Imperial Valley press., 1922-10-19

maturity ana remaining unSoiu. ny per
| foration with n suitable device in
manner TO indicate such cancellation
and the date thereof. The provisions OF
this section shall be applicable also to
the interest coupons pertaining to the
bonds authorized by this act to De
issued, and shall be applicable, as far
as practicable, to any duly authorized
agent of the state treasurer.
See. 5. There IS hereby appropriated
from the general fund in the state
treasury such sum annually as will be
necessary to pay the principal of and
the interest on the bonds issued ana
sold pursuant to the provisions of TINS
act. as said principal and interest be-
comes due and payable
There shall be collected annually IN
the same manner and at the same time
rs other state revenue is collected such
n sum. in addition to the ordinary rev
anucs of the state. as shall be required
to pay the principal and interest on
said bonds as herein provided, and IL
is hereby made the duty of all Officers
charged by law with any duty IN regard
TO tbe collection of said revenue, to do
and perform each and every act which
shall he necessary to collect such addi-
tional sum.
On the several dates of maturity OF
said principal and interest IN eaeh us
cal wear, there shall be returned INTO
the general fund in the state treasury,
all of the moneys subject to and avali-
able for the use of the state land set
Element board not in excess of the prln-
cinal of and interest on the bonds, then
due and PAYABLE and, in the event OF
such moneys so returned on SAID dates
of maturity being less than the said
prineipal and interest then due and
navahle. then the balance remaining
nnnaid shall be returned into the gen
eral fund in the state treasury as soon
thereafter as it shall become available,
together with interest thereon, from
such dates of maturity until so return
ed. at the rate of five per cent per
annum. compounded semiannually.
Both principal and interest Of SAID
bonds shall be paid when due upon
warrants duly drawn by the controller
of the state in favor of the state treas
urer or in favor of any duly authorized
asput of the state treasurer, upon de-
mands audited by the state board of
control, and the moneys to be returned
into the general fund in the state treas
urv pursuant to the provisions OF this
section shall likewise be paid as here
in provided upon warrants duly drawn
by the controller of the state upon de-
mands duly audited by the state board
of control.
See. 6. The sum of ten thousand
dollars is hereby appropriated out OF
anv money in the state treasury not
otherwise appropriated to pay the e1-
penses that may be incurred by the
state treasurer in having said bonds
prepared and advertising their SALE
Said amount shall be refunded to the
general fund Of the state treasury out
of the land settlement fund i'll accord
anee with the provisions Of this act on
controller Is warrant duly drawn for
that purpose.
| t4Sec. z. When the bonds authorized
| 10 be issued under this act shall be
duly executed, they shall be by the
state treasurer sold at public auction to
the highest bidder for cash, in such
parcels and numbers as the said treas
urer shall be directed by the governor
of the state, under seal thereof, after
resolution requesting such sale shan
have been adopted by the state land
settlement board and approved by the
governor of the state; but said treas
urer nust reject any and all bids for
said bonds, or for any of them, which
shall be below the par value of said
bonds so offered plus the interest which
has accrued thereon between the date
of sale and the last preceding interest
| maturity date; and with the approval OF
the governor, he may from time to
time, by public announcement at the
place and time fixed for the sale, con-
| tinue such sale, as to the whole of the
bonds offered, or any part thereof Off
cred. to such time and place as he may
select. Before offering any of said
bonds for sale the said treasurer shall
detach therefrom all coupons which
have matured or will mature before the
| dav fixed for such sale.
See. s. Due notice of the time and
place of sale of all bonds must be given
by said treasurer by publication in one
newspaper published in the city and
| county of San Francisco and also by
publication in one newspaper pub
lished in the city of Oakland
and by publication IN one news.
paper published in the city OF
Los Angeles and by publication in
one newspaper published in the
city of Sacramento once n week during
four weeks prior to such sale. In addi-
ton to the notice last above provided
for, the state treasurer may give such
| further notice as he may deem advis-
able, but the expense and cost OF such
additional notice shall not exceed the
sum of five hundred dollars for each
sale so advertised. The proceeds of the
sale of such bonds and such amount
as may have been paid as accrued in
terest thereon shall be forthwith paid
over by said treasurer into the land
settlement fund in the state treasury
/ and must be used exclusively to provide
| employment and rural homes for sol
diers, sailors, marines and others who
have served with the armed forces of
the United States in the European war
or other wars Of the United States, in
cluding former American citizens who
served in allied armies against the CEN
| trail powers and have been repatriated,
and who have been honorably discharg-
ed. TO promote closer agricultural set.