Imperial Valley press., 1922-08-10

| foratlon with a suitable device IN y
manner to indicate such cancellation
and the date thereof. The provisions of
this section shall be applicable also to
the interest coupons pertaining to the
bonds authorized by this act to be
| issued. and shall be applicable, as far
| as practicable, to any duly authorized
| agent of the state treasurer.
See. 5. There is hereby appropriated
from the general fund in the state
treasury such sum annually as will be
necessary to pay the principal of and
1 the interest on the bonds issued and
sold pursuant to the provisions of this
act, as said principal and interest be-
| comes due and payable.
| There shall be collected annually in
| the same manner and at the same time
as other state revenue is collected such
a 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 1t
| 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 addi-
| tional sum.
On the 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 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
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.
Sec. 6. The sum of ten thousand
dollars is hereby appropriated out of
\ h.. .t.tA ~
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 fol
that purpose.
Sec. Z. When the bonds authorized
\ to be issued under this act shall bt
| duly executed, they shall be by tn,
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
a resolution requesting such sale shal
have been adopted by the state land
settlement board and approved by the
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 said
bonds so offered plus the interest which
has accrued thereon between the date
of sale and the last preceding interes,
| maturity date; and with the approval OF
the governor, he may from time tC
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 said
bonds for sale the said treasurer shall
| detach therefrom all coupons whicl
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
| lished in the city of Oakland
| ana by publication i'll one news
| paper published in the city OF
Los Angeles and by publication il
one newspaper published in tn,
| city of Sacramento once a week during
| four weeks prior to such sale. In addi
1 tiOn TO the notice last above provided
FLOR, the state treasurer may give sucl
further notice as he may deem advis
able, but the expense and cost of suci
| additional notice shall not exceed tn,
sum of five hundred dollars for eacl
sale so advertised. The proceeds of tn.
sale of such bonds and such amount
as may have been paid as accrued in
terest thereon shall be forthwith pai,
over by said treasurer into the lan(
/ settlement fund in the state treasur,
and must be used exclusively to provid,
| employment and rural homes for sol
diers, sailors, marines and others VIII,
| have served with the armed forces OF
the United States in the European wal
l or other wars of the United States, in
l cluding former American citizens VIII,
| served IN allied armies against the cen
| trail powers and have been repatriated
and who have been honorably discharg
ed, to promote closer agricultural set
i Element m assist doaorvipn .nI o,n1;