The St. Charles herald. [volume] (Hahnville, La.) 1873-1993, 1918-09-07

State Treasurer shall likewise pay into
said fund such portion or Suflclent
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 bonds5 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. 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.
Section t. Be it further enacted, etc,
That the Board of liquidation Of the
Dpht nf hn of of TnniSianl
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
ihereinabove 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, 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 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 expedient
for registration in the name of the hold
er, or for the release thereof from regis
| tration 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 of principal and in
terest shall be fixed by the said Board.
Said bonds, notes or certificates of in
ldebtedness shall be sold to the highest
bidder at public sale at not less than
lpar, 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
Iof the State of Louisiana, and to the
credit of the state Highway Fund No
IL, Chef Menteur and Hammond New
Il Orleans State Highways" and only paid
out on the warrant of the State High
lway Engineer approved by the President
of the Board of State Engineers. Said
bonds. notes or certificates of indebted
kness 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.
larity or defect in the proceedings fol
the issue and sale thereof, and shall be
inoontestable in the hands of bona fidt
| purchasers or holders thereof. No pro
ceedings in respect to the issue of an!
| such bonds, notes or certificates of in
{ debtedness shall be necessary, excep
, such as are required by this Act.
I'll Section s. Be it further enacted, etc.
| That the funds collected annually ant
directed to be set apart and paid int,
state Highway Fund No. 2, Chef Men
teur and Hammond New Orleans Stat
Highways" under the provisions of thi
Act, and by this Act directed to be ap
, piled to the construction of the sal
) Chef Menteur and Hammond New Or
? leans State Highways, are hereb.
pledged to pay the principal and inter
est on said bonds, notes or certificate
3 OF indebtedness as the same shall be
come due and payable, and it shall b
E the duty of the Treasurer of the Stat
of Louisiana to transfer from sal
r State Highway Fund No. 2, Chef Men
J teur and Hammond-New Orleans Stat
i Highway to the credit of a special ac
+. count to be known as the state High
t way Fund No. 2, Chef Menteur and Ham
mond-N New Orleans State Highway Bonds
9 Interest and Redemption Account" ou
OF the first funds collected and receive
t for the said Estate Highway Fund Nc
: 2. Chef Menteur and Hammond New Or
e leans State Highways" a sum sufficien
e to pay the principal and interest upo
g any. bonds, notes or certificates of in