The Natchitoches enterprise., 1918-10-03

way no natural drain shall In any way
be In the least manner obstructed; ana
provided further that said Hammond
New Orleans Highway shall be provided
with culverts or other engineering out
let of passing the same volume OF
water as Is now passed or in the fu-
ture shall be passed by the culverts or
other engineering outlets in the road
bed of the Illinois Central Railroad
parallel to said Hammond-New Orleans
Highway.
That before any such contract is let
as herein provided. same shall be ap.
proved by the Board of Liquidation Of
the State Debt Of the State OF Lou
tsiana.
Section 2. Be 1t further enacted. etc,
That IN order to provide funds for the
construction, completion and mainte-
nance of the above mentioned high
ways, the Secretary OF State from and
after the first day of January. 1919.
shall, as soon after the collection as
practical, deposit with the State Treas
urer for the account of the Highway
Department of the State of Louisiana
all motor vehicle licenses collected un-
der the provisions OF Act No. $50 Of
the General Assembly Of the State of
Louisiana for the year 1914, approved
July 8, 1914, from the Parishes of JEFF
ferson. St. Charles. st. John the Bap-
tist, Tangipahoa, st. Tammany and Or
leans, all the licenses so collected shall
be paid by the State Treasurer into .
special fund to be known as State
Highway Fund No. 2, Chef Menteur and
Hammond-Ne Orleans State High.
ways"; and in addition to the motor
Highway Fund No. .. Chef Menteur and
Hammond New Orleans State High
ways" from the parishes above emu
merated, the State Treasurer shall ike
wise pay into said fund such portion
or sufficient amount out OF the Special
Road Tax collected under Article 2e1 Of
the Constitution OF the State OF Lou
isiana of 1913 from the Parish OF Or
leans a may be necessary to create ana
maintain in said fund a sum OF sixty
Thousand Dollars per year. which said
special fund Is hereby set apart ana
dedicated for the purpose of paying any
and all contracts heretofore made and
hereafter to be made and any and Oil
bonds, notes or certificates OF indebt-
edness made or issued by the BoaTo OF
Liquidation of the State Debt Of the
State Of Louisiana to provide moneys
for the costs of constructing said high
ways.
Section 8. Be 1t further enacted: esS.
That in order to provide ready funds
for the payment Of the contracts pro-
vided for in Section ! Of this Act the
Board OF Liquidation of the State Deos
of the State Of Louisiana shall have au'
thority to issue bonds, notes or certlfi-
Gates Of indebtedness in anticipation os
the collection and receipt OF the taxes,
licenses and revenues set apart aho
dedicated to the said state Highway
Fund No. 2, Chef Menteur and Ham,
mond-New Orleans State Highways.
payable exclusively from the said spe'
cial fund, which said special fund Is
hereby set apart and dedicated to the
payment, principal and interest, OF any
| bonds, notes or certificates OF indeot'
| edness.
Section 4. Be It further enacted. etc.
That the Board of Liquidation OF ths
State Debt of the State Of Louisians
the purposes OF financing the construc.
tion 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 indebted
ceed the sum of Seven Hundred Thou.
sand Dollars, in such sums and demon.
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, ol
and shall be designated as Chef Men
teur and Hammond-New Orleans State
Highway Bonds, or Notes or Certifi'
Gates Of Indebtedness; that at the dis.
cretion of said Board all or any par
Of said bonds, notes or certificates oi
Indebtedness shall be payable from on,
to twenty years. Said bonds, notes OF
certificates of Indebtedness may con,
tain such provisions as may be deemet
expedient for registration in the name
of from registration: shall bear interes
at the rate not exceeding five pc,
centum per annum, payable at suci
time or times as the Board may pre-.
scribe and the place or places OF pay
ment Of principal and interest shall b,
fixed by the said Board. Said bonds
notes or certificates OF indebtedness.
shall be sold to the highest bidder a
public sale at not less than par, aftel
thirty days advertisement by the Boar,
State of Louisiana in New Orleans, Chi
cago, and New York: and the mono,
arising from the sale thereof shall b,
paid to the State Treasurer to the &C
count of the Highway Department o;
the State of Louisiana and to the orsdI
Chef Menteur and Hammond-New Or
leans State Highways" and only pait
out on the warrant of the State High
way Engineer approved by the Presi
dent OF the Board Of State Engineers
Said bonds, notes or certificates Of In
deStedness shall be signed by the Gov.
ernor. the Auditor and the Treasure,
Of the State. Amy coupons attache et
thereto shall bear the fac-simile sigma.
ture of the Treasurer Of the State. An,
bonds. notes or certificates Of indebt.
edness issued by virtue hereof, shall b,
and are hereby declared to have tn.
qualities Of negotiable paper under tn,
law merchant, and shall not be invaiit
for any irregularity or defect in thu
proceedings for the issue and sal,
thereof. and shall be incontestable IL
the hands of bona fide purchasers OF
holders thereof. No proceedings In re.
spect to the issue of any such bonds
notes or certificates Of indebtedness,
shall be necessary. except such as arr
required by this Act.
Section 5. Be 1t further enacted, etc.
That the funds collected annually ant
directed to be set apart and paid intc
state Highway Fund No. Q, Chef Men.
teur and Hammond-New Orleans Stat,