[Rev. 11/22/2013 3:22:50 PM--2013]

MINERAL COUNTY POWER SYSTEM ACT OF 1961

Chapter 169, Statutes of Nevada 1961

AN ACT authorizing the issuance of revenue bonds by Mineral County, Nevada, such bonds to be issued after an election and secured by a pledge of the revenues of the Mineral County Power System; defining certain words and terms; providing for elections and election procedures; providing for the interest rates and bond details, the payment of bonds, the sale of the bonds and the application of proceeds; specifying the county’s liability on such bonds; providing for covenants in bond proceedings, remedies of bondholders and cancellation of paid bonds; limiting bond interest after maturity, specifying cumulative rights and providing for the payment of preliminary expenses; providing that such bonds are legal investments; and providing other matters properly relating thereto.

[Approved: March 29, 1961]

(Leadlines for sections have been supplied by the Legislative Counsel of the State of Nevada)

The People of the State of Nevada, represented in Senate and Assembly, do enact as follows:

      Section 1.  Short title.  This act shall be known as the Mineral County Power System Revenue Bond Law.

      (Ch. 169, Stats. 1961 p. 256)

      Sec. 2.  Definitions.  Except where the context otherwise requires, the definitions contained in sections 3 to 17, inclusive, govern the construction of this act.

      (Ch. 169, Stats. 1961 p. 256)

      Sec. 3.  “Acquisition” and “acquire” defined.  “Acquisition” or “acquire” means the purchase, construction, installation, reconstruction, lease, gift, grant from the Federal Government, any public body or person, endowment, bequest, devise, condemnation, transfer, assignment, option to purchase, other contract, or other acquirement (or any combination thereof) of facilities, other property, any project, or an interest therein.

      (Ch. 169, Stats. 1961 p. 256)

      Sec. 4.  “Board of Managers” and “Board” defined.  “Board of Managers” or “Board” means the Board of Managers of the System, also being the Board of County Commissioners of Mineral County, Nevada.

      (Ch. 169, Stats. 1961 p. 256)

      Sec. 5.  “County” defined.  “County” means Mineral County, Nevada.

      (Ch. 169, Stats. 1961 p. 256)

      Sec. 6.  “Elector” and “qualified elector” defined.  “Elector” or “qualified elector” means any registered elector of the County, pursuant to the election laws of the state, as from time to time amended.

      (Ch. 169, Stats. 1961 p. 256)

      Sec. 7.  “Federal Government” defined.  “Federal Government” means the United States of America, or any agency, instrumentality or corporation thereof.

      (Ch. 169, Stats. 1961 p. 256)

      Sec. 8.  “Fees” defined.  “Fees” means reasonable rates, tolls and charges for services, commodities or facilities furnished by or appertaining to the System. Until paid, all fees shall constitute a perpetual lien on and against the property served, and any such lien may be foreclosed in the same manner as provided by the laws of the State of Nevada for the foreclosure of mechanics’ liens. Before any such lien is foreclosed the Board shall hold a hearing thereon after notice thereof by publication and by mail.

      (Ch. 169, Stats. 1961 p. 256)

      Sec. 9.  “Improvement” and “improve” defined.  “Improvement” or “improve” means the extension, betterment, alteration, reconstruction, repair or other improvement (or any combination thereof) of facilities, other property, any project, or an interest therein.

      (Ch. 169, Stats. 1961 p. 256)

      Sec. 10.  “Mailed notice” and notice by “mail” defined.  “Mailed notice” or notice by “mail” means the giving by the County Clerk or any deputy thereof, as determined by the Board, of any designated written or printed notice addressed to a person at his or her last known address by deposit, at least 10 days prior to the designated hearing or other time or event, in the United States mails, postage prepaid, as first class mail.

      (Ch. 169, Stats. 1961 p. 256)

      Sec. 11.  “Person” defined.  “Person” means any human being, association, partnership, firm or corporation, excluding a public body and the Federal Government.

