Imperial Valley press., 1922-08-31

unpaid, including the interest accrued
thereon, unless the rate of interest ap-
nlvino TO such indebtedness is less than
the rate of interest applying to the
said bonds; and provided, further tha1
the proceeds from the sale OIL Salo
bonds may be used to pay the depI ere
ated bv the issuance and sale thereol.
Soc q The state land settlement
hoard shall be and hereby IS author-
;nnd with the approval of the state
hosrd If control. to invest any surplus
monevs in any of the funds SUBJECT 70
-. or,nronriated for its use in bonds OF
tbo Tinted States, or of the State OIL
California. or of the several counties
~ municipalities or other political SUP,
u 9i,,;sinns of the State of California, and
70 cell such bonds, or any of them, at
| tbo Governing market rates, upon ap-
| nroval of the state board of control.
Soc 10. There is hereby created a
| state land settlement finance comnlV-
| too composed of the governor, statc
\ controller. state treasurer, chairman "
| tbe state board Of control, ana chair-
nan of tbe state land settlement board,
IN of whom shall serve there on WITH
o,,+ compensation and a majority OF
,vbo,o shall be empowered to act Tor
so;d committee. The encouragement
of the state shall be the legal advisor
) Of the state land settlement llh@n0e
j committee. Io5.eo4-
/ Upon request of the state land se1-
tlement board, supported by a SUI,
| ment of the plans and projects OF tl'
| state land settlement board WIN r.
snect thereto, the state land settlehlci'l
| finance committee shall determine
1ybether or not a bond issue under th'S
| act is necessary or desirable to carr
sucb plans and projects into execution
| Soc II. Whenever the sald sIaIe
land settlement finance committee shall
lhave determined that q bond issue
nnder This act is necessary or deSlra Die
to carry such plans and projects INTO
execution. it shall adopt resolution
N this effect. The said resolution shali
authorize and direct the state treasurer
to nrepare the requisite number OF
suitable bonds and shall specify:
l. The aggregate number, aggregate
mar value, and the date of issuance ol
the bonds to be issued
.. The date or dates of maturity OF
the bonds to be issued and the numoei
and numerical sequence OF the oohuf
maturing at each date of maturity.
2. The annual rate of interest Whlci
+bo bonds TO be issued shall bear.
4. The number, numerical sequence
onopnt or amounts, and the dates OF
maturity of the interest coupons 10 Ok
attached to the said bonds.
5. The technical form and languag'
of the bonds to be issued and OF th'
interest coupons to be attached there
to. ~
Tn determining the date orr dates q
maturity of the said bonds and th'
amount of bonds maturing at each DAT
of maturity, the state land settlement
finance committee shall be guided by
the amounts and dates of maturity o.
the revenues estimated to accrue to th'
state land settlement board from I'll
nroiect or projects to be financed BY
each issue, and shall fix and deternhn'
said dates and amounts i'll such manner
that. together with the dates ant
amounts of interest payments on the
said bond issue, they shall coincide, a.
nearly as practicable, and be commen
surate. as nearly as practicable, Wlti
the dates and amounts of such estlmat
ed revenues; provided, that the bonds
first to mature in each issue, shall ma
ture not later than five years from thC
date of issuance thereof; provided, fur
ther, that specified numbers of bonds
of specified numerical sequence shal
thereafter mature at annual intervals
and provided, further, that the bonds
last to mature in each issue shall ma
fp,.txy
from the date of issuance thereof.
The rate of interest to be borne by
the said bonds shall be uniform for al
the bonds of the same issue ana shal
he determined and fixed by the state
land settlement finance committee ac
cording to the then prevailing market
conditions, but shall in no case exceed
Is six per cent per annum, and the deter
mination of said committee as to The
| rate of interest shall be conclusive as
to the then prevailing market condl
tions. The interest coupons to be at
tached to the said bonds shall be pay
able at semiannual intervals from the
date of issuance of said bonds; provld
ed. that the interest coupon first pay
able may, if the state land settlement
finance committee shall so determine
and specify, be payable one year after
the date of issuance of said bonds.
See. 10. All actual and necessary eX
penses of the state land settlement fin
ance committee and of the members
thereof shall be paid out of the land
settlement fund, upon approval OF the
state board of control and on con
troller's warrant duly drawn for that
purpose, and shall constitute expenses
of the state land settlement board.
See. 13. The state controller, the
state treasurer, and the state land set
tlement finance committee shall keep
full and particular account and record
of all their proceedings under this act
and they shall transmit to the governor
an abstract of all such proceedings
Hereunder, with an annual report, to
be by the governor laid before the leg
islature biennially; and all books and
papers pertaining to the matter provid-
ed for in this act shall at all times be
open to the inspection of any party in
terested, or the governor, or the attor-
ney general, or n committee of either
branch of the legislature, or joint