The Natchitoches enterprise., 1918-10-10


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 ~
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 or
the State Debt Of the State of Lou
isiana.
Section 2. Be it 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. 260 Of
the General Assembly of the State OF
Louisiana for the year 1914, approved
July 8, 1914, from the Parishes Of JEFF
fcrson. St Charles. St. John the Bap-
fist 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
siAHmOnQ-NeW ofIe=nS STATE
ways; and in addition to the motor
vehicle licenses paid into said State
Highway Fund No. 2. Chef Menteur and
Hammond-New Orleans State High
ways" from the parishes above emu
Ineratcd the State Treasurer shall like
wise pay into said fund such portion
Or sufficient 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
To-, I. aT-XF n m q
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 ana
hereafter to be made and any and all
bonds, notes or certificates OF tndebt-
edness I~ade or issued by the Board OF
Liquidation of the State Debt OF the
State of Louisiana to provide moneys
for the costs OF constructing SAID nigh
ways.
Section 3. Be it further enacted, etc.
That in order to provide ready 1unds
for the payment of the contracts pro
vided for in Section l of this Act the
Board of Liquidation or the State DEBT
of the State of Louisiana shall have au-
thority to issue bonds. notes or certifi-
Gates of indebtedness in anticipation or
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 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. or any
bonds. notes or certificates of indebt-
edness.
Section 4. Be 1t further enacted. etc,
| That the Board of Liquidation of the
State Debt of the State of Louisiana
shall have power to borrow money for
the purposes of financing the cpnstruc-
! ton 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
| ness in any amount not to ex-
| coed the sum of Seven Hundred Thou
| sand Dollars, in such sums and denom-
! nations 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 preferred.
| and shall be designated as Chef Men
! teur and Hammond-Ne Orleans State
| Highway Bonds, or Notes or Certifi-
| Gates of Indebtedness; that at the dis
| erection of said Board all or any part
| of said bonds. rotes or certificates of
| Indebtedness shall be payable from one
| to twenty years. Said bonds, notes or
| certificates of Indebtedness may con.
tain such provisions as may be deemed
| expedient for registration in the name
Of the holder or for the release there
| of from regfstra tNn: shall bear interest
at the rate not exceeding five per
| centum per annum, payable at such
| time or times as the Board may pre-
| scribe and the place or places of pay
ment of principal and interest shall be
! fixed by the said Board Said bonds
notes or certificates OF Indebtedness
| she'll be sold to the highest bidder al
! public sale at not less than par. after
| thirty days advertisement by the Boa I'd
NJ i'm do InV Of h k0ta NJ l.
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 the ac-
the State of Louisiana. and to the credit
! OF the state Highway Fund No 2
Chef Menteur and Hammond New Or
leans State Highways" and only paid
out on the warrant of the State High
way Engineer approved by the Presi-
dent of the Board OF State Engineers
Saidrbonds. notes or certificates OF in
debtedness shall be signed by the Gov
ernor. the Auditor and the Treasurer
Of the State. Any coupons attache ed
thereto shall bear the fac simile sigma
ture of the Treasurer OF the State. Any
bonds. notes or certificates of indebt-
edness issued by virtue hereof. shall be
and are hereby declared to have the
qualities of negotiable paper under the
law merchant. and shall not be invalid
for any irregularity or defect in the
proceedings for the issue and sale
thereof and shall be incontestable In
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 are
required by this Act.
Section 5. Be it further enacted etc
That the funds collected annually and
directed to be set apart and paid into
state Highway Fund No. 2. Chef Men
teur and HammondNew Orleans State
Highways" under the provisions of this
struction of the said Chef Menteur anG
Hammond-New Orleans State High
ways. are hereby pledged to pay the
principal and interest on said bonds
notes or certificates of indebtedness a!
the same shall become due and payable
and it shall be the duty OF the Treas
urer of the State of Louisiana to trans
fer from said State Highway Fund No
O. Chef Menteur and Hammond-N New Or
leans State Highway" to the credit Of {
| special account to be known as tn,
state Highway Fund No. 2, Chef Men
teru and Hammond-New Orleans Stat
Highway Bonds, Interest and Redemp
| ton Account" out Of the first fund
collected and received for the sal,
state Highway Fund No. 2. Chef Men
teur and Hammond-New Orleans Stat
I Highways" sum sufficient to pay tn
principal and interest upon any bonds
notes ar certificates or Indebtedness
issued hereunder. that may have beel
sold and delivered for the period Of on
year ensuing, and to maintain in sal
] special accounts styled State Highwa,
p66nd-Nsw Orleans State Highwa,
8Snds. interest and redemption AZ
coyint," at all timss from said source.
sum equal to one years principal an
anterest upon the said bonds. notes o
certificates of indebtedness. and ais
sufficient to pay all bonds. notes o
certificates of Indebtedness issued here
under which shall become due and pay
able during the year next ensuing. AT
ter any bonds, notes or certificates o
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