Imperial Valley press., 1922-09-21

indebtedness heretofore by it incurred
in accordance with law and rcmainin;
unpaid, including the interest accrued
thereon, unless the rate Of interest ap
plying to such indebtedness is less thai
the rate Of interest applying to th'
said bonds; and provided, further, tha
the proceeds from the sale OF salt
bonds may be used to pay the debt ere
ated by the issuance and sale thereon
Sec. 9. The state land settlement
board shall be and hereby is author
lied, with the approval Of the STATE
, board of control, to invest any surplus
moneys in any of the funds subject tt
or appropriated for its use in bonds OF
| the United States, or of the State OF
| California, or Of the several counties
or municipalities or other political sub.
divisions Of the State of California, anu
to sell such bonds or any of them, at
| the governing market rates, upon .ap'
proval of the state board of control.
| Sec. 10. There is hereby created a
| state land settlement finance commit
tee composed of the governor, state
controller, state treasurer, chairman or
the state board of control, and chair
man of the state land settlement board,
all of whom shall serve there on with
out compensation and a majority of
whom shall be empowered to act for
said committee. The attorney general
of the state shall be the legal advisor
of the state land settlement finance
committee.
Upon request of the state land set
tlement board, supported by stat3-
ment of the plans and projects of tic
state land settlement board with re-
spect thereto, the state land settlement
finance committee shall determine
whether or not a bond issue under tE's
act is necessary or desirable to carr
such plans and projects into execution
See II. Whenever the said state
land settlement finance committee SHAH
have determined that a 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 treasurer
to prepare the requisite number OF
suitable bonds and shall specify:
]. The aggregate number, aggregate
mar value, and the date Of issuance of
the bonds to be issued.
.. 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
maturity of the interest coupons to be
attached to the said bonds
8 The technical form and language
of the bonds to be issued and of the
1nterest coupons to be attached there
to.
Tn determining the date or dates OF
maturity of the said bonds and the
amount of bonds maturing at each date
of maturity, the state land settlement
finance committee shall be guided by
the amounts and dates Of maturity of
the revenues estimated to accrue to the
state land settlement board from the
proiecA or projects to be financed by
eacb issue, and shall fix and determine
said dates and amounts in such manner
that, together with the dates and
amounts of interest payments on the
said bond issue. they shall coincide, as
nearly as practicable, and be commen-
snrate, as nearly as practicable, with
the dates and amounts of such estimat-
ed revenues; provided, that the bonds
first to mature in each issue, shall ma
ture not later than five years from the
date of issuance thereof; provided, fur
ther, that specified numbers of bonds
of specified numerical sequence shall
thereafter mature at annual intervals;
and provided, further, that the bonds
last to mature in each issue shall ma
ture not later than fortyfive years
from the date of issuance thereof.
The rate of interest to be borne by
the said bonds shall be uniform for all
the bonds of the same issue and, shall
be determined and fixed by the state
land settlement finance committee ac-
cording to the then prevailing market
conditions, but shall in no case exceed
six per cent per annum, and the deter
mination of said committee as to the
rate of interest shall be conclusive as
to the then prevailing market condi-
tions. The interest coupons to be at
tached to the said bonds shall be pay
able at semiannual intervals from the
date of issuance of said bonds; provid-
eu, UUaU UHc lHUcTtSb COuDOu lhop pay
able may, if the state land settlement
finance committee shall so determine
and specify, be payable one year after
the date of issuance of said bonds.
Sec. IL. All actual and necessary ex-
penses of the state land settlement fin
ance committee and of the members
thereof shall be paid out of the land
settlement fund, upon approval of the
state board of control and on con-
trolcr's warrant duly drawn for that
purpose, and shall constitute expenses
of the state land settlement board.
See. IS. The state controller, the
state treasurer, and the state land set
tlement finance committee shall keep
full and particular account and record
of all their proceedings under this act,
and they shall transmit to the governor
an abstract of all such proceedings
Hereunder, with an annual report, to
be by the governor laid before the leg
islature biennially; and all books and
papers pertaining to the matter provid-
ed for in this act shall at all times be
open to the inspection of any party in
| terested, or the governor, or the attor-
ney- general, or committee of either
| branch Of the lepiSlature or a jOint