The Donaldsonville chief. [volume] (Donaldsonville, La.) 1871-current, 1918-10-26

State Treasurer shall likewise pay into
said fund such ~ation or sufficient
amount out Of the scial Road Tax col
lected under Article 291 of the Constitu-
ton of the. State of Louisiana OF 1918
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 LOUISE
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 id Section of this Act, the Board
Of 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. 2, 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.
ya.fsN a Tor,+; = e.,
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
and Hammond New Orleans Highways
hereinabove referred to, and to that end
may issue bonds, notes or certificates of
Indebtedness many amount not to ex-
coed the sum Of Seven Hundred Thous-
and Dollars. in Asach sums and denomi-
nations as tha said Board shall pre-
scribe. not Less han Five Hundred Dol
lars each, mi be registered bonds,
notes or certifH ates of Indebtedness, or
payable to. beaf Ter, as 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 Of certificates Of Indebted
ness shall be n yable from one to twen-
ty years. Said bonds, notes or eertif1-
Gates Of sindeb4 dness may contain such
provisions as may be deemed expedient
for registration in the name Of the hold
er. or for the release thereof from regis
tration; shall Bear interest at a rate not
exceeding five per centuim per annum,
payable at such time or times as the
Board may prescribe and the place or
places OF payment Of principal ana in
terest shall be fixed BY the said Board.
Safd bonds, notes or certificates Of In
.dohtedness Shall he sold to the highest
bidder 81 public sale at not less than
par ter thirfs days advertisement bys
the Board 81 % fqtida ton 81 the state
Debt OF the state III Louisiana I'll New
Orleans, Chicago. and New York: ana
the money arising from the sale thereof
shall be paid TO the State Treasurer to-
the account OF tile Highway Department
of the State Of Louisiana, and TO the
credit Of the state Highway Fund No.
z, Chef Menteur and Hammond New
Orleans State Highways, y and only paid
ouh 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,
nofesS certificates of Indebtedness issued
by virtue hereof, shall be and are here
by declared to have the sua1ities Of ne
gotiable paper under the law merchant,
and shall not be invalid for any irregu-
larity or dafect in the proceedings for
the issue anaa sale thereof, and shall be
incontestabla in the hands Of bona fide
Or holders thereof No pro-
ceedings in respect to the issue Of any
such bonds, notes or certificates Of in
debtednesse shall be necessary, except
such as are required by this Act.
+ Section S. 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 Men
teur and Hammond Orleans state
Highways, under the provisions of this
Act, and by this Act directed to be an
Piled to the construction Of the said
Chef Mentenr and Hammond New Or
leans State Highways, are hereby
pledged to2pay the principal and inter-
est on said bonds, notes or certificates
OF Indebtedness as the same shah be-
come due and payable and it shall be
the duty Of the Treasurer of the state
OF Louisiana to transfer from said
State Highway Fund No. Q. Chef Men
teur and Hammond New Orleans State
Highway to the credit of a special ae-
count to be known as the State High
way Fund No. 2, Chef Menteur and Ham,
mond- New Orleans State Highway Bonds,
Interest and Redemption Account out
Of the first funds collected and received
for the said State Highway Fund No.
2. Chef Menteur and Hammond New Or
leans State Highways, sum sufficient