Imperial Valley press., 1934-08-28
E2zIlLIX
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| Upon request Of the Veterans We'll
fare Board supported by statement
of the plans and projects of the
| Veterans Welfare Board with respect
| thereto, the Veterans Welfare Finance
Committee shall determine whether or
| not bond issue under this act is
necessary or desira BILE to carry such
plans and projects into execution.
SEC. II. Whenever the said Vet
| erans Welfare Finance Committee
| shall have determined that bond
issue under this act is necessary OF
projects into execution, it shall adopt
a resolution to this effect. The said
| resolution shall authorize and direct
the State Treasurer to prepare the
| requisite number of suitable bonds and
| shall specify:
/. The aggregate number, aggregate
par value, and the date of issuance OF
| tho 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 bonds
maturing at each date of maturity.
3. 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 be
attached to the said bonds.
5. The technical form and language
Of the bonds to be issued and of the
interest coupons to be attached thereto.
In determining the date or dates of
maturity Of the said bonds and the
amount of bonds maturing at each
date Of maturity. the Veterans We'll
fare Finance Committee shall be
guided by the amounts and dates of
maturity Of the revenues estimated to
accrue to the Veterans Welfare Board
from the project or projects to be
financed by each issue. and shall fix
and determine said dates and amounts
in such manner that, together with the
dates and amounts of interest pay
ments on the said bond issue, they
shall coincide, as nearly as practicable,
with the dates and amounts of such
estimated revenues; provided that the
bonds first to mature In each issue,
shall mature not later than five years
from the date of issuance thereof: pro-
vided further, that specified numbers
of bonds of specified numerical Sc
quence shall thereafter mature at
annual intervals: and provided fur
ther. that the bonds last to mature
In each issue shall mature 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 all
the bonds OF the same issue and shall
be determined and fixed by the Vet
erans' Welfare Finance Committee ac-
cording to the then prevailing market
conditions. but shall in no case exceed
five per cent per annum. and the deter
mination of said committee as to the
rate OF interest shall be conclusive
as to the then prevailing market con-
ditions. The interest coupons to be
attached to the said bonds shall be
payable at semiannual intervals from
the date of issuance of said bonds !;
provided, that the interest coupon first
payable may. II the Veterans Welfare
Finance Committee shall so determine
and specify. be payable one year after
the date of issuance of said bonds.
SEC. IL. All actual and necessary
expenses of the Veterans Welfare
Finance Committee and of the men,
bers thereof shall be paid out of the
fund into which the proceeds from the
sale of said bonds shall be covered
upon approval Of the State Board of
Control and on Controllers warrant
duly drawn for that purpose. and shall
constitute expenses OF the Veterans
Welfare Board.
SEC. 10. Tie State Controller, the
State Treasurer and the Veterans
Welfare Finance Committee shall keep
full and particular account and record
of all their proceedings under this act,
and they shall transmit to the Gov
ernor an abstract of all such proceed
ings hereunder, with an annual report.
to be by the Governor laid before the
Legislature biennially; and all books
and papers pertaining to the matter
provided for In this act shall at all
times be open to the Inspection OF any