The true Democrat. [volume] (Bayou Sara [La.]) 1892-1928, 1918-09-28

state Treasurer shall likewise pay into
said fund such portion or sufficient
amount sui Of shs special Road Tax col.
lscted under Article 2si Of she censtitu-
ten 81 the State Of Louisiana Of 1919
from the Parish Of Orleans az may be
necessary 90 create and maintain In said
fund "a sum af sixty Thousand Dollars
per Eesr. which said special fund IL
hereby sci apart and dedicated fer the
purpose Of paying any aud all contracts
heretofore made and hereafter 20 be
made. aud pay any and ala bonds notes
Of certificates II Indebtedness made or
issued by the Board 81 Liquidation Of
tbs state Debt Of the state ~ L0uIsl-
ana TO provide moneys for the costs of
constructing said highways
Section 30 il further enacted etc,
That In order 10 provide ready funds for
The payment Of the contracts provided
fer m Section ! Of this Act. the Board
D Liquidation Of the state Debt Of lou.
Jslsua shall have authority e. issue bonds
notes or certificates OF Indebtedness ia
anticipation of the collection and receipt
ul the taxes. licenses and revenues set
apart and dedicated 10 the sBid state
Highway Fund No 2. Chef Menteur aud
H. mmUnd New Orleans State High
ways payable exclusively from the said
IN ,eIal fund which said special fund IL
ht'rhy set apart and dedicated 60 the
pas meut principal and interest u any
bonds Notes OF certificates Of indebted
ness
Section BE Il further enacted, etc.
That the Board Of Liquidation of the
state Debt OF the state 81 Louisiana
shall hayg power 10 borrow money fer
tit purpose ~ financing the construction
and completion ~ the said chef Mcnteur
arH Hammond New orleans Highways
h,feiHahoye REFERRED to. and ia that end
rHy sxge bopds. notes 81 certificates If
indebtedness ina any amount not So eN-
esd the sum 81 seven Hundred Tbous
auu Dollars be sagh sums and deuomi
uatIaus as ths said BOARD shall pre-
sng le not less lhan Five Hundred Dol
hrs each may be registered bonds,
notes OF certificates of Indebtedness or
4
end shall be- designated as chef Men
lrW and Hammond, New Orleans State
Highway Bonds ~ Notes or Certificates
81 indebtedness that at the discretion
Il said Board an OF any part Of said
bonds notes 90 certificates 81 Indebted
ness shall De payable from one 10 TWEEN,
Is Years Said bonds, notes On certif-
Gates ef Indebtedness may contain such
pros islaHs As may be deemed sxpedient
tar registration in the name ~ the hold
a.. pr for the release thereof from regis.
tah0n shall bear interest AZ a rate not
exceeding Eve per centum per auuum,
pa1 able al such time o. times as the
Board may prescribe and the place ar
places IT payment Of principal and ia
tercsi shall hs fixed b} the said BOARD
Said bonds notes or certificates Of in
d,Lielness shall be sold 10 the highest
bidder NJ public sale az not less than
par after thirty days advertisement by
the nosrd Of Liquidation 81 the state
Debt 81 the state 81 Louisiana IN New
orleans. Chicago ard New York and
the money arising from the sale thereof
shall be paid 80 the state Treasurer "a
the account Of the Highway Department
~ the state Of Louisiana, and 20 the
credit 81 the state Highway Fund No
. chef Menteur and Hammond New
orleans state Highways aud only paid
out on the warrant Of the Slate High.
va, Engineer approved by the President
~ the Board Of state Engineers Said
bounds notes or certificates Of indebted
ness shall be signed by the Governor
the AuditQr and the Treasurer ~ the
state AnN coupons attached thereto
she'll hear the fac sirniie signature Of
notes certificates II Indebtedness issued
| b. virtue hereof shall be and are here
by declared g. have the sualties Of ne
FutIahle paper under the law merchant
and shall uul De Invalid for any irregu
Hrty ~ defect In the proceedings fof
The issue ana sale thereof and shall be
iHtaHtestahl, "a the hands 81 bona fida
purchasers OF holders thereof No pro.
ceedings In respect 30 the issue Of any
such bonds notes or certificates of in
dehieiuess shall be necessary, except
surh aa are required by this Act
Section Tie II further enacted etc
That the funds collected annually and
directed TO be set apart and paid iutu
state Highway Fund No. 2, Chef Men
tom tud Hammond NpW Orleans state
HiHbways under the provisions Of this
Act and Is this Act directed 10 be APP
pled 20 the construction Of the said
Chef Neuteur and Hammond New or.
| leans state Highways are hereby
pledged 20 pay the principal and inter,
es' on said bonds notes or certificates
OF Indebtedness - the same shah be,
| come due and payable and Il shalt be
| thr }uty q she Treasurer Of the state
81 Louisiana 10 transfer from said
state Highway Fund No 2. chef Men
ieUr and Hammond. New Orleans state
Highway Ia the credit of special ac-
euaut e. be known az the state High
way Fund No 2, chef Menteur and Ham
Il ond Nes Orleans state Highway nonds
Interest and Redemption Account out
a. the efst funds collected and received
D