The Natchitoches enterprise., 1918-10-31
| drain shall In any way

way no M AFal uTdln SndiI III any "aS
be in the st manner obstructed; and
provided rher, that said Hammond
New Orle Highway shall be provided
with culE or other engineering out
let of % ing the came volume of
water a. now passed or in the flu
ture SHAH passed by the culverts or
other en- eering outlets in the road
bed of the Illinois Central Railroad
parallel to said Hammond Orleans
Highway.
That before any such contract is let
as herein rgOVided, same shall be ap
proved ~ he Board of LiQuidat ton OF
the Stat debt of the State of Lou
isiana.
Section ?, Be it further enacted, etc,
That In order to provide funds for the
construct RI, completion and mainte-
nance OF ne above mentioned high
ways, the 3ecretary of State from and
after the .rst day of January, 1919,
snail, as soOn after the collection as
practical, post with the State Treas
urer for The account of the Highway
DepartnS Of the State of Louisiana
all motor vehicle licenses collected un-
der the 81 visions Of Act No. 200 of
the Genc"at Assembly of the State of
Louisiara ior the year 1914. approved
July O. 1871 from the Parishes of JEFF
ferson, s 'harles. st. John the Bap-
>tist Tan 2hoa, st. Tammany and Or
leans, all licenses so collected shall
be paid he State Treasurer into
special furj to be known as state
Highwag md No. 2, chef Menteur and
Harmon +ew Orleans State High
ways; in addition to the motor
vehicle nses paid into said State
Highway md No. 2, Chef Nenteur and
Hammord-Ncw Orleans State High
ways" from the parishes above emu
merated. & state Treasurer shall like
wise pay INTO said fund such portion
or suffiCia. amount out of the Special
Road Ta% elected under Article 291 OF
the Cons Etion OF the State of Lou
lsiana Of f2l3 from the Parish OF Or
leans aS be necessary to create and
m8tntain said fund sum of Sixty
ThouSana 'Jllars per year, which said
special fN"l is hereby set apart and
dedicated lrT the purpose Of paying any
and nll contracts heretofore made and
hereaftor .o be made. and any and all
bonds. notes or certificates of indcbt-
edness - 4 or issued by the Board Of
Liquidatiaa Of the State Debt Of the
State of Louisiana to provide moneys
for the costs of constructing said high
ways.
Section ?. Be 1t further enacted. etc,
That in rrt"r to provide ready funds
for the RI mcnt of the contracts pro-
vided for IN Section l of this Act the
Board OF Licuidation or the State Debt
of the Sta of Louisiana shall have au-
thority to Issue bonds, notes or certlfi-
Gates OF .-' btedness in anticipation Of
the collection and receipt of the taxes,
licenses and revenues set apart and
dedicated 20 the said state Highway
Fund No. 2, Chef Menteur and Ham,
mond-New Orleans State Highways"
payable eEclusively from the said spe-
cial fUnG, which said special fund is
hereby set apart and dedicated to the
payment, Principal and interest. of any
edness.
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 construc-
ton and completion of the said Chef
Menteur and Hammond-New Orleans
Highway hereinabove referred to,
and to that end may issue bonds.
notes CT certificates of Indebted
ness in any amount not to ex-
coed the sum of Seven Hundred Thou
sand Dollars. in such sums and denom-
nations the said Board shall pre-
scribe. net less than Five Hundred DOL
lars each, may be registered bonds
notes or ,eItificates of Indebtedness, or
payable 70 bearer. as may be preferred,
and shall be designated as Chef Mem
teur and 4mmondNew Orleans State
Highwav Epnds. or Notes or Certifi-
Gates OF y debtedness: that at the dis
erection id Board all or any part
Of said bonds. notes or certificates Of
to twenty Years. Said bonds, notes or
cHrtifica of Indebtedness may con-
tain such .}rovisions as may be deemed
eKpedient ar registra ton in the name
OF the h3-}er, or for the release there
or from reg Stratton; shall bear interest
at the rake not exceeding five per
ceEtun y arnum, payable at such
tlme or nos as the Board may pre-
scribe aDa the place or places of pay
Laent Of ncipal and interest shall be
flxed BT said Board. Said bonds.
notes or @rtificates of Indebtedness
shall Do ~ to the highest bidder at
public s. IT not less than par after
thirty advertisement by the Board
Or Liquid Ion of the State Debt of the
State of lasisiana in New Orleans, Chi
cage ard New York; and the money
arising j. n the sale thereof shall be
PAID 70 f. state Treasurer to the ac-
count o. ne Highway Department Of
the Stat Louisiana. and to the credit
OF the 2-ate Highway Fund No. 2,
Cne1 Men IT and Hammond-New Or
leans Stat2 Highways" and only paid
out on tte warrant of the State High
way EnTln ecr approved by the PresI-
dent Of Il Board of State Engineers.
said bond notes or certificates Of in
debtedHess shah be signed by the Gov
ernor, u auditor and the Treasurer
or the slate Any coupons attached
hereto shall bear the fac smile sigma
ture of The Treasurer OF the State. ANY
bonds notes or certificates of indebt-
edness issued by virtue hereof shall he
and are hereby declared to have the
qualities Of negotiable paper under the
law merchant, and shall not be invalid
for any regularity or defect in the
proceedin@s for the issue and sale
thereon, end shah be incontestable in
the hands Of bona fide purchasers or
holders thereof. No proceedings in re-
spect to the issue of any such bonds.
notes Certificates of Indebtedness
shall be necessary. except such as are
required nv this Act.
Sections. BE 1t further enacted etc
That the funds collected annually and
directed to be set apart and paid into
State Highway Fund No. 2, Chef Mem
tour and Hammond-New Orleans State
Highways" under the provisions of this
Act directed to be applied to the con-
struction of the said Chef Menteur and
Hammond-New Orleans State High
ways, are hereby pledged to pay the
principal and interest on said bonds,
notes or certificates of Indebtedness as
and 1t shall be the duty of the Treas
urer of the State of Louisiana to trans
fer from said State Highway Fund No.
2, Chef Menteur and Hammond-New Or
leans State Highway" to the credit of a
special account to be known as the
teru and Hammond New Orleans State
Bonds, Interest and Redemp-
tion Account" out of the first funds
collected received for the said
State Highway Fund No. 2, Chef Men !
teur and Hammond-New Orleans State
sum sufficient to pay the
principal and interest upon any bonds, |
notes. ar certificates OF Indebtedness
issued h6veunder, that may have been
sold and delivered for the period of one
year ensuing, and to maintain in said
special accounts styled State Highway
Fund No., O.. Chef Menteur and Ham, !
ynond-New Orleans State Highway |
Bonds Interest and redemption Ae- (
count" at all times from said source, a.
sum equal to one years principal and
interest upon the said bonds, notes or
certificates of Indebtedness, and also
sufficient to pay all bonds, notes or
certificates of indebtedness issued here !
under which shall become due and pay |