Imperial Valley press., 1922-09-14


surate, 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 wears from the
date of issuance thereof; provided.
further, that specified numbers of
bonds of specified numerical sequence
shall thereafter mature at annual in.
tervals and provided, further, that the
bonds last to mature in each issue shall
mature 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 vet.
erhns' welfare finance committee ac-
cording to the then prevailing market
conditions, but shall in no case exceed
six per cent per annum, and the de-
termination 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-
ed, that the interest coupon first paw
able may, if the veterans welfare fl
nance committee shall so determine and
specify, be payable one year after the
date. of issuance of said bonds
See. IL. All actual and necessary
expenses of the veterans welfare fl
nance committee and of the members
thereof shall be paid out of the fund
into which the proceeds from the sale
of said bonds shall be covered upon an.
proval of the state board of control
and on controllers warrant duly drawn
for that purpose, and shall constitute
| expenses of the veterans welfare
board.
See. 13. The state controller. the
s<ate treasurer. and the veterans wei
fare finance committee shall keep full
and particular account and record of
! all their proceedings under this act
and they, shall transmit to the COVER.
nor an abstract of all such proceedings
Hereunder, with an annual report, to
be by the governor laid before the lcgis-
laturo biennially; and all books and pa
DerS pertaining to the matter provided
for in this act shall at all times he
open to the inspection of any party in
terested, or the governor. or the attor- ,
ney general. or a committee of either
Branch of the legislature, or a joint
committee of both, or any citizen of
the state.
Sec. IL. This net, If adopted by the
people, shall take effect on the fiji
teenth dav Of November. 1929, as TO
all its provisions except those relating
to and necessary for its submission TO
! the people. and for returning, canvass
ing, and proclaiming the votes. and a.
TO said excepted provisions this act
shall take effect Immediately.
Sec. -. This act shall be submitted
to the people Of the State of California
for their ratification at the next gen
eral election. 10 he held in the month
of November, 1929. and all ballots Mt
said election shall have printed there
on and IN n square thereof, the words:
/ ''F For the veterans welfare bond act
Of 1921, - and in the same SQUARE under
| 'lid words the following i'm bravier
tvpc: ''This act provides for houd
issue of ten million dollars TO be used
" the veterans welfare board in ~.
sisting California war veterans to ac-
ouire farms or homes.' Tn the square
Immediately below the square contain
iitS SUM NbliN, llfIt SHdll Dt llTlHltl
on said ballot the words: "Against the
veterans welfare bond act OF 1927"
and in the same square Immediately be-
low said words "Against the veterans
welfare bond act of 1927 in BREWER
tyne shall be printed "This act pro-
vides for n bond issue of ten million
dollars to he used bv the veterans wei
fare board in assisting California war
veterans to acquire farms or homes"
Opposite the words "For the veter-
ans welfare bond act of 1927 and
"Against the veterans welfare bond
; act of 1921. - there shall be left spaces
in which the voters NAV place n cross
in the manner required bv law TO indi-
cate whether they vote for or against
said act, and those voting for said act
shall do so bv placing n cross opposite
the words "For the veterans welfare
bond act of 1922 and those voting
against the said act shall do so bv
placing n cross opposite the words
I"Against the veterans welfare bond
act of 1921 The governor of this
state shall include the submission of
this net to the people, as aforesaid, in
his proclamation calling for said gen
eral election.
Sec. l6. The votes cast for or
against this act shall be counted re-
turned and canvassed and declared in
the same manner and subject TO the
same rules as votes east for state Of.
ficers; and if IL appear that said act
shall have received majority of all
the votes cast for and against it mt said
election as aforesaid, then the same
shall have effect as hereinbefore pro-
vided, and shall be irrepealable until
the principal and interest of the lia-
bilities herein created shall be paid and
discharged and the governor shall
make proclamation thereof but If
majority of the votes cast as aforesaid
are against this act then the same
shall be and become void.
Sec. II. 1t shall be the duty Of the
secretary of state in accordance with
law to have this act published in at
least one newspaper in each county, or
city and county, if one be published
| therein tbrouohout thiq state for