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Section 5. Registration. Said bonds may be registered as to principal only and any registered bond may be discharged from registration in the manner and with the effect set forth in the provisions for registration contained in the form of bond hereinafter set forth. Section 6. Redemption. The bonds maturing on or prior to March 1, 1964, shall not be subject to call or redemption prior to maturity. Bonds maturing March 1, 1990, or any of them, may be called before maturity and redeemed from revenues of the District (but prior to March 1, 1964, not from the proceeds of refunding bonds) on March 1, 1959, or on any interest payment date thereafter prior to maturity. Such bonds shall be redeemed in inverse order of number beginning with the highest numbered bond. Bonds maturing on or after March 1, 1965, or any of them, at the option of the Board of Directors of the District may be called and redeemed on March 1, 1964, or on any interest payment date thereafter prior to maturity, from the proceeds of refunding bonds or from any funds of the District. The principal amount of bonds to be redeemed at any time shall be determined by the Board of Directors of said D istrict, provided, however, that such Board must call bonds, when required to do so under Section 9 hereof. Any bonds called before maturity pursuant to this section shall be redeemed at a redemption price equal to one hundred and 5/100 per cent (100.5%) of the principal amount thereof, plus one-half of one per cent ()4 of 1% ) of such principal amount for each whole twelve months’ period and for any remaining fraction of a twelve months’ period from the date fixed for redemption to the maturity date of such bond, but the redemption price, including premium payable at any time upon redemption, shall not exceed one hundred five per cent (105% ) of such principal amount. All or any of the bonds subject to call may be called for redemption at any one time. If less than all of the bonds are redeemed at any one time, such bonds shall be redeemed only in inverse order of maturity and number, beginning with the highest numbered bond. The interest payment date on which bonds are to be presented for redemption is hereinafter sometimes called the “redemption date.” Section 7. Notice of Redemption. Notice of the intended redemption shall be published by one (1) publication in a newspaper of general circulation published in the District, one (1) publication in a newspaper of general circulation published in The City of Los Angeles, California, and one (1) publication in a financial newspaper or journal of national circulation published in the City of New York, New York, said publications to be at least thirty (30) days but not more than sixty (60) days prior to the redemption date. The notice of redemption shall (a) state the redemption date; (b) state the redemption price; (c) state the numbers and dates of maturity of the bonds to be redeemed; (d) require that such bonds be surrendered with all interest coupons maturing subsequent to the redemption date at the office of the Treasurer of the District in the City of Las Vegas, Nevada, or at any fiscal agency of the District in The City of Los Angeles, California, in the City of Chicago, Illinois, or in the City of New York, New York, at the option of the holder; (e) require that bonds which at the time of call are registered so as to be payable other than to bearer shall be accompanied by appropriate instruments of assignment duly executed in blank; and (f) give notice that further interest on such bonds will not accrue after the designated redemption date. If any of the bonds designated for redemption shall be registered so as to be payable otherwise than to bearer, the Treasurer of the District shall, on or before the date of the publication of said notice of redemption, mail a similar notice, postage prepaid, to the respective registered owners thereof at the addresses appearing on the bond registry books. The actual receipt by the holder of any bond (hereinafter referred to as “bondholder”) of notice of such redemption shall not be a condition precedent to redemption, and failure to receive such notice shall not affect the validity of the proceedings for the redemption of such bonds or the cessation of interest on the date fixed for redemption. The notice or notices required by this section shall be given by the Treasurer of the District. A certificate by the Treasurer of the District that notice of call and redemption has been given to holders of registered bonds as herein provided shall be conclusive as against all parties, and no bondholder whose registered bond is called for redemption may object thereto or object to the cessation of interest on the redemption date fixed by any claim or showing that he failed to actually receive such notice of call and redemption. Section 8. Redemption Fund. Prior to the time the Board of Directors of the District determines to call and redeem any of said bonds and prior to the publication of the notice of a redemption there must be set aside in the Redemption Fund (hereinafter in this resolution 3 established) moneys available for the purpose and sufficient to redeem, at the premiums payable as in this resolution provided, the bonds designated in such notice for redemption. Said moneys must be set aside in said fund solely for that purpose and shall be applied on or after the redemp­tion date to payment (principal and premium) for the bonds to be redeemed upon presentation and surrender of such bonds and all interest coupons maturing after the redemption date, and shall be used only for that purpose. Any interest coupons due on or prior to the redemption date shall continue to be payable to the respective holders thereof but without 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 maturing after the redemption date. If after all of the bonds have been redeemed and canceled or paid and canceled there are moneys remaining in said Redemption Fund, said moneys shall be transferred to the Revenue Fund; provided, however, that if said moneys are part of the proceeds of refunding bonds said moneys shall be disposed of in the manner provided by law. Section 9. Application of Redemption Fund. Moneys held in the Redemption Fund shall be applied as follows: (1) Beginning not earlier than four months prior to March 1, 1959, purchases of any bonds which are subject to redemption (irrespective of the maturity or number of such bonds) may be made at any time or from time to time for such prices and in such manner, either at public or private sale, or otherwise, as the Board of Directors of the District, in its discretion, may determine, but the purchase price (including brokerage or other charges but excluding accrued interest which is payable from the Bond Service Fund) shall not exceed the redemption price of the bonds so purchased on the next interest payment date. (2) From any amounts in the Redemption Fund not theretofore used or committed for the purchase of bonds under subparagraph (1) hereof, the Board of Directors of said District shall call for redemption on March 1, 1959, or on any interest payment date thereafter such amount of bonds then subject to redemption as, with the redemption premium, will exhaust the Redemption Fund as nearly as may be; provided, however, that the Board shall not be required to call bonds for redemption unless sufficient moneys are in said fund to redeem at least $50,000 par value principal of bonds, in the manner provided in this resolution. Section 10. Effect of the Notice of Redemption. When notice of redemption has been given, substantially as provided in Section 7 hereof, and when the amount necessary for the redemption of the bonds called for redemption (principal and premium) is set aside for that purpose in the Redemption Fund, the bonds designated for redemption shall become due and payable on the date fixed for redemption thereof, and upon presentation and surrender of said bonds and all interest coupons maturing after the redemption date, at the place specified in the notice of redemption and, if any of said bonds be registered, upon the appropriate assignment thereof in blank, such bonds shall be redeemed and paid at said redemption price out of the Redemption Fund, and no interest will accrue on such bonds called for redemption or on any interest coupons thereof after the redemption date specified in such notice, and the holders of said bonds so called for redemption after such redemption date shall look for the payment of such bonds and the premium thereon only to said Redemption Fund. All bonds redeemed and all interest coupons thereof shall be canceled forthwith by the Treasurer of the District 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 works and properties of the District. However, it shall be the duty of and the Board of Directors of the District shall annually provide for the levy of taxes on all taxable property in the District (subject to pertinent existing Constitutional restrictions) fully sufficient, in conjunction with other available income and revenues of the District, to assure prompt payment of grincipjJ.,,ao4.- §3 ,r^h^y—faM- ~du,£» The Board of Directors shall m ’each year in due season prior to the time when county taxes are levied by the Board of County Commissioners of Clark County, determine the amount of taxes which are necessary to be levied on the taxable property in said District for said year, for the purpose of supplementing other income and revenues of the District available for the payment of the principal and interest of said bonds. Prior to the date on which said Board of County Commissioners makes the county levy for such year, the Board of Directors of. the District shall certify to the Clerk of said Board of County Commissioners the amount necessary to be 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 that year, levy the tax so certified upon all taxable property in the District. Said tax when levied shall be entered upon the assessment rolls 4