Imperial Valley press., 1922-08-10
Thursday, August 10, 1922

o"i"t'y to hS'tIiN dS WltH
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
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 forty.five years
from the date of issuance thereof.
The rate of interest to be borne bv
the said bonds shall be uniform for all
the bonds of the same issue and shall
be determined and fixed by the vet
erans' welfare finance committee ac-
cording to the then prevailing market
conditions, but shall in no ease 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 pay
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.
Sec. 12. 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 ap-
proval of the state board of control
and on controller s warrant duly drawn
for that purpose, and shall constitute
expenses of the veterans welfare
board.
Sec. 13. The state controller, the
state 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 legis-
lature biennially; and all books and pa
pers pertaining to the matter provided
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 legislature, or joint
committee of both, or any citizen of
the state.
See. II. This act if adopted by the
people, shall take effect on the fif-
teenth day OF. November, 1929, as to
all its provisions except those relating
to and necessary for its submission TO
the people, and for returning, canvass
iper o1a,,
to said excepted provisions this act
shall take effect Immediately.
See. i. This act shall be submitted
to the people of the State of California
for their ratification at the next gen
eral election. to be 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:
- For the veterans welfare bond act
of 1921, and in the same square under
said words the following in BREWER
! type: 'This act provides for hon.l
issue of ten million dollars to be used
5v the veterans welfare board in as
| sisting California war veterans to ac-
quire farms or homes.'' In the square
| Immediately below the square contain
ing such words, there shall be printed
on said ballot the words: Against the
veterans welfare bond act of 1921
| and in the same square immediately be-
low said words "Against the veterans
welfare bond act of 1927 in BREWER
type shall be printed "This act pro-
vides for bond issue of ten million
dollars to be used by the veterans well
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, y. there shall be left spaces
in which the voters may place n cross
in the manner required by law to indi-
cate whether they vote for or against
said act, and those voting for said act
shall do so by placing a cross opposite
! the words "For the veterans welfare
bond act Of 1921" and those voting
against the said act shall do so by
placing cross opposite the words
"Against the veterans welfare bond
act of 1921" The governor of this
state shall include the submission of
this act to the people, as aforesaid, in
his proclamation calling for said gen
eral election.
Sec. IS. The votes east 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 it appear that said act
shall have received a majority of all
the votes east for and against it at 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 liza
bilities herein created shall be paid and
discharged, and the governor shall
make proclamation thereof; but if
majority of the votes east as aforesaid
are against this act then the same
shall be and become void
Sec. II. II 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, throughout this state, for
three months next preceding the gen.
aral o1o.f;on IN ha bo11ap in thu month