Imperial Valley press., 1922-09-21


state land settlement finance com
mittee the members OF Which
are to serve without compensation; tt
define the powers and duties of salt
state land settlement finance committee
and OF other state officers III relation II
tins act; to appropriate money Tor tht
expense of preparing and OF ~vertis
ing the sale OF the bonds herein author
ized 30 be issued; and to provide foi
the submission OF this act 10 vote OF
the people ut the general election to be
holden IN the month OF November
ID22.
(Approved June 3, 1o2l.)
The people of the State OF California
do enact as follows:
Section l. For the purpose of ere
ating II fund to carry out the provls-
ions of the land settlement act, ap-
proved June !, 1917, and of any and
ali acts amendatory thereof or supple
mental thereto, the object of which acts
IS to proYIde employment and rural
homes ror soldiers, sailors, marines ana
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
lean citizens who served in allied
armies against the central powers and
have been repatrlated, and who have
been honorabIy 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 subdividlnI
and preparing agricultural land for
settlement, and to provide homes for
farm laDorers, 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 u debt or debts, liapllity
or liabilities, of the State of California,
IN the manner ana TO the extsnt here
matter provided, but not otherwise,
nor IN excess thereof.
See. 2. After the issuance of the
proclamation of the governor provided
Ior in section sixteen of this act, and
immediately after adoption of any res
oluiion by the state land settlement
finance committee hereby created, pro
vided for in section eleven III this act,
the state treasurer shah prepare the
requisite number of suitable bonds of
the denomination of one thousand dol
lars in accordance with the specifica-
tions contained in sucn resolution. The
aggregate par value of all 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 sand state land settlement
finance committee and specified III
such resolution, but in no case exceed
ing six per cent per annum. Both prin-
cipal and interest shah be payable In
gold coin of the United States, of the
present standard of value, at the office
of the state treasurer, or ut the office
of any duly authorized agent of the
state treasurer, and shall be so payable
at the times specified in said resolu-
ton or resolutions.
All bonds issued under this act shah
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 sasd bonds shall be
signed, eountersigned 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 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 thu
offices held by them at the time OF
signing, countersigning, or endorsing
said bonds. Each bond issued unde
this act shall contain clause or clauses
stating that interest shall cease to ac
cruc thereon from and after the dat'
of maturity thereof and referring u
this act and to the resolution OF th
state land settlement finance boar'
hereunder by virtue of which said bon'
is issued.
See. 3. The requisite number of suit
able interest coupons, appropriated.
numbered shall be attached to eacI
bond issued under this act. Said IN
terest coupons shall bear the facsinii
signature of the state treasurer VIII
shall be in office on the date OF lssu
ance of the bond to which said coupon
pertain.
Sec. 4. All bonds issued under TIN
act and sold shall be deemed to hav
been called in at their respective date
of maturity and the state treasure
shall, on the respective dates of matuI
ity of said bonds, or as soon thereafte
as said matured bonds are surrendere
to him, pay the same out Of the PR
ceeds of the controllers warrant
drawn in his favor as provided III SCI
tion five hereof and perforate I'll
bonds so paid with suitable device
d manner to indicate such payment an
the date thereof. He shall also, on I'll
said respective dates Of maturity, ga