Imperial Valley press., 1922-08-10


and the last preceding interest maturity
date; and with the approval of the
governor, he may from time to time,
by public announcement at 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
lect. Before offering any of said bonds
for sale the said treasurer shall detach
therefrom all coupons which have ma
tured or will mature before the day
fixed for such sale. =.
Sec s. Due notice of he..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 SAM 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 as 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
.a{ yata form
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-
cies 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
act, or either of them, and of any and
all acts amendatory or 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 the proceeds of
the sale of the bonds all money which
has been heretofore or may be here
after approl rated ari advanced out of
the general fltd in the state treasdrs
for the use of tte 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-
manning 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 pay the
debt created by the issuance and sale
thereof.
See. 8. The veterans welfare board
shall be 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 it's use in bonds of the Unit
ed States, or of the State of California
or of the several counties or muniei-
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.
See. 10. There is hereby created a
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
compensation and a 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 vel
fare board, supported by a 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 q bond issue
under this act is necessary or desirable
to carry such plans and projects into
execution, it shall adopt resolution to
this effect. The said resolution shall
authorize and direct the state treasur-
err 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.
4. The number, numerical sequence,
amount or amounts, and the dates of