no question shall be resubm itted to the electors within one year after the same has been voted upon and rejected. (As amended, Chap. 130, Nevada Statutes, 1949, and Chap. 307, Nevada Statutes, 1951.) Section 16c. If the bonds shall be authorized to be issued at such election, they shall be issued as the general obligations of the district, for the paym ent of which the full faith, credit and resources of the district are pledged, and it shall be the duty annually of the governing body to provide for the levy of taxes on all taxable property in the district (subject to pertinent existing constitutional restrictions) fully sufficient in conjunction w ith other available income and revenues of the district to assure the prom pt paym ent of principal and interest as they fall due, and to establish such reserves for contingencies as may be provided in the resolution adopting the proposal to be subm itted at any bond election. The governing body of the district shall in each year in due season prior to the time when county taxes are levied by the board of county commissioners determine the am ount of taxes which are necessary to be levied on the taxable property in such district for such year, for the purpose of supplem enting other revenues of the district available 7 for the payment of principal and interest of any general obligation bond issues and prior to the date on which the board of commissioners makes the county levy for such year the governing body of the district shall certify to the clerk of said board the am ount necessary to be so raised by taxes levied against the taxable property in the district in such fiscal year. The board of county commissioners shall at the time of making 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 and collected in the same manner as state and county taxes and the proceeds thereof shall be paid to the treasurer of the district to be used for the purposes for which the tax was levied. All taxes levied as herein provided shall constitute a lien on the property charged therew ith from the date of the date of the levy thereof by the county commissioners, or the entry thereof on the assessment roll of the county auditor, until the same are paid, and thereafter, if allowed to become delinquent, shall be enforced in the same manner as is now provided by law for the collection of state and county taxes. No additional allowance, fee or compensation shall be paid to any officer for carrying out the provisions of this section. In the event th at the total taxes requested to be levied in any one year by the district and the political subdivisions which overlap it should exceed fifty mills and reduction thereof shall become necessary by reason of the restriction contained in section 2 of article X of the constitution of Nevada, the board charged with the duty of m aking such reductions and allocations is hereby required to allocate to the district sufficient taxes to assure the payment to the district of money sufficient to make certain the prom pt payment of principal of and interest on any bond of the district which may have been issued with the pledge of the full faith, credit and resources of the district, and where bonds have [been] so issued, the district shall be regarded as a political sub­division of the State of Nevada for the purposes of chapter 233, Statutes of Nevada 1947, and the provisions of said chapter shall be applicable to said district. (As amended, Chap. 130, Nevada Statutes, 1949, and Chap. 307, Nevada Statutes, 1951.) Section 16d. It is the intent of this act that, so far as possible, the principal of and interest on any bonds issued by the district be paid from revenues from the works and properties of the district. The board shall from time to time establish reasonable rates and charges for the products and services furnished by such works and properties, and no board or commission other than the governing body of the district shall have authority to fix or supervise the m aking of such rates and charges. Subject to the limitation th at the rates and charges be reasonable, the board shall fix rates and charges which will produce sufficient revenues to pay the operating and m aintenance expenses of such works and properties, the general expenses of the district, and the principal of and interest on all outstanding bonds of the district as the same fall due and any payments required to be made into any sinking fund for said bonds; provided, however, anything to the contrary in this act notw ithstanding the district may, in any contract with the U nited States of America, the State of Nevada, or the Colorado river commission, agree to furnish w ater to any of the foregoing, or to purchasers, lessees, or others holding under any of the foregoing, at such rates, charges, or other consideration as may be specified in any such contract. (As amended, Chap. 130, Nevada Statutes, 1949, and Chap. 307, Nevada Statutes, 1951.) Section 16e. Such bonds shall be in coupon form, but may be made registerable as to principal if so provided in the resolution adopting the proposal to be submitted at any bond election. The bonds shall be in the denomination of $100 or a multiple thereof, shall bear interest at a coupon rate not exceeding six percent per annum, shall m ature serially or otherwise in such manner as may be provided by the governing body, but not later than forty years from their date, shall be made payable at such place or places within or w ithout the State of Nevada as may be provided by the governing body, and in the discretion of the governing body may be made redeemable at the option of the district prior to m aturity at such premium or premiums not greater than one hundred five percent of the principal amount thereof as the governing body may determine. The bonds shall be signed by the president and attested by the secretary of the district under the official seal of the district in such manner as may be provided by resolution of the board. Interest coupons to be attached to the bonds may be executed with the facsimile signatures of such officers, and in the event any officer whose signature appears on such bond or coupons shall cease to be such officer before delivery of the bonds to the purchaser, such signature shall nevertheless be valid and sufficient for all purposes. The bonds shall be sold in such m anner and at such times as the governing body may determine at public or private sale for such prices as the governing body shall approve, except th at in no event shall the bonds be sold at a price which will result in an interest yield therefrom of more than six percent per annum computed to average m aturity accord­ing to standard tables of bond values. The proceeds from the sale of the bonds shall be applied exclusively to the purposes stated in the notice of the election and to the payment of the incidental 8