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11 Section 13. T h e m em bers o f the board o f directors shall each receive fifteen dollars per day and actual traveling expenses for each day spent attending m eetings of said board or w hile engaged in official business under the order o f the board. T h e board shall fix the com pensation to be paid to the other officers named in this a ct; provided, that said board shall, upon the petition of a m ajority o f the electors w ithin such district, subm it 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 o f the m onth next ensuing. Section 14. N o director or any other officer nam ed in this act shall in any manner be interested, directly or indirectly, in any contract awarded by the board, or in the profits to be derived there­from ; and for any violation o f this provision such officer shall be deem ed guilty o f a misdemeanor, and upon conviction thereof shall suffer a forfeiture o f his office, and he shall be punished b y a fine not exceeding five hundred dollars, or b y im prisonm ent in the county jail not to exceed six m onths or b y both such fine and im prisonm ent. Section 15. T h e board o f directors, or other officers o f the district, shall have no pow er to incur any debt or liability whatever, either b y issuing bonds or otherw ise, in excess o f the express provisions o f this act, and any debt or liability incurred in excess o f such express pro­visions shall be and rem ain absolutely void. Section 16. W h enever the district proposes to issue its negotiable bonds to obtain funds for the accom plishm ent o f any o f its corporate purposes, the board shall by resolution, determine the am ount o f m oney necessary to be raised to accom plish such purposes, and shall im m ediately thereafter subm it its proposal for a bond issue o f such am ount at a special election of the district, called for that purpose, to the electors o f the district possessing the qualifications prescribed by this act.( A s amended, Chap. 130, N evada Statutes, 1949, and C hap.'307, N evada Statutes, 1951.) Section 16a. N otice o f such election must be given b y posting notices thereof in three public places in each election precinct in the district not less than fifteen (15) nor m ore than tw enty (20) days before the date o f election, and the publication thereof for three weeks in som e newspaper published in Clark County. Such notice shall specify the time of holding the election, the am ount o f bonds proposed to be issued, the m axim um interest rate and maxim um m aturity o f such bonds, and shall state, in substance the purpose for w hich the m oney so raised shall be used. (A s amended, Chap. 130, N evada Statutes, 1949, and Chap. 307, N evada Statutes, 1951.) Section 16b. Said election must be held and the results thereof determ ined and declared in all respects in conform ity with the provisions of this act governing the election of officers, and no inform alities in conducting such an election shall invalidate the same if it shall have been other­w ise fairly conducted. A t such election the ballot shall contain the w ords “ ................ (question) yes,” or “ ............... (question) no,” or w ords equivalent thereto. If a m ajority o f 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 am ount authorized to be issued, as hereinafter provided. If a m ajority of the votes cast at such bond elections are “ no,” the result o f such election shall be so declared and entered oh record. Thereafter, w henever said board in its judgm ent deems it for the best interest o f the district that the question o f 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 m ay thereupon subm it such question to said electors in the same manner and w ith 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. (A s amended, Chap. 130, N evada Statutes, 1949, and Chap. 307, N evada Statutes, 1951.) Section 16c. If the bonds shall be authorized to be issued at such election, they shall be issued as the general obligations o f the district, for the paym ent o f w hich the full faith, credit and resources o f the district are pledged, and it shall be the duty annually o f the governing body to provide for the levy of taxes on all taxable property in the district (su bject to pertinent existing constitutional restrictions) fully sufficient in conjunction with other available incom e 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 m ay be provided in the resolution adopting the proposal to be subm itted at any bond election. T h e governing b od y of the district shall in each year in due season prior to the time when county taxes are levied by the board of county com m issioners determine the am ount o f taxes w hich are necessary to be levied on the taxable property in such district for such year, for the purpose o f supplem enting other revenues of the district available 7 for the paym ent of principal and interest of any general obligation bond issues and prior tq the date on w hich the board o f : com m issioners makes the county levy for such year the governing b od y of the district shall certify to the clerk o f said board the am ount necessary to be so raised by taxes levied against the taxable property in the district in such fiscal year. T he board o f county com m issioners shall at the time of m aking the levy o f 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 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 w hich the tax was levied. A ll taxes levied as herein provided shall constitute a lien on the property charged therewith from the date of the date o f the levy thereof by the county com m issioners, or the entry thereof on the assessment roll of the county auditor, until the same are paid, and thereafter, if allow ed to becom e delinquent, shall be enforced in the . same manner as is now provided by law for the collection o f state and county taxes. N o additional allowance, fee or com pensation shall be paid to any officer for carrying out the provisions o f this section. In the event that 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 becom e necessary by reason of the restriction contained in section 2 o f 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 paym ent to the district of m oney sufficient to make certain the prom pt paym ent o f principal of and interest on any bond of the district w hich m ay have been issued with the pledge o f the full faith, credit and resources o f the district, and where bonds have [been] so issued, the district shall be regarded as a political sub­division o f the State o f N evada for the purposes of chapter 233, Statutes o f N evada 1947, and the provisions o f said chapter shall be applicable to said district. (A s amended, Chap. 130, N evada Statutes, 1949, and Chap. 307, Nevada Statutes, 1951.) Section 16d. It is the intent o f 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 w orks and properties o f the district. T he board shall from tim e to tim e establish reasonable rates and charges for the products and services furnished b y such w orks and properties, and no board or com m ission 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 lim itation that the rates and charges be reasonable, the board shall fix rates and charges w hich w ill produce sufficient revenues to pay the operating and m aintenance expenses of such w orks 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 paym ents required to be made into any sinking fund for said b o n d s; provided, however, anything to the contrary in this act notw ithstanding the district may, in any contract w ith the U nited States o f Am erica, the State o f Nevada, or the C olorado river com m ission, agree to furnish water to any o f the foregoing, or to purchasers, lessees, or others holding under any of the foregoing, at such rates, charges, or other consideration as m ay be specified in any such contract. (A s amended, Chap. 130, N evada 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 subm itted at any bond election. T he bonds shall be in the denom ination o f $100 or a multiple thereof, shall bear interest at a coupon rate not exceeding six percent per annum, shall mature serially or otherw ise in such manner as m ay 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 o f N evada as m ay be provided by the governing body, and in the discretion o f the governing body m ay 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 am ount thereof as the governing b od y may determine. T h e bonds shall be signed by the president and attested by the secretary o f the district under the official seal of the district in such manner as m ay be provided by resolution o f the board. Interest coupons to be attached to the bonds m ay be executed with the facsim ile signatures o f such officers, and in the event any officer w hose signature appears on such bond or coupons shall cease to be such officer before delivery o f the bonds to the purchaser, such signature shall nevertheless be valid and sufficient for all purposes. T h e bonds shall be sold in such' manner and at such times as the governing b od y m ay determine at public or private sale for such prices as the governing body shall approve, except that in no event shall the bonds be sold at a price w hich w ill result in an interest yield therefrom o f m ore than six percent per annum com puted to average m aturity accord­ing to standard tables o f bond values. T h e proceeds from the sale o f the bonds shall be applied exclusively to the purposes stated in the notice of the election and to the paym ent of the incidental 8