Tensas gazette. [volume] (St. Joseph, La.) 1886-current, 1918-10-25


Ind Dollars. in such sums and denom-
.snatfons a. the said Board shall pre-
scribe. not less than Five Hundred Doll
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 Mem
teur and Hammond-New 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. notes or certificates Of
Indebtedness shall he payable from one
20 twenty years. Said bonds. notes or
certificates OF Indebtedness may cen.
tain such provisions as may be deemed
OF the holder. or for the release there
or from registration: shall bear interest
at the rate not exceeding five per
eentum 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
shall be sold to the highest bidder 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 in New Orleans. Chi
cago. and New York: and the money
arising from the sale thereof shall be
count Of the Highway Department of
the State of Louisiana, and to the credit
Of the state Highway Fund No. @
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
Said bonds. notes or certificates Of in
debtedness shall be signed by the Gov
ernor. the Auditor and the Treasurer
Of the State. Any coupons attached
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
the hands of bona fide purchasers or
holders thereof. No proceedings in re-
epect to the issue OF any such bonds
potes or certificates Of Indebtedness
ihali be necessary; except such as are
Section s. Be 1t further enacted. etc..
That the funds collected annually and
Erected to be set apar, and paid into
State Highway Fund No. 2. Chef Men,
teur and Hammond-New Orleans State
Highways" under the provisions of this
Act directed to be applied to the con-
struction of the said Chef Menteur and
Hammond-New Orleans State High
ways. are hereby pledged to pay the
notes or certificates of Indebtedness as
the same shall become due and payable
and II shall be the duty of the Treas
urer Of the State OF Louisiana to trans
fer from said State Highway Fund No.
2. Chef Menteur and Hammond-New Or
leans State Highway" to the credit of a
special account to be known as the
estate Highway Fund No. 2. Chef Mem
teru and Hammond-New Orleans State
Highway Bonds Interest and Redemp-
Account .
collected and received for the said
Estate Highway Fund No. 2. Chef Men,
teur and Hammond New Orleans State
Highways" sum sufficient to pay the
principal and interest upon any bonds.
notes ar certificates or Indebtedness
issued hereunder that may have been
sold and delivered for the period OF one
year ensuing. and to maintain in said
special accounts styled state Highway
Fund No. 2. Chef Menteur and Ham,
mond-New Orleans State Highway
Bonds. Interest and redemption Ac-
count" at all times from said source. a
sum equal to one years principal and
interest upon the said bonds. notes or
certificates Of Indebtedness. and also
sufficient to pay all bonds. notes or
certificates of indebtedness issued here
under which shall become due and pay
able during the year next ensuing. Az
ter any bonds notes or certificates of
indebtedese authorized hereby shall
Of said state Highway Fund No. Q.
Chef Menteur and Hammond-New Or
leans State Highways" shall be applied
to any OF the purposes authorized here
No. 2, Chef Menteur and Hammond
New Orleans State Highway Bonds. In
terest and Redemption Account" shall
have been created. and the State Treas
urer shall have transferred into 1t. the
funds hereby directed to be transferred