The Natchitoches enterprise., 1918-09-19

| New orleans Highway shall De pfOFlCcu
with culverts or other engineering out
| let of passing the same volume OF
! water as is now passed or i'll the tu-
| 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 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,
Hhall, 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
I 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, 1911, 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. .. Chef Mcntcur and
/ HammoHd-Nyw Orleans state High
! ways" from the parishes above emu
! mcrated, 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
! dedicated for the purpose of paying any
! and all contacts heretofore made and
/ hereafter to be made, and any and Gn
! bonds, notes or certificates Of tndebt-
! edness I%adc 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 g. Be it 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-
! 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-
edpess.
Section T. Be it further cnacted 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
| Menteur and HammOnd-Ncw Orleans
/ Highways hercinaboye referred to-
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 Men
/ teur aud Hammond New Orleans State
/ Highway Bonds, or Notes or Certifi-
| Gates of Indebtedness: that at the dis
| cTct!on Of said Board all or any part
! of said b0rdS, notes or certificates Of
! ind2bttlneSs shall he payable from one
| to twenty years. Said bonds, notes or
certificates Cf Indebtedness NAV con-
! tain such provisions as may be deemed
/ gd!cnt for registration in the name
/ or the holder, or for the release there
~ LIp4il ~ lI1tly1t SllttII tt2r interest
] at the rate not exceeding five per
/ ccntun per anHum, payable at ~r.eh
I ti'nH or times as the Board max ry,-
/ ccri2e and the place or places Of prv-
/ nent 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
/ Fili1 no N-Nyz n,,1,
/ c2@o, and New York; and the money
/ arisinG from the sale thereof shall De
paid to the State Treasurer to the ac-
count Of the IIighway Department Of
the state Of Louisiana. ana 10 the credit
! OF the state Highway Fund No 2
Chef MenteUr and Eammord-Naw Or
leans State Highways" and only paft
out on the warrant Of the State High
way Engineer approved by tho Presi-
dent or the Board of State EnCiucer-
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 aC-sirpiIe sigma
ture CT the Treasurer Of the STATE, Any
bonds, notes or certificates of indnht-
cdness Issued by virtue hereof, shall BE
and are hereby declared 10 have the
| qualities Of negotiable paper under the
law merchant, and shall not be invalid
for any iTTeGUla:ity or defect in the
proceedings for the issue and sale
thereof, and shall bc incontcetabIe in
the hands of bona fide purchasers or
holders thereof. 10 proceedings in re-
sDeCt TO the issue of any such bonds
notes or certificates Of Indebtedness
shall he necessary, except such as are
| required by this Act'
Section 5. Be it further enacted. etc,
| That the funds collected annually and
&irccted TO be set ar-rc and paid into
"Gtatc Highway Fund No. ?. Chef Men
teur and Hammond New Orleans State
Highways" under the provisions of this
Act directed TO be applied to the con
stTuctiOn Of the said Chef Menteur and
| Hammond-NeW Orleans State Hiah-
ways, are hereby pledged to paw the
principal and interest on said bonds
notes or certificates of Indebtedness as
the same shall become due and paya bles
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 Mcnteur and Hammond-New Or
| 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-
ton 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" a sum sufficient to pay the
principal and interest upon any bonds
notes ar certificates o. Indebtedness
issued hereunder. that may have been
sold and delivered for the period Of one
year ensuing, and to maintain in said
special accounts styled "State Highway
FUND No. 2, Chef Menteur and Ham,
rnond-New Orleans State Highway
Bonds, Interest and redemption Ac-
count" at all times from said source, a
sum equal to one years principal and
interest upon the said bonds, notes or
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
In5ah+adacs aTthoriZed hereby shall