AZ vs. CA:07 California Exhibits, Vol. VII; Nos. 326-370

page 58

-58- poses to issue bonds, the board shall thereupon submit, a copy of said estimate and report to the commission authorized by law to approve bonds of irrigation districts, for certification as legal investments for savings banks, and for other purposes specified in the act creating said commission. Said commission shall forthwith examine said report and any data in its possession or in the possession of the district, and shall make such additional surveys and examinations at the expense of the district as it may deem proper or practicable, and as soon as practicable thereafter shall make to the board of trustees of said district a report which shall contain such matters as in the judgment of said commission may be desirable; provided, that it may state generally the conclusion of said commission regarding the general characteristics of the property and the project, the cost of the proposed work, water rights and other property necessary for a complete and satisfactory project, the proper dates of maturity for the bonds proposed to be issued, and whether in its opinion it is advisable to proceed with the proposed bond issue. If the estimate of the amount of said bond issue shall have included any amount for the payment of interest on said bonds for such issue, as provided in section fifteen of this act, and such estimate for the payment of interest or any part thereof is approved by the commission in said report, it shall be lawful for the board of trustees, to use for the payment of interest on any bonds of such issue, so much