Imperial Valley press., 1922-08-03

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: in accordance with law and remaining
4 unpaid, including the interest aecrue'
I thereon, unless the rate of interest ap
Fl plving to such Indebtedness is less thai
/, the rate of interest applying to th'
said bonds; and provided, further, tha
e the proceeds from the sale of salt
bonds may be used to pay the debt ere
| ated by the issuance and sale thereof
See. 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 e
or appropriated for its use in bonds o.
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;, ant
to sell such bonds, or any of them, al
the governing market rates, upon ap
proval of the state board of control.
See. 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 board
all of whom shall serve there on with
out compensation and a majority OF
whom shall be empowered to act foi
said committee. The attorney genera
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 a state
ment of the plans and projects of tic
|
spect thereto, the state land settlement
finance committee shall determine
whether or not bond issue under thus
act is necessary or desirable to carr.
such plans and projects into executions
See. II. 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 Il resolution
to this effect The said resolution shall
authorize and direct the state treasurer
to prepare the requisite number oil
suitable bonds and shall specify:
l. The aggregate number, aggregate
par value, and the date of issuance OF
the bonds TO be issued
9 The date or dates of maturity OF
the bonds to be issued and the number
and numerical sequence of the bonds
maturing at each date of maturity.
3. The annual rate of interest which
the bonds to be issued shall bear.
f. The number, numerical sequence
| amount or amounts, and the dates ol
maturity of the interest coupons to be
attached to the said bonds.
5. The technical form and language
of the bonds to be issued and of The
interest coupons to be attached there
to.
In determining the date or dates OF
| maturity of the said bonds and til,
amount of bonds maturing at each date
of maturity, the state land settlement
finance committee shall be guided by
the amounts and dates of maturity OF
the revenues estimated to accrue to tn
state land settlement board from th
project or projects to be financed b,
each issue, and shall fix and determine
said dates and amounts in such manner
that, together with the dates an(
amounts of interest payments on the
said bond issue, they shall coincide, al
nearly as practicable, and be eommen
surate, as nearly as practicable, will
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 bond
of specified numerical sequence shal
thereafter mature at annual intervals
and provided, further, that the bond
last to mature in each issue shall ma
: ture not later than forty five year
from the date of issuance thereof.
The rate of interest to be borne b,
the said bonds shall be uniform for al
the bonds of the same issue and shal
be determined and fixed by the stat
land settlement finance committee ac
cording to the then prevailing marke
conditions, but shall i'll no case exceed
Il six per cent per annum, and the deter
4 min;ltion of said committee as to tn
| rate of interest shall be conclusive a
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 tn
, date of issuance of said bonds; provid
f.. ed, that the interest coupon first pay
| able may, if the state land settlemen
. finance committee shall SO determin
{ and specify, be payable one year afte
the date of issuance of said bonds.
. See. II. All actual and necessary eN
> penses of the state land settlement fir
ance committee and of the member
i thereof shall be paid out of the Ian
/ settlement fund, upon approval of tn
: state board of control and on cor
h troller S warrant duly drawn for tina
e purpose, and shall constitute expense
h | of the state land settlement board.
G See Is. The state controller, tn
{ state treasurer, and the state land SCI
!. tlement finance committee shall kee
i full and particular account and reeor
Il of all their proceedings under this ae
Y and they shall transmit to the governc
q an abstract of all such proceeding
/. hereunder, with an annual report,
O be by the governor laid before the lei
f islature biennially; and all books an
r papers pertaining to the matter PROVE
!. ed for in this act shall at all times /
o open to the inspection of any party il
I. terested, or the governor, or the alto
|, ney general, or a committee of eith'
;, branch of the legislature, or JON
{. committee of both, or any citizen