7^2 AGRICULTURAL ECONOMICS 



but the income from such bonds shall be taxable under the income 

 tax law. 



SEC. 4. Each series of the bonds so issued and sold, shall be made 

 payable, 10 per cent in four years from the date of the issue, 10 per 

 cent in eight years, 10 per cent in eleven years, 10 per cent in fourteen 

 years, 10 per cent in sixteen years, 10 per cent in eighteen years, 10 

 per cent in twenty years, 15 per cent in twenty- two years, and 15 per 

 cent in twenty-three and one-half years. Attached to each bond, shall 

 be coupons, numbered consecutively, also bearing the number of the 

 bond to which it is attached, for the payment of interest as herein 

 provided. 



SEC. 5. All payments upon the principal of any loan, shall be 

 credited to the sinking fund for payment of bonds at maturity. 



SEC. 6. Any bank or trust or insurance company, organized under 

 the laws of this State, may invest in the bonds issued under the pro- 

 visions of this act. The officer having charge of any sinking fund of 

 this State or of any county, city, town, township, or school district 

 thereof, may invest the sinking fund of the State or of such county, 

 city, town, township, or school district in "Oklahoma Home Owner- 

 ship Bonds," which mature prior to the due date of the bonded indebt- 

 edness for the payment of which such sinking fund is created. Said 

 bonds shall be approved collateral as security for the deposit of 

 any public funds or trust funds and for the investment of trust 

 funds. 



SEC. 7. Said bonds shall be signed by the Governor and by the 

 President of the State Board of Agriculture, also by the State Auditor, 

 with the seal of his office affixed, and each interest coupon attached 

 thereto, shall bear the facsimile signature of the State Auditor. Said 

 bonds shall be registered by the State Auditor. Said bonds shall be 

 registered by the State Treasurer with appropriate endorsement 

 thereon, showing such registration. 



SEC. 8. All "Oklahoma Home Ownership Bonds," issued as pro- 

 vided by this Act, together with the interest thereon, shall be paid 

 in the order in which they fall due. Should the Commissioners of the 

 Land Office fail to pay any bond (or coupon) issued pursuant to this 

 Act, upon presentation of the same, at or after date of maturity, the 

 holder thereof may, by mandamus, compel payment of same; Pro- 

 vided, that nothing in this Act, shall be construed so as to in any 

 manner hold the State of Oklahoma liable for the payment of such 



