Imperial Valley press., 1922-10-19


holden on tn, seventh day of
November, A. d. 1922.
Frank G. Jordan, Secretary of state.
Chapter 733, Statutes of 1921
An Act 70 authorize the creation of
a debt or debts, liability or liabilities,
through the issuance and sale OF state
Bonds, for the single object of creating
: fund to carry out the provisions OF
the land settlement act, approved Juna
I. 1917, and Of any and all acts amend
atorv therof ef supplemental thereto'
Ia provide WAYS and means, exclusive
OF loans, for tae payment of the inter
est of such 1eb, or debts, liability or
Fatalities. ~ ch interest falls due,
and also for .,e payment and discharge
OF the principal of such debt or debts,
liahilitv or liabilities, as such
principal natures; TO create
s.ate land settlement finance COM
mittee the members of winch
IRE TO serve without compensation; to
define the powers and duties of said
state land settlement finance committee
aal u other state officers i'll relation to
8Ais act; TO appropriate money for the
expense of preparing and of aavertis-
ing the sale of the bonds herein author
iyed 10 be issued; and to provide for
the submission of this act to vote of
7he peopie ut the general election to be
holden in the month of November,
1922.
(Approvcd June 5, 1929
The people of the State of California
noa.+ folla-rS.
Section /. For the purpose of ere
a.ing a fund to carry out the provls-
IONS of the land settlement act, ap-
proved June l, 1917, ana of any and
all acts amendatory thereof or supple
rental 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 ana
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 ennpow-
cred to create q 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.
s See. 2. After the issuance of the
proclamation of the governor provided
FOR in section sixteen of this act, and
immediately after adoption of any res
olution by the state land Sc clement
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 acc8r9mee with the specifica-
fions eon.aine5 2 such resolution. The
aggregate p8c valla Of al bonds issued
under this act h not exceed the
sum of t-ree million dollars, and the
bonds issued und J such resolution
shall bear interes .om the date of is
suance of said bonds to the date of
maturity thereof, at a rate to be deter
mined by the said state land settlement
finance committee and specified in
such resolution, but in no case exceed
ing six per cent per annum. Both prin-
eipal 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 1uly authorized agent of the
state treasurer, and shall be so payable
at the fines specified in said resolu-
fion or resolutions.
All bond issued under this act shall
bear the sl-aatlre of the governor and
the faosimil, countersignature of the
controller ;.ad shall be endorsed by
the state 'seasurer either by original
signature or by signature stamp adopt
81 1or each particular bond issue under
fhis act, and the said bonds shall be
signed, countersigned and endorsed by
the officers who shall be in office or
the date of issuance thereof, and each
Of said bonds shall bear an impress OF
'he great seal of the State of Califor-
Itl&. ne Sdil DbHuS 81
signed, endorsed and sealed, when sold
shall be and constitute n valid and
binding obligation upon the State OF
California, although the sale thereof be
made at 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 ineumbents Of tho
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 ae-
erue thereon from and after the date
Of maturity thereof, and referring Ia
this act and to the resolution of the
state land settlement finance board
hereunder by virtue Of which said bond
is issued.
Sec. g. The requisite number Of suit
able interest coupons, appropriately
numbered, shall be attached to each
bond issued under this act. Said in
$..o.S oo,,,n,,o eha1l haar %Ia Il