1. The adoption of chapter 542, Statutes of Nevada 1967, shall not repeal or in any way affect or modify:

(a) Any law authorizing the issuance by any district organized or reorganized prior to May 1, 1967, under any chapter in title 25 of NRS of any outstanding:

(1) General obligation bonds and other general obligation securities payable from general (ad valorem) property taxes;

(2) General obligation bonds and other general obligation securities payable from general (ad valorem) property taxes, the payment of which securities is additionally secured by a pledge of and lien on designated revenues of such district;

(3) Revenue bonds and other securities constituting special obligations and payable from designated revenues derived by any such district;

(4) Special assessment bonds and other securities constituting special obligations and primarily payable from special assessments levied by any such district; and

(5) Any other outstanding securities of any such district.

(b) Any other contract of any such district.

(c) Any law pursuant to which there has been levied by or on behalf of any such district and there have not been paid in full, including without limitation principal, any interest, and any penalties, the following:

(1) General (ad valorem) property taxes;

(2) Special assessments; and

(3) Tolls, rates and charges pertaining to the facilities or services, or both facilities and services, furnished by any such district.

(d) The running of the statutes of limitations in force on May 1, 1967.

2. All incomplete proceedings had and taken by any such district, under any law repealed by chapter 542, Statutes of Nevada 1967, preliminary to and in the acquisition or improvement of any project, the creation of any special assessment district, the levy and collection of any special assessment, or the issuance of any interim or temporary bond, or any definitive bond, which proceedings are in substantial compliance herewith, may, at the option of the board, be completed hereunder the same as if such incomplete proceedings had been had and taken pursuant to the provisions of this chapter.

3. The adoption of chapter 542, Statutes of Nevada 1967, shall not repeal or in any way affect or modify the power of a board of directors of a district organized pursuant to chapter 311 of NRS prior to May 1, 1967, concerning the borrowing of money or the acceptance of any grant of public or private money, which power was exercised prior to May 1, 1967.

(Added to NRS by 1967, 1710)