Section 5.

Such commission on receipt of certified copy of such resolution shall, without delay, make or cause to be made an investigation of the affairs of the district and a report in writing upon such matters as it may deem essential, and particularly upon the following points, respectively:
(1) For irrigation districts:
(a) The supply of water available for the project and the right of the district to so much of the water as may be needed.
(b) The nature of the soil as to its fertility and susceptibility to irrigation, the probable amount of water needed for its irrigation and the probable need of drainage.
(c) The reasonable market value of the water, water rights, canals, reservoirs, reservoir sites or other irrigation works owned by such district or to be acquired or constructed by it with the proceeds of any such bonds.
(d) The number of irrigable acres standing in the name of each individual or corporation, the number of acres in each owner’s name that have been farmed, the number of acres in each owner’s name that have been cleared and irrigated, the number of acres in each owner's name that have been cleared and dry farmed, the number of acres in each owner’s name that remain in their natural, uncleared, unreclaimed and untilled condition.
(2) For drainage districts :
(a) The nature of the soil as to its fertility and productibility after drainage.
(b) The reasonable market value of the works owned by such district or to be acquired or constructed by the proceeds of any such bonds.
(c) The number of acres standing in the name of each individual or corporation, the number of acres in each owner’s name that remain in their natural unreclaimed and untilled condition.
(3) For irrigation and drainage districts:
(a) The feasibility and permanence of construction of the district’s reclamation system and the feasibility of the specific project for which the bonds under consideration are desired or have been used, whether such system and project be constructed, partially completed, or contemplated.
(b) The reasonable market value of the land included within the boundaries of the districts.
(c) The number of acres belonging to each owner that will be for sale if the reclamation works are built, and which are covered by the specific agreement of the owner with the district to sell at a price fixed by such agreement, and that such agreement has been recorded in the office of the county clerk or recorder of the county in which the land is situated.
(d) That the agreement referred to in subdivision (c) hereof provides that honorably discharged soldiers, sailors, marines, members of army or navy corps and Red Cross nurses shall have a preferred right to the purchase of such lands at said price and for such period of time as the commission shall designate, and the number of acres which the owner will reclaim and put in crop each of the five years from the date of issue of bonds if the district is given the benefit of the provisions hereof.
(e) The numbers, date of issue and denominations of the bonds which the commission shall find are available to receive the benefits of this act.
(f) That it will be for the best interest of the district applying for the benefit of the provisions hereof, and the state of Oregon, that the state of Oregon shall pay interest on such bonds for the period of time covered by the application.
The written report of the investigation herein provided for shall be filed in the office of the secretary of state and a copy of said report forwarded to the secretary of the district for which the investigation shall have been made. It is hereby made the duty of the secretary of state to provide for filing and preserving the records mentioned in this section and to make, keep and preserve a record of the bonds indorsed by him in accordance with the provisions hereof, including the date of such indorsement, the legal title of the district, the number of each bond, its par value, the date of its issue and maturity, and the dates of maturity of all installments, including specifically the installments of interest which are to be paid by the state.