Imperial Valley press., 1922-09-07

mittee and specified in such resolution,
but in no case exceeding six per cent
per annum. Both principal and interest
shall be payable in gold coin of the
United States, of the present standard
of value, at the office of the state
treasurer, or at the office of any duly
authorized agent of the state treasurer,
and shall be so payable at the times
specified in said resolution OF 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 having 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 mis- act shall
| contain chuse or clauses stating~tha
| 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 wei
| fare finance committee hereunder by
virtue of which said bond is issued.
See. 8. the requisite number OF
suitable interest coupons, appropriate
| lv numbered, shall be attached to eacl
bond issued under this act. Said inter
! est coupons shall bear the facsim j,
signature of the state treasurer who
shall be in office on the date of is
suance of the bond to which sand rou
pons pertain.
See. L An 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 IRE sur
rendered to him, pay the same out OF
the proceeds of the controller s war
rants drawn in his favor as provided
in section five hereof and perforate
the bonds so pad with a suitable de
vice. in a manner to indicate such pay
! ment and Me date thereof. He shal
also, on the said respective dates o.
maturity, cancel all bonds bearing sale
dates of maturity and remaining un
sold, by perforation with q 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 thi,
act to be issued, and shall be apple
able, as far as practicable, to any duh
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 b,
necessary to pay the principal of anC
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 il
the same manner and at the same tim,
as other state revenue is collected sucl
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 il
hereby made the duty of all officer,
charged by law with any duty in re
gard to the collection of said revenue
to do and perform each and every act
which shall be necessary to collect
suCh 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 OF
said dates of maturity being less thai
the said principal and Interest ther
due and payable, then the balance re
naming unpaid shall bes returned into
the general fund in the state treasury
out of said specific fundsas soon there
after as it shall become: available, to
gether with interest thereon, from sucl
dates of maturity until SD returned, at
the rate of five per cent per annum,
compounded semiannually.
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
ssurer, upon demands audited by the
state board of control, and the money!
TO be returned into the general fund
in the state treasury pursuant to tho
! provisions of this section shall like
wise be paid as herein provided upon
warrants duly drawn by the controller
of the state upon demands duly audit
ed by the state board of control.
See. 6. The sum of fifteen thousand
dollars is hereby appropriated out of
any money in the. state treasury not
otherwise appropriated to pay the ex
penses that may be incurred by the
f,ta -,