Imperial Valley press., 1922-09-14

| in accordance with law and remaining
unpaid, including the interest accrued
| thereon, unless the rate of interest ap-
! plving 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 bv the issuance and sale thereof.
Sec. Q, The state land settlement
board shall be and 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 i'll 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.
Sec. 10. There is hereby created
state land settlement finance commit
tee composed of the governor, state
controller. state treasurer, chairman OF
the state board of control, and chair
man of the state land settlement poara'
all of whom shall serve there on with
out compensation and a majority OF
whom shall be empowered to act Tor
said committee. The encouragement
of the state shall be the legal ADVISOR
,, of the state land settlement finance
/, committee.
Upon request of the state land set
tlement board, supported by state
| ment of the plans and projects OF tii'
state land settlement board with re-
spect thereto, the state land settlement
finance committee shall determine
| whether or not bond issue under th's
act is necessary or desirable to carr
| such plans and projects into execution
| Sec. IL. Whenever the said state
land settlement finance committee shall
have determined that bond issue
| under this act is necessary or desirable
to carry such plans and projects into
| execution, it shall adopt resolution
| To this effect. The said resolution shall
| authorize and direct the state treasurer
TO prepare the requisite pumber Oh
suitable bonds and shall specify:
| l. The aggregate number, aggregate
par value, and the date OF issuance OF
| the bonds to be issued.
I .. The date or dates of maturity OF
| the bonds to be issued and the number
| and numerical sequence of the Donds
maturing at each date of maturity.
! 3. The annual rate of interest which
the bonds to be issued shall bear.
4. The number, numerical sequence,
amount or amounts, and the dates OF
maturity of the interest coupons to be
/ attached to the said bonds.
[ 4 The technical form and language
| On ha the
interest coupons to be attached there
/! to.
In determining the date or dates 81
| maturity of the said bonds and the
| amount of bonds maturing at each date
of maturity, the state land settlement
| finance committee shall be guided Dy
the amounts and dates of maturity OF
the revenues estimated to accrue to the
state land settlement board from the
proiect or projects to be financed by
each issue. and shall fix and determine
said dates and amounts in 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-
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, 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-
cording 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 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 be pay
able at semiannual intervals from the
date of issuance of said bonds; provld-
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.
Sec. IL. All actual and necessary ex-
penses of the state land settlement fin
anee committee and of the members
thereof shall be paid out of the land
settlement fund, upon approval of the
state board of control and on con-
troller IS warrant duly drawn for that
purpose, and shall constitute expenses
of the state land settlement board.
See. 13. The state controller, the
state treasurer, and the State 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 general, or a committee of either
branch of the legislature, or joint