St. Tammany farmer., 1918-09-07

That In order to provide fundS 1or
the construction, completion and
of the above mentioned |
highways, the Secretary OF State from |
and after the first day o. January,
1919, shall, as soon after collection
as practicable, deposit with the State
Treasurer for the account OF the
Highway Department of the State OF
Louisiana all motor vehicle licenses.
collected under the provisions OF Act
No. 100 of the General Assembly OF
the State of Louisiana for the year
1914, approved July 8, 1914, from
the Parishes of Jefferson, st. Charles,
st. John the Baptist, Tangipahoa, st.
Tammany and Orleans, and the
licenses so collected shall be paid by
the State Treasurer into. a special
fund to be known as "State Highway
Fund No. 2, Chef Menteur-NeW Or
leans State Highways; and in ad-
dition to the motor vehicle licenses
paid into said estate Highway Fund
No. 2, Chef Menteur and Hammand-
New Orleans State Highways" from
the parishes above mentioned, the
State Treasurer shall likewise pay
into said fund such portion or sutfici-
ent 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 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 here
tofore made and hereafter to be
made, and pay any and all bonds,
notes or certificates of Indebtedness
made or issued by the Board OF LiQui-
dation of the State Debt of the State
of Louisiana to provide moneys for
the costs of constructing said high
ways.
Section 3. Be it furthe renacted,
etc., That in order to provide ready
funds for the payment of the con-
tracts provided for in Section l OF
this Act, the Board of Liquidation OF
the State Debt of Louisiana shall
have authority to issue bonds, notes
or certificates of Indebtedness In an
ticipation of the collection and re-
ceipt of the taxes, licenses and rev.
enues set apart and dedicated to the
said Estate Highway Fund No. 2,
Chef Menteur and Hammond-NeW
Orleans State Highways" payable ex-
clusively 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 indebtedness.
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 bor-
row money for the purpose Of financ-
ing the construction and completion
of the said Chef Menteur and Ham
mond-New Orleans Highways herein
| above referred to, and to that end
may issue bonds, notes or certificates
of Indebtedness in any amount not
to exceed the sum of seven hundred
thousand dollars, in such sums and
denomina tions as the said board shall
prescribe, not less than five hundred
dollars each, may be registered
bonds, notes or certificates Of indebtr
edness, or payable to bearer, as may
be preferred, and shall be designated
as Chef Menteur and Hammond
New Orleans State Highway Bonds,
or Notes or Certificates of Indebted
ness: that at the discretion of said
Board all or any part of said bonds,
notes or certificates of Indebtedness
shall be payable from one 10 twenty
years. Said bonds, notes Or certifi-
Gates of Indebtedness may contain
such provisions as may be deemed
expedient for registration in the
name of the holder, or for the re-
lease thereof from registration; shall
bear interest at rate not exceeding
| five per centum per annum, payable
| at such time or times as the Board
may prescribe and the place or places
of payment or principal and Interest
shall be fixed by the said Board.
Said bonds, notes or certificates of
Indebtedness shall be scld to the
highest bidder at public sale at not
less than par, after thirty days ad
vertisement by the Board o. Liqui-
dation 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
CAC dGCOuuL VI tA0 11A6AWdv 4JCVd4t-
ment of the State of Louisiana, and
to the credit of the Estate Highway
Fund No. 2, Chef Menteur and Ham
mond-New Orleans State Highways, -
and only paid out ON the warrant of
the State Highway Engineer approx
ed by the President of the Board of
State Engineers. Said bonds, notes
or certificates of Indebtedness shall
be signed by the Governor, the Audit
or and the Treasurer of lie State.
Any coupons attached thereto shall
bear the fac-simile signature OF the
Treasurer of the State. ANY bonds,
Lotes, or certificates of Indebtedness
issued by virtue hereof, shall be and
are hereby declared to have the
qualities of negotiable pa yar ander
the law merchant, and shall no. be
invalid for any irregulari.y Or detect
in the proceedings for the issue and
sale thereof. and shall be intontest-
able in the hands of bona tide pur-
cl.asers or holders thereof. No pro-
ceedings in this respect to the issue
ct any such bonds, notes Or certifi-
Gates of Indebtedness shall be neces-
sary, except such as are required BY
| this Act.
Section 5. Be it further enacted,
ETC., That the funds collected annual
| ~ and directed to be set apart and
ra;d into Estate Highway Fund No
2. Chef Menteur and Hammond
New Orleans State HiphWavs unflar