The Natchitoches enterprise., 1918-08-29

be in the least manner obstructed; and
provided further, that said Hammonos
New Orleans Highway shall be proVloeo
with culverts or other engineering out
let Of passing the same volume or
water as is now passed or In the iu-
ture shall be passed by the culverts or
other engineering outlets in the ROAD,
bed of the Illinois Central Raliroau
parallel to said Hammond-NeW orleans
Highway.
That before any such contract Is let
as herein provided, same shall De ap.
proved by the Board OF LiQuldatlon OF
the State Debt of the State OF Lou
lsiana.
Section 2. Be It further enacted, etc.
That In order to provide funds for the
| construction. completion and mainte-
ways, the Secretary Of State from ana
after the first day OF January. is1S.
shall 40 soon after the collection az
practical deposit with the State Treas
uPef for the account OF the Highway
all motor vehicle licenses collected un-
der the provisions of Act No. 26O OF
| the General Assembly of the State OF
Louisiana for the year 1914. approved
July 8, 1914, from the Parishes of JEFF
ferson, St Charles, st. John the Bap-
leans, all the licenses so collected shall
be paid by the State Treasurer into a
special fund to be known as State
| Highway Fund No. 2, Chef Menteur ana
! Hammond-New Orleans State High
ways; and in addition to the motor
vehicle licenses paid into said State
! Highway Fund No. 2, Chef Menteur and
Hammond-New Orleans State High
! ways" from the parishes above emu
| merated. the State Treasurer shall like
! wise pay into said fund such portion
or sufficient amount out of the Special
Poad Tax collected under Article 29l or
| the Constitution of the State or Lou
isfana of 1913 from the Parish or Or
leans as may be necessary to create ana
| maintain in said fund sum OF Sixty
| Thousand Dollars per year, which sald
special fund is hereby set apart and
! dedicated for the purpose OF paying any
and all contracts heretofore made ano
hereafter to be made. and any and all
| bonds notes or certificates of indebt-
| edness Nade or issued by the Board OF
| Liquidation of the State Debt OF the
| State of Louisiana to provide moneys $
| for the costs of constructing SAID hlgh-
| ways.
Section 3. Be 1t further enacted. etc,
| That in order to provide ready funds
| for the payment of the contracts pro-
vided for in Section l Of this Act the
Board OF Liquidation or the state Dep'
| Of the State of Louisiana shall nave au-
| thority to issue bonds. notes or certlfl-
Gates of Indebtedness in anticipation OF
| the collection and receipt of the taxes.
| licenses and revenues set apart ana
| dedicated to the said State Highway
| Fund No 2, Chef Menteur and Ham,
mond- New Orleans State Highways,
payable exclusively from the SAID spe-
ciai fund, which said special fund Is
| hereby set apart and dedicated to the
| payment principal and interest, OF any
| bonds, notes or certificates Of indebt-
| edness.
Section 4. Be 1t further enacted, etc.
MI - I g1n+ Of he
| State Debt of the State of Louisiana
shall have power to borrow money fol
| the purposes of financing the construc-
! tion and completion of the said Chef
| Menteur and Hammond-New Orleans
| Highways hereinabove referred to
| and to that end may issue bonds
notes or certificates of indebted
ness in any amount not to ex-
! ceed the sum Of Seven Hundred Thou
sand Dollars, In such sums and denom-
nations as the said Board shall pre-
| scribe, not less than Five Hundred Dol
lars each. may be registered bonds
| notes or certificates OF indebtedness. OF
payable to bearer. as may be preferred
ana shall be designated as Chef Men
| teur and Hammond-New Orleans State
| Highway Bonds, or Notes or Certifi-
| Gates of Indebtedness: that at the dis
| eretion of said Board all or any part
| of said bonds, notes or certificates oi
! Indebtedness shall be payable from one
! TO twenty years. Said bonds. notes OIL
| certificates of Indebtedness may con.
tain such provisions as may be deemed
| expedient for registration in the name
| of the holder, or for the release there
I of from registration; shall bear interest
! at the rate not exceeding five pei
centum per annum. payable at such
| time or times as the Board may pre-
scribe and the place or places of pay.
| ment of principal and interest shall bt
| fixed by the said Board Said bonds
notes or certificates of Indebtedness
| shall be sold to the highest bidder al
| pubic sale at not less than par, after
| thirty days advertisement by the BOARD
/ Of Liquidation of the State Debt of the
| State of Louisiana in New Orleans, Chi.
| cago. and New York; and the money
| arising from the sale thereof shall be
/ paid to the State Treasurer to the ac.
count of the Highway Department OF
the State of Louisiana. and to the credit
| of the state Highway Fund No. 2
| Chef Menteur and Hammond-New Or.
leans State Highways" and only pait
| out on the warrant of the State High
| way Engineer approved by the Presi.
dent Of the Board of State Engineers
Said bonds, notes or certificates of In
I debtedness shall be signed by the Gov.
ernor the Auditor and the Treasurer
Of the State. Any coupons attached
| thereto shall bear the fac simile sigma
I ture Of the Treasurer of the State. ANY
| bonds, notes or certificates of indebt-
edness issued by virtue hereof, shall be
| and are hereby declared to have the
qualities of negotiable paper under the
| Law merchant, and shall not be invalid
for any iTregularity or defect in the
| proceedings for the issue and sale
| thereof, and shall be incontestable in
| the hands Of bona fide purchasers OF
| holders thereof. No proceedings in re-
spect to the issue of any such bonds
| notes or certificates of Indebtedness
shall be necessary. except such as are
required by this Act.
Section s. Be 1t further enacted, etc
| That the funds collected annually an(
directed to be set apar, and paid intc
| State Highway Fund No. 2. Chef Men.
teur and Hammond-New Orleans State
| Highways" under the provisions of thi!
| Act directed to be applied to the con
| struction of the said Chef Menteur ant
| Hammond New Orleans State High
ways, are hereby pledged to pay tn,
| principal and interest on said bonds
| notes or certificates OF indebtedness 81
the same shall become due and payable
and 1t shall be the duty of the Treas
urer of the State of Louisiana to trans
fer from said State Highway Fund No
q Chef Mente eur and HammondNew Or
! leans State Highway" to the credit of ,
I special account to be known as tht
State Highway Fund No. 2. Chef Men
| teru and Hammond-New Orleans Stat
| Highway Bonds, Interest and Redemp
tien Account" out Of the first fund
! collected and received for the sail
state Highway Fund No. g. Chef Men
teur and Hammond Orleans stat
: Highways" q sum sufficient to pay tn
principal and interest upon any bonds
notes ar certificates or Indebtedness
issued hereunder, that may have beel
sold and delivered for the period of on
year ensuing, and to maintain in SAT-
special accounts styled State Highwa!
Fund No. 2, Chef Menteur and Ham
Ynond.New Orleans State Highwa!
Bonds. interest and redemption 40
count" at all times from said source,
sum equal to one years principal ant
oertificates of indebtedness, and als'
sufficient to pay all bonds. notes o
certificates of indebtedness issued here
under which shall become due and pay
able during the year next ensuing. AT
ter any bonds. notes or certificates o