Imperial Valley press., 1922-08-17

maturity and remaining unSold, by per
foration with suitable device in
manner to Indicate such 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, as far,
as practicable to any duly authorized
agent of the state treasurer.
Sec S. 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 in
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
ito pay the principal and interest on
said bonds as herein provided, and it
| is hereby made the duty of all officers
charged by law with any duty in regard
| to the collection Of said revenue, to do
and 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
| tlement 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 said
| principal and interest then due and
| payable, then the balance remaining
unpaid shall be returned into the gen
| eral 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 semiannually.
| 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
ury 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 board
of control.
See. 6. The sum of ten thousand
dollars is hereby appropriated out OF
any money in the state treasury not
otherwise appropriated to pay the ex-
penses that may be incurred by the
state treasurer in having said bonds
prepared and advertising their sale
Said amount shall be refunded to the
general fund of the state treasury out
of the land settlement fund in accord
ance with the provisions of this act OF
controller s warrant duly drawn fol
that purpose.
See. Z. When the bonds authorized
to be issued under this act shall bC
duly executed, they shall be by tht
state treasurer sold at public auction to
the highest bidder for cash, in such
parcels and numbers as the said treas
urer shall be directed by the governor
of the state, under seal thereof, after
y resolution requesting such sale shall
have been adopted by the state land
settlement board and approved by the
governor of the stste; but said treas
urer must reject any and all bids foI
said bonds, or for any of them, which
shall be below the par value of said
bonds so offered plus the interest which
has accrued thereon between the date
of sale and the last preceding interest
maturity date; and with the approval OF
the governor, he may from time tc
time, by public announcement at the
place and time fixed for the sale. con,
tinue such sale, as to the whole of the
tonds offered, or any part thereof off
cred, to such time and place as he may
select. Before offering any of said
bonds for sale the said treasurer shall
detach therefrom all coupons which
have matured or will mature before the
day fixed for such sale.
| See. s. 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 pub
ished in the city of Oakland
and by publication in one news.
paper published in the city OF
Los Angeles aud by publication in
one newspaper published in the
city of Sacramento once week during
four weeks prior to such sale. In addi.
ton to the notice last above provided
for, the state treasurer may give such
Further notice as he may deem advis-
able, 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 accrued in
terest thereon shall be forthwith paid
over by said treasurer into the land
settlement fund in the state treasury
and must be used exclusively to provide
employment and rural homes for sol
liers, sailors, marines and others who
have served with the armed forces of
the United States in the European war
or other wars of the United States, in
cluding former American citizens who
served in allied armies against the cen
trail powers and have been repatriated,
and who have been honorably discharg-
ed, to promote closer agricultural set