1. Whenever after 10 years from the issuance of bonds the bond fund shall amount to the sum of $10,000, the board of directors may direct the treasurer to pay such an amount of the bonds not due as the money in the bond fund will redeem at the lowest value at which they may be offered for liquidation, after advertising for at least 3 weeks in some newspaper published in the county in which the office of the district is located, and in such other newspaper as the board may deem advisable, for sealed proposals for the redemption of such bonds. 2. Such proposals shall be opened by the board in open meeting at a time to be named in the notice, and the lowest bid or bids shall be accepted; but no bonds shall be redeemed at a rate above par except in cases where the bonds are issued subject to call at a rate above par as provided in NRS 539.615 to 539.635 , inclusive. 3. In case two or more bids are equal, the lowest-numbered bond shall have the preference, and if any of the bonds are not so redeemed, that amount of the redemption money shall be invested by the treasurer under the direction of the board in United States bonds or the bonds or warrants of the State or municipal or school bonds, and such bonds and the proceeds therefrom shall belong to the bond fund.
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