Imperial Valley press., 1922-08-24

maturity and remaining uhsold, by per
foration with suitable device in
manner 10 indicate sueh Cancellation
and the date thereof. The provisions OF
this section shall be applicable also TO
the interest coupons pertaining to the
bonds authorized by this act to be
issued, and shall be applicable, az far
as practicable, to any duly authorized
agent OF the state treasurer.
Sec 6. There is hereby appropriated
from the general fund in the state
treasury such sum annually ns will be
necessary 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 in
| the same manner and at the same time
as other state revenue is collected such
| o sum, in addition to the ordinary rev
enics Of the state, as shall be required
to pay the principal and interest on
said bonds rs herein provided, and it
| il hereby made the duty Of all officers
charged by law with any duty in regard
to the collection Of said revenue, TO do
nnd perform each and every act which
| shall be necessary TO collect such addi-
! 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 avail
| able for the use of the state land set
| Element board not in excess of the prin-
cipal Of and interest on the bonds, then
| due and payable and, in the event OF
| such moneys so returned on said dates
| Of maturity being less than the sad
| PRINCIPAL and interest then due and
| pavablc, then the balance remaining
| nnpaid shall be returned into the gen
| cral 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 scmiannually.
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 de
mands audited by the state board OF
control, and the moneys to be returned
into the general fund in 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 boart
of control.
See 6. The sum OF ten Thousand
lollars is hereby appropriated out OF
my money in the state treasury not
| ,thcrwisc appropriated to pay the eX
| oenses that may be incurred by The
tate treasurer in having said bond:
! prepared and advertising their sale
Iaid amount shall be refunded to the
,encral fund Of the state treasury out
| f the land settlement fund in accord
nee with the provisions of this act OF
| controller IS warrant duly drawn fol
hat purpose
See. Z. When the bonds authorized
| DO issued under this act shall bt
luly executed, they shall be by thu
tate treasurer sold at public auction It
he highest bidder for cash, in such
arcels and numbers as The said treas
rer shall be directed by the governor
the state, under seal thereof, after
resolution requesting such sale shall
ave been adopted by the state land
ettlcmcnt board and approved by the
Governor Of the state; but said treas
rer must reject any and all bids for
aid bonds, or for any of them, which
hall be below the par value of said
onds so offered plus the interest which
as accrued thereon between the date
sale and the last preceding interest
iaturity date; and with the approval OF
he governor, he may from time to
ime, by public announcement at the
lace and time fixed for the saie, con-
inue such sale, as to the whole of the
onds offered, or any part thereof off
red, to such time and place as he may
elect. Before offering any OF said
,onds for sale the said treasurer shall
letach therefrom all coupons which
ave matured or will mature before the
lay fixed for such sale.
See. 8. Due notice Of the time and
,lace of sale of all bonds must be given
~ said treasurer by publication i'll ono
newspaper published in the city and
;ounty of San Francisco and also by
publication in one newspaper pub
ishcd in the city of Oakland
| md by publication IN one news
,apcr published in the city of
Los Angeles and by publication in
mo newspaper published in the
ity of Sacramento once week during
Four weeks prior to such sale. In addi-
| ion to the notice last above provided
for, the state treasurer may give such
further notice AZ he may deem advis-
lblc, but the expense and cost of such
| additional notice shall not exceed the
um of five hundred dollars for each
ale so advertised. The proceeds of the
sale of such bonds and such amount
| rs may have been paid as accrued in
| crest thereon shall be forthwith paid
| ,ver by said treasurer into the land
| settlement fund in the state treasury
| md must be used exclusively to provide
| employment and rural homes for sol
| iiers, sailors, marines and others who
have served with the armed forces of
| The United States in the European war
n other wars of the United States, in
,luding former American citizens who
erved in allied armies against the cen
raj powers and have been repatriated,
md who have been honorably discharg-
i'd to DrOmOto closer AGRICULTURAL set