The Department of Taxation, upon the receipt of a certified copy of such resolution, shall, without delay, investigate the affairs of the district and report in writing upon such matters as it may deem essential, and particularly upon the following points:

1. The supply of water available for the project and the right of the district to so much water as may be needed.

2. The nature of the soil as to its fertility and susceptibility to irrigation, the probable amount of water needed for its irrigation, and the probable need of drainage.

3. The feasibility of the district’s irrigation system and of the specific project for which the bonds under consideration are desired or have been used, whether such system and project is constructed, projected or partially completed.

4. The reasonable market value of the water, water rights, canals, reservoirs, reservoir sites and irrigation works owned by the district or to be acquired or constructed by it with the proceeds of any of such bonds.

5. The reasonable market value of the lands included within the boundaries of the district.

6. Whether or not the aggregate amount of the bonds under consideration and any other outstanding bonds of the district, including bonds authorized but not sold, exceeds 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, as determined in accordance with subsections 4 and 5.

7. The numbers, date or dates of issue, and denominations of the bonds, if any, which the Department of Taxation finds are available for the purpose provided for in NRS 539.660, and, if the investigation has covered contemplated bonds, the total amount of bonds which the district can issue without exceeding the limitation expressed in subsection 6.

[2:34:1921; NCL § 8218] — (NRS A 1977, 1240)