The St. Charles herald. [volume] (Hahnville, La.) 1873-1993, 1918-09-21

, ar<sxs-esa~.~As
State Treasurer shall likewise pay into
said fund such portion or sufficient
amount out of the Special Road Tax col
lected under Article 291 of the Constitu-
ton of the State of Louisiana of 1913
from the Parish of Orleans 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 and hereafter to be
made, and pay any and all bonds, notes
or certificates of indebtedness made or
issued by the Board of Liquidation of
the State Debt of the State of Louisi-
ana to provide moneys for the costs of
constructing said highways.
Section 3. BE it further enacted, etc,
That in order to provide ready funds for
the payment of the contracts provided
for in Section l of this Act, the Board
Ct Liquidation of the State Debt of Lou
isiana shall have authority to issue bonds,
notes or certificates 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. ,. Chef Menteur and
Hammond New Orleans State High
ways" payable exclusively from the said
special fund. which said special fund is
hereby set apart and dedicated to the
payment, principal and interest, of any
bonds, notes or certificates of indebted
ness.
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 purpose of financing the construction
and completion of the said Chef Menteur
ana Hammond New Orleans Highways
hereinaboye referred to, and to that end
may issue bonds notes or certificates of
Indebtedness in any amount not to ex-
coed the sum of Seven Hundred Thous-
ana Dollars. in such sums and denomi-
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. may be preferrd
and shall be designated as Chef Men
teur and Hammond New Orleans State
Highway Bonds. or Notes or Certificates
of Indebtedness: that at the discretion
Of said Board all or any part of said
bonds. notes or certificates of indebted
ness shall be payable from one to TWEEN
ty years. Said bonds, notes or certifi-
Gates of Indebtedness may contain such
provisions as may be deemed expedent
for registration in the name of the hold
or, or for the release thereof from regis
tration: shall bear interest at n rate not
exceeding five per centum per annum,
a lNla of
Board may prescribe and the place or
places of payment of principal and in
terest shall be fixed by the said Board.
Said bonds. notes or certificates of in
debtedness 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, Chicago, and New York; and
the money arising from the sale thereof
shall be paid to the State Treasurer to
the account of the Highway Department
of the State of Louisiana, and to the
credit of the state Highway Fund No.
2, Chef Menteur and HAMMOND New
Orleans State Highways" and only paid
out on the warrant of the State High
way Engineer approved by the President
of the Board of State Engineers. Said
bonds. notes or certificates of indebted
ness shall be signed by the Governor,
the Auditor and the Treasurer of the
State. Any coupons attached thereto
shall bear the fac simile signature of
the treasurer of the State Any bonds,
notes. certificates of Indebtedness issued
by virtue hereof, shall be and are here
by declared to have the sualities of ne
gotiable paper under the law merchant,
and shall not be invalid for any irregu-
rarity or defect in the proceedings for
the issue and sale thereof, and shall be
lncontestable in the hands of bona fide
purchasers or holders thereof. No pro-
ceedings in respect to the issue of any
sCch bonds' notes or certificates of in
debtedness shall be necessary, except
such as are required by this Act.
Section 5. Be it further enacted. etc
Ihat the funds collected annually and
directed to be set apart and paid into
state Highway Fund No. 2, Chef Men
teur and Hammond New Orleans State
Highways" under the provisions of this
Act and by this Act directed to be an
phed to the construction of the said
Chef Menteur and Hammond New Or
leans state Highways, are hereby
pledged to pay the principal and inter
est on said bonds, notes or certificates
or Indebtedness as the same shall be-
come due and payable, and it shall he
the duty of the Treasurer of the State
OF Louisiana to transfer from said
state Highway Fund No 2, Chef Mem
teur and Hammond-N Orleans State
to the credit of a special ac-
count to be known as the State High
way Fund No. 2, Chef Menteur and Ham
lfond-New Orleans State Highway Bonds
interest and Redemption Account" out
OF the first funds collected and received
Tor the said State Highway Fund No.
2 chef Menteur and Hammond-Ne Or
leans State Highways" a sum sufficient
To pay the principal and interest upon
an! bonds. notes or certificates of in
debtedness issued hereunder, that NAV