The Colfax chronicle. [volume] (Colfax, Grant Parish, La.) 1877-1981, 1918-10-05

New orleans Highway snail De proNiueu
With culverts or other engineering out
let of passing the same volume of
water as is now passed or i'm the flu
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 APP
proved by the Board of LiQuida ton of
the State Debt of the State of Lou
isiana.
Section 2. Be 1t 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, 1919,
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
all motor vehicle licenses collected I'M
der the provisions of Act No. 260 OF
the General Assembly of the State of
Louisiana for the year 1914. approved
July 3, 1914. from the Parishes of JEFF
ferson. St. Charles. st. John the Bap-
tlst, TangipahOa. St Tammany and Or
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 and
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
Road Tax collected under Article 291 of
the Constitution of the State of Lou
lsiana of 1913 from the Parish of Or
leans as may be necessary to create and
int IN. ~, - Cf~~fx
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 and
hereafter to be made, and any and all
bonds, notes or certificates of indebt-
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 3. Be II 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 Debt
of the State of Louisiana shall have au-
thority to issue bonds. notes or certifi-
rates 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 indebt-
edness.
Section 4. Be 1t 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,
notes or certificates OF Indebted
ness in any amount not to ex-
coed 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-
Gates of Indebtedness. that at the dis
erection of said Board all or any part
OF said bonds. notes or certificates of
Indebtedness shall be payable from one
10 twenty years. Said bonds, notes or
certificstes of indebtedness NAV con-
tain such provisions as may be deemed
expedient for registration in the name
OF the holder. or for the release there
lnfaraSf
al the rate not exceeding five per
centum per annum. payable at such
time or times as the Board NAV pre
scribe and the place or places of paw
ment or principal and interest shall be
fixed by the said Board Said bonds
notes or certificates of Indebtedness
shall be sold to the highest bidder at
puplic sale at not less than par. after
thirty days advertisement by the Board
or Liquidation of the State Debt of the
eli "a NO IN,
cago, and New York; and the money
arising from the sale thereof shall he
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 >
Chef Menteur and Hammond-New Or
leans State Highways" and only paid
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
debtedness shall be signed by the Gov
ernor, the Auditor and the Trea surer
OF the State. Any coupons attached
thereto shall bear the fac-simile sf1rna-
ture of the Treasurer OF the State ANY
bonds, notes or certificates of indebt-
edness issued by virtue hereof shall be
and arc hereby declared to have the
qualities of negotiable paper under the
law merchant. and shall not be invalid
for any irregularity or defect In the
proceedings for the issue and saIs
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 5. 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 Men
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 as |
the same shall become due and payable, |
and it shall be the duty-of the Treas
urer of the State OF Louisiana to trans
fer FROM aid state Highway Fund No |
2, Chef Menteur and Hammond New Or |
leans State Highway" to the credit of |
special account 70 be known az the \