The Colfax chronicle., 1918-09-21

way no natural drain shall in any wa:
be in the least manner obstructed; auc
provided further. that said Hammond
New Orleans Highway shall be provided
with culverts or other engineering out
let Of passing the same volume of
water as Is now passed or in the fu-
ture shall be passed by the culverts or
other engineering outlets in the road
bed of the Illinois Central Railroad
parallel to said Hammond-New Orleans
Highway.
That before any such contract is let
as herein provided. same shall be ap-
proved by the Board of Liquidation OF
the State Debt of the State OF Lou
isiana.
Section 2. Be II further enacted. etc.
That IN order to provide funds for the
construction. completion and mainte-
nance of the above mentioned high
ways. the Secretary OF State from and
after the first day Of January. 1918.
shall. as soon after the collection as
practical. deposit with the State Treas
urer for the account Of the Highway
Department of the State of Louisiana
an motor vehicle licenses collected un-
der the provisions of Act No. 260 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-
tist, Tangipahoa ST. Tamn1any and Or
be. paid by the State Treasurer into a
special fund to be known as State
Highway Fund No. 2. Chef Menteur and
Hammond New Orle=ns State High
ways; and In addition to the motor
vehicle licenses paid into said State
Highway Fund No. 2. Chef Menteur and
Hammond-N Orleans State High
ways" from the parishes above emu
merated. the State Treasurer shall like
wise pay into said fund such portion
nr fn}a ant - IA fol
Road Tax collected under Article 291 of
the Constitution of the State of Lou
tsiana of 1913 from the Parish of Or
leans as may be necessary. to create and
maintain in said fund a sum OF Sixty
Thousand Dollars per year, which said
special fund is hereby set apart and
dedicated for the purpose of paying any
and all contracts heretofore made an6
hereafter to be made. and any and all
bonds, notes or certificates of indcbt-
edness made 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 high
ways.
Section 8. Be 1t further enacted, etc..
That In order to provide ready funds
for the payment OF the contracts pro-
vided for in Section 1 of this Act the
Board OF Liquidation or the State Debt
OF the State of Louisiana shall have au-
thority to issue bonds. notes or certifi-
Gates of Indebtedness in anticipation of
the collection and receipt of the taxes.
licenses and revenues set apart and
dedicated to the said State Highway
Fund No. 2, Chef Menteur and Ham,
mond-New Orleans State Highways"
payable exclusively from the said spe-
cial fund. which said special fund is
hereby set apart and dedicated to the
payment, principal and interest. of any
bonds. notes or certificates of fndebt-
edness.
Section 4. Be It further enacted ETC..
That the Board of Liquidation of the
State Debt of the State of Louisiana
shall have power to borrow money for
the purposes of financing the construc-
ton and completion of the said Chef
Menteur and Hammond-New Orleans
Highways hereinabove referred to-.
and to that end may issue bonds,
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. or
payable to bearer. as may be preferred
and shall be designated as Chef Mem
teur and Hammond-New Orleans State
Highway Bonds, or Notes or Certifi-
cretiop OF said Board all or any part
or said bonds. notes or certificates of
Indebtedness shall be payable from one
70 twenty years. Said bonds, notes or
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
or from registration: shall bear interest
at the rate not exceeding five Der
centum per annum. payable at such
time or times as the Board may pre-
scribe and the place or places OF paw
ment Of principal and interest shall be
fixed by the said Board. Said bonds
notes or certificates Of indebtedness
snail be sold to the highest bidder at
pubic sale at not less than par. after
thirty days advertisement by the Boa I'd
OF Liquidation of the State Debt OF the
State OF Louisiana in New Orleans. Chi
cago. and New York; and the moncv
arising from the sale thereof shall be
paid to the State Treasurer to the ac-
count of the Highway Department ~
the State of Louisiana, and to the credit
Of the State Highway Fund No. 3.
Chef Menteur and Hammond-New Or
leans State Highways" and only paid
out on the warrant of the State High
dent of the Board OF State Engineers
said bonds. notes or certificates of in
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
e.
bonds. notes or certificates of fndebt-
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
Tor any frregularity or defect in the
proceedings for the issue and sale
thereof. and shall be incontestable in
the hands Of bona fide purchasers or
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 and
directed to be set ap1r, and paid into
state Highway Fund No. 2. Chef Mem
teur and Hammond-New Orleans State
Highways" under the provisions of this
Act directed to be applied to the con.
struction of the said Chef Menteur and
Hammond-New Orleans State High
ways. are hereby pledged to pay the
principal and interest on said bonds
notes or certificates of indebtedness a.
the same shall become due and payab Bile
and II shall be the duty of the Treas