Bogalusa enterprise and American. (Bogalusa, La.) 1918-19??, 1918-09-19


of the Highway Department of this
State Of Louisiana al motor vehicle
| licenses collected under the pro
visions Of Act No. $50 Of the Gen
era! Assnebly of the State of Louisi-
ana for the year 1914, approved July
E9, 1914, from the Parishes of JEFF
fersCn, st. Charles, St. John, the
Baptist, Tangipahoa, st. TammanJ
and Orleans, and the licenses SO col.
lected shall be paid by the State
Treasurer into special fund to be
known as State Highway Fund No
2, Chef Menteur and Hammond-NeW
Orleans State Highways" ard in adj
dition to the motor vehicle licenses
paid into said Estate Highway Fund
/ No. 2, Chef Menteur and Hammond
New Orleans State Highways" from,
the Parishes above enumerated, the
State Treasurer shall likewise pay in
to said fund such portion or sufficient
amount out Of the Special Road Tax
collected under Article POI of the
Constitution of the State of Louisi.
ana of 1913 from, the Parish of Or
.leans as may be necessary to create
and maintain in said fund a sum Of
| Sixty Thousand Dollars per wear.
which said special fund is hereby set
apart and dedicated for the purpose
of paying any and all contracts here
tofore made and hereafter to be
made, and any and all bonds. notes
or certificates of indebtedness made
or issued by the Board of Liouida-
ton of the State Debt of the State
tof Louisiana to provide moneys for
the costs of constructing said high
ways.
Section 8. Be it further enacted,
ETC., That in order to provide ready
funds for the payment of the con-
tracts provided for in Section / of
this Act, the Board Of Liquidation
of the State Debt of the State of
Louisiana shall have authority to is
sue bonds, notes or certificates of
Indebtedness in anticipation of the
collection ard receipt of taxes, IL
ceses ad revenues set apart and dedi-
Gated to the said estate Highway
Fund No. 2, Chef Menteur and Ham
mond-New Orleans State Highways"
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 Indebtedness.
Section 1. Be it 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 construction and completion Of
the said Chef Menteur and Ham
mond-New Orleans Highways herein
above referred to, and to that end
may issue bonds, notes or certificates
OF Indebtedness in any amount not
to exceed the sum of Seven Hundred
Thousand Dollars, in such sums and
denominations as the said Board shall
prescribe, not less than Five Hundred
Dollars each, may be registered
bonds, notes or certificates of in
debtedness, or payable to bearer. as
may be preferred, and shall be desig- |
mated as Chef Menteur and Ham
mond-New Orleans State Highway
Bonds, or Notes or Certificates of In
deotedness; that at the discretion of
SAID Board all or any part of said
bonds, notes or certificates of in-l
debtedness shall be payable from one
TO twenty years. Said bonds, notes
or certificates of Indebtedness nav
contain provisions as may be deemed
expedlent for registration in the
name of the holder, or for the re-
lease thereof from registration; shall
bear interest at rate not exceeding
i've per ,ceGtum per annuYn, PAYABLE |
at such time or times as the Board !
may prescribe and the place or places
q payment of principal and interest |
shall be fixed by the said Board. Said |
bonds, notes or certificates Of in /
debtedness shall be sold to the highest |
pldder at public sale at not less than
par, after thirty days advertisement !
by the Board of Liquidation OF the
state Debt of the State Of Louisiana
m New Orleans, Chicago and Newt
! ork; and the money arising from
the sale thereof shall be paid to the
otate Treasurer to the account of the
highway Department of the State Of |
Louisiana, and to the credit of The I
State Highway Fund No. 2. Chef
Menteur and Hammond-New Orleans
States Highways" and only paid out .
on the warrant of the State HIGHWAY
Engineer approved by the President
Of the Board of State Engineers.
Said bonds, notes or certificates of
indebtedness shall be signed by the
Governor, the Auditor and the Treas
lrer of the State. Any coupons at
tachedI thereto shall bear the fac
s!mlle signature of the Treasurer of
lhe State. Anv bonds, notes or GER
of Indebtedness issued by vir-
tue hereof, shall be and are hereby
declared to have the qualities of ne
gotiable paper under the law mer-
chant, and shall not be invalid for
any irregularity or defect in the pro-
seedlings for the issue and sale there
IF, and shall be incontestable in the
hands of bona fide purchasers or
nolders thereof. No proceeding in
respect to the issue of any such
bonds, notes or certificates OF in
iebtedness shall be necessary, except
such as are required by this Act.
Section 5. Be it further enacted.
ETC., That the funds collected an
1ually and directed to be set apart
and paid into Estate Highway F14nd