Decorah public opinion. (Decorah, Winneshiek County [Iowa]) 1895-1928, 1922-08-23
SOLDIERS BONUS LAW

AN ACT authorizing the state OF
Iowa TO become indebted In the
amount of twenty-five million dol
lars, and providing for the issue
and sale of bonds of said state
in evidence thereof, to procure
funds for and pay bonus to per-
sons who served in the military
or naval service of the United
States at any time between the
sixth day of April, nineteen hun
dred seventeen, and the eleventh
day of November, nineteen nun
bred eighteen, or their successors
in interest, providing for a board
to administer such payments, pro-
viding for an additional bonus Tor
persons under disability, providing
for the imposition, levy and collec-
ton of a direct annual tax sufficient
to pay the principal and interest
on said bonds, providing penalties
for the violation of the provisions
of this act, providing for appllca-
ton of any surplus to the retire
ment of the Indebtedness herein
created, and -proXiding for sub
mission ii this act to the people 10
be voted upon at the general cleo
ton to be held in the year nine
teen hundred twenty-five.
Be it enacted by the General Assem-
bly, of the State of Iowa:
Section /. The state of Iowa is
hereby authorized to become indebt-
ed in the amount of twenty-five MIL
lion dollars, (S22, 000,0 100000 and in
evidence thereof there shall be issued
and sold negotiable coupon bonds OF
said state, as hereinafter provided,
and the proceeds thereof shall be
paid into the treasury of the state
to be expended for the payment Of
a bonus to the persons defined IN
section four ca of this act or for
the benefit of such persons, as pre-
scribed by section eight (S) of this
act, and for expenses incurred IN
carrying out the provisions OF this
act. H---'r' --.~
Section 2. The treasurer of the
state is hereby directed to cause to
be prepared negotiable coupon bonds
of this state in the amount OF
twenty-five million dollars, (S22.OO0,-
O00.00) such bonds to bear interest
at the rate of not to exceed i've
per cent per annum, which interest
shall be paid semiannually. Such
bonds shall be issued so that said
shall be payable in
twenty equal annual installments. the
last of which shall be within twenty
years from date of issue. Said
bonds shall be signed by the COVER
nor, under the great seal of said
state, attested by the secretary OF
state and countersigned by the
treasurer of state, and the full faith,
credit and resources of the state OF
Iowa shall be pledged for the pay
ment thereof. The interest coupons
attached to said bonds shall bear the
Autographed facsimile signatures Of
said officials. The treasurer Of state
shall sell said bonds to obtain funds
to carry out the provisions of this
act, and to make the payments here
matter provided. Such bends shall
be sold at not less than the par
value thereof and accrued interest
thereon % the highest and most
ItSpOUSlDlc DltuCl dllSi s'uNSi ti'i'iS
for a period of twenty consecutive
days, Sundays excepted, in at least
two daily newspapers printed in the
city of Des Moines. Advertisements
of sale shall recite that the trea-
surer of state, in his discretion. may
reject any or all bids received and,
in such event, he shall readvertise
for bids in the form and manner
above described as many times as
in his judgment may be necessary
to effect a satisfactory sale.
Section 3. The proceeds of such
bonds so paid into the treasury of
state shall constitute a bonus fund
and shall be distributed to the per
sons entitled thereto, as hereinafter
prescribed. Said twenty-five million
dollars (S22,OOO,OOO) is hereby APP
propriated out of said bonus fund for
the purpose Of carrying out the
provisions of this act.