      (Ch. 169, Stats. 1961 p. 257)

      Sec. 12.  “Project” defined.  “Project” means any structure, facility or undertaking which the System is authorized to acquire, improve, maintain or operate. A project may consist of all kinds of personal and real property.

      (Ch. 169, Stats. 1961 p. 257)

      Sec. 13.  “Property” defined.  “Property” means real property and personal property.

      (Ch. 169, Stats. 1961 p. 257)

      Sec. 14.  “Publication” and “publish” defined.  “Publication” or “publish” means publication in at least one newspaper published at least once a week and of general circulation in the County. Except as herein otherwise specifically provided or necessarily implied, “publication” or “publish” also means publication for at least once a week for 3 consecutive weeks by three weekly insertions, the first publication being at least 15 days prior to the designated time or event, unless otherwise so stated. It shall not be necessary that publication be made on the same day of the week in each of the 3 calendar weeks, but not less than 14 days shall intervene between the first publication and the last publication, and publication shall be complete on the day of the last publication. Any publication herein required shall be verified by the affidavit of the publisher and filed with the County Clerk.

      (Ch. 169, Stats. 1961 p. 257)

      Sec. 15.  “Real property” defined.  “Real property” means:

      1.  Land.

      2.  Buildings, structures, fixtures and improvements on land.

      3.  Any property appurtenant to or used in connection with land.

      4.  Every estate, interest, privilege, easement, franchise and right in land, legal or equitable, including without limiting the generality of the foregoing, rights-of-way, terms for years, and liens, charges or encumbrances by way of judgment, mortgage or otherwise, and the indebtedness secured by such liens.

      (Ch. 169, Stats. 1961 p. 257)

      Sec. 17.  “System” defined.  “System” means the Mineral County Power System created by an existing and operating under the provisions of chapter 45, Statutes of Nevada 1921, and all acts amendatory thereof or supplemental thereto.

      (Ch. 169, Stats. 1961 p. 257)

      Sec. 18.  Computation of time.  For the purpose of computing any period of time prescribed herein, including but not limited to publications, the day of the first publication, other act or designated time shall be excluded, and the day of the last publication, other act or designated time shall be included.

      (Ch. 169, Stats. 1961 p. 257)

      Sec. 19.  Rules of construction.  Whenever such construction is applicable, words used herein importing singular or plural number may be construed so that one number includes both; and words importing masculine gender shall be construed to apply to the feminine gender as well; but these rules of construction shall not apply to any part hereof containing express provisions excluding such construction or where the subject matter or context is repugnant thereto.

      (Ch. 169, Stats. 1961 p. 257)

      Sec. 23.  Financing acquisition of project or improvement of System by issuance of revenue bonds; revenues pledged as additional security; lien on revenues.

      1.  The County pursuant to an ordinance adopted for this purpose may borrow money, issue bonds or otherwise extend its credit to acquire a project or improve the System. The principal of and interest on bonds so authorized to be issued, and any prior redemption premium or premiums, are payable solely from the net revenues derived from the operation of the system or other project for the acquisition or improvement of which the bonds are issued, including without limiting the generality of the foregoing, revenues of improvements theretofore or thereafter acquired to such System or other project which are not acquired by the expenditure of such bond proceeds.

      2.  The Board, in connection with such additionally secured revenue bonds, in the ordinance authorizing their issuance may pledge all or a portion of such revenues (subject to any prior pledge) as additional security for such payment of the bonds, and at its option may deposit such revenues in a fund created to pay the bonds or created to secure additionally their payment.

      3.  Any such revenues pledged directly or as additional security for the payment of bonds of any one issue or series, which revenues are not exclusively pledged therefor, may subsequently be pledged directly or as additional security for the payment of the bonds of one or more issues or series subsequently authorized.

