Bogalusa enterprise and American. (Bogalusa, La.) 1918-19??, 1918-09-12

collection as practicable, deposit will
the State Treasurer for the account
of the Highway Department of the
State of Louisiana all motor vehicle
licenses collected under the pro
visions of Act No. 26O of the Gen
eral Assmebly of the State of Louisi
ana for the year 1914, approved July
8, 1914, from the Parishes of JEFF
ferson, St. Charles, st. John, the
Baptist, Tangipahoa, St. Tammany
and Orleans, and the licenses so col
lected shall be paid by the State
Treasurer into a special fund to BE-
known as estate Highway Fund No
2, Chef Menteur and Hamnond-Nev
Orleans State Highways" and in ad-
jition to the motor vehicle licenses
paid into said Estate Highway Fund
No. z, 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 ou5 Of the Special Road Tax
collected under Article POI of the
Constitution of the State of Louisi.
ana of 1918 from the Parish of Or
leans as may be necessary to create
and 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 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 Liduida-
ton of the State Debt of the State
of Louisiana to provide moneys for
the costs of constructing said high
ways.
Section g. Be it further enacted.
ETC., That in order to provide ready
funds for the payment of the con-
tracts provided for in Section l 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
in anticipation of the
collection and receipt of taxes, Ii
ceses ad revenues set apart and dedi-
Gated to the said Estate Highway
Fund No. 2, Chef Menteur and Ham
Orleans State HIGHWAYS, 4"
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 4. 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
he construction and completion of
.he said Chef Menteur and Ham
nond-New Orleans Highways herein
above referred to, and to that end
nay issue bonds, notes or certificates
'T Indebtedness in any amount not
% 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
5onds, notes or certificates of in
lebtedness, or payable to bearer, as
ray be preferred, and shall be desig-
1ated as Chef Menteur and Ham
nond-New Orleans State Highway
Sends, or Notes or Certificates of In
iebtedness; that at the discretion of
aid Board all or any part of said
1onds, notes or certificates of in
lebtedness shall be payable from one
o twenty years. Said bonds, notes
n certificates of Indebtedness NAV
contain provisions as may be deemed
'xpedient for registration in the
lame Of the holder, or for the re-
ease thereof from registration; shall
year interest at rate not exceeding
i've per centum per annunl, PAYABLE
It such time or times as the Board
nay prescribe and the place or places
I payment of principal and interest
nail be fixed by the said Board. Said
'onds, notes or certificates of in
ebtedness shall be sold to the highest
bidder at public sale at not less than
ar, after thirty days advertisement
y the Board of Liquidation of the
tate Debt of the State of Louisiana
. New Orleans, Chicago and New
ork; and the money arising from
ne sale thereof shall be paid to the
tate Treasurer to the account of the
Department of the State of
.ouisiana, and to the credit of the
State Highway Fund No. 2, Chef
lenteur and Hammond-New Orleans
'tates Highways" and only paid out
n the warrant of the State Highway
Engineer approved by the President
+ the Board of State Engineers.
aid bonds, notes or certificates of
shall be signed by the
Governor, the Auditor and the Treas
rer of the State. Any coupons at
ached thereto shall bear the fac
mile signature of the Treasurer of \
he State. ANY bonds, notes or GER
ificates Of Indebtedness issued by vir- |
ne hereof, shall be and are hereby
eclared to have the qualities of ne
otiable paper under the law mer-
hant, and shall not be invalid for
ny irregularity or defect in the pro-
eedings for the issue and sale there |
+, and shall be incontestable in the
ands of bona fide purchasers or |
olders thereof. No proceeding in
aspect to the issue of any such
onds. notes or certificates of in
ebtedness shall be necessary, except
ach as are required by this Act.