Imperial Valley press., 1919-06-23

the Treasury as hereinafter provided.
No privately-owned lands whose rec
lamation has been made possible by
the construction of the irrigation
! works hereinafter provided for shall
be permitted to benefit by said works
until said lands shall have first paid
into the Treasury Of the United States
to the credit of the Bond Guaranty
Fund the sum of ten ($10) dollars
per acre.
Section 3. That when the Imperial
Irrigation District and such other ir-
rigatiOn districts or county water dis
trlcts as now are or may be organ
lied under the laws of the State Of
/ California for the purpose of irrigat-
ing the lands referred to in the first
section hereof shall have duty voted
and issued bonds, bearing interest at
a rate to be fixed by the Secretary of
the Interior, not to exceed five per
centum per annum, in sufficient
amount to cover the cost of the con-
structiOn of the canals and works de-
scribed in Section 6 hereof, as esti-
mated by the Secretary of the Interior,
and the legality and validity of such
bond issue or issues shall have been
duly confirmed by the courts in the
manner provided by the state laws of
California, the Secretary of the In
terror is authorized and directed,
when he shall have found the ilriga-
ton project of said district or dis
tricts to be feasible and the bonds of
fered not disproportonate to the Sc
curity which will exist upon the COM
pletion of said canal, to accept such
Il 1ictri hanIc o,l lorD.i+ bo
with the Secretarv of the Treasury,
who shall collect the principal and in
terest thereof and apply the same to
the payment of the principal and in
terest of the certificates of indebted
MSS hereinafter authorized.
Section 4. That upon the receipt by
the Secretary Of the Treasury of such
district bonds he shall issue certifi-
Gates of Indebtedness of the United
States in amount equal to the face
value of such district bonds and bear
ing interest at the same rate in such
form as he NAV prescribe and in de-
nominations of fifty dollars or null
tiples thereof, the principal and in
terest to be payable in gold coin of
the United States. the principal and
interest thereof to become due not less
than sixty days after the due date of
the principal and interes of the COR
responding district bonds. respective
ly. Such certificates of Indebtedness
shll run for the same period as the
corresponding district bonds, not ex-
ceeding, however, forty years.
Section 5. That from time to time,
as funds may be required fer construc-
fIOr, cr,nh ifinata. nf -,
debtedness shall be disposed of by the
Secretary of the Treasury under such
rulese and regulations as he may pre-
portunty to subscribe therefor, but
no commission shall be allowed, and
the aggregate issue of such certifi-
Gates shall not exceed the amount of
the district bonds deposited with the
Secretary of the Treasury, and the
proceeds from the sale of such certifi-
Gates of Indebtedness shall be depos-
tied in special fund to be known as
the project Fund.-" to and for the
credit of the district, or districts, re-
spectively, issuing said bonds, to be
used by the Secretary of the Interior
in constructing the canals and neces-
sary works as provided in Section 6
hereof.
That any and all monevs that may
ut any time hereafter be in the Treas
ury of the United States to the credit
of the Project Fund are hereby ap-
propriated for carrying out the OBJ
jects and purposes of this act. The
Secretary of the Interior is hereby au-
thorized and directed to eXpend such
moneys fer the construction of a ca
nal and necessary works, entirely
within the United States, connecting
the present irrigation system of the
Imperial Irrigation District with La
guna dam, substantially in accordance
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