Imperial Valley press., 1934-10-16

tion s hereof and perforate the bonds
so paid with a suitable device in
manner to indicate such payment and
the date thereof. He shall also, on the
said respective dates of maturity, can
eel all bonds bearing said dates of
maturity and remaining unsold, by
perforaton with a suitable device in
manner to indicate such cancellation
and the date thereof. The provisions
of this section shall be applicable also
to the interest coupons pertaining to
the bonds authorized by this act to be
issued. and STALL be applicable, as far
as practicable, to any duly authorized
agent of the State Treasurer.
SEC 8. There is hereby appropri-
ated from the general fund in the State
necessary to pay the principal of and
the interest on the bonds issued and
sold pursuant to the provisions of this
act, as said principal and interest be-
comes due and payable.
There shall be collected annually In
the same manner and at the same time
as other State revenue is collected such
a sum, in addition to the ordinary rev.
enues of the State, as shall be required
to pay the principal and interest on
said bonds as herein provided, and II
Is hereby made the duty of all officers
charged by law with any duty in re-
gard to the collections of said revenue,
to do and perform each Ind every act
which shall be necessary to collect
such additional sum.
On the several dates Of maturity of
said principal and interest in each
fiscal year, there shall be returned into
the general fund in the State treasury,
all of the moneys in the specific fund
into which the proceeds from the sale
of the said bonds have been covered as
herein prescribed. not in excess of the
principal of and interest on the said
bonds then due and payable and, in the
event Of such moneys so returned on
said dates of maturity being less than
the said principal and interest then
due and payable, then the balance re-
naming unpaid shall be returned into
the general fund in the State treasury
out of said specific fund as soon there
after as IL shall become available, to-
gether with interest thereon, from such
dates of maturity until so returned, 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 against said
appropriation from the general fund
by the Controller OF the State in favor
Of the State Treasurer or In favor OF
an duly authorized agent of the State
Treasurer, upon demands audited by
the State Board of Control, and the
moneys to be returned into the general
fund in the State treasury pursuant to
the provisions of this section shall
likewise be paid as herein provided
upon warrants duly drawn by the Con-
troller Of the State upon demands duly
audited by the State Board OF Control.
SEC. G. The sum of thirty-five thou
sand dollars Is hereby appropriated out
OF any money I'm the State treasury not
otherwise appropriated to pay the ex-
Denses that may be incurred by the
State Treasurer In having said bonds
prepared and in advertising their sale.
Said amount shall be refunded to the
general fund i'm the State treasury out
OF the specific FUNDS into which the
proceeds from the sale OF said bonds
shall be respectively covered in accord
ance with the provisions of this act
on Controllers warrant duly drawn
for that purpose.
SEC. 7. 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 a the said Treas
urer shall be directed by the Governor
Of the State, under sea- thereof. after
n resolution requesting such sale shall
have been adopted by the Veterans
Welfare Board and approved by the
Governor Of the State, but said Treas
urer must 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 tire interest
which has accrued thereon between the
date of sale and the last preceding