Imperial Valley press., 1922-08-03

, this section shall be applicable also t
the interest coupons pertaining to tn
bonds authorized by this act to b
i issued, and shall be applicable, as ia
as practicable, to any duly authorizes
agent of the state treasurer.
Sec. 5. There is hereby appropriate,
from the general fund in the stat
treasury such sum annually as will b.
necessary to pay the principal of an'
the interest on the bonds issued ant
sold pursuant to the provisions of thr
act, as said principal and interest be
\ comes due and payable.
There shall be collected annually il
| the same manner and at the same tim'
as other state revenue is collected suct
| a sum, in addition to the ordinary rev
| enues of the state, as shall be required
| to nav the principal and interest OF
said bonds as herein provided, and IL
| is hereby made the duty of all Officers
! charged bv law with any duty in regard
| TO the collection of said revenue, to dc
and perform each and every act which
! shall be necessary to collect such addi
| tional sum.
On fhe several dates of maturity OF
said principal and interest in each fis
cal wear. 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 semiannuallv.
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-
I 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 on
controller 5 warrant duly drawn fol
that purpose.
| Sec Z. When the bonds authorized
to be issued under this act shall b,
| duly executed, they shall be by th'
state treasurer sold at public auction tC
the highest bidder for cash, in sucl
parcels and numbers as the said treas
| urer shall be directed by the governor
of the state, under seal thereof, after
resolution requesting such sale shall
have been adopted by the state land
settlement board and approved by tn,
governor of the state; but said treas
| urer must reject any and all bids fol
said bonds, or for any of them, which
shall be below the par value of sait
bonds so offered plus the interest whicl
has accrued thereon between the dat,
| of sale and the last preceding Interest
| maturity date; and with the approval o.
the governor, he may from time II
time, by public announcement at tn,
place and time fixed for the sale. con
| tinue such sale, as to the whole of th'
bonds offered, or any part thereof off
cred, to such time and place as he may
! select Before offering any Of sale
bonds for sale the said treasurer shal
detach therefrom all coupons whicl
have matured or will mature before th'
| day fixed for such sale.
| See. 8. Due notice of the time an,
place of sale Of all bonds must be givei
| by said treasurer by publication in on,
newspaper published in the city an,
| county of San Francisco and also b,
| publication in one newspaper pull
lished in the city of Oakland
and by publiea ion in one news
| paper published in the city o
Los Angeles and by publication il
one newspaper published i'll th
city of Sacramento once a week durini
four weeks prior to such sale. In addi
| tion to the notice last above provide
for, the state treasurer may give sue
further notice as he may deem advis
able, but the expense and cost of sue
additional notice shall not exceed tn
sum Of five hundred dollars for eac
sale so advertised. The proceeds of tn
| sale of such bonds and such amour
as may have been paid as accrued il
terest thereon shall be forthwith pal
over by said treasurer into the Ian
, settlement fund in the state treasur
and must be used exclusively to provid
: employment and rural homes for so
1iers, sailors, marines and others VIII
have served with the armed forces {
the United States in the European Wa
or other wars of the United States, il
| cluding former American citizens WI
? served in allied armies against the cel
/ trail powers and have been repatriate
} | and who have been honorably discharj
| I'd, TO promote closer agricultural SO
| tlement, TO assist deserving and quail
3 fled persons 10 acquire small improve
i farms, TO demonstrate the value of a.
+. equate capital and organized direetit
q in gnhdividiup and ureparinc gpricI