Imperial Valley press., 1922-08-31
PAGE THREE

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 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 shah
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
Grams 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 MS
to the then prevailing market condi-
| tions. The interest coupons to be at
tached to the said bolrds shall be paw
| able at semiannual intervals from the
| date of issuance of said bonds; provid
| ed, that the interest coupon first, paw
1 y
nance committee shall so determine and
| specify, be payable one year after the
date of issuance of said bonds.
Sec. -. 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 aH-
, e L. o -
and ON controller s warrant duly drawn
/, for that purpose, and shall constitute
expenses of the veterans welfare
board.
:, See. 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,
r 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
l per5 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-
l ney general. or committee of either
/ branch of the legislature, or a joint
committee of both, or any citizen of
e the state.
See. Il. This act, if adopted by the
I people, shall take effect on the fif-
teenth day of November, 1922, as to
: all its provisions except those relating
I to and necessary for its submission to
: the people, and for returning, canvass
: ing and proclaiming the votes, and az
j to said excepted provisions this act
:, shall take effect Immediately.
d Sec 10. This act shall be submitted
y to the people of the State of California
Il for their ratification at the next gen
: eral election, to be held in the month
, of November, 1929, and all ballots at
st said election shall have printed there
Il on and in square thereof, the words:
s. "For the veterans welfare bond act
P Of 1921, - and in the same square under
d, said words the following in BREWER
e type: "This act provides for . bond
e issue of ten million dollars to be used
e 5y the veterans welfare board in as
sisting California war veterans to ac-
d quire farms or homes.'' In the square
h Immediately below the square contain
l. ing such words, there shall be printed
n on said ballot the words: "Against the
y veterans welfare bond act of 1921, -
J. and in the same square Immediately be-
/, low said words "Against the veterans
l. welfare bond act of 1927 in BREWER
IS type shall be printed "This act pro-
II vides for q bond issue of ten million
e dollars to be used by the veterans well
u fare board in assisting California war
veterans to acquire farms or homes -
a Opposite the words "For the veter-
G ans welfare bond act of 1927 and
l. "Against the veterans welfare bond
f act of 1921, - there shall be left spaces
r in which the voters may place a cross
II in the manner required by law to indi-
It cate whether they vote for or against
n said act, and those voting for said act
l. shall do so by placing a cross opposite
e the words "For the veterans welfare
e bond act of 1927 and those voting
against the said act shall do so hv
l. placing a cross opposite the words
t against the veterans welfare bond
: act Of 1921" The governor of this
: state shall include the submission of
G this act to the people, as aforesaid, in
d his proclamation calling for said gem
@ eral election.
e See. 16. The votes cast for or
Y turned and canvassed and declared in
|. the same manner and subject to the
: same rules as votes east for state of
! fieers; and if it appear that said act
Q shall have received n majority of all
g the votes cast for and against it at said
B election as aforesaid then the same
/ shall have effect as hereinbefore pro-
/ vided, and shall be irrepealable until
I the principal and interest of the lia-
{ bilities herein created shall be paid and
discharged, and the governor shall
e make proclamation thereof; but if a
{ majority of the votes cast as aforesaid
are against this act then the same
{ shall be and become void.
| See. 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, throughout this state, for