Imperial Valley press., 1922-08-24

in accordance with law and remaining
unpaid, including the interest accrued
thereon, unless the rate of interest ap-
plying TO such Indebtedness is less than
the rate Of interest applying to the
said bonds; and provided, further, that
the proceeds from the sale OF said
bonds may be used TO pay the debt ere
ated by the issuance and sale thereof.
See. 9. The state land settlement
board shall be ands hereby is author
lied, with the approval of the state
board Of control, to invest any surplus
| moneys in any Of the funds subject to
or appropriated for its use in bonds of
the United States, or Of the State of
| California, or Of the several counties
or municipalities or other political sub
divisions Of the State Of California, ana
! to sell such bonds, or any of them, at
the governing market rates, upon ap-
proval Of the state board of control.
See. 10. There is hereby created
state land .finanee commit
/ tee composed Of the governor, stale
| cont roller, state treasurer, chairman OF
| the state board of control, and char
man of the state land settlement board,
all Of whom shall serve there on with
| out compensation and majority OF
WHOM shall be empowered TO act for
said committee. The attorney general
of the state shall be the legal advisor
, of the state land settlement finance
committee.
| Upon request of the state land set
! tlcment board, supported by q sta'e.
ment Of the plans and projects Aof Tie
state land settlement board with re
spect thereto, the state land settlement
finance committee shall determine
whether or not 4 bond issue under thI2
act is necessary or desirable to carr
such plans AND projects into execution
Sec. II. Whenever the said state
land settlement finance committee shall
have determined that u bond Issue
under this act is necessary or desirable
to carry such plans and projects lnto
execution, it shall adopt u resolution
to this effect The said resolution shall
authorize and direct the state treasurer
to prepare the requisite number OF
: suitable bonds and shall specify:
|. The aggregate number, aggregate
par value, and the date of issuance OF
: the bonds to be issued.
9. The date or dates Of maturity OF
|
and numerical sequence of the bonds
maturing at each date OF maturity
8. The annual rate of interest which
l the bonds to be issued shall bear.
L. The number, numerical sequence
amount or amounts, and the dates OF
imaturity of the interest coupons to be
attached to the said bonds.
). The technical form and language
of the bonds to be issued and OF the
interest coupons to be attached there
to.
J In determining the date or dates O
. maturity of the said bonds and tht
: amount of bonds maturing at eaeh datE
of maturity, the state land settlement
= finance committee shall be guided by
! the amounts and dates of maturity OF
the revenues estimated to accrue to the
state land settlement board from tht
project or projects toz be financed b!
, each issue, and shall fix and deternhnt
> said dates and amounts i'll such manner
that, together with the dates and
amounts of interest payments on the
said bond issue, they shall coincide, as
nearly as practicable, and be commen-
suratc, as nearly as practicable, with
the dates and amounts of such cstimat-
ed revenues provided, that the bonds
! first to mature in each issue, shall ma
ture not later than five years from the
date of issuance thereof; provided, fur
ther, that specified numbers of bonds
of specified numerical sequence shall
thereafter mature at annual intervals;
and provided, further, that the bonds
last TO mature in each issue shall ma
ture not later than forty-five years
} from the date of issuance thereof.
The rate of interest to be- borne by
the said bonds shall be uniform for all
the bonds of the same issue and shall
be determined and fixed by the state
land settlement finance committee ac-
s0rding to the then prevailing market
conditions, but shall in no case exceed
six per cent per annum, and the deter
mination of said committee as to the
rate ot interest shall be conclusive as
to the then prevailing market condi-
tions. The interest coupons to be at
tachod to the said bonds shall be pay
able at semiannual intervals from the
date of issuance of said bonds; provid
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. IL. All actual and necessary ex-
penscs of the state land settlement fin
ancc committee and of the members
thereof shall be paid ont 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. l3. The state controller, the
state treasurer, and the seate 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-g general, or a committee OF either
branch of the legislature, or n joint
committee of both or any citizen of