Imperial Valley press., 1922-11-02

!, the said veterans welfare finance Cd m
Z mittee and specified in such resolution
I but in no case exceeding six per cent
E per annum. Both principal and interest
J shall be payable in gold coin Of the
United States, of the present standard
= of value, at the office of the state
, treasurer, or OF the office Of any duly
authorized agent of the state treasurer
and shall be so payable at the times
} specified in said resolution or resolu
tions.
All bonds issued under this act shall
bear the signature of the governor and
the facsimile contersignature of the
controller and shall be endorsed by the
state treasurer either by original sig,
nature or by signature stamp adopted
for each particular bond issued under
this act, and the said bonds shall be
signed, countersigned and endorsed by
the officers who shall be in office on the
date of issuance thereof, and each of
said bonds shall bear an impress of the
great seal of the State of California.
The said bonds so signed, countersign-
ed, endorsed and sealed, when sold,
shall be and constitute valid and bind
ing obligation upon the State of Cali
fornia, although the sale thereof be
made at date or dates upon which the
officers haying signed, countersigned
and endorsed said bonds, or any or
either of said officers, shall have ceas-
ed to be the incumbents of the offices
held by them at the time of signing,
countersigning, or endorsing said bonds.
Each bond issued under this act shall
contain clause or clauses stating that
interest shall cease to accrue thereon
from and after the date Of maturity
therof, and referring to this act and
to the resolution of the veterans well
| fare finance committee hereunder by
| virtue of which said bond is issued.
Sec. 3. The requisite number Of
suitable interest coupons, appropriate
| ly numbered, shall be attached to each
bond issued under this act Said inter
est coupons shall bear the facsimile
| signature of the state treasurer who
shall be in office on the date of is
suance of the bond to which SAID cou-
pons pertain.
Sec. 4 All bonds issued under this
act and sold shall be deemed to have
been called in at their respective dates
of maturity and the state treasurer
shall, on the respective dates of matur-
ity of said bonds, or as soon there
| after as said matured bonds are sur
rendered to him, pay the same out Of
| the proceeds of the controllers 8 war
rants drawn in his favor as provided
in section five hereof and perforate
the bonds so paid with suitable de-
vice in a manner to indicate such pay
4 AnNa IL on
also, on the said respective dates of
maturity. cancel all bonds bearing said
dates of maturity and remaining un
sold, by pcrforation with suitable de-
vice in a manner to Indicate such can
collation. and the date thereof. The pro-
visions of this section shall be apple.
able also to the interest coupons per-
tanning to the bonds authorized by this
act to be issued, and shall be apple
able, as far as practicable, to any duly
authorized agent of the state treasurer.
Sec. 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 and
sold pursuant to the provisions of this
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
as other state revenue is collected such
| a sum, in addition to the ordinary rev.
enues of the state, as shall be required
to pay the principal and interest on said
bonds as herein provided, and it is
hereby made the duty Of all officers
charged by law with any duty in re-
gard 10 the collection of said revenue.
to do and perform each and every act
which shall be necessary to collect
sufi additional sum.
On the several dates Of maturity of
said principal and interest in each fis'
cal year, there shall be returned into
the general fund in the state treasury,
all OF the moneys in the specific fund
into which the proceeds from the sale
of said bonds have been covered as
herein prescribed, not in excess of the
principal of and interest on the said
bonds then due and payable and, in the
event Of such moneys so returned or
said dates of maturity being less than
the said principal and interest ther
due and PAYABLE, then the balance re-
naming unpaid shall be returned into
the general fund in the state treasury
out OF said specific fund as soon there
! after as Il shall become available, to
gether with interest thereon, from such
dates of maturity until so returned, at
the rate Of five per cent per annum,
compounded semiannuslly.
Both principal and interest OF said
bonds shall be paid when due upon
warrants duly drawn against said ap
preparation from the general fund by
, the controller of the state in favor OF
the state treasurer or in favor OF any
!, duly authorized agent Of the state trea
surcr, upon demands audited by the
state board Of control, aud the moneys
10 be returned into the general fund
II in the state treasury pursuant 20 the
provisions Of this section shall like
i wise be paid as herein provided upor
warrants duly drawn by the controller
2 of the state upon demands duly audit
/ ed by the state board Of control.
D See. 6. Tho sum OF fifteen thousand
j.. dollars is hereby appropriated out Of
] any money In the state treasury mol
A