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4 1234 567 8 9 10 11 12 13 1 4 15 16 17 18 19 20 2212 23 24 25 26 2 7 28 29 3 0 31 32 33 34 35 36 37 3 8 39 40 41 4 2 43 4 4 45 46 47 48 49 50 faith, credit and resources o f the district as above provided, fo r the purpose of supplementing other revenues of the district available for the paym ent o f principal and interest, and p rior t,o the date on which the board of commissioners makes the county levy fo r such year the governing body o f the district- shall certify to the clerk o f said board the amount necessary to be so raised by taxes levied against the tax­able prop erty in the district in such fiscal year. The board o f county commissioners shall at the time o f making the levy o f county taxes fo r that year levy the tax so certified upon all taxable prop erty 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 fo r the purposes fo r which the tax was levied. A ll taxes levied as herein provided shall constitute a lien on the property charged therewith from the date o f the date o f the levy thereof b y the county commissioners, or the entry thereof on the assessment roll o f 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 fo r the collection o f state and county, taxes. No additional allowance, fee or compensation shall be paid to any officer fo r carrying out the provisions o f this section. In ihe event that the total taxes requested to be levied in any one year by the dibr trict and the political subdivisions w hich overlap it should exceed fifty mills and reduction thereof shall become necessary by reason of the restriction contained in section 2 o f article X o f the constitution of Nevada, the board charged with the duty o f making such reduc­tions and allocations is hereby required to allocate to the district suf­ficient taxes to assure the paym ent to the district o f money sufficient to make certain the prom pt paym ent o f principal o f and interest on any bonds o f the district which may have been issued with the pledge of the full faith, credit and resources of the district, and where bonds have so issued, the district shall be regarded as a political subdivision o f the State o f Nevada fo r the purposes o f chapter 233, Statutes o f Nevada, 1947, and the provisions o f said chapter shall be applicable to said district. ?VSuch bonds shall be in coupon form , but may be made registerable as to principal if so provided in the resolution authorizing the issuance thereof. T h e b o n d s shall b e in th e d e n om in a tion o f $100 o r a m u ltip le th e re o f, sh all b e a r in terest at a co u p o n ra te n o t e x ce e d in g six p e rce n t p e r an n u m , sh all m a tu re se ria lly o r oth erw ise in su ch m a n n er as m a y b e p ro v id e d b y th e g o v e rn in g b o d y , b u t n o t la te r th a n f o r t y y ea rs fr o m th eir date, sh all b e m a d e p a y a b le at su ch p la c e o r p la ces w ith in o r w ith o u t th e S ta te o f N e v a d a as m a y b e p r o v id e d b y th e g o v e rn in g b o d y , a n d in th e d iscre tio n o f the g o v e rn in g b o d y m a y b e m ade red eem a b le at th e o p tio n o f th e d is trict p r io r to m a tu rity ;? at su ch p re m iu m o r p rem iu m s n o t g rea ter th a n on e h u n d re d [th r e e ] five p e r­cen t o f th e p r in c ip a l a m ou n t th e re o f as th e g o v e rn in g b o d y m a y d e te r­m iner T h e b o n d s sh all b e sig n ed b y th e p re sid e n t a n d attested b y the s e cre ta ry o f .the d is trict u n d e r th e official seal o f th e d is trict in su ch m a n n er as m a y b e p r o v id e d in th e re solu tion a u th o riz in g th e ir issuance. / 5 ----- 1 In te re st co u p o n s to b e a ttach ed to th e b o n d s m a y b e e x e cu te d w ith the 2 fa csim ile sig n a tu res o f su ch officers,- a n d in the even t a n y officer w hose 3 .sig n a tu re a p p ea rs on su ch b o n d o r co u p o n s shall cease to b e s u ch 4 officer b e fo re d e liv e ry o f th e b o n d s to the p u rch a ser, su ch sig n a tu re 5 sh all n everth eless b e v a lid a n d su fficient f o r a ll p u rp oses. T h e b o n d s y 6 sh all b e so ld in su ch m anner, a n d at su