      4.  All bonds of the same issue or series, subject to the prior and superior rights of outstanding bonds, claims and other obligations, have a prior, paramount and superior lien on the revenues pledged for the payment of the bonds over and ahead of any other claims or obligations thereagainst subsequently incurred; but the ordinance authorizing the issuance of any bonds may provide for the subsequent authorization of bonds or other obligations the lien for the payment of which on such revenues is on a parity with the lien thereon of the bonds therein authorized upon such conditions and subject to such limitations as the ordinance may provide.

      5.  All bonds of the same issue or series are equally and ratably secured without priority by reason of number, date of maturity, date of bonds, of sale, of execution, or of delivery, by a lien on such revenues in accordance with the provisions of this act and the ordinance authorizing the bonds, except to the extent such ordinance otherwise specifically provides.

      (Ch. 169, Stats. 1961 p. 260; A—Ch. 482, Stats. 1981 p. 982)

      Sec. 24.  County not liable for payment of bonds; bonds payable solely from revenues; pledge of property of County prohibited; exception.

      1.  Bonds issued pursuant to this act shall not be a debt of the County, and the county shall not be liable thereon, nor shall it thereby pledge its full faith and credit for their payment. Revenue bonds shall not be payable out of any funds other than the revenues or other moneys pledged to the payment thereof.

      2.  Each such bond issued hereunder shall recite in substance that the bond and the interest thereon are payable solely from the revenues or other moneys pledged to the payment thereof.

      3.  The payment of bonds shall not be secured by an encumbrance, mortgage or other pledge of property of the county, except for revenues and other moneys pledged for the payment of bonds. No property of the county, subject to such exceptions, shall be liable to be forfeited or taken in payment of the bonds.

      (Ch. 169, Stats. 1961 p. 260)

      Sec. 25.  Recital in ordinance authorizing bonds.  Any ordinance authorizing any bonds hereunder may provide that each bond therein authorized shall recite that it is issued under authority hereof. Such recital shall conclusively impart full compliance with all of the provisions hereof, and all bonds issued containing such recital shall be incontestable for any cause whatsoever after their delivery for value.

      (Ch. 169, Stats. 1961 p. 261)

      Sec. 26.  Interest on bonds.  Revenue bonds must not bear interest at a rate which exceeds by more than 3 percent the Index of Revenue Bonds which was most recently published before the bids are received or a negotiated offer is accepted.

      (Ch. 169, Stats. 1961 p. 261; A—Ch. 637, Stats. 1981 p. 1422; Ch. 252, Stats. 1983 p. 590)

      Sec. 27.  Form and terms of bonds; reissuance of lost or destroyed bond; signatures and seal; repurchase before maturity.

      1.  Any revenue bonds herein authorized to be issued shall bear such date or dates, shall mature in such denomination or denominations at such time or times but in no event exceeding 40 years from their date, shall bear interest evidenced by one or two sets of coupons, payable annually, or at such lesser interval or intervals as may be prescribed by ordinance, shall be payable in such medium of payment at such place or places within or without the State, including but not limited to the Office of the County Treasurer, and at the option of the board may be in one or more series, may be made subject to prior redemption in advance of maturity at such time or times without or with the payment of such premium or premiums not exceeding 9 percent of the principal amount of each bond so redeemed.

      2.  Any ordinance authorizing the issuance of bonds may capitalize interest during any period of construction estimated by the Board and 1 year thereafter, by providing for the payment of interest on the bonds from the proceeds thereof for such period or any part thereof.

      3.  Bonds may be issued with privileges for registration for payment as to principal or interest, or both, and generally shall be issued in such manner, in such form, with such recitals, terms, covenants and conditions, and with such other details, as may be provided by the Board in the ordinance or ordinances authorizing the bonds, except as herein otherwise provided.

      4.  Pending preparations of the definitive bonds, interim receipts or certificates, in such form and with such provisions as the Board may determine, may be issued.

      5.  Except for payment provisions herein specifically provided, such bonds, any interest coupons thereto attached, and such interim receipts or certificates shall be fully negotiable within the meaning of and for all the purposes of the Negotiable Instruments Law.

