Imperial Valley press., 1934-08-14

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 desirable to carry such
plans and projects into execution.
Sec. II. Whenever the said Vet
erans Welfare Finance. Committee
shall have determined that a bond
issue under this act Is necessary or
desirable to carry such plans and
projects into execution, 1t shall adopt
a resolution to this effect. The said
resolution shall authorize and direct
the State Treasurer to prepare the
shall specify:
1. The aggregate number, aggregate
par value, and the date of Issuance or
the bonds to be issued.
2, The date or dates of maturity. or
the bonds to be issued and the number
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 be
attached to the said bonds.
&. 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
fare Finance Committee shall be
guided by the amounts and dates OF
naturity of the revenues estimated to
accrue to the Veterans Welfare Board
from the project or projects 10 pc
financed by each issue, and shall fix
at
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 fve 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 marker
| 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 IRON
the date of issuance of said bonds
provided, that the interest coupon firs'
payable may, IL the Veterans Welfart
Finance Committee shall so determine
and specify, be payableione 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 mem
bers thereof shall be paid out OF thu
fund into which the proceeds from thu
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. The State Controller. thu
State Treasurer and the Veterans
Welfare Finance Committee shall keel
full and particular account and recort
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 biennially; and all book
and papers pertaining to the matte
provided for In this act shall at al
times be open to the inspection OF an.