1. The written report of the investigation provided for in NRS 539.640 to 539.665, inclusive, shall be filed in the office of the State Controller, and a copy of the report shall be forwarded by the Department of Taxation to the secretary of the district for which the investigation has been made.

2. If the Department finds, as set out in the report, that the irrigation system of the district and the specific project for which the bonds under consideration are desired or have been used, whether such project is constructed, projected or partially completed, are feasible and that the aggregate amount of the bonds under consideration and any other outstanding bonds of the district, including bonds authorized but not sold, does not exceed 50 percent of the aggregate market value of the lands within the district and of the water, water rights, canals, reservoirs, reservoir sites and irrigation works owned or to be acquired or constructed with the proceeds of any of the bonds by the district, the bonds of such irrigation district, as described and enumerated in the report filed with the State Controller, shall be certified by the State Controller, as provided for in NRS 539.640 to 539.665, inclusive.

3. If the Department is notified by the board of directors of any district whose irrigation system has been found in such report to be feasible that the district has issued bonds and the Department finds that the bonds are for any project or projects approved in such report and the amount of the bonds does not exceed the limitation stated in such report, the Department shall prepare and file with the State Controller a supplementary report giving the numbers, date or dates of issue, and denominations of the bonds which shall then be entitled to certification by the State Controller as provided for in NRS 539.640 to 539.665, inclusive.

4. Subsequent issues of bonds may be made available for the purpose specified in NRS 539.640 to 539.665, inclusive, upon like proceedings by the district, but, after any of the bonds of an irrigation district have been enumerated and described as entitled to certification by the State Controller, it is unlawful for that district to issue bonds that will not be entitled to such certification.

5. The State Controller shall:

(a) Provide for filing and preserving the reports mentioned in this section; and

(b) Make, keep and preserve a record of the bonds certified in accordance with the provisions of NRS 539.655, including the date of certification, the legal title of the district, the number of each bond, its par value, the date of its issue and that of its maturity.

[3:34:1921; NCL § 8219] — (NRS A 1977, 1241)