Imperial Valley press., 1922-08-03

! offered plus the interest which has ac
crued 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 tine
bv public announcement at the place
| and time fixed for the sale, continue
such sale, as to the whole of the bonds
offered, or any part thereof offered
| to such time and place as he may Sc
lcct. Before offering any of said bonds
| for sale the said treasurer shall detach
! therefrom all coupons which have ma
| tured or will mature before the day
! fixed for such sale.
I 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 published
| in the city of Oakland and by publ
cation in one newspaper published in
the city Of Los Angeles and by publ
cation in one newspaper published IN
the city of Sacramento once week dur
| ing four weeks prior to such sale. In
| addition to the notice last above pro-
vided for. the state treasurer may give
such further notice as he may deem
| advisable, 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 rs may have been paid rs ac-
crued interest thereon shall be forth
with paid over by said treasurer into
| the veterans welfare fund for land
settlement, or into the veterans farm
and home building fund, as the ease
may be, in accordance with the resolu
tion of the veterans welfare finance
committee, provided for in section
| eleven of this act, by virtue of which
resolution the said bonds shall have
| been issued, and must be used eXclu
| sivelv to provide useful employment
and the opportunity to acquire farm
homes with profitable livelihood on the
land for veterans and to provide foI
| cooperation of the state with the acen
| cies of the United States engaged in
work of similar character, and to fur
nish to veterans the opportunity to pur'
chase farms, homes and home sites, in
| accordance with the provisions of the
| California veterans welfare act and OF
| the veterans farm and home purchase
| act, or either of them, and of any and
| all acts amendatory or supplemental
to said acts, or either of them; provii
| ed, that the said veterans welfare
board must pay over to the general
fIld of the state from the proceeds OF
| the sale of the bonds all money which
ias been heretofore or may be here
/ after approl riatcd a:a advanced out Of
| tie general I I,d in the state treasury
for the use of ibs said veterans wei
| fare board on condition that il shall
be so paid over; provided, further
| that the said veterans welfare board
may, out of the proceeds from the sal,
of said bonds, pay all or any part o1
| any indebtedness heretofore by il IL
| CURED i'll accordance with law and re
manning unpaid, including the interes
accrued thereon, unless the rate of in
terest applying to such indebtedness,
is less than the rate of interest ap
! plying to the said bonds; and provided
| further, that the proceedssfrom the sal,
of said bonds may be used to pay til,
debt created by the issuance and sal,
thereof.
| See. Q. The veterans welfare boarl
shall be and hereby is authorized, Will
the approval of the state board of con
| troll, to invest amy surplus moneys il
any of the funds subject to or appro
| priated for its use in bonds of the Unit
ed States, or of the State of California
or of the several counties or munici
palities or other political subdivision
of the State of California, and to sci
such bonds, or any of them, at tn,
governing market rates, upon approva
of the state board of control.
! See. 10. There is hereby created
veterans welfare finance committc
composed of the governor, state. con
troller, state treasurer, chairman o
the state board of control, and chair
man of the veterans welfare board, al
of whom shall serve thereon withou
compensation and Il majority of whom
shall be empowered to act for said com
mittee. The attorney general of tn
state shall be the legal advisor of th
veterans welfare finance committee.
Upon request of the veterans wei
fare board, supported by statemen
of the plans and projects of the veter
ans welfare board with respect there
to, which statement shall designate tn
specific fund to which such plans am
projects relate, the veterans welfar
finance committee shall determin
whether or not "A bond issue under thi
act is necessary or desirable to carr
such plans and projects into execution
See. II. Whenever the said vetei
ans welfare finance committee sha
have determined that u bond issu
under this act is necessary or desirabl
to carry such plans and projects int
execution, it shall adopt resolution I
. this effect. The said resolution sha
authorize and direct the state treasul
er to prepare the requisite number Q
, suitable bonds and shall specify:
. l. The aggregate number, aggregat
par value, and the date of issuance O
the bonds to be ISSUED.
.. The date or dates of maturity Q
the bonds to be issued and the numbe
| and numerical sequence of the bond
{ maturing at each date of maturity.
/ 8. The annual rate of intere'
!. which the bonds to be issued shall bea
, 4. The number, numerical sequence
. amount or amounts, and the dates q