Imperial Valley press., 1922-10-19


crued 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 ut 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
leet. Before offering any of said bonds
for sale the said treasurer shall dctach
therefrom all coupons which have ma
tured 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 be given
by said treasurer by publication in one
newspaper published in the city and
county of San Francisco and also by
publication in one newspaper published
in the city of Oakland and by publ
cation in one newspaper published in
the city of Los Angeles and by publ.
cation in one newspaper published in
the city of Sacramento once 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 deem
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 rs may have been paid as ac-
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
| tion 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 exclu-
sively to provide useful employment
and the opportunity to acquire farm
homes with profitable livelihood on the
| land for veterans and to provide for
cooperation of the state with the agen-
eies 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
| California veterans welfare act and of
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'
ed, that the said veterans welfare
board must pay over to the general
fund of the state from. tthe proceeds of
the sale of the bonds all money which
| has been heit trfore or may be here
after approt riatcd arh advanced out Of
the general .4ri III the state treasury
for the use of lie said veterans well
fare board on condition that it shall
be so paid over; provided. further
| that the said veterans welfare board
may, out of the proceeds from the sale
of said bonds, pay all or any part OF
| any indebtedness heretofore by il ir
| Cured in accordance with law and re
maining unpaid, including the interest
| accrued thereon, unless the rate OF IN
terest applying to such Indebtedness
is less than the rate of interest ap
/ plying to the said bonds; and provided
| further, that the proceeds from the sale
of said bonds may be used to paw the
debt created by the issuance and sale
thereof.
! Sec. 0. The veterans welfare board
shall he and hereby is authorized, with
the approval of the state board of con
troll, to invest any surplus moneys in
any of the funds subject to or appro-
priated for its use in bonds Of the Unit
ed States, or of the State of California
or of the several counties or munich
| palities or other political subdivisions
of the State of California, and TO sell
such bonds, or any of them, at the
governing market rates, upon approval
/ of the state board of control.
Sec. 10. There is hereby created o
veterans welfare finance committee
composed of the governor, state con
| troller, state treasurer, chairman OF
the state board of control, and chair.
! man of the veterans welfare board, all
| of whom shall serve thereon without
I compensation and n majority of whom
shall be empowered to act for said com
mittee. The attorney general of the
state shall be the legal advisor of the
veterans welfare finance committee.
! Upon request of the veterans wei
| fare board, supported by n statement
of the plans and projects Of the veter-
ans welfare board with respect there
to, 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.
ans welfare finance committee shall
have determined that bond issue
under this act is necessary or desirable
to garry such plans and projects into
execution, it shall adopt resolution to
this effect. The said resolution shall
authorize and direct the state treasur-
er to prepare the requisite number of
suitable bonds and shall specify:
l. The aggregate number, aggregate
par value, and the date of issuance OF
the bonds to be issued.
2. The date or dates Of maturity of
the bonds to be issued and the number
and numerical sequence of the bonds
maturing at each date of maturity.
3. The annual rate of interest
which the bonds to be issued shall bear.
A. The number numerical sequence,