Imperial Valley press., 1922-10-12


manner to Indicate such cancellation
and the date thereof. The provisions Of
this section shall be applicable also to
the interest coupons pertaining to tht
| bonds authorized by this aet f6S be
issued, and shall be applicable, as .fai
as practicable, to any duly authorized
agent of the state treasurer.
Sec ). There is hereby appropriated
from the general fund in the state
treasury such sum annually as will be
Unnecessary 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 III
the same manner and at the same time
as other state revenue is collected such
n sum, in addition to the ordinary rev
enues of the state, as shall be required
to pay the principal and intercst on
said bonds as herein provided, anQ II
is hereby made the duty Of ali offi0ff5
charged by law with any duty i'll regard
to the collection of said revenue, to do
and perform each and every act whics
shall be necessary TO collect such addl'
tional 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 subject to and avall.
able for the use of the state land set
tlemcut board not in excess of the prln
cipaI of and interest on the bonds, thei
due and payable and, in the event Of
such moneys so returned on said dates
Of maturity being less than the SAID
principal and interest then due and
pavable, then the balance remaining
unpaid shall be returned into the gen.
eral fund in the state treasury as soon
thereafter as it shall become available
together with interest thereon, from
such dates Of maturity until so return
ed,. 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 by the controller
of the state in favor of the state treas
urer or in favor of any duly authorized
agent of the state treasurer, upon dc
mands audited by the state board OF
control, and the moneys to be returned
into the general fund ip the state treas
urv pursuant to the provisions of this
section shall likewise be paid as here
in provided upon warrants duly drawn
by the controller of the state upon de
mands duly audited by the state board
of control
Sec. G. The sum of ten thousand
dollars is hereby appropriated out OF
any money in the state treasury not
otherwise appropriated to pay the ex
pcnscs that may be incurred by the
state treasurer in having. said bonds
prepared and advertising their sale
Said amount shall be refunded TO the
general fund of the state treasury out
of the land settlement fund in accord
ance with the provisions of this act on
controller S warrant duly drawn fol
4 that purpose.
See. 7. When the bonds authorized
! TO he issued under this act shall be
4 duly executed, they shall be by Tho
state treasurer sold at public auction to
the highest bidder for cash, in such
parcels and numbers as the said treas
urer shall be directed by the governor
of the state, under seal thereof, after
a resolution requesting such sale shall
have been adopted by the state land
!
governor of the state; but said treas
urer r,zlst reject any and all bids for
said bonds, or for any of them, which
shall be below tho par value of said
bonds so offered plus the interest which
has accrued 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
time, by public announcement at the
place and time fixed for the sale. con
| tinue such sale, as to the whole of the
! tonds offered, or any part thereof off
cred to such time and place.as he may
| select. Before offering any of said
! bonds for sale the said treasurer shall
detach therefrom all coupons which
! have matured or will mature before the
| day fixed for such sale.
| See. 8. Due notice of the time and
| place of sale of all bonds must he given
by said treasurer by publication in one
newspaper published in the eity and
county of San Francisco and also bN
publication in one newspaper pub
| lished i'll the city of Oakland
and by publication in one news,
paper published in the city of
Los Angeles and by publication III
one newspaper published in the
city of Sacramento once week during
four weeks prior to such sale. In addi-
tion to the notice last above provided
for, The state treasurer may give such
further notice as he may deem advis-
able, 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
as may have been paid rs accrued in
terest thereon shall be forthwith paid
over by said treasurer into the land
settlement fund in the state treasury
and must be used exclusively to provide
employment and rural homes for sol!
diers, sailors, marines and others who
have served with the armed forces of
the United States in the European war
or other wars of the United States, in
cluding former American citizens who
served in allied armies against the CEN
trail powers and have been repatriated,
and who have been honorably discharg-
ed, to promote closer agricultural set
tlement, to assist deserving and quail
fled persons to acquire small improved