Imperial Valley press., 1922-10-26
PAGE THREE

said bond issue, they shall coincide. az
nearly as practicable, and be commen.
surate, as nearly as practicable, with
the dates and amounts of such estimat-
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.
further, that specified numbers of
bonds of specified numerical sequence
shall thereafter mature at annual in.
tervals; and provided, further, that the
bonds last to mature in each issue shall
mature not later than forty five years
from the date of issuance thereof.
The rate of interest to be born> by
the said bonds shall be uniform for all
the bonds of the same issue and shall
be determined and fixed by the vet.
erans' welfare finance committee ac-
cording to the then prevailing market
conditions, but shall in no case exceed
six per cent per annum, and the de-
termination of said committee as to the
rate of interest shall be conclusive as
to the then prevailing market condi-
tions. The interest coupons to be at.
tached to the said bonds shall obe pay-
able at semiannual intervals from the
date of issuance of said bonds; provid-
ed, that the interest coupon first paw
able may, if the veterans welfare fl
nance committee shall so determine and
specify. be payable one year after the
date of issuance of said bonds.
Sec. Ia All actual and necessary
expenses of the veterans welfare fl.
nance committee and of the members
thereof shall be paid out of the fund
into which the proceeds from the sale
of said bonds shall be covered, upon ap-
proval of the state board of contrib
and on controllers warrant duly drawn
for that purpose, and shall constitute
expenses of the veterans welfare
board.
Sec. 10. The state controllers, the
state treasurer, and the veterans well
fare finance committee shall keep full
and particular account and record of
all their proceedings under this act,
and they shall transmit to the COVER
nor an abstract of all such proceedings
hereunder, with an annual report, to
be by the governor laid before the legis-
lature biennially; and all books and pa
pers pertaining to the matter provided
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 committee of either
branch of the legislature, or Joint
committee of both, or any citizen of
the state.
Sec. IA. This act, if adopted by the
people, shall take effect on the fif-
teenth day of November, 1929, as to
all its provisions except those relating
to and necessary for its submission to
the people, and for returning, canvass
ing, and proelaiming the votes, and az
to said excepted provisions this act
shall take effect Immediately.
Sec. Is. This act shall be submitted
to the people of the State of California
for their ratification at the next gen
eral election, to be held in the month
of November, 1922, and all ballots at
said election shall have printed there
on and in a square thereof, the words:
"For the veterans welfare bond act
of 1921" and in the same square under
said words the following in BREWER
type: '"This act provides for bond
issue of ten million dollars to be used
2v the veterans welfare board in as
ssting California war veterans to ac-
quire farms or homes.' In the square
Immediately below the square contain
ing such words, there shall be printed
on said ballot the words: "Against the
veterans welfare bond act of 1871
and in the same square Immediately be-
low said words "Against the veterans
welfare bond act of 1921" in BREWER
type shall be printed "This act. pro-
vides for bond issue of ten million
dollars to be used by the veterans well
fare board in assisting California war
veterans to acquire farms or homes"
Opposite the words "For the veter-
ans welfare bond act Of 1921" and
"Against the veterans welfare bond
act of 1871 there shall be left spaces
in which the voters NAV place a cross
in the manner required by law to indi-
cate whether they vote for or against
said act, and those voting for said act
shall do so by placing a cross opposite
the words "For the veterans welfare
bond act of 1922 and those voting
against the said act shall do so by
placing cross opposite the words
Against the veterans welfare bond
act of 1921" The governor Of this
state shall include the submission Of
this act to the people, as aforesaid, ir
his proclamation calling for said gen.
eral election.
See. 16. The votes cast for or
against this act shall be counted, re-
turned and canyassed and declared in
the same manner and subject to the
same rules as votes east for state Of
fieers; and if it appear that said act
shall have received a majority of all
the votes east for and against it at said
election as aforesaid, then the same
shall have effect as hereinbefore pro-
vided, and shall be irrepealable until
the principal and interest of the liza
bilities herein created shall be paid and
discharged, and the governor shall
make proclamation thereof; but il a
majority of the votes east as aforesaid
are against this act then the same
shall be ans become void.
Sec. y. 1t shall be the duty of the
secretary of state in accordance with
law TO have this act published in at
| least one newspaper in each county, or