Imperial Valley press., 1922-08-17

the people at the general election TO De
holden in the month of November,
1922.
(Approved June 3, 1920
The people of the State OF California
do enact as follows:
Section !. For the purpose of ere
ating fund to carry out the provis-
ions Of the land settlement act, ap-
proved June !, 1917, and of any and
all acts amendatory thereof or supple
mental thereto, the object of which acts
is to provide employment and rural
homes for soldiers, 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, including former Amer
lean citizens who served in allied
armies against the central powers and
have been repatriated, and who have
been honorably discharged, to promote
closer agricultural settlement, to assist
deserving and qualified persons to
acquire small improved farms, to dem
cnstrate the value of adequate capital
and organized direction in subdividing
and preparing agricultural land for
settlement, and to provide homes for
farm laborers, the state land settlement
finance committee created by this act,
TO wit. in section ten hereof, shall be
and it hereby is authorized and empow-
cred to create debt or debts, liability
or liabilities, of the State of California,
in the manner and to the extent here
matter provided, but not otherwise,
nor in excess thereof.
A hp pf
proclamation Of the governor provided
FOR in section sixteen of this act, and
Immediately after adoption of any res
olution by the state land settlement
finance committee hereby created, pro
vided for in section eleven in this act,
the state treasurer shall prepare the
requisite number of suitable bonds of
the denomination of one thousand dol
lars in accordance width the specifica'
tions contained in suHh resolution. The
aggregate par value of all bonds issued
under this act shall not exceed the
sum of three million dollars, and the
bonds issued under any such resolution
shall bear interest from the date of is
suanee of said bonds to the date of
maturity thereof, at n rate to be deter
mined by fhe said state land settlement
finance committee and specified in
such resolution but in no case exceed
ing six per cent per annum. Both prin
cipal and interest shall be payable in
gold coin of the United States, of the
present standard of value, at tho office
of the state treasurer, or Mt the office
of any duly authorized agent of the
state treasurer, and shall be so payable
at the times specified in said resolu
tion or resolutions.
All bonds issued under this act shall
bear the signature of the governor and
the facsimile countersignature of the
controller and shall be endorsed by
the state treasurer either by original
signature or by signature stamp adopt
ed for each particular bond issue 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 Califor
MIA. The said bonds so signed, counter
signed, endorsed and sealed, when sold,
shall be and constitute a valid and
binding obligation upon the State of
California, although the sale thereof be
made at a date or dates upon which
the officers having signed, counter
signed and endorsed said bonds, or any
or either of said officers, shall have
ceased 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 ac-
crue thereon from and after the date
of maturity thereof, and referring 10
this act and TO the resolution Of the
state land settlement finance board
hereunder by virtue of which said bond
is issued.
Sec 8. The requisite number Of suit
able interest coupons, appropriately
numbered, shall be attached to each
bond issued under this act. Said in
terest coupons shall bear the facsimile
signature of the state treasurer who
shall be in office on the date of issu-
ance of the bond to which said coupons
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 thereafter
as said matured bonds are surrendered
to him, pay the same out of the pro
ceeds of the controllers warrants
drawn in his favor as provided in sec
tion five hereof and perforate the
bonds so paid with suitable device in
n manner to indicate such payment and
the date thereof. He shall also, on the
said respective dates of maturity, can