Imperial Valley press., 1922-10-05

mitted to the people OF the state OF
California for their ratification at
the next general election, to be
holden on the seventh day of
November, A. D. 1922.
Frank c. Jordan, Secretary of State.
Chapter 7s3, Statutes of 1921
An act to authorize the creation of
n debt or debts. liability or liabilities,
through the issuance and sale of state
bonds. for the single object of creating
a fund to carry ont the provisions or
The land Settlement act, approved Juns
!. 1917. and of any and all acts amend
atorv Thereof or supplemental thereto;
to provide ways and mefns, exclusive
of loans, for the payment of the inter-
est of such debt or debts, liability or
liabilities, as such interest falls due,
and also for the payment and discharge
of the principal of such debt or debts,
liability or liabilities, as such
principal natures; to create a
state land settlement finance com
mittee the members of which
are to serve without compensation; to
define the powers and duties of SAID
state land settlement finance committee
and of other st Officers in relation to
This act: to a piae money for the
expense Of s.Ho OF sasVerlis-
ing the sal. - 1g A2reln authof-
lied 10 be Isl s~ AZ provide for
the submission of tbs a vote of
the people at the geae lection to be
holden in the month + November,
1922.
(Approved June 3, 1929
The people of the State of California
do enact as follows:
Section l. For the purpose of ere
ating a fund to carry out the provis-
ions of tie 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 rave served with the armed
forces of the United States IN the
European war IT other wars of the
United States, iacIuding former Amer,
lean citizens 1isu served III allied
armies aga nst The central powers ana
have been repatriated, and who have
been ho1arabiy discharged, to promote
closer sgricultural settlement, to assist
deserving and qualified persons to
require 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
farn4 .aborers, the state land settlement
flAance committee created by this act,
to wit, in section ten hereof, shall be
and it hereby is authorized and empow-
cred to create a 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.
See. Q 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 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 with the specifica-
tions contained in such 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
suance of said bonds TO the date of
maturity thereof. at 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-
cipal 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 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 eountersignature of the
controller and shall be endorsed by
the state treasurer either by original
signature or by signature stamp adopt
ed forseach particular bond issne under
this 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
the great seal of the State of Califor
MIA. The ssid bonds so signed, counter
signed, en- aHd sealed, when sold
shall be I. itute valid an'
binding obliga' "a the State o:
California, althougl. sale thereof be
made at a date or 4 es upon which
the Officers having gned, counter
signed and endorsed d bonds, or any
or either of said 0. Aeers, shall have
ceased to be the ineumbents of thc
offices held by them at the time OF
signing, countersigning, or endorsing
said bonds Each bond issued under
this act shall contain a clause or clauses
stating that interest shall cease to ac
crue thereon from and after the date
of maturity thereof, and referring u
this act and to the resolution of the
state land settlement finance board
hereunder by virtue of which said bond
is issued.
Sec 3. The requisite number Of suit
able interest coupons, appropriately
shall be attached to eacl
bond issued uuder this act. Said in
aros{ ar,,r@ns SbolI banr tba faceitnilf