      6.  Notwithstanding any other provision of law, the Board may in any proceedings authorizing bonds hereunder:

      (a) Provide for the initial issuance of one or more bonds (in this subsection called “bond”) aggregating the amount of the entire issue.

      (b) Make such provision for installment payments of the principal amount of any such bond as it may consider desirable.

      (c) Provide for the making of any such bond payable to bearer or otherwise, registrable as to principal or as to both principal and interest, and where interest accruing thereon is not represented by interest coupons, for the endorsing of payments of interest on such bond.

      The Board may further make provision in any such proceedings for the manner and circumstances in and under which any such bond may in the future, at the request of the holder thereof, be converted into bonds of smaller denominations, which bonds of smaller denominations may in turn be either coupon bonds or bonds registrable as to principal, or principal and interest, or both.

      7.  If lost or completely destroyed, any bond may be reissued in the form and tenor of the lost or destroyed bond upon the owner furnishing, to the satisfaction of the Board:

      (a) Proof of ownership;

      (b) Proof of loss or destruction;

      (c) A surety bond in twice the face amount of the bond and coupons; and

      (d) Payment of the cost of preparing and issuing the new bond.

      8.  Any bond shall be executed in the name of and on behalf of the County and signed by the Chair of the Board, countersigned by the County Treasurer, with the seal of the County affixed thereto and attested by the County Clerk.

      9.  Except for such bonds which are registrable for payment of interest, interest coupons payable to bearer shall be attached to the bonds and shall bear the original or facsimile signature of the County Treasurer.

      10.  Any of such officers, after filing with the Secretary of State his or her manual signature certified by him or her under oath, may execute or cause to be executed with a facsimile signature in lieu of his or her manual signature any bond herein authorized, provided that at least one signature required or permitted to be placed thereon shall be manually subscribed, and a facsimile signature has the same legal effect as a manual signature.

      11.  The County Treasurer may cause the County’s seal to be printed, engraved, stamped or otherwise placed in facsimile on any bond. The facsimile seal has the same legal effect as the impression of the seal.

      12.  The bonds and coupons, bearing the signatures of the officers in office at the time of the signing thereof, shall be the valid and binding obligations of the county, notwithstanding that before the delivery thereof and payment therefor, any or all of the persons whose signatures appear thereon shall have ceased to fill their respective offices.

      13.  Any officer herein authorized or permitted to sign any bond, at the time of its execution and of the execution of a signature certificate, may adopt as and for his or her own facsimile signature the facsimile signature of his or her predecessor in office in the event that such facsimile signature appears upon the bond or coupons pertaining thereto, or upon both the bond and such coupons.

      14.  The bonds may be repurchased by the County out of any funds available for such purpose at a price of not more than the principal amount thereof and accrued interest, plus the amount of the premium, if any, which might on the next redemption date of such bonds be paid to the holders thereof if such bonds should be called for redemption on such date pursuant to their terms, and all bonds so repurchased shall be cancelled.

      (Ch. 169, Stats. 1961 p. 261; A—Ch. 637, Stats. 1981 p. 1422)

      Sec. 28.  Sale of bonds; limitation on discount; employment of expert services.

      1.  Any such revenue bonds shall be sold at public or private sale for not less than the principal amount thereof and accrued interest, or at the Board’s option below par at a discount not exceeding 9 percent of the principal amount thereof and at a price which will not result in an effective interest rate which exceeds by more than 3 percent the Index of Revenue Bonds which was most recently published before the bids are received or a negotiated offer is accepted.

      2.  No discount (except as hereinabove provided) or commission shall be allowed or paid on or for any bond sale to any purchaser or bidder, directly or indirectly.

      3.  The Board may employ legal, fiscal, engineering and other expert services in connection with the acquisition or improvement of any project or facilities and the authorization, issuance and sale of bonds.

      (Ch. 169, Stats. 1961 p. 263; A—Ch. 637, Stats. 1981 p. 1424; Ch. 252, Stats. 1983 p. 590)

      Sec. 29.  Disposition of proceeds of bonds; validity of bonds; purchaser not responsible for application of proceeds.

