Imperial Valley press., 1934-10-23

Upon request OF the Veterans We'll
fare Board, supported by a statement
of the plans and projects of the
Veterans Welfare Board with respect
thereto, the Veterans Welfare Finance
Committee shall determine whether or
not a bond issue under this act is
necessary or desirable to carry such
plans and projects into execution.
SEC. II. Whenever the said Vet
Grams Welfare Finance Committee
shall have determined that bond
issue under this act is necessary or
desirable to carry such plans and
projects into execution. 1t shall adopt
resolution to this effect. The said
resolution shall authorize and direct
the State Treasurer to, prepare the
requisite number of suitable bonds anu
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.
| 9, 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 thu project or projects to be
! financed by each issue, and shall fix
and determine said dates and amounts
| i'm 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 or 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 thereon pro-
vided further, that specified numbers
| of bonds of specified numerical Sc
quence shall thereafter mature al
annual intervals; and. provided TUT
| ther, that the bonds last to mature
In each issue shall mature not later
than forty-five years from the oa,e
! 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 shai
be determined and fixed by the vet
erans' Welfare Finance Committee &C,
cording to tl-, then prevailing marke.
l0W
five per cent per annum. and The deter'
| mination of said committee as to the
rate of interest shah be conclusive
as to the then prevailing market con
ditions. The interest coupons 70 Dt
| attached to the said bonds shall os
PAYABLE at semiannual intervals from
the date of issuance of said bonds
provided, that the interest coupon mrs
payable may. IL the Veterans Welfare
Finance Committee shall so determine
and specify, be payable one year aftei
the date of issuance of said bonds.
SEC. IL. All actual and necessary
expenses of the Veterans Welfare
Finance Committee and OF the mem
bers thereof shall be paid out OF thu
fund into which the proceeds from tn,
sale of said bonds shall be covered
upon approval OF the State Board o.
Control and on Controllers warran
duly drawn for that purpose. and shal
constitute expenses of the Veterans
Welfare Board.
SEC. 13. The State Controller, thu
State Treasurer and the Veterans
Welfare Finance Committee shall keel
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 th'
; Legislature biennlally: and all book
and papers pertaining to the matte
provided for In this act shall at nj
times be open to the inspection OF AZ,