Imperial Valley press., 1922-08-03


holden on the seventh day Q
November, A. d. 1922.
Frank c. Jordan, Secretary OF Stat'
Chapter 7S3 Statutes of 1921
An act to authorize the creation 0
debt or debts, liability or Liabilities
through the issuance and sale OF stat
bonds. for the single object of creating
a fund to carry out the provisions
the land settlement act, approved Jun
/ 1917. and of any and all acts amend
atorv therof or supplemental thereto
To provide WAYS and means, eNeiusiV
of loans. for the payment of the inter
est of such debt or debts, hablilty
liabilities. as such interest falls due
and also for the payment and dischars'
of the principal of such debt or debts
l;,bil;tv or liabilities, as sucl
principal natures; to create
state land settlement finance com
mittee the members OF wh1cl
are TO serve without compensation; tt
define the powers and duties OF san
state land settlement finance COMMITTEES
and of other state officers in relation "a
this act; to appropriate money for the
EXPENSE of preparing and of advertls
ing the sale of the bonds herein author
ized to be issued: and to provide fer
.be submission of this act to a vote OF
The people at the general election to De
holden in the month of November
1922.
(Approved June 5, 192l.)
Tho people of the State of California
RoI
Section /. For the purpose of ere
ating a fund to carry out the provls-
ions of the land settlement act, ap-
proved June l, 1917, and of any and
an acts amendatorv thereof or supple
mental thereto, the object of which acts
is to provide employment and rural
homes for soldiers, sailors, marines and
others who have served with the armed
forces of the United States In the
F,7rousap war or other wars OF the
United States, including former Amer
lean citizens who served IN allied
armies against the central powers ana
have been repatriated, and who have
been honorably discharged, to promote
closer agricultural settlement, to assist
deserving and qualified persons to
ACQUIRE small improved farms, to dem
cnstrate the value of adequate capital
and organized direction in subdlvldlns
and preparing agricultural land for
settlement. and to provide homes for
farm laborers, the state land settlement
finance committee created by this act,
TO wit. in section ten hereof, shall be
and it hereby is authorized and empow-
cred to create debt or debts, ilabllity
or liabilities, of the State of California
in the manner and to the extent here
matter provided, but not otherwise
nor in excess thereof.
See. ,. After the issuance of th'
proclamation of the governor provided
FOR in section sixteen of this act, ano
Immediately after adoption of any res
olution by the state land settlement
finance committee hereby created, pro
yided for in section eleven in this act
tbe state treasurer shall prepare the
requisite number of suitable bonds OF
the denomination of one thousand dol
lars in accordance with the speclflea-
tions contained in such resolution. The
aggregate par value of all bonds ISSUED
under this act shall not exceed the
sum of three million dollars, and the
bonds issued under any such resolution
shall bear interest from the date of is
suance of said bonds to the date OF
maturity thereof, at rate to be deter
mined by the said state land settlement
finance committee and specified II
such resolution, but IN no ease exceed
ing six per cent per annum. Both prln'
cipal and interest shall be payable II
gold coin of the United States, of the
present standard of value, at the office
of the state treasurer, or at the offic,
of anv duly authorized agent of the
state treasurer, and shall be so payable
at the times specified in said resolu
tion or resolutions.
All bonds issued under this act shall
bear the signature of the governor ant
the facsimile countersignature of tht
controller and shall be endorsed b.
the state treasurer either by origina
signature or by signature stamp adopt
ed for each particular bond issue unde
this act. and the said bonds shall b.
signed. eountersigned and endorsed b.
the Officers who shall be in office ol
the date of issuance thereof, and eacl
of said bonds shah bear an impress o
the great seal of the State of Califol
MA. i Ne sdlu Dpilus ~ nAEANAf 'NN''SN'
signed, endorsed and sealed, when SOLD
shall be and constitute a valid an
binding obligation upon the State o
California, although the sale thereof b
made at a date or dates upon whie
the Officers having signed, counter
signed and endorsed said bonds, or an
or either of said Officers, shall hav
ceased to be the ineumbents OF th
offices held by them at the time Q
signing, countersigning, or endorsm
said bonds. Each bond issued und'
this act shall contain clause or CLAUSE
stating that interest shall cease TO a
crue thereon from and after the dat
of maturity thereof, and referring
this act and to the resolution OF Il
state land settlement finance boar
hereunder by virtue Of which said Dor
is issued.
Sec. s. The requisite number of SUI
able interest coupons, appropriate
numbered, shall be attached 10 ea'
bond issued under this act. said J
t,,a,