      1.  All moneys received from the issuance of any bonds herein authorized shall be used solely for the purpose (or purposes) for which issued, including, without limiting the generality of the foregoing, if so authorized, the payment of preliminary expenses.

      2.  Any unexpended balance of such bond proceeds remaining after the completion of the acquisition or improvement of the project or system for which such bonds were issued shall be paid immediately into the fund created for the payment of the principal of such bonds and shall be used therefor, subject to the provisions as to the times and methods for their payment as stated in the bonds and the proceedings authorizing their issuance.

      3.  The validity of the bonds shall not be dependent on nor affected by the validity or regularity of any proceedings relating to the acquisition or improvement of the project for which the bonds are issued.

      4.  The purchaser or purchasers of the bonds shall in no manner be responsible for the application of the proceeds of the bonds by the County or any of its officers, agents and employees.

      (Ch. 169, Stats. 1961 p. 263)

      Sec. 30.  Covenants in ordinance or trust indenture authorizing issuance of bonds.  Any ordinance or trust indenture authorizing the issuance of bonds hereunder may contain covenants (notwithstanding such covenants may limit the exercise of powers conferred hereby) as to any one or more of the following:

      1.  The fees to be fixed, charged or levied, and the collection, use and disposition thereof, including but not limited to joint billing for and the discontinuance of facilities, commodities or projects, the foreclosure of liens for delinquencies, and the collection of penalties.

      2.  The creation and maintenance of reserves or sinking funds and the regulation, use and disposition thereof.

      3.  A fair and reasonable payment by the County from its general fund or other available moneys to the account of a designated project for the facilities or commodities furnished or services rendered thereby to the county or any of its departments, boards or agencies.

      4.  The purpose or purposes to which the proceeds of the sale of bonds may be applied and the use and disposition thereof.

      5.  The issuance of other or additional bonds payable from or constituting a charge against or lien upon any revenues pledged for the payment of bonds and the creation of future liens and encumbrances there against.

      6.  The operation and maintenance of any facilities or project.

      7.  The insurance to be carried thereon and use and disposition of insurance moneys.

      8.  Books of account and the inspection and audit thereof.

      9.  Events of default, rights and liabilities arising therefrom, and the rights, liabilities, powers and duties arising upon the breach by the County of any covenants, conditions or obligations.

      10.  The vesting in a trustee or trustees, and the limitation of liabilities thereof, and as to the terms and conditions upon which the holders of the bonds or any portion, percentage or amount of them may enforce any covenants made hereunder or duties imposed thereby.

      11.  The terms and conditions upon which the holders of the bonds or of a specified portion, percentage or amount thereof, or any trustee therefor, shall be entitled to the appointment of a receiver, which receiver may enter and take possession of any project or service, operate and maintain the same, prescribe fees, and collect, receive and apply all revenues thereafter arising therefrom in the same manner as the county itself might do.

      12.  A procedure by which the terms of any ordinance authorizing bonds, or any other contract with any holders of bonds, including but not limited to an indenture of trust or similar instrument, may be amended or abrogated, and as to the amount of bonds the holders of which must consent thereto and the manner in which such consent may be given.

      13.  The terms and conditions upon which any or all of the bonds shall become or may be declared due before maturity, and as to the terms and conditions upon which such declaration and its consequences may be waived.

      14.  All such acts and things as may be necessary or convenient or desirable in order to secure the County’s bonds, or in the discretion of the board tend to make the bonds more marketable, notwithstanding that such covenant, act or thing may not be enumerated herein, it being the intention hereof to give a county power to do all things in the issuance of bonds and for their security except as herein specifically limited.

