The St. Charles herald. [volume] (Hahnville, La.) 1873-1993, 1918-10-12

State Treasurer shall likewise pay into
said fund such portion or sufficient
| amount out of the Special Road Tax col
lected under Article 291 of the Constitu-
| ton of the State of Louisiana of 1918
from the Parish of Orleans 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
heretofore made and hereafter to be
made, and pay any and all bonds. notes
or certificates of indebtedness made or
issued by the Board of Liquidation of
the State Debt of the State of Louisi-
ana TO provide moneys for the costs of
constructing said highways.
Section 3. Be it further enacted, etc,
That in order to provide ready funds for
for in Section l of this Act, the Board
isiana shall have authority to issue bonds,
notes or certificates of Indebtedness in
anticipation of the collection and receipt
pf the taxes, licenses and revenues set
apart and dedicated to the said state
highway L uflu mo. Z, tHeI MenIeuF ana
Hammond New Orleans State High
ways" 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 indebted
ness.
Section 4. Belt 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 purpose of financing the construction
and completion of the said Chef Menteur
and Hammond-New Orleans Highways
hereinabove referred to. and ito that end
may issue bonds. notes or certificates of
Indebtedness in any amount not to ex-
coed the sum of Seven Hundred Thous-
ana Dollars in such sums and denomi-
nations as the said Board shall pre-
scribe. not less than Five Hundred Dol
lars each, may be registered bonds
notes or certificates of Indebtedness, or
payable to bearer. as may be preferrd,
and shall be designated as Chef Men
teur and Hammond New Orleans State
Highway Bonds, or Notes or Certificates
of Indebtedness; that at the discretion
Of said Board all or any part of said
bonds, notes or certificates of indebted
ness shall be payable from one to twen-
ty years. Said bonds, notes or certif-
Gates of Indebtedness may contain such
provisions as may be deemed expedient
for registration in the name of the hold
err. or for the release thereof from regis
tratlon: shall bear interest at a rate not
exceeding five per centum per annum,
payable at such time or times as the
Board may prescribe and the place or
places OF payment of principal and in
terest shall be fixed by the said Board
Said bonds. notes or certificates of in
debtedness shall be sold TO the highest
bidder ut 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, and 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 state Highways" and only paid
out on the warrant of the State High |
way Engineer approved by the President
bonds, notes or certificates of indebted
ness, shall be signed by the Governor |
the Auditor and the Treasurer of the |
state. Any coupons attached thereto /
shall bear the fac simile signature of /
Inc Treasurer of the State. Any bonds,
notes, certificates of Indebtedness issued /
D@ virtue hereof, shall be and are here
~ declared to have The suaities OF ne~
Souabie paper under the law merchant.
md shall not be Invalid for any irregu.
hfitp or defect In the proceedings for
he issue and sale thereof and shall be
ncontestahle IN the hands of bona fide
purchasers or holders thereof. No pro.
'eedihss In respect TO the issue of any
lueh bonds. notes or certificates OF In.
lehtedness shall be necessary. eSeent
ueh aa are required by thia Act,
section o. lie 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
eur and Hammond New Orleans State
highways" under the provisions OF this
Act, and by this Act directed to be an.
lied TO the construction of the said
shef Mehteur and Hammond New Or.
cans state Highways, are hereby
lodged to, pay the principal and inter-
sc on said bonds. notes or certificates
4 indebtedness rs. the same shall be-
ONE due and payable. and II shall be
he duty of the Treasurer OF the state
Louisiana to transfer from said IA
State Highway Fund No. 2, Chef Men
eur and Hammond New Orleans state
Highway to the credit of a special ac-
cunt to be known as the state High
'ay Fund No. 2, Chef Menteur and Ham, !
'ond-New Orleans State Highway Bonds,
interest and Redemption Account" out
I the first funds collected and received i
~ the said state Highway Fund No.
Cher Menteur and Hammond New Or :
ans state Highways" sum sufficient |
: pay the principal and interest upon !,
ny bonds notes or certificates of in I