1. Any member of the governing body and any officer or other agent of a municipality which has issued any bonds or municipal securities who willfully violates any covenant or provision contained in any such indentures or other instruments or proceedings appertaining thereto is guilty of a misdemeanor.
2. A violation of a covenant existing on July 1, 1969, is not "willful" for the purpose of this section if compliance is impractical because of competition from a private enterprise or enterpriser offering a comparable service.
(Added to NRS by 1969, 1088)