The true Democrat. [volume] (Bayou Sara [La.]) 1892-1928, 1918-10-19

amount cut Of she Special Road Tax col.
lteted under Article 2ai ca the Constitu.
ton Of the state OF Louisiana Of 1914
from the Parish Of orleans an may be
| necessary 10 create and maintain IN said
| fund sum Of sixty thousand Dollars
| PEI year. which said special fund 10
hereby set apart and dedicated for the
purpose of paying any and all contracts
heretofore made and hereafter 60 be
made and pay any and ali bonds, notes
OF certificates II indebtedness made of
issued by the Beard Of Liquidation Of
N, state Debt Of the State of LouIsi-
ana to provide moneys for the costs Of
constructing said highways.
Section BE it further enacted etc,
That in order to provide ready funds for
the payment Of the contracts provided
fuf in Section / OF this Act, the Board
ltf Liquidation Of the state Debt Of Lou
lsiana shall have authority TO issue bonds,
notes or certificates Of Indebtedness In
participation Of the collection and receipt
| OF the taxes. licenses and revenues set
apart ami dedicated to the said state
| Highway Fund Ne. 2. Chef Asnteur and
| Hammond New Orleaha state High
Nays payable exclusively from the said
special fund. which said special fund Is
hrrrby set apart and dedicated 10 the
| pas rneut. principal and interest, Of any
| bonds notes or certificates Of Indebted.
ness
section { Be II further enacted, etc,
That the Board Of Liquidation Of the
state Debt OF the state Of Louisiana
| shaN have power 70 borrow money for
| a., purpose Of financing the construction
| sud completion 0I the said Chef Menteur
pna Hammond New Orleans Highways
| ters,nsbove referred 10, and to that end
| 'nuy issue bonds notes or certificates 81
| Indebtedness IA any amosnt mol 20 ex-
| cued the sum u Seven Hundred Th0us-
| ami Dollars, IN sICh sums and denomi
notions as the said Board shall pre-
ssfiHr not less than Five Hundred Dol
J. ~ each, may be registered bonds.
notes ~ certificates Of Indebtedness or
pas able TO bearer as may be prefsrrd.
aud shall be- designated as Chef Men
ten ana Hammond New Orleans state
Highway Bonds or Notes OF Certificates
u indebtedness that az the discretion
Il said Board all OF any part Of said
| bonds notes or certificates - indebted
ness shall be payable from one 10 TWEEN.
IB years Said bonds notes or eertla-
Gates Of Indebtedness may contain such
| provisions as may be deemed expeaient
! lot registration la the name o. the hold
ey or for the release thereof from regis
trrtIon shall bear interest at rate not
exceeding five per centum per anRum.
pay able at such time or times as the
Hoard may prescribe and the place or
places 81 payment Of principal and in.
tsrest shall be fixed by the said Board.
| Said bonds, notes or certificates Of In
dobteinsss shall be sold 10 the highest
bidder at public sale al not less than
par. after thirty days advertisement by
the Hoard Of Liquidation Of the state
Debt Of the State Of Louisiana i'm New
Orleans, Chicago, snd New York and
the money arising from the sale thereof
shall be paid 10 the State Treasurer 60
the account Of the Highway Department
Of the State Of Louisiana. and to the
credit Of the state Highway Fund No
3 Chef Mentepr and Hammond. New
Orleans State Highways and only paid
out on the warrant Of the state High
way Engineer approved by the President
ef the Beard Of State Engineers Said
bends notes or certificates OF indebted.
,uess shalt be signed by the Governor,
the Auditor and the Treasurer of the
State ANY coupons attached thereto
shall bear the fac smils signature Of
the Treasurer ot the state Any bonds.
notes certificates ~ Indebtedness issued
hy virtue hereof shah be and are here
by declared 10 have the suaiities Of ne.
gotlable paper under the law merchant,
and shall not be invalid for any irregu~
larity or defect In the proceedings for
the issue and sale thereof. and shall be
iucontestaLlt "a the hands of bona hda
purchasers or holders thereof Ne pro.
seedlings in respect 10 the issue Of any
sIeh bonds. notes or certificates Of In
Sebtedness shah be necessary. except
"a oh as are required by this Act
Section 8 he Il further enacted, etc
THAT the funds collected annually and
{ rected 10 be set apart and paid into
state Highway Fund No g. Chef Men
ts1T and Hammond New Orleans state
Highways under the provisions Of this
Act, and By this Act directed 10 be ap-
tAed 10 the construction q the said
Cfsf Msnteuf and Hammond New Or
leans state Highways, are hereby
pledged to pay the principal and inter
sst ou said bonds notes OF certificates
al Indebtedness az the same shah be-
come due and payable, and II shah be
the duty Of the Treasurer Of the state
al louisiana so transfer frcm said
state Highway Fund Ne z. Chef Men
'eur and Hammond New Orleans state
Highway" 10 the credit of a special ae-
euuHt 90 b. known as the state High
way Fund No g. Chef Menteur and Ham
aoud New orleans State Highway Rouda,
Interest and Redemption Account" out
~ the Hrst funds collected and received
toi the said state Highway Fund No
. Chef Menteur and Hammond New Or