      (Ch. 169, Stats. 1961 p. 263)

      Sec. 31.  Remedies of holders of bond and trustees for holders of bonds.  Subject to any contractual limitations binding upon the holders of any issue or series of bonds, or trustee therefor, including but not limited to the restriction of the exercise of any remedy to a specified proportion, percentage or number of such holders, and subject to any prior or superior rights of others, any holder of bonds, or trustee therefor, shall have the right and power, for the equal benefit and protection of all holders of bonds similarly situated:

      1.  By mandamus or other suit, action or proceeding at law or in equity to enforce his or her rights against the County and its board and any of its officers, agents and employees, and to require and compel the County or its board or any such officers, agents or employees to perform and carry out its and their duties, obligations or other commitments hereunder and its and their covenants and agreements with the bondholders.

      2.  By action or suit in equity to require the County and its board to account as if they were the trustee of an express trust.

      3.  By action or suit in equity to have appointed a receiver, which receiver may enter and take possession of any system, projects and services, revenues from which are pledged for the payment of the bonds, prescribe sufficient fees derived from the operation thereof, and collect, receive and apply all revenues or other moneys pledged for the payment of the bonds in the same manner as the County itself might do in accordance with the obligations of the County.

      4.  By action or suit in equity enjoin any acts or things which may be unlawful or in violation of the rights of the bondholders.

      5.  Bring suit upon the bonds.

      (Ch. 169, Stats. 1961 p. 264)

      Sec. 32.  Procedure for cancellation of bonds after redemption.  Whenever the County Treasurer shall redeem and pay any of the bonds issued under the provisions hereof, the County Treasurer shall cancel the same by writing across the face thereof or stamping thereon the word “Paid,” together with the date of its payment, sign his or her name thereto, and transmit the same to the County Auditor, taking his or her receipt therefor, which receipt shall be filed with the Clerk of the Board of County Commissioners. The County Auditor shall credit the County Treasurer on his or her books for the amount so paid.

      (Ch. 169, Stats. 1961 p. 265)

      Sec. 33.  Limitations on accrual of interest.  No interest shall accrue on any bond herein authorized after it becomes due and payable, provided funds for the payment of the principal of and interest on the bond and any prior redemption premium due are available to the paying agent for such payment without default.

      (Ch. 169, Stats. 1961 p. 265)

      Sec. 34.  Rights and remedies cumulative; liability of County, Board or agents or employees for nonperformance of duty.

      1.  No right or remedy conferred upon any holder of any bond or any coupon appertaining thereto or any trustee for such holder hereby or by any proceedings appertaining to the issuance of such bond or coupon is exclusive of any other right or remedy, but each such right or remedy is cumulative and in addition to every other right or remedy and may be exercised without exhausting and without regard to any other remedy conferred hereby or by any other law.

      2.  The failure of any bondholder so to proceed as herein provided or in such proceedings shall not relieve the County, its Board, or any of its officers, agents and employees of any liability for failure to perform or carry out any duty, obligation or other commitment.

      (Ch. 169, Stats. 1961 p. 265)

      Sec. 35.  Publication of ordinance authorizing issuance of bonds; time to bring action contesting legality of ordinance or bonds.

      1.  The Board may provide for the publication once in full of any ordinance or other proceedings adopted by the Board ordering the issuance of any bonds.

      2.  For a period of 30 days after the date of such publication, any person in interest shall have the right to contest the legality of any bond which may be authorized thereby (except for any bond delivered for value, containing a recital therein that it is issued under authority hereof, and thus being incontestable for any cause whatsoever, as herein provided), and of the provisions made for the security and payment of any such bonds, and of any other provisions in such ordinance or other proceedings.

      3.  After the expiration of such 30-day period no one shall have any cause of action to contest the regularity, formality or legality thereof for any cause whatsoever.

      (Ch. 169, Stats. 1961 p. 265)

      Sec. 36.  Payment of preliminary expenses from money of System; reimbursement.

      1.  The County may provide for the payment from funds of the System of all necessary preliminary expenses actually incurred in the making of surveys, estimates of costs and revenues, the employment of engineers, architects, fiscal agents, attorneys at law, clerical help, other agents or employees, the making of notices, taking of options, and all other expenses necessary or desirable to be made and paid prior to the authorization for or the issuance of such bonds.

