Imperial Valley press., 1922-11-02

| eel all bonds bearing said dates o
maturity and remaining unsold, by per
foration with a suitable device in ;
manner to indicate such cancellation
and the date thereof. The provisions o.
this section shall be applicable also u
the interest coupons pertaining TO th'
bonds authorized by this act to o'
issued, and shall be applicable, as fal
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 ana
tbe interest on the bonds issued and
sold pursuant to the provisions of TINS
act. as said principal and interest be-
comes due and payable.
There shall be collected annually III
the same manner and at the same time
as other state revenue is collected such
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 II
| 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 addl-
tional sum.
On the several dates Of maturity Of
said principal and interest in each lis
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 prln-
cipal of and interest on the bonds, theh
due and payable and, in the event OF
such moneys so returned on said dates
of maturity being less than the sad
principal and interest then due and
paydble, 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
urv 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.
Sec. g. 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 i'll accord
ance with the provisions of this act on
controller s warrant duly drawn for
that purpose.
Sec. Z. When the bonds authorized
to be issued under this act shall be
duly executed, they shall be by the
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
a resolution requesting such sale SHAH
have been adopted by the state land
settlement board and approved by the
governor of the state; but said treas
urer nsust reject any and all bids for
said bonds, or for any of them, which
shall be below the par value of said
bonds so offered plus the interest which
1
of sale and the last preceding interest
maturity date; and with the approval or
the governor, he may from time TO
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 sand
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
iished in the city of Oakland
and by publication in one news
paper published in the city of
Los Angeles and by publication in
one newspaper published in the
city of Sacramento once week during
four weeks prior to such sale. In addi-
tion 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
as may have been paid as accrued in
tercst 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
diers, sailors, marines and Others who
have served with the armed forces OF
the United States in the European wal
or other wars of the United States, in
j cluding former American citizens who
served in allied armies against the cen
trail powers and have been repatriated