Imperial Valley press., 1922-09-21

be below the par value OF sad bondS 81
| offered plus the interest which has ac
crued thereon between the date of sail
| and the last preceding interest maturit,
date; and with the approval of th'
| governor, he may from time to time
| by public announcement at the place
and time fixed for the sale, continue
| such sale, as to the whole of the bonds
offered, or any part thereof offered
| to such time and place as he may Sc
| lect. Before offering any of said bonds
| for sale the said treasurer shall detacl
| therefrom all coupons which have ma
tured or will mature before the day
fixed for such sale.
I See. 8. Due notice of the time and
place of sale of all bonds must be giver
by said treasurer by publication in one
newspaper published in the city and
county of San Francisco and also by
publication in one newspaper publish ed
| i'll the city of Oakland and by publ
cation in one newspaper published in
the city of Los Angeles and by publ
cation in one newspaper published in
the city of Sacramento once Il week dur
ing four weeks PRIOR to such sale. In
addition to the notice last above pro
vided for, the state treasurer may give
such further notice as he may deem
advisable, 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 ac
crued interest thereon shall be forth
with paid over by said treasurer int
the veterans welfare fund for land
settlement, or into the veterans farm
and home building fund, as the ease
may be, in accordance with the resolu-
ton of the veterans welfare finance
committee, provided for in section
eleven of this act by virtue of which
resolution the said bonds shall have
been issued, and must be used eXclu-
Sively to provide useful employment
and the opportunity to acquire farm
homes with profitable livelihood on the
land for veterans and to provide fol'
cooperation of the state with the agen-
aies of the United States engaged in
work of similar character, and to fur
nish to veterans the opportunity to pur-
chase farms, homes and home sites, in
accordance with the provisions of the
California veterans welfare act and of
the veterans farm and home purchase
act, or either of them, and of any and
all acts amendatory ON supplemental
to said acts, or either of them; provid.
ed, that the said veterans welfare
board must pay over to the general
fund of the state from. thhc proceeds of
the sale of the bonds all money which
has been heretofore or may be here
after approt rated AID advanced out of
the general frd III the state treas iry
for the use of ihe said veterans well
fare board on condition that it shall
be so paid over; provided, further,
that the said veterans welfare board
may, out of the proceeds from the sale
of said bonds, pay all or any part of
any Indebtedness heretofore by il i,
CURED in accordance with law and re
naming unpaid, including the interest
accrued thereon, unless the rate OF In
tercst applying to such Indebtedness
is less than the rate of interest ap
plying to the said bonds; and provided
further, that the proceeds from the sale
of said bonds may be used to pay the
debt created by the issuance and sale
thereof.
See. 9. The veterans welfare board
shall be and hereby is authorized, with
the approval of the state board of con
troll, to invest any surplus moneys in
any Of the funds subject to or appro-
priated for its use in bonds of the Unit
ed States, or of the State of California,
or of the several counties or munici-
palities or other political subdivisions
of the State of California, and to sell
such bonds, or any of them, at the
governing market rates, upon approval
Of the state board of control.
Sec. 10. There is hereby created a
veterans welfare finance committee
composed of the governor, state con.
trOller, state treasurer, chairman of
the state board of control, and chair
man of the veterans welfare board, all
of whom shall serve thereon without
compensation and majority of whom
shall be empowered to act for said COM
mittee. The attorney general of the
state shall be the legal advisor of the
veterans welfare finance committee.
Upon request of the veterans vel
fare board, supported by statement
of the plans and projects of the veter-
ans welfare board with respect there
to, which statement shall designate the
specific fund to which such plans and
projects relate, the veterans welfare
finance committee shall determine
whether or not bond issue under this
act is necessary or desirable to carry
such plans and projects into execution
Sec. II. Whenever the said veter
ans welfare finance committee shall
have determined that a bond issue
under this act is necessary or desirable
to carry such plans ard projects into
execution, it shall adopt resolution tC
this effect. The said resolution shall
! authorize and direct the state treasur
er to prepare the requisite number OF
| suitable bonds and shall specify;
/. The aggregate number, aggregate
par value, and the date of issuance OF
| the bonds to be issued.
2. The date or dates of maturity OF
| the bonds to be issued and the number
| and numerical sequence of the bond'
| maturing at each date of maturity.
| 8. The annual rate of interes
| which the bonds to be issued shall bear