539.575 - Use of unsold bonds in payment of construction; approval of Department of Taxation.
539.575 Use of unsold bonds in payment of construction; approval of Department of Taxation.
1. The board may use any bonds of the district which have been offered for sale at public sale and remain unsold in payment for construction of canals, storage reservoirs or other works of the district, without the necessity of calling for bids for such construction, and may enter into contracts providing for the payment of such construction in bonds, which contracts may provide for the payment of a fixed contract price or the cost of such construction plus a fixed percentage thereof, or the cost of such construction plus a fixed sum.
2. Ninety percent of their par value and interest accrued thereon is the minimum price at which the bonds may be used in payment for such construction.
3. Such use of bonds and any such contract must be approved by the Department of Taxation.
[Part 21:64:1919; A 1921, 118; NCL § 8032]—(NRS A 1977, 1239)