The Natchitoches enterprise., 1918-09-26


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 ao-
proved by the Board Of Liquidation Of
TIE State Debt of the State Of Lou
isiana.
Section 2. Be it 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 un-
der the provisions of Act No. 260 OF
the General Assembly of the State of
Louisiana for the year 1914, approved
July 9, 1914, from the Parishes Of JEFF
ferson, st. Charles, st. John the Bap-
tist, TangipahOa, St. Tammany and Or
leans, all the licenses so collected shall
be paid by the State Treasurer into
special fund to be known as state
Highway Fund No 2. chef Menteur and
HammOpd-Ncw Orleans State High
ways"; and in addition to the motor
vehicle licenses paid into said State
Highway Fund No ., Chef Menteur and
Hammond New Orleans State High
ways" from the parishes above emu
mcratcG. the State Treasurer shall like
wise pay into said funI such portion
or sufficient amount out Of the Special
Road Tax collected under Article 29f Of
the Constitution of the State Of Lou
tsiana of 1913 from the Parish of Or
leans a s 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 and
hereafter to be made, and any and an
bonds, notes or certificates of indcbt-
edness lSade 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 9. Pc it further enacted, etc,
That in order to provide ready funds
for the payment Of the contracts pro-
vided for in Section ! OF this Act the
Board Of Liquidation OF the State DEBT
OF the Stale of Louisiana shall have au-
thority to issue bonds, notes or certifI-
Gates of Indebtedness in Anticipation or
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 sDe-
cial fund which said special fund is
hereby set apart and dedicated to the
/ payment. principal and interest, of any
4 bonds notes or certificates of indebt-
! ednesS.
! Section T. Pc 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-
! tion and completion of the said Chef
/ Nenteur and Hammond-NeW Orleans
I Highways hcreinabo referred 10,
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-
ination7 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
I payable to bearer. as may be preferred,
and 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
erection Of said BOARD all or any part
Of said bonds, notes or certificates Of
! Indebtedness shall he paya bic from one
TO twenty years. Said bonds, notes or
certificates of Indebtedness may com
tain such provisions as may be deemed
4 cTpedtent for registration in the name
| Of the holder, or for the release there
of from registration; shall bear interest
I Mt the rate not exceeding five per
certum 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 be
/ fixed by the said Board. Said bonds.
! notes or certificates of Indebtedness
sha II he sold to tho highest bidder y +
public 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
caEc, 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. 2
Chef Menteur and TammOndNe1T 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 Treasurer
Of the State. Any coupons alta oh cd
thereto shall bear the fac simile sigma
turc of the TrCaGurer of the State. ANY
bonds. notes or certificates OF indebtu
ednesS issued by virtue hereof shah be
and are 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 sale
thereof and shall be incontcsta b1e 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 it further enacted etc
That the funds collected annually and
! directed to be set ar--c and paid into
State Highway Fund No. 2, Chef Men
| Highways" under the provisions of this
Act directed to be applied to the con-
| struction of the said Chef Menteur and
HammondNew Orleans State High,
ways, are hereby pledged to pay tho
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 said State Highway Fund No
2, Chef Nenteur and Hammond-New Or.
leans State Highway" to the credit of 6
special account to be known as the
state Highway Fund No. 2, Chef Men.
taru and Hammond-New Orleans Stat,
Highway Bonds, Interest and Redemp
ton Account" out of the first fund!
collected and received for the sale
"State Highway Fund No. 2, Chef Men
teur and Hammond-New Orleans Stat,
Highways" q sum sufficient to pay tht
principal and interest upon any bonds
notes ar certificates or Indebtedness
issued hereunder, that may have beer
sold and delivered for the period of on
year ensuing, and to maintain in sait
special accounts styled state Highwa!
Fund No. 2, Chef Menteur and Ham
nond-New Orleans state Hfghwa!
Bonds, Interest and redemption 40
count" at all times from said source.
sum equal to one years principal an
interest upon the said bonds, notes o
certificates of Indebtedness, and ais
sufficient to pay all bonds, notes 0
certificates of indebtedness Issued here
under which shall become due and pay
able during the year next ensuing AZ
ter any bonds, notes or certificates o
fndebtedess authorized hereby shall
have been issued and ce1ivered, no par