The Natchitoches enterprise., 1918-09-12


! 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
lsiana.
Section q 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 un-
| der the provisions of Act No. 260 Of
the General Assembly of the State of
Louisiana for the year 1911. 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
| 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
| 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
| isiana 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
| daHi tod fnr the of having
| md all contracts heretofore made and
| hereafter to be made, and any and all
| bonds, notes or certificates of indcbt-
! edness rsade or issued by the Board OF
| Liquidati ton 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 l Of this act the
Board Of Liquidation OF the State Debt
| of the State Of Louisiana shall have au-
| thority to issue bonds, notes or certtfi-
| 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 indebt-
| edness.
! Section T. Re 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 oonstruc-
| 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, 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
| crction of said Board all or any part
! of said bonds notes or certificates of
! Indebtedness shall be payable from one
| to twenty years. Said bonds, notes or
| certificates Of indebtedness may con.
! tain such provisions as may be deemed
| expedlent for registration in the name
| of the holder, or for the release there
| of from registration; shall bear interest
| at the rate not exceeding five per
| 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 be
fixed by the said Board. Said bonds.
notes or certificates of indebtedness
shall be sold to the highest bidder at
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
| 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 Depa artInent of
the State of Louisiana and to the credit
of the State Highway Fund No @
Chef Mentcur and Hamnond-Ne Or
leans State Highways" and only paid
out on tho 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
debtcdness shall be signed by the Gov
ernor, the Auditor and the Treasurer
or the State. Any coupons attached
thereto shall bear the facsimile sigma
ture OF the Treasurer of the State ANY
bonds, notes or certificates of fndcbt-
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 irregularity or defect in the
proceedings for the issue and sale
thereof and shall be incontest IA BILE 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 apart 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 as
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. |
2, Chef Menteur and Hammond-New Orr
leans State Highway to the credit of a |
special account to be known as the |
state Highway Fund No. 2, Chef Men,
teru and Hammond-New, Orleans State
Highway Bonds, Interest and Redemp- |
tion Account" out of the first funds |
collected and received for the said |
state Highway Fund No. 2. Chef Men |
teur and Hammond-New Orleans State !
Highways" q sum sufficient to pay the |
principal and interest upon any bonds, |
notes ar certificates or Indebtedness |
issued hereunder, that may have been
sold and delivered for the period Of one
year ensuing. and to msintain ats.i al ri in said
Fund No. 2. Chef Menteur and Ham.
Bonds, Interest and Redemption AZ.
count" ct all times fron said source, q
sum equal to one years principal and
Interest upon the said bonds, notes OF
certificates Of indebtedness, and also
sufficient to pay all bonds, notes or
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 of |
indebtedess authorized hereby shall
have been issued and 6effvered, no part /
Of said "State Highway Fund No. 2, |