Bogalusa enterprise and American. (Bogalusa, La.) 1918-19??, 1918-10-17

lcollection as practicable, deposit witl
THE State Treasurer for the acccuni
/ of the Highway Department Of tht
State Of Louisiana all motor vehicle
/ licenses collected under the pro
visions of Act No. go Of the Gen
eral Assmebly of the State Of LOlisi
ana for the year 1914, approved July
q, 1914 from the Parishes of JET.
fersOn, 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 Estate Highway Fund No
2, Chef Menteur' and Hammond-New
Orleans State Highways and in adj
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 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 and receipt of taxes, IL
eeses 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
debtedness, or payable to bearer, as
may be preferred, and shall be desig-
mated as Chef Menteur and Ham,
Orleans State Highway
Bonds, or Notes or Certificates of In |
1ebtedness; that at the discretion of |
said Board all or any part of said
bonds, notes or certificates of in /
1ebtedness shall be payable from one
% twenty years. Said bonds, notes !
II certificates of Indebtedness may
contain provisions as may be, deemedt
sxDedient for registration in the
lame of the holder, or for the re-
ease thereof from registration; shall /
rear interest at a rate not exceeding
i've per centum per annum, payable
It such time or times as the Board
nay prescribe and the place or places
i payment of principal and interest
hall be fixed by the said Board. Said
,ondss notes or certificates of in
lebtedness shall be sold to the highest
lidder at public sale at not less than
ar, after thirty days advertisement
" the Board of Liquidation of the
tate Debt of the State of Louisiana
q New Orleans, Chicago and New ,
.ork; and the money arising from
he sale thereof shall be paid to the
tate Treasurer to the account of the
Highway Department of the State of
.ouisiana. and to the credit of the
State Highway Fund No. 2, Chef ;
ienteur and Hammond-New Orleans
tates Highways" and only paid out /
n the warrant of the State Highway
approved by the President
+ the Board of State Engineers.
aid bonds, notes or certificates of /
Indebtedness shall be signed BY the ]
GOVERNOR, the Auditor and the Treas
rer Of the State. Any coupons at
aehed thereto shall bear the fac :
mile signature Of the Treasurer of
1e State. ANY bonds, notes or GER
hcates of indebtedness issued by viz
re hereof, shall be and are hereby ]
eclared to have the qualities of ne !
otiable paper under the law mer-
liant, and shall not be invalid for !
ny irregularity or defect in the pro- !
sedings for the issue and sale there
{, and shall be incontestable in the /
ands Of bona fide purchasers or
olders thereof. No proceeding in
aspect to the issue Of any such
onds, notes or certificates of in
ebtedness shall be necessary, except :
1ch as are required by this Act.
Section 5. Be it further enacted.
to-, That the funds collected an
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