Imperial Valley press., 1922-09-07

IOliOWluR D0Hu att W III w So
mitted to the people Of the State OF
California for their ratification at
the next general election, to be
holden on the seventh day OF
November, A. D. 1922.
Frank c. Jordan, Secretary of State.
Chapter 73S, Statutes Of 1921
An act to authorize the creation of
a debt or debts, liability or liabilities,
through the issuance and sale of state
bonds. for the single object of creating
q fund to carry out the provisions OF
the land settlement act, approved June
/, 1917, and of any and all acts amend
atory therof or supplemental thereto; );
to provide ways and means, exclusive
of loans, for the payment of the inter
est of such debt or debts, liability or
liabilities, as such interest falls due,
and also for the payment and discharge
of the principal of such debt or debts,
liability or liabilities, as such
principal natures; to create a
state land settlement finance com
,nittee the members of which
are to serve without compensation; to
define the powers and duties of said
state land settlement finance committee
and of other state officers in relation to
this act; to appropriate money fo' the
expense Of preparing and OF overus-
ing the sale of the bonds herein author
lied 10 BE issued; and to provide for
the submission of this act to vote of
the people at the general election to be
holden in the month of November,
1929.
(Approyed June 3, 1927
The people of the State of California
do enact as follows:
Section /. For the purpose of ere
ating a fund to carry out the provis-
ions Of the land settlement act, ap-
proved June i, 1917, and of any and
all acts amendatory thereof or supple
mental thereto, the object of which acts
is to provide employment and rural
homes for soldiers, sailors, marines and
others who have served with the armed
forces Of the United States in the
European war or other wars of the
United States, including former Amer
ican citizens who served in allied
armies against the central powers and
have been repatriated, and who have
been honorably discharged. to promote
closer agricultural settlement, to assist
deserving and qualified persons to
acquire small improved farms, to dem
cnstrate the value of adequate capital
and organized direction in subdividing
and preparing agricultural land for
settlement, and to provide homes for
farm laborers, the state land settlement
finance committee created by this act,
to wit, in section ten hereof, shall be
and it hereby is authorized and empow-
cred to create debt or debts, liability
or liabilities, of the State of California,
in the manner and to the extent here
matter provided, but not otherwise,
nor in excess thereof.
Sec. 2. After the issuance of the
proclamation of the governor provided
for in section sixteen of this act, and
Immediately after adoption of any res
olution by the state land settlement
finance committee hereby created, pro-
vided for in section eleven in this act,
the state treasurer shall prepare the
requisite number Of suitable bonds of
the denomination Of one thousand dol
lars in accordance With the specified
tions contained in such resolution. The
aggregate par value of ali bonds issued
under this act shall not exceed the
sum Of three million dollars, and the
bonds issued under any such resolution
shall bear interest from the date of is
suance Of said bonds to the date of
maturity thereof, at rate to be deter
mined by the said state land settlement
finance committee and specified in
such resolution, but in no case exceed
ing six per cent per annum. Both prin-
cipal and interest shall be payable in
gold coin Of the United States, of the
present standard Of value, at the office
Of the state treasurer, or at the office
of any duly authorized agent of the
state treasurer, and shall be so payable
at the times specified in said resolu-
tion or resolutions.
All bonds issued under this act shall
bear the signature Of the governor and
the facsimile countersignature Of the
controller and shall be endorsed by
the state treasurer either by original
signature or by signature stamp adopt
ed for each particular bond issue under
this act, and the said bonds shall be
signed, countersigned and endorsed by
the Officers who shall be in office on
the date of issuance thereof, and each
Of said bonds shall bear an impress of
the great seal Of the State of Califor
mia. The said bonds SO signed, counter
signed, endorsed and sealed, when sold
shall be and constitute valid and
binding obligation upon the State of
California, although the sale thereof be
made at a date or dates upon which
the officers having signed, counter
signed and endorsed said bonds, or any
or either of said Officers, shall have
ceased to be the incumbents of the
offices held by them at the time of
signing, countersigning, or endorsing
said bonds Each bond issued under
this act shall contain a clause or clauses
stating that interest shall cease to ac-
crue thereon from and after the date
of maturity thereof, and referring 10
this act and to the resolution of the
state land settlement finance board
hereunder by virtue of which said bond
is issued.
Sec. 3. The requisite number of suit
able interest coupons, appropriately
numbered, shall be attached to each
bond issued under this act. Said in
terest coupons shall bear the fac-simile