Imperial Valley press., 1922-09-14

mlttee and specified IN such resolution,
but in no case exceeding six per cent
per annum. Both principal 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 tbs times
specified in said resolution or resolu-
tions.
All bonds issued under this act shah
bear the signature of the governor and
the facsimile contersignature of the
controller and shall be endorsed by the
state treasurer either by original sig
nature or by signature stamp adopted
for each particular bond issued under
this act, and the said bonds shall be
signed, countersigned and endorsed by
the officers who shall be in office on the
date of issuance thereof, and each of
said bonds shall bear an impress of the
great seal of the State of California.
The said bonds so signed, eountersign-
ed, endorsed and sealed, when sold,
shall be and constitute q valid and bind
ing obligation upon the State of Cali
| fornia, although the sale thereof be
made at date or dates upon which the
officers having signed, countersigned
and endorsed said bonds, or any or
either of said Officers, shall have ceas-
ed to be the incumbents of the offices
held by them at the time of signing,
| countersigning, or endorsing said bonds.
Each bond issued under t1is act shall
contain q clause or clauses stating that
| interest shall cease to accrue thereon
| from and after the date of maturity
| therof and referring 20 this act and
| to the resolution of the veterans well
| fare finance committee hereunder by
virtue of which sold bond is issued.
Sec. 8. The requisite number of
| suitable interest coupons, appropriate
| lv numbered, shall be attached to each
bond issued under this act. Said inter
! est coupons shall bear the facsimile
signature of the state treasurer who
shall be in office on the date of is
suance of the bond to which saud cou-
pons pertain.
See. l. All bonds issued under this
act and sold shall be deemed to have
been called in at their respective dates
of maturity and the state treasurer
shall, on the respective dates of untur,
ity of said bonds, or as soon there
after as said matured bonds are sur
rendered to him, pay the same out of
the proceeds of the controller S war
rants drawn in his favor as provided
in section five hereof and perforate
the bonds so paid with a suitable de-
vice in a manner to indicate such pay
ment and Se date thereof. He shall
also, on the said respective dates of
maturity, cancel all bonds bearing said
dates of maturity and remaining un
sold, by perforation with a suitable de
vice in a manner to Indicate such can
collation. and the date thereof. The pro.
visions of this section shall be apple
able also to the interest coupons per
tanning to the bonds authorized by this
act to be issued, and shaSl be apple
able, as far as practicable, to any duN
authorized agent of the state treasurer
Sec. 5. There is hereby appropriated
from the general fund in the state
treasury such, sum annually as 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 il
the same manner and at the same time
as other state revenue is collected such
a sum, in addition to the ordinary rev
enues of the state, as shall be required
to pay the principal and interest on said
bonds as herein provided, and it is
1 hereby made the duty of all officers
charged by law with any duty in re
| oe
to do and perform each and every act
which shall be necessary to collect
such additional 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 in the specific fund
into which the proceeds from the sale
of said bonds have been covered as
herein prescribed, not in excess of the
principal of and interest on the said
bonds then due and payable and, in the
event of such moneys so returned OF
said dates of maturity being less thar
the said principal and interest ther
due and payable, then the balance re
naming unpaid shall be returned into
the general fund in the state treasury
out of said specific fund as soon there
after as it shall become available, to
gether with interest thereon, from sucl
dates of maturity until so returned, al
the rate of five per cent per annum
compounded semiannually.
Both principal and interest of said
bonds shall be paid when due upor
warrants duly drawn against said ap
preparation from the general fund by
the controller of the state in favor OF
the state treasurer or in favor of any
duly authorized agent of the state trea
/, surer, upon demands audited by the
state board of control, and the moneys
TO be returned into the general fun6
in the state treasury pursuant to the
provisions of this section shall like
wise be paid as herein provided upon
warrants duly drawn by the controller
of the state upon demands duly audit.
ed by the state board of control.
See. 6. The sum of fifteen thousand
dollars is hereby appropriated out OF
any money in the state treasury not
otherwise appropriated to pay the ex
nanses tbot NAV he Incurred by the