Imperial Valley press., 1922-09-28

| IN lcc0rQance WltH law anu ASH''i,e
unpaid, including the interest accrued
/ thereon, unless the rate of interest ap-
! rlving to such Indebtedness is less than
the rate Of interest applying to the
said bonds; and provided, further, that
the proceeds from the sale OF SAID
bonds may be used to pay the debt ere
| ated by the issuance and sale Thereon.
See. O. The state land settlement
hoard shall be and hereby is author
lied. with the approval of the state
board of control, to invest any surplus
moneys in any Of the funds subject 10
or appropriated for its use in bonds or
tbe United States, or of the State OF
California, or of the several counties
or municipalities or other political sub.
divisions Of the State Of California, and
IN sell such bonds, or any OF them, at
the governing market rates, upon ap-
proyal of the state board of control
Sec. 10. There is hereby created a
state land settlement finance commit
tee composed of the governor, state
| controller. state treasurer, chairman OF
the state board of control, and chair
man of the state land settlement board,
oil of whom shall serve there on with
ont compensation and majority OF
whom shall be empowered to net Tor
said committee. The attotney-general
Of the state shall be the legal advisor
J of the state land settlement finance
/, committee.
! Upon request of the state land set
tlement board, supported by state
ment of the plans and projects OF tEe
state land settlement board with re-
spect thereto, the state land settlement
| finance committee shall determine
whether or noS bond issue under tins
act is necessary or desirable to carr
such plans and projects into execution.
See. IL. Whenever the said state
land settlement finance committee shaii
have determined that bond issue
under this act is necessary or desirable
to carry such plans and projects into
execution, it shall adopt resolution
to this effect. The said resolution shai'
authorize and direct the state treasurer
to prepare the requisite number Oh
suitable bonds and shall specify:
/. The aggregate number, aggregate
par value, and the date'of issuance OF
the bonds to be issued.
| Q. The date or dates of maturity OF
the bonds to be issued and the number
and numerical sequence OF the bonds
maturing at each date of maturity.
8. The annual rate Of interest which
the bonds to be issued shall bear.
4. The number, numerical sequence
amount or amounts, and the dates OF
maturity of the interest coupons to De
/ attached to the said bonds.
8 The technical form and language
of the bonds to be issued and OF the
interest coupons to be attached there
to.
In determining the date or dates OF
maturity Of the said bonds and the
amount of bonds maturing at each date
of maturity, the state land settlement
finance committee shall be guided hy
the amounts and dates OF maturity OF
the revenues estimated to accrue to the
state land settlement board from the
project or projects to be financed by
each issue, and shall fix and deternAne
said dates and amounts in such manner
that. together with the dates and
amounts of interest payments on the
said bond issue, they shall coincide, al
nearly as practicable, and be commen
surate, as nearly as practicable, with
the dates and amounts Of such estimat
ed revenues; provided, that the bonds
first to mature in each issue, shall ma
ture not later than five years from the
date of issuance thereof; provided, fur
ther, that specified numbers OF bonds
Of specified numerical sequence shall
thereafter mature at annual intervals
and provided, further, that the bonds
last TO mature in each issue shall ma
ture not later than forty-five years
from the date Of issuance thereof.
The rate of interest to be borne by
the said bonds shall be uniform for al
the bonds Of the same issue and shall
be determined and fixed by the state
Hand settlement finance committee ac
| cording to the then prevailing market
conditions, but shall in no case exceed
six per cent per annum, and the deter
mination Of said committee as to the
rate Of interest shall be conclusive al
to the then prevailing market condi
tions. The interest coupons to be at
tached to the said bonds shall be pay
able at semiannual intervals from the
date Of issuance Of said bonds; pr0vid
ed, that the interest coupon first pay
able may, if the state land settlement
finance committee shall SO determine
and specify, be payable one year after
the date of issuance Of said bonds.
Sec. 12. All actual and necessary ex
penses Of the state land settlement fin
ance committee and of the members
thereof shall be paid out Of the land
settlement fund, upon approval Of the
state board of control and on con
troller 3 warrant duly drawn for that
} purpose, and shall constitute expenses
Of the state land settlement board.
See. 13. The state controller, the
state treasurer, and the seate land set
tlement finance committee shall keel
full and particular account and record
Of all their proceedings under this act
; and they shall transmit to the governor
, an abstract Of all such proceeding
Hereunder, with an annual report, tt
} be by the governor laid before the leg
islature biennially; and all books ani
; papers pertaining to the matter provid
ed for in this act shall at all times bt
} open to the inspection Of any party in
terested, or the governor, or the attor
ney general, or a committee Of either
branch Of the legislature, or p joint
committee of both, or any citizen OF
ho tot