ch tim es as th e g o v e rn in g b o d y 7 m a y d eterm in e at p u b lic -or p riv a te sale f o r su ch p rice s as th e g o v e rn - 8 in g b o d y shall a p p ro v e , e x ce p t th a t in n o even t sh all th e b o n d s b e sold 9 at a p rice w h ich w ill resu lt in an in terest y ie ld th e re fro m o f m ore 10 th an six p e rce n t p e r an n u m co m p u te d to a vera ge m a tu rity a cco r d in g 11 to sta n d a rd ta bles o f b o n d valu es. T h e b o n d s m a y b e issu ed in an 12 a m ou n t su fficient to in clu d e th e p a y m e n t o f all in cid e n ta l costs in cu rre d 13 in co n n e ctio n w ith th e organization o f the district and with the co n - 14 - stru etion , a cq u isition , exten sion o r im p ro v e m e n t o f th e w ork s o r p r o p - 15 erties a n d th e a u th o riza tio n a n d issu an ce o f th e b on d s, in clu d in g , b u t 16 w ith ou t lim ita tion , en g in e e rin g a n d le g a l fees, fiscal a g e n t’s exp en ses 17 and p a y m e n t o f in terest on the bonds o f the district d u r in g th e p e rio d 18 o f the co n stru ctio n o f th e w orks: o r p ro p e rtie s a n d f o r six m on th s th e re -. 19 a fte r. P e n d in g th e p re p a ra tio n o r execu tip n o f d efin itive b on d s, 20 in te rim receip ts o r certifica tes o r te m p o ra ry b o n d s m a y b e d e liv e re d ' 21 to th e p u rch a se r o f said b on d s. B o n d s issued h e re u n d e r [s h a ll] may 2 2 be either p a y a b le fr o m a n d secu re d b y a p le d g e o f th e gross or net 2 3 reven ues d e riv e d fr o m th e o p e ra tio n o f th e w o r k s ’ o r p ro p e rtie s co n - 2 4 stru cte d , a cq u ired , e x ten d ed o r im p r o v e d w ith th e p ro ce e d s th e re o f 25 [s u b je c t o n ly to the p r io r p a y m e n t o f the rea son ab le a n d n ecessary 26 exp en ses o f o p e ra tin g a n d m a in ta in in g su ch w ork s o r p ro p e rtie s. I f 2 7 m o re th a n on e series o f b o n d s sh all b e issued h ere u n d e r p a y a b le fr o m 2 8 th e rev en u es o f a n y w ork s o r p ro p e rtie s, p r io r ity o f lien on su ch w ork s 29 o r p ro p e rtie s a n d th e rev en u es th e re o f shall d e p e n d on th e tim e o f th e 3 0 d e liv e r y o f su ch bon d s, such series e n jo y in g a lie n p r io r a n d su p e rio r 31 to th a t e n jo y e d b y a n y series o f b o n d s su b se q u e n tly d e liv e r e d ; p ro - 32 A d d ed , h ow ever, th a t as to a n y issue o r series o f b o n d s w hich' m a y b e 33 a u th orized as „a u n it b u t d e liv e re d fr o m tim e to tim e in b lock s, th e 34 g o v e rn in g b o d y m a y in the p ro ce e d in g s a u th o riz in g th e issu an ce o f 35 sa id b o n d s p r o v id e d th a t a ll o f th e b o n d s o f Such series o r issue shall 36 co-eq u a l as to lie n reg ard less o f th e tim e o f d e liv e r y .] , or'may be issued. 37 payable in part from such revenues and in part from the proceeds o f 38 taxes as above provided. A ll b o n d s issu ed u n d e r th e p ro v isio n s o f 39 th is a ct sh all co n s titu te n e g o tia b le in stru m en ts w ith in th e m ea n in g o f 4 0 th e n e g o tia b le in stru m en ts la w as th a t law is n o w o r m a y h e re a fte r 41 b e in fo r c e in th e S ta te o f N evad a . A n y re so lu tio n a u th o riz in g th e 4 2 issu an ce o f b o n d s h e re u n d e r sh all p ro v id e f o r th e cre a tio n o f a sin k in g 4 3 fu n d in to w h ich sh all b e p a id [fr o m th e reven u es o f th e w ork s o r 4 4 p ro p e rtie s, s u b je c t o n ly to p r io r p a y m e n t o f th e rea son ab le a n d n eces- 4 5 s a r y exp en ses o f o p e ra tin g a n d m a in ta in in g th e w ork s o r p ro p e rtie s ] 46 su m s f u lly su fficien t to p a y p r in c ip a l o f a n d in terest o n su ch bonds' a n d 4 7 to create su ch reserve f o r con tin g e n cie s as m a y b e p r o v id e d in such. 4 8 resolu tion . M on ey s in th e sin k in g fu n d sh all b e a p p lie d to th e p a y - 49. m en t o f in terest on a n d p r in c ip a l o f th e b o n d s o r to th e p u rch a se o r 50 retirem en t o f th e b o n d s p r io r to m a tu rity in su ch m a n n er as m a y b e