Imperial Valley press., 1922-09-07

maturity and remaining unsold, by per-
foration with a suitable device in
manner to indicate such cancellation
and the date thereof The provisions OF
this section shall be applicable also 10
the interest coupons pertaining to the
bonds authorized by this act to be
issued, and shall be applicable, as 1ar
as practicable, to, any duly authorized
agent of the state treasurer. !,
Sec. 5. There is hereby appropriated
from the general fund in the state
treasury such sum annually as will be
necessary to paw the principal OF and
the interest on the bonds issued ano
sold pursuant to the provisions OF this
act. as said principal and interest oe-
comes due and payable. :.
There shall be collected annuaiiy III
the same manner and at the same time
as other state revenue is collected suen
n sum. in addition to the ordinary rev
enues of the state, as shall be required
tn nav the principal and interest on
said bonds as herein provided, and IL
;s hereby made the duty of all Officers
charged by law with any duty in regard
to the collection of said revenue, to DO
ami perform each and every act when
shall be necessary to collect such addi-
tional sum.
On the several dates of maturity OF
said principal and interest in each IFS
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 iahu SCI
Element board not in excess or the prih-
cipal of and interest on the pohds, .hei.
due and payable and, IN the event oi
such moneys so returned on sald dates
of maturity being less than the saiu
principal and interest then due anu
nayable. 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,
tooether with interest thereon, from
sucb dates of maturity until 50 return
cd at the rate of five per cent per
annum. compounded semiannually.
Both principal and interest of salu
bonds shall be paid when due upon
warrants duly drawn by the ca0troiier
of the state in favor of the state treas
urer or in favor of any duly authorized
agent of the state treasurer, upon de-
mauds audited by the state board OF
controI. and the moneys to be returned
into the general fund in the state treas
urv pursuant to the provisions OF this
section shall likewise be paid as here
in provided upon warrants duly drawn
bv the controller of the state upon de-
mands duly audited by the state board
of control.
See. 6. The sum Of ten thousand
dollars is hereby appropriated out OF
anv 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
prepared and advertising thsar sale.
Said amount shall be refunded to the
general fund of the state treasury out
of the land settlement fund III accord
anee with the provisions Of this act on
controllers warrant duly drawn for
that purpose.
See. z. When the bonds authorized
to be issued under this act shall DE
duly executed, they shall be by the
state treasurer sold at public auction to
the highest bidder for cash, IN such
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 shall
have been adopted by the state land
settlement board and approved by the
governor of the state; but said treas
nrer lsust seject any and all bids for
said bonds, or for any of them, when
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 interest
maturity date; and with the approval OF
the governor, he may from time to
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 which
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
iished in the city of Oakland
and by publication in one news
paper published in the city OF
Los Angeles and by publication in
one newspaper published in the
city of Sacramento once week during
four weeks prior to such sale. In addi-
ton to the notice last above provided
for, the state treasurer may give such
further notice as he may deem advis-
able, but the expense and cost of such
additional notice shall not exceed the
sum of five hundred dollars for each
sale so advertised. The proceeds of the
sale of such bonds and such amount
as may have been paid as accrued in
terest thereon shall be forthwith paid
over by said treasurer into the land
settlement fund in the state treasury
and must be used exclusively to provide
employment and rural homes for sol
diers, 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, in
cluding former American citizens who
served in allied armies against the cen
tral powers and have been repatriated,
and who have been honorably discharg-
ed, to promote closer agricultural set.