Imperial Valley press., 1922-10-05

maturity ana remaining unSold, Dy per-
foration with suitable device in
manner to indicate such cancellation
and the date thereof. The provisions oil
this section shall be applicable also I"
the interest coupons pertaining to the
bonds authorized by this act to pe
issued, and shall be applicable, as tar
as practicable, to any duly authori~eu
AGENT of The state treasurer.
See. 5. There is hereby appropriated
from the general fund in the state
treasury such sum annually rs VIII pc
necessary to pay the principal of ana
the interest on the bonds issued ana
sold pursuant to the provisions OF TINS
act, as said principal and interest DC
comes due and payable.
There shall be collected annuaily III
the same manner and at the same Time
as other state revenue is collected sueu
= sum. in addition to the ordinary rev
enues of the state, as shall be required
to nav the principal and interest on
said bonds rs herein provided, and IL
Is hereby made the duty of all Officers
CHARGED bv law with any duty IN regard
n the collection of said revenue, to do
and perform each and every act WHICH
shall be necessary to collect such addi'
tional sum. :.
On the several dates of maturity OF
sa;d principal and interest in each fis-
eol wear. there shall be returned into
the general fund in the state treasury
all of the moneys subject to and aVali
able for the use of the state land set
Element board not in excess OF the prlh'
cinal of and interest on the bonds, then
dne and PAYABLE and, in the event OF
sucb moneys so returned on SAID dates
of maturity being less than the salo
nrineipal and interest then due and
navable. then the balance remaining
nnnaid shall be returned into the gen
eral fund in the state treasury as soon
thereafter as it shall become avallaoie,
together with interest thereon, from
such dates of maturity until so return
ed. at the rate of five per cent per
annum. compounded semiannually.
Both principal and interest of SAID
bonds shall be paid when due upon
warrants duly drawn by the controller
of the state in favor of the state treas
urer or in favor of any duly authorlzed
aren't Of the state treasurer, upon dc-
mands audited by the state board OF
control. and the moneys to be returned
into the general fund in the state treas
nrv pnrsuant TO the provisions of TINS
section shall likewise be paid as here
in proyided upon warrants duly drawn
nv 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
any 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 their sale.
Said amount shall be refunded to the
general fund of the state treasury out
of the land settlement fund in accord
ance with the provisions of this act on
controllers s warrant duly drawn for
that purpose.
Sec. Z. When the bonds authorized
TO be issued under this act shall be
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
urer r.zlst reject any and all bids for
said bonds, or for any of them, which
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
bonds offered, or any part thereof off
cred, to such time and place as lie may
select. Before offering any OF said
bonds for sale the said treasurer shall
detaeh 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
lished in the city of Oakland
and by publication in one news
oaper published in the city of
Los Angeles and by publication in
one newspaper published in the
sity of Sacramento once a week during
four weeks prior TO such sale. In addi-
zion TO the notice last above provided
for. the state treasurer may give such
further notice as he may deem advis-
lble, but the expense and cost of such
additional notice shall not exceed the
sum of five hundred dollars for each
ale so advertised. The proceeds of the
ale of such bonds and such amount
IS may have been paid as accrued in
crest thereon shall be forthwith paid
lver by said treasurer into the land
settlement fund in the state treasury
md must be used exclusively to provide
employment and rural homes for sol
liers, sailors, marines and others who
iave served with the armed forces of
he United States in the European war
IT other wars of the United States, in
luding former American citizens who
served in allied armies against the cen
raj powers and have been repatriated,
md who have been honorably discharg
ID to promote closer agricultural set