The Colfax chronicle. [volume] (Colfax, Grant Parish, La.) 1877-1981, 1918-08-31

pIoVioeQ further. that said Hammond
view orleans Highway shall be provide
Win culverts or other engineering out
let of passing the same volume 9
water as Is now passed or in the fu
ture snail be passed by the culverts O
otner engineering outlets In the road
PED or the Illinois Central Railroa
parauei TO said Hammond-New Orlean
Highway.
That before any such contract is le
es herein provided. same shall be ap
proved by the Board OF Liquidation o
the State Debt of the State of Lou
isiana.
Section 2. Be It further enacted. etc
ina. In order to provide funds for tn,
construction. completion and mainte
nance or the above mentioned high
n,ty' me secretary of State from an,
snail as soon after the collection a,
practical. deposit with the State Treas
urer Tor the account of the Higbwa,
department of the State of Iouisian
al motor vehicle licenses collected un.
ger the provisions of Act No. ESQ o,
the General Assembly of the state q,
louisiana for the year 1914. approved
July ,, 1914. from the Parishes OF Jef.
Ierson, st. Charles. st. John the Bap.
list. Tangipahoa. ST. Tammany and Or
leans. all the licenses so collected shall
pc paio by the State Treasurer into q
special fund to be known as "State
highway Fund No. 2. Chef Menteur and
Hammond-New Orleans State High
ways; and in addition to the motor
vehicle licenses paid into said State
uagnway Fund No. 2. 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 sulncient amount out Of the Special
ROAD Tax collected under Article isf OF
isiana of 1913 from the Parish OF Or
leans as may be necessary to create and
maintain in said fund sum of Sixtv
Thousand Dollars per year, which said
special fund is hereby set apart and
oedicated for the 'purpose of paying any
ana all contracts heretofore made and
hereafter to be made. and any and an
ponds, notes or certificates of indebt-
edness made or issued by the Roar OF
Liquidation of the State Debt of the
state of Louisiana to provide moneys
LOT the costs of constructing said high
Section 8. Be 1t further enacted. etc.
Tnat In order to provide ready funds
Tor the payment of the contracts pro-
vided for in Section / OF this Act the
Board OF Liquidation OF the State Debt
Of the State OF Louisiana shall have au-
thority to issue bonds, notes or certffi-
Gates OF Indebtedness in anticipation of
the collection and receipt of the taxes.
licenses and revenues set apart and
ledicated to the said State Highway
Fund NO. 2. Chef Menteur and Ham, |
nond-New Orleans State Hiehways~
payable exclusively from the said spe-
'iai fund. which said special fund is |
hereby set apart and dedicated to the |
'ayment, principal and interest. of any
'onos, notes or certificates of fndebt- /
Section 4. Be II further enacted etc
hat the Board of LIQUIDATION Of the
tate Debt of the State of LouJsja ns
nall have power to borrow money for
ne purposes of financing the construc-
ION ana completion of the said Chef
Ienteur and Hammond-New Orleans
nd nw 20 hereinabove referred to.
otes or certificates of indebfed-
ess In any amount not to ex
eco the sum of Seven Hundred Thou
ana dollars. in such sums and denon,
as the said Board shall pre-
crlDe. not less than Five Hundred Dol.
lrs each, may be registered bonSs
otes or certificates OF Indebtedness o.
ayaoie 70 bearer. as may be preferred
na snail De designated as Chef Men
' 4 ana Hammond-New Orleans state
/. ttsn"ay Bonds: or Notes or Certiff-
ties OF Indebtedness; that at the dis
elton Of said Board ali or anv n.5,
ssio ponds. notes or cetrifjcates ~ !
shall be payable from on. (
twenty years. Said bonds. notes ~
a. icates OF indebtedness may con.
,n.Ss~ provIslons a. may be deemed !
,,psuient Tor registration in the namel
the holder. or for the release therae ,
it tS registration; shall bear interest {
ene rate not exceeding five c~ri
n.um per annum. payable at snch
rs or times as the Board NAV nre. 4
~ sno the place or places Of paw
ent OF principal and interest shall <.
geo by the said Board. Said hn.t I
YES or certificates of fndebtedrS. y
Al =, De sold to the highest bidder +
,Duc sale at not less than pAr' s,ter '
GAYS advertisement by the hoard I
!. :. ~ 1auon OF the State Debt Of the v
a -. OF Louisiana in New Orleans. chi
so. ana New York: and the rnon.r .
ising from the sale thereof .ha,I u
10 10 the State Treasurer to fhs 80 Y
INT or the Highway Department - 4
nsate OF Louisiana. and to the credit n
OF Menteur and Hammond New ~ "
ms state Highways" and onIv nstS a
|. on the warrant Of the State HivhN o
y hneineer approved by the Presi. n
~ or the Board of State Engineer o
40 ~ Sonos' notes or certificates Of in e
'cr, the Auditor and the Tres srrs~ Il
tne state Any coupons atferhsdl
'reto shall bear the fac-stynfIe 49, 8,
e OF the Treasurer OF the state Anv
Ioies or certificates of iudehf |
less issued by virtue hereof. shsiI hs Il
are hereby declared to hsve az
liities OF negotiable paper under ths
merchant. and shall not be inv.WS
any frregularity or defect IN IN
ceedinss for the issue ana .sis
reor. and shah be fncontestable Ia
hands OF bona fide purchasers or
ders thereof. No proceedfnrs IN ~ -
CT 70 the issue of any such bond.
es or certificates OF indebtednss.
~ De necessary, except such a. are
uired BY this Act
ection 5. Be II further enacted 40
u the funds collected ANNUALLY AMI
ected to be set apart and paid mt
ate highway Fund No. 2, Chef Men
: apd Hammond-New Orleans Stat.
nways. under the provisions Of fhis
directed to be applied to the cons
iction OF the said Chef Menteur and
nmond-New Orleans State Hjeh-
Is. are hereby pledged to nav Ire
,cipal and interest on said bond 4
es or certificates Of indebtedness a.
same shall become due and pays HE 7
1t shall be the duty of the Tress
OF the State Of Louisiana to trans
from said State Highway FUND No
he1 Menteur and Hammond-New Or.
Is State Highway" to the credit ~ /.
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