The true Democrat. [volume] (Bayou Sara [La.]) 1892-1928, 1918-09-21

state Treasurer shall likewise pay into
| said fund saoh portion or sufficient
/ ameunt cat u TIRE Special Road Tax col
| legiUd under Article 2si n the Gonsti}u.
/ ton 81. the State Of Louisiana Of 1915
| frau Ile Parish 81 Orleans az may be
necessary ta create ard maintain ia said
fund q SOM 81 sixty Thousand Dollars
/ per year. which said special fund il
hereby set apart and dedicated FOR the
purpose ui paying any and al contracts
heretofore made and hereafter 10 be
made and pay auy and ali bonds, notes
or certificates of Indebtedness made o.
issued by tire Hoard II Liquidation Of
fht state Debt u the state Of LoulsI-
tm to provide moneys for the costs II
constructing said highways
Section 3 BE 1t further enacted. etc,
That in arIer 20 provide ready funds Tor
Ga, payment ~ the contracts provided
far IN Section I Of this Act, tbs Board
'tI Liquidation Of the state Debt ~ Lou.
Isana shall have authority TO issue bonds.
totes 0r certificates Of Indebtedness ia
anticipation Of the collection and receipt
.uf the taxes. licenses aud revenues set
apart aud dedicated "a the said state
Highway Fund No 9. chef Menteur ana
Hammond New Orleans State High
ways payable exclusively from the said
special fund, which sald special fund is
hereby set apart and dedicated 20 the
payment principal and Interest Of any
bonds notes on certificates Of indebted
ness
Section He It further enacted, etc.
That the Beard ef Liquidation Of the
state Debt ~ the State q Louisiana
SHAH have power TO borrow money for
lI purpose Of financing The construction
ana completion 81 the said chef Mentrur
abd Hammond. New orleans Highways
hyrsnahoNe referred g. and 90 that end
m9y issue bonds. uetes uT certificates ~
indebtedness Ih aus amount uos 10 sK.
essa the Sum ut seven Hundred Thoua
aHu Dollars .n such sums and Heuuml
nations as fhe said Board shall pre-
scribe not less thar Five Hundred Dol.
hrs each mas be registered bonds
notes % certificates u Indebtedness or
pas atle 10 bearer as mas be preferFd.
and shall be- designated "a chef Men,
lrU and Hammond. New Orleans State
Highway Bonds. or Notes OF Certificates
IT Indebtedness that At the discretion
q said Board an or any part Of said
bonds notes or certificates ~ Indebted,
ness shall De payable from one 20 twgn,
q years said bonds, notes or certin
Gates II indebtedness may contain such
provisions a. MAJ be deemed cxpedient
for registration In the name Of the hold
a. ur fat the release thereof from regis.
tul4on SHAH bear interest at rate not
exceeding FIVE per eentum per annum,
pas able AZ such time or times as the
Board may prescUbe and the place Of
places II payment of principal and in
tefest shall De fixed by the said Beard
Said bonds. notes or certificates at ia
3,biedness shall be sold 20 the highest
atffirr az public sale Al not less than
an after thirty days advertisement By
he Board Of Liquidation ~ the state
Debt Of the State IT Louisiana in New
lfieans, Chicago. and New YORK and
he money arising from the sale thereof |
'hali be paid TO the State Treasurer 10 /
he account ef the Highway Department |
u the state Of Louisiana. and to the |
fealt OF the State Highway Fund. No /
Chef Meniear and Hammond New |
Hlsans state Highways and only paid /
'ut pn the warrant at the State High |
'aN Engines approved by the President |
a a Il
fds. notes or certificates 81 Indebted
'2E shall be- signed by the Governor.
hr Auditor and the Treasurer If the
.ut, AnF eoHpnps attached thereto
hall bear the fac slnlle signature N
be- Treasurer oi the state Any bonds |
otes. certificates Of indebtedness issued
IS virtue hereof shan be and are here.
s. declared to have the sualltlex Of ne
ntiahlc paper under the law merchant,
Hd shall net be Invalid fof any irfegp. Il
'rIit Of defect So the proceedings for
fe issu" and sale thereof and shan be
fron1eFlnhI p the hands uf bona ade i
Hr1hBsefs of holders thereof No pro
osdings In respect 90 the issue 81 any
eh bonds notes or certificates ~ IN. /
'bledn"ss shah be necessary. except
teh as are required by this Act
Section BE it further enacted. etr
hat the funds collected annually and
.reeted 10 be act apart and paid into .
STATE Highway Fund Ne . chef Men. =
.ar and Hammond New Orleans State I
'Rheays under the provisions o. this I
ct aud by this Act directed 70 bee np- | :
bed to the construction Of the said
hei Menteur and Hammond New or +
aHs State Highways are hereby +
edged Go pas the principal and later. !
II uu said bonds notes of certificates :
Indebtedness s# the same SHAH be. Vi
.ms due and payable and II shall b. H.
e duty Of the Treasurer 81 the State "a
Louisiana 10 transfer frsH said r.
state Highway Fund No 2. chef Men q
pr and Hammond New Orleans state / II
iRhway to the credit Of special ae- / +
nnt 60 be known az the state Hiatt a
as Fund No. 2 chef Ientouf ana Han. ri
and New Orleans State Highway Hon,lp. 5
'erest and Redemption Account" ous S
'he frat iuads collected aud received a.
The said state Highway Fund Na