Imperial Valley press., 1934-08-14

ton hereof and perforate the bonds
so paid with suitable device IN q
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 or
maturity and remaining unsold. by
perforation with a suitable device IN
manner to indicate such canceilation
and the date thereof. The provisions
of this section shall be applicable also
the bonds authorized by this act to be
issued. and sfall be applicable, as far
as practicable, to any duly authorized
agent of the State Treasurer.
SEC. 5. There is hereby appropri-
ated from the general fund in the State
treasury such sum annually as will be
necessary to pay the principal OF and
the interest on the bonds issued and
sold pursuant to the provisions or TINS
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 or
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, al
| the rate of five per cent per annum
compounded semiannually.
Both principal and interest OF saic
| bonds shall be paid when due upof
warrants duly drawn against sale
appropriation from the general func
by the Controller of the State In favol
of the State Treasurer or in favor o.
an. duly authorized agent of the STATE
Treasurer, upon demands audited b,
the State Board of Control. and tn
moneys to be returned into the genera
fund in the State treasury pursuant Y
/ the DTONlSlOHS VI llllS StCbioh SHai
likewise be paid as herein provided
Eupon warrants duly drawn by the Con
ltroller OF the State upon demands dul;
audited by the State Board of Control
SEC. 6. The sum of thirty-five thou
sand dollars is hereby appropriated OIL
of any money in the State treasury no
otherwise appropriated to pay the ex
penses that may. be incurred by tn
state Treasurer I'm having said bond
prepared and in advertising their sale
Said amount shall be refunded to tn
general fund In the State treasury ou
of the specific funds into which tn
proceeds from the sale of said bond
shall be respectively covered In accord
ance with the provisions Of this ac
on Controllers warrant duly draw
for that purpose.
SEC. T. When the bonds authorizes
TO be issued under this act shall b
duly executed, they shall be by .th
State Treasurer sold at public auctio
10 the highest bidder for cash, in sue
parcels and numbers as the said Treas
urer shall be directed by the Governo
of the State, under sea- thereof. afte
a resolution requesting such sale sha
have been adopted by the Veterans
Welfare Board and approved by IN
Governor OF the State, but said Treas
urer must reject any and all bids 70
said bonds, or for any of them. whic
shall be below the par value OF sal
bonds so offered plus the interes
which has accrued thereon between IN
date OF sale and the last precedin