The true Democrat. [volume] (Bayou Sara [La.]) 1892-1928, 1918-09-14

.
| lsrtea under Article 2sl a the Constltn-
t.en Of the State Of Louisiana Of 1918
| from the Parish ~ Orleans as may be
necessary 70 create and maintain in said
| fund "a sam Of sixty Thousand Dollars
| Ter year which said special fund lei
hereby set apart aud dedicated for the
! pgpose q paying ans and ali contracts
| heretofore made and hereafter 20 be-
made and pay any and al bonds. notes
/ or certificates at Indebtedness made or
issued hy The Board Of Liquidation Of
III, state Debt Of the State Of I.ouIal-
| ana 10 provide moneys Tor the costs ~
constructing said highways
! section Ee il further enacted, etc
That H order to provide ready funds for
! the payment Of the contracts provided
| fer iu section J Of this Act the Beard
| rf Liquidation Of the state Debt q Lou
Isana she'll have authority 10 issue bonds,
notes or certificates Of indebtedness IN
| anticipation Of the collection and receipt
| OF the taxes. licenses and revenues set
apart aud dedicated to the said state
Highway Fund 30 g. chef Menteur and
| Hammond New Orleans State High
Ways. payable exclusively from The said
special fund. which said special fund Is
! hereby set apart and dedicated o. the
payment principal and interest d ans
bonds notes or certificates Of indebted
hess.
! Section T. Be u further enacted. etc,
| That the Board Of Liquidation Of the
| State Debt Of the state ot Louisiana
/ shalt have power 20 borrow money for
Itl, purpose Of financing the construction
ara completion Of the said Chef Msnteur
| ana Hammond New Orleans Highways
hereinaboye referred 10. and 70 that end
| May issue bonds notes 90 certificates Of
| Indebtedness ta any amount not 10 *
! coed the sum 81 Seven hundred Th0us.
Hua baIIars ln sIoh sums aHd aaHomi-
| nations as the said Board shall pre-
| scribe not less than Five Hundred Dol.
liars each may bee registered bonds,
notes az certificates Of indebtedness, or
payable 60 bearer. AZ may bee preterrd,
ard shall be designated as chef Men
| tens aHd Hammond New orleans state
HieAway Bonds, OF Notes OF Certificates
Of Indebtedness that AT the discretion
| az said Board all or any part u said
bonds. notes er certificates ul indebted.
noss shall be payable from one 20 twen-
| "a years said bonds. notes or oertlh-
Gates IF indebtedness NAV contain such
lproylsions as may be deemed expedleut
for registration tu the name ~ TIE hold,
rr ct Tor The release thereof from rssis-
uatau shall bear Interest az rate not
"a seilug Eve per ceBtum per aHHum
payable a. such time or times rs the
Board MAY prescribe and the place or
places Of payment Of principal and in
terest shall be Fixed hy the said Board
said bonds, notes or certificates Of in
tettednssa shalt be sold 20 the highest
bidder ~ public sale NJ not less than
par after thirty days advertisement by
the Board OF Liquidation Of the state
Debt o. the stats Of Louisiana IN New
Orleans Chicago, and New YORK. and
fhe money arising from the sale thereof
shall be paid 10 the State Treasurer 90
HE account ~ the Highway Department
Of the state OF Louisiana, aud 10 the
credit Of the state Highway Fund No
L. Chef Menteur and Hammond New
| Orleans state Highways and only paid
ont on the warrant 81 thp State High
waF Engineer approved hy the President
Iof the Board Of state Engineers said
i bsnas notes at certificates u indebted
guIss shah bee signed hy the Governor
| the Auditor ana the Treasurer q the
state ANY coupons attached thereto
shah bear the fac-simile signature 81
IA 4sr
notes. certificates 81 Indebtedness issued
lhr virtue hereof shall be and are here
By declared 10 have the maliles Of ne
rouahlc paper under the las merchant,
and shall not bc Invalid for ans lrreKi.
huiy or defect ia the proceedings for
the issue and safe thereof and shah be
IIagoutestats 40 the hands If bona ada
purchasers OF holders thereof No pro-
feediHgs Ia respect to the Issue 81 any
debtedness shall be necessary. except
such as are required By this Act
/ Section 8 Re IL further enacted. etc.
That the funds collected annually and
directed 90 be set apart and paid into
| state Highway Fund No 2 Chef Men
teuT and Hammond. New orleans state
HiRhways" under the provisions Of this
Act. and by this Act directed 70 be APP
pied ta the construction Of the said
! chef Menteur and Hammond New or
leans state Highways. are hereby
pledged 70 pay the principal and inter
est ON said bonds. notes or certificates
OF indebtedness as the same shah be-
come due and payable and Il shah be
the duty Of the Treasurer II the State
ct Louisiana 70 transfer from said
state Highway Fund No. 2. chef Men
tsur and Hammond New orleans state
Highway te the credit Of q special &C.
count 20 be known as the state High
way Fund No 2, chef Meuteur aud Ham
% end Nee Orleans State Highway Bonds
Interest and Redemption Account" out
gf the first funds collected and received
9or the said state Highway FuHd No
@ lief Menteur and Hammond New or