Imperial Valley press., 1922-10-05
Thursday, October 5, 1922

offered plus the interest which has &C. /
erued 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, continue
such sale, as to the whole of the bonds |!
offered, or any part thereof offered,
to such time and place as he may Sc
lect. Before offering any of said bonds
for sale the said treasurer shall detach
therefrom all coupons which have ma
tured or will mature before the dayl
fixed for such sale.
See. s. Due notice Of the time and
place of sale of all bonds must be given
by said treasurer by publication in oncI
newspaper published in the city and
county of San Francisco and also by
publication in one newspaper publish ed
in the city of Oakland and by publ.
cation in one newspaper published in]
the city of Los Angeles and by publi-
cation in one newspaper published in
the city of Sacramento once Il week dur
ing four weeks prior to such sale. In
addition to the notice last above pro-
vided for, the state treasurer may give
such further notice as he may dcom
advisable, 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 as as.
crued interest thereon shall be forth
with paid over by said treasurer into
| the veterans welfare fund for land
settlement, or into the veterans farm
and home building fund, as the case
may be, in accordance with the resolu,
ton of the veterans welfare finance
committee, provided for in section
eleven of this act by virtue of which
resolution the said bonds shall have
been issued, and must be used cxclu,
sively to provide useful employment
and the opportunity to acquire farm
homes with profitable livelihood on the
land for veterans and to provide fOs
| cooperation of the state with the agen.
cies of the United States engaged in
work of similar character, and to fur.
nish to veterans the opportunity to pur-
chase farms, homes and home sites, in
| accordance with the provisions Of the
i
| the veterans farm and home purchase
| act, or either of them, and Of any and
all acts amendatory OF supplemental
| to said acts, or either of them; provid
| I'd, that the said veterans welfare
board must pay over to the general
/ fuld of the state from. .ssc proceeds of
| the sale of the bonds all money which
| las been heretofore Or may be here
after appro, riated Az! advanced out cf
| the general ..yd III the state treas lry
! Tor the use of H., said veterans wei.
] fare board OH cyudition that it shall
be so paid over; provided, further
that the said veterans welfare board
l nay, out of the proceeds from the sale
IF said bonds, pay all or any part Of
/ my Indebtedness heretofore by Il IL
i .urred in accordance with law and re
naming unpaid, including the interest
accrued thereon, unless the rate OF N
'erest applying TO such Indebtedness
IS less than the rate Of interest ap
olying to the said bonds; and provided
further, that the proceeds from the sale
IF said bonds may be used to pay the
iebt created by the issuance and sale
thereof.
Sec. o. The veterans welfare board
,hall be and hereby is authorized, with
,he approval Of the state board Of con
trol, to invest any surplus moneys in
any Of the funds subject 10 or appro
,riated for its use in bonds Of the Unit.
ID States, or of the State Of California
1r Of the several counties or munici
oalities or other political subdivisions
If the State of California, and to sell
such bonds, or any Of them, at the
governing market rates, upon approval
4 IF the state board Of control.
See. 10. There is hereby created q
veterans welfare finance .'conmitte<
composed Of the governor, state cor;
troller, state treasurer, chairman 2 OF
the state board of control, and chnir-
nan of the veterans welfare boAtdjaill
If whom shall serve thereon without
compensation and a majority Of whom
hall be empowered to act for said com:
nittee. The attorney general of the
state shall be the legal advisor: Of the
veterans welfare finance committee
Upon request of the 'vetefans' vel
fare board, supported by n statement
If the plans and projects Of the veter.
ms welfare board with respect there
20, which statement shall designate the
specific fund to which such plans and
projects relate, the veterans welfare
| finance committee shall determine
whether or not bond issue under this
act is necessary or desirable to carry
such plans and projects into execution.
See. IL. Whenever the said veter.
/ ms welfare finance committee shall
have determined that bond issue
under this act is necessary or desirable
10 carry such plans and projects into
execution, it shall adopt resolution to
his effect. The said resolution shall
uthorize and direct the state treasur-
,r to prepare the requisite number Of
suitable bonds and shall specify:
/. The aggregate number, aggregate
par value, and the date Of issuance Of
The bonds to be issued.
Q. The date or dates Of maturity Of
he bonds to be issued and the number
md numerical sequence Of the bonds
maturing at each date Of maturity.
8. The annual rate of interest
which the bonds to be issued shall bear.
4. The number, numerical sequence,
Y