Bogalusa enterprise and American. (Bogalusa, La.) 1918-19??, 1918-09-26

collection as practicable, deposit with
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 260 of the Gen
eral Assmebly of the State of Louis;-
ara for the year 1914, approved July
8, 1914, from the Parishes of JEFF
fer5on, 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 special fund to be
known as State Highway Fund No.
2, Chef Menteur and Hammond-New
/ Orleans State Highways" and in ad-
dition to the motor vehicle licenses
paid into said Estate Highway Fund
/ No. 2, 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 out Of the Special Road Tax
collected under Article POI of the
| Constitution of the State of Louisi-
ana of 1913 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 Liquida-
ton of the State Debt of the State
of Louisiana to provide moneys for
the costs of constructing said high
ways.
Section 8. Be it further enacted.
etc, That in order to provide ready
funds for the payment of the con-
tracts provided for in Section / 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
Indebtedness in anticipation of the
collection ard receipt of taxes, IL
ceses ad revenues set apart and dedi-
Gated to the said Estate Highway
Fund No. 2, Chef Menteur and Ham
mond-New Orleans State Highways"
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
the construction and completion of
the said Chef Menteur and HAM
mond-New Orleans Highways herein-
above referred to, and to that end
may issue bonds, notes or certificates
OF indebtedness in any amount not
to 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
bonds, notes or certificates of IN
debtedRess, or payable to bearer, as
may be preferred, and shall be desig-
mated as Chef Menteur ard Ham
mond-New Orleans State Highway
Bonds, or Notes or Certificates Of In
debtedness; that at the discretion Of
said Board all or any part of said
bonds, notes or certificates of IN
'debtedness shall be payable from one
to twenty years. Said bonds, notes
or certificates of Indebtedness may
contain provisions as may be deemed
expedient for registration in the
name Of the holder, or for the re-
lease thereof from registration; shall
bear interest at rate not exceeding
i've per centum per annum, PAYABLE
at such time or times as the Board
may prescribe and the place or places
o. payment of principal and interest
shall be fixed by the said Board. Said
bonds, notes or certificates of in
debtedness shall be sold to the highest
bidder at public sale at not less than
par, after thirty days advertisement
by the Board of Liquidation of the
State Debt of the State of Louisiana
IN New Orleans, Chicago ard New
York; and the money arising from
the sale thereof shall be paid to the
state Treasurer to the account of the
Highway Department of the State of
Louisiana, and to the credit of the
State Highway Fund No. 2, Chef
Menteur and Hammond-New Orleans
States Highways" and only paid out
on the warrant of the State Highway
Engineer approved by the President
Of the Board of State Engineers,
Said bonds, notes or certificates OF
Indebtedness shall be signed by the
Governor, the auditor and the Treas
urer of the State. Any coupons at
tached thereto shall bear the fac
smile signature of the Treasurer of
the State. ANY bonds, notes or Ger
tificates of indebtedness issued by viz
tue hereof, shall be and are hereby
declared to have the qualities of ne
getiable paper under the law mer-
chant, and shall not be invalid for
any irregularity or defect in the pro-
eeedings for the issue and sale there
of, and shall be incontestable in the
hands of bona fide purchasers or
holders thereof. No proceeding ii
respect to the issue of any such
bonds. notes or certificates of in
debtedness shall be necessary, except
such as are required by this Act.