The Colfax chronicle. [volume] (Colfax, Grant Parish, La.) 1877-1981, 1918-09-28

H.O'tdtu Iuflner, tnat said Halunond
view orleans Highway shall be provided
With culverts or other engineering out
iet or passing the same volume OF
water as is now passed or in the fu-
lure shall be passed by the cuiverts Oh
ether engineering outlets in the road
Ded OF the Illinois Central Railroad
parallel to said Hammond New Orleans
! Highway.
That before any such contract is lei
as herein provided same shall be APP
proved by the Board of Liquidation OF
the State Debt of the State OF Lou
lsiana.
49, Section 2. Be 1t further enacted. ETC.
lhat IN order to provide funds for tn E
! construction, completion and maifte-
nance OF the above mentioned high
ways, the Secretary of State from and
after the first day of January. 1919,
snail as soon after the collection as
practical, deposit with the State Treas
urer for the account of the Highway
| department OF the State of Louisiana
All motor vehicle licenses collected un-
| ger ohe provisions of Act No. eco Of
the General Assembly of the State of
Louisiana for the year 1914. approved
July .. 1914. from the Parishes of Jef-
ierson, ST. Charles, St. John the Rap-
tist, Tangipahoa. St. Tammany and Or
leans, al the licenses so collected shall
De PAID by the State Treasurer into a
special fund to be known as State
Highway Fund No. 2, Chef Menteur and
Hammond-New Orleans State High
Ways; and in addition to the motor
vehicle licenses paid into said State
Highway Fund No. 2. Chef Menteur and
harnmond-New Orleans State High
ways from the parishes above emu
inerated, the State Treasurer shall like
wise pay into said fund such portion
or sufficient amount out of the Special
Road Tax collected under Article 2ef OF.
the Constitution of the State of Lou
isiana 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 heretofore made and
hereafter to be made. and any and all
ponds, notes or certificates of indebt-
edness made or issued by the Board of
Liquidation of the State Debt of the
state of Louisiana to provide moneys
Ton the costs of constructing said high
ways.
Section 3. Be Ii further enacted. etc.
That in order to provide ready funds
Tor the payment of the contracts pro-
yided for in Section / of this Act the
Board of Liquidation OF the State Debt
OF the State of Louisiana shall have au-
thority 20 issue bonds, notes or certffi-
Gates OF indebtedness in anticipation of
me collection and receipt of the taxes.
licenses and revenues set apart and
dedicated to the said State Highway
Fund No. 2. Chef Menteur and Ham,
mond-New Orleans State HIGHWAYS"
PAYABLE exclusively from the said spe-
cial fund, which said special fund Is
hereby set apart and dedicated to the
payment, principal and interest, OF any
bonds notes or certificates of indebt-
Section 4. Be IT further enacted etc.
Ihat the Board of Liquidation of the
state Debt of the State of Louisiana
snaiI nave power to borrow money for
me purposes of financing the construc-
tlon and completion of the said Chef |
Menteur and Hanmond-New Orleans
Hishways hereinabove referred to- !
ana to that end may issue bonds. !
notes or certificates of Indebted |
ness IN any amount not TO ex-
ceen tne sum of Seven Hundred Thou |
sand Dollars. in such sums and denom- !
nations as the said Board shall NE
scribe. not less than Five Hundred Dol |
isrs each, may be registered bonds.
noseS or certificates OF indebtedness, or
payao'e TO bearer. as may be preferred I
ana shall be designated as cher Mem
lcur ana HammondNew Orleans State
Hfshway Bonds. or Notes or Cerfiff
c.ees OF indebtedness; that at the dis
cretion of said Board all or anv nart
OF said bonds. notes or cetrificates -
Indebtedness shall be payable from one
70 twenty years. Said bonds. notes or
.e.tificstes of Indebtedness may CON- /
tam such provisions as may be deemed
of the holder. or for the release thsra
oI from registration; shall bear Interest
~ the rate not exceeding five nar
'sntum per annum, payable at such
Ill, Ill, or times as the Board may pre-
scribe and the place or places ~ -,
ment OF principal and interest shall +.
-ixed py the said Board. Said honds
io.Ss or certificates OF inJiebtednes,
'naii De sold to the highest bidder at
birtv Ssv e a. NOT less than par. after
u Liquidation of the State Debt ~ sha
'late OF Louisiana in New Orleans Chi
ago. and New York: and the monev
lrising from the sale thereof shall h.
S,s.,. 20 ene state Treasurer to the ac-
cunt OF the Highway Department 30
ne state OF Louisiana. and TO the credit
u the State Highway Fund No
,nef Menteur and Hammond New or'
ANS "a state Highways" and only paid
v va, o En .ns warrant of the State High /
ent or the Board of State Enrineers
gu pohus. notes or certificates OF In /.
eosecness shall be signed by the Gov
nor tne Auditor and the Treasurer
hereto shall bear the fac-simile sYpns
ure OF the Treasurer OF the State ANY
onos, notes or certificates OF fndaht r
oness issued by virtue hereof. shall he
1870; ale hereby declared to have the
NV merchant, and shall not be invalid
pr any irregularity or defect in the
roceedings for the issue and SALE
1ereoi, ana shall be incontestabIe in
ne hands OF bona fide purchasers ~
oloers thereof. No proceedings in re-
psct 10 the issue of any such bonds
otes or certificates OF indebtedness
nan De necessary. except such as are
equired by this Act
oectlon .. BE 1T further enacted. etc.
nat the funds collected annuaIIv ana
lrected 70 be set arzr, and paid into
state Highway Fund No. 2. Chef Meuo
,ur and Hammond-New Orleans stat
ighways.' under the provisions OF th5s
CT directed to be applied to the con-
ructlon OF the said Chef Menteur ana
ammond-New Orleans State High
avs. are hereby pledged to paw fhe
rincipaf and interest on said bonds.
otes or certificates of indebtedness as
10 same shah become due and PAYABLE
nd II shall be the duty of the Treas,
rer OF The state OF Louisiana to trans
r from said State Highway Fund No.
chef Menteur and Hammond New Or
ans State Highway" to the credit Of (,