1. Any funding or refunding bonds of a local improvement district authorized to be issued may be sold from time to time in the same manner as other bonds of the irrigation district, or may be exchanged for outstanding bonds, notes or certificates of indebtedness of the improvement district. 2. Any outstanding bonds, notes or certificates of indebtedness so funded or refunded or exchanged must be immediately cancelled by the treasurer. [49 1/2b:64:1919; added 1935, 7; 1931 NCL § 8066.02]—(NRS A 1981, 491)
Nevada Legal Code