No contract of any kind shall be let by the board of directors unless there is sufficient money in the district treasury at the time such contract is let to pay fully for the work or material so contracted for, or unless such contract is made payable in bonds of the district as provided for in NRS 539.570 to 539.577, inclusive. [Part 30:64:1919; A 1921, 118; 1925, 203; 1927, 309; NCL § 8043]
Nevada Legal Code