Imperial Valley press., 1922-08-10


per annum. Both principal 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 resolution or resolu.
tions.
All bonds issued under this act shall
bear the signature of the governor and
the facsimile eontersignature of the
controller and shall be endorsed by the
state treasurer either by original sig
nature or by signature stamp adopted
for each particular bond issued 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 California.
The said bonds so signed, countersign-
ed, endorsed and sealed, when sold,
shall be and constitute valid and bind
ing obligation upon the State of Cali
fornia, although the sale thereof be
made at date or dates upon which the
officers having signed, countersigned
and endorsed said bonds, or any or
either of said officers, shall have ceas-
ed 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 accrue thereon
| from and after the date of maturity
therof, and referring to this act and
| to the resolution of the veterans wei
fare finance committee hereunder by
virtue of which said bond is issued.
Sec. 3. The requisite number of
suitable interest coupons, appropriate
| ly numbered, shall be attached to each
| bond issued under this act. Said inter
! est coupons shall bear the facsimile
( signature of the state treasurer who
shall be in office on the date of is
suance of the bond to which said cou-
| pons pertain.
| See t. All bonds issued under this
act and sold shall be deemed to have
been called in at their respective dates
| of maturity and the state treasurer
| shall, on the respective dates of matur-
| ity of said bonds, or as soon there
after as said matured bonds are sur
| rendered to him, pay the same out of
| the proceeds of the controller s war
| rants drawn in his favor as provided
in section five hereof and perforatc
| the bonds so paid with suitable de
| vice in manner to indicate such pay
ment and the date thereof. He shall
| also, on the said respective dates of
| maturity, cancel all bonds bearing said
! dates of maturity and remaining un
| sold, by perforation with a suitable de-
vice I'm manner to indicate such can
| collation. and the date thereof. The pro
visions of this section shall be apple
| able also to the interest coupons per
tanning to the bonds authorized by this
| act to be issued and shall be applic
| able, as far as practicable, to any duly
| authorized agent of the state treasurer
See. ). 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
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 III
the same manner and ut 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 rs herein provided, and it is
hereby made the duty of all officers
charged by law with any duty in re-
| gard to the collection of said revenue
to do and perform each and every act
| which shall be necessary to collect
such additional sum.
On the several dates Of maturity of
said principal and interest in each fis
| cal year, there shall be returned into
the general fund in the state treasury
all of the moneys in the specific fund
into which the proceeds from the sale
| of said bonds have been covered as
herein prescribed, not in excess of the
| principal of and interest on the sat,l
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 re-
manning unpaid, shall be returned into
| the general fund in the state treasury
out of said specific fund as soon there
after as it shall become available, to-
gether with interest thereon, from such
dates of maturity until so returned, 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 against said ap-
preparation from the general fund by
the controller of the state in favor of
the state treasurer or in favor of any
| duly authorized agent of the state trea-
I surer, upon demands audited by the
state board of control, and the moneys
10 be returned into the general fund
in the state treasury pursuant to the
provisions of this section shall like
wise be paid as herein provided upon
warrants duly drawn by the controller
of the state upon demands duly audit
ed by the state board of control.
See. 8. The sum of fifteen 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