The Natchitoches enterprise. (Natchitoches, La.) 1888-1965, 1918-10-24

way no natural drain shall In any way
be In the least manner obstructed; ana
provided further. that said Hammond.
New Orleans Highway shall be provided
with culverts or other engineering out
let of passing the same volume of
water as Is now passed or in the fu-
ture shall be passed hv the culverts or
other engineering outlets in the road
bed Of the Illinois Central Railