The Colfax chronicle. [volume] (Colfax, Grant Parish, La.) 1877-1981, 1918-10-12

provided further. that said Hammond
New Orleans Highway shall be provided
let or passing the same volume of
water a. 10 now passed or in the flu
ture shall be passed by the cu1verts or
other engineering outlets In the road
bed Of the Illinois Central Railroad
parallel to said Hammond-New Orleans
Highway.
That before any such contract 10 let
rs herein provided. same shall be ap-
proved by the Board of Liquidation Of
the State Debt Of the State Of Lou
tsiana.
Section 2. Be 1t further enacted. ETC..
That In order to provide funds for the
construction. completion and mainte-
nance OF The above mentioned high
ways. the Secretary ef State from and
after the first day OF January. 1878.
snail a. soon after the collection a.
practical, deposit with the State Treas
urer Tor the account OF the Highway
department. OF the State OF Louisiana
der the provisions of Act No. $50 Of
the General Assembly Of the State OF
louisiana for the year 1914, approved
suly =. 1914. from the Parishes Of JEFF
ferson. st: Charles. st. John the Bap-
leans. all the licenses 90 collected shall
be paid by the State Treasurer into .
special fund to be known a. state
Highway Fund No. z. Chef Msnteur and
Hamnond-New Orleans State High
wSy ena IN addition - the motor
vehicle licenses paid into said state
Highway fund No. 3. Chef Mentsur and
Hammond-New Orleans State Nigh
ways" from the parishes above emu
merated, the State Treasurer shall like
wise pay into said fund such portion
or sufficient amount out Of the Special
Road Tax collected under Article isl Of
the Constitution Of the State Of Lou
isiana Of 1919 from the Parish Of Or
leans ~ may be necessary to create and
maintain In said fund sum Of Sixty
Thousand Dollars per year. which said
special fund 10 hereby set apart and
dedicated for the purpose Of paying any
ana all contracts heretofore made and
hereafter to be made. and any and all
bonds. notes or certificates OF indebt-
Liquidation Of the State Debt Of the
State Of Louisiana to provide moneys
Tor the costs Of constructing said high
Section 5. Be It further enacted, etc.
for the payment Of the eo rsr pro.
vided for In Section Of this Act the
Board OF Liquidation or the State Debt
OF the State Of Louiaiana shall have au-
thcrity to Issue bonds. notes or certifi-
Gates Of indebtedness in anticipation of
the collection and receipt OF the taxes.
licenses and revenues set apart and
dedicated to the said state Highway
Fund No. !. Chef Msnteur and Ham,
mond-New Orleans State Highway"
payable exclusively from the said sps-
cief fund. which said special fund II
hereby set apart and dedicated to the
payment principal and interest. Of any
bonds. notes or certificates of indebt-
edness.
Section :. Be It further enacted. ETC..
Inat the Board Of Liquidation Of the
49, -
shall have power to borrow money for
the purposes Of financing the construc-
ton and completion OF the said Chef
nenteur and Hammond-New Orleans
aisnwsys hereinahove referred to.
notes or certificates Of Indebted.
ness In any amount mot to ex-
,eed the sum Of Seven Hundred Thou
'and Dollars. in such sums and denom-
nations as the said Board shall pre- |
,crloe. not less than Five Hundred Dell |
ars each, may be registered bonds. |
notes or certificates OF indsbte dness, or |
,ayapie TO bearer. ~ may be preferred. |
ma shall be dssignated a. Chef Men
eur and Hammond-New Orleans State |
1,snwsy Bonds. or Notes or certifi- |
'etes OF indebtedness: that at the dis
.retion Of said Board all or any part
y saio honda. notes or cetrfffcetea Of /
Indebtedness shall be payable from one
Q twenty years. Said bonds, notes or
err Of indebtedness may con.
AIN such provisions a. may be deemed
xpedient for rsgistratio in the NAM
= the holder. or for the release thsre-
= from registration: shall bear infarest
J sne rate not exceeding five per
,me a per snnum payable at such
crsh. umes z, the Board may pre-
aeat OF principal and interest shaii Be-
ixeo by the said Board Safd konSS
otes or certificates Of indebtedness
nail De sold to the highest bidder A.
,tr.w sale at not less than par. after
. Liquidation of the State Debt 81 fhs
tate or Louisiana In New Orleans CIT
ago, and New York; ana the moncv
rising from the sale thereof shall Be-
eao 70 the state Treasurer to the ac-
cunt OF the Highway Depa rtmenf a.
ne State Of Louisiana, and to the creStt
I the state Highway Fund No
hef Menteur and Hammond New or
.ans state Highway" and only psid
UT on the warrant Of the State Hirh-
ent Of the Board Of State Enrinssrs
eso ponos. notes or certificates or In
eDtedness shall be signed BIZ the cov-
rncr, the Auditor and the Treasurcv
tne state Any coupons attached
hereto shall bear the facsimile arns
are Of the Treasurer Of the gtsts an
onds. notes or certificates Of indebt.
dnsss Issued By virtue hereof shsiI y.
nd are hereby declared to havo thsl
ualities Of negotiable paper under fhs
w merchant. and shall not Be invsnS
'r any trregularity or defect in ths
rocesdings for the issue and ssis
hereof. and shall be incontesfa bic n
70 hands Of bona fide purcha sers ~
olders thereof. No proceedings in re-
'ect to the issue Of any such bonds
otes or certificates of indebtedness
lall be necessary. except such az are
'quired BY this Act.
Section 5. Be It further enacted. etc
hat the funds collected annually and
rected to be set apart and paid into
state Highway Fund No. 2. Chef Nan.
ur and Hammond-New Orleans state
fEhways." under the provisions Of This
ct directed to be applied to the con-
ruction of the said Chef Menteur and
ammond-New Orleans State Hirh-
avs. are hereby pledged to nay the
rincipal and interest on said honda
ofes or certificates OF fndebteduess A.
70 same shall become due and payabIe
i'd II shall be the duty Of the Treas,
rer Of the State Of Louisiana to trans-
Y from said state Highway Fund No
Chef Menteur and Hammond New Or 4
ans State Highway" to the credit Of =
,ecial account to be known a. The
49, l~~I~ =