      2.  Any funds so expended by the County from funds of the System for preliminary expenses incurred in connection with the same purpose as that for which bonds are issued may be fully reimbursed and repaid to the System’s funds out of the proceeds derived from the sale of such bonds.

      3.  The amount so advanced by the County from funds of the System to pay such preliminary expenses may, by an ordinance authorizing the issuance of such bonds, be made a first charge against such bond proceeds until the same has been repaid as herein provided, and in such event such amount shall be paid therewith before any other disbursements are made therefrom.

      (Ch. 169, Stats. 1961 p. 266)

      Sec. 37.  Fees for services or facilities.  Whenever revenue bonds are issued, the Board shall impose, in connection with the project for which the bonds are issued, for the services rendered or facilities furnished thereby, fees fully sufficient:

      1.  To pay the cost of operating and maintaining the project, including, but not limited to, betterments or replacements to keep the same in good repair and working order (which cost shall be a first lien and charge upon the revenues or income to be derived from the operation of the project or service); and

      2.  To pay the principal of and interest on the bonds; and

      3.  To carry out all commitments made in the ordinance or ordinances authorizing the bonds and other proceedings appertaining thereto.

      (Ch. 169, Stats. 1961 p. 266)

      Sec. 38.  Effect of failure to give due notice; continuance of hearing until notice given.  In any case where a notice is provided for herein, if the Board or court finds for any reason that due notice was not given, the Board or court shall not thereby lose jurisdiction, and the proceeding in question shall not thereby be void or abated, but the Board or court shall order due notice to be given and shall continue the hearing until such time as notice shall be properly given, and thereupon shall proceed as though notice has been properly given in the first instance.

      (Ch. 169, Stats. 1961 p. 266)

      Sec. 39.  Bonds: Legal investments for state and other public entities.  It shall be legal for the state and any of its agencies, departments or political subdivisions, or any political or public corporation, or any instrumentality of the state, to invest funds or moneys in their custody in any of the bonds authorized to be issued pursuant to the provisions of this act.

      (Ch. 169, Stats. 1961 p. 266)

      Sec. 40.  Act constitutes full authority for exercise of powers; powers supplemental; effect on other laws.  This act, without reference to other statutes of the state, except as herein otherwise specifically provided, shall constitute full authority for the exercise of powers herein granted, including but not limited to the authorization and issuance of bonds hereunder. No other act or law with regard to the authorization or issuance of bonds that provides for an election, requires an approval, or in any way impedes or restricts the carrying out of the acts herein authorized to be done, shall be construed as applying to any proceedings taken hereunder or acts done pursuant hereto. The powers conferred by this act shall be in addition and supplemental to, and not in substitution for, and the limitations imposed by this act shall not affect the powers conferred by, any other law. No part of this act shall repeal or affect any other law or part thereof, it being intended that this act shall provide a separate method of accomplishing its objectives, and not an exclusive one; and this act shall not be construed as repealing, amending or changing any such other law.

      (Ch. 169, Stats. 1961 p. 267)

      Sec. 41.  Liberal construction.  This act, being necessary to secure the public health, safety, convenience and welfare, shall be liberally construed to effect its purposes.

      (Ch. 169, Stats. 1961 p. 267)

      Sec. 42.  Repeal of inconsistent provisions.  Any act, or part thereof, in conflict with this act is hereby repealed to the extent only of such inconsistency. This repealer shall not be construed to revive any act, or part thereof, heretofore repealed.

      (Ch. 169, Stats. 1961 p. 267)

      Sec. 43.  Severability.  If any section, paragraph, clause or provision of this act shall for any reason be held to be invalid or unenforceable, the invalidity or unenforcibility of such section, paragraph, clause or provision shall not affect any of the remaining provisions of this act.

      (Ch. 169, Stats. 1961 p. 267)

      Sec. 44.  Effective date.  This act shall become effective upon passage and approval.

      (Ch. 169, Stats. 1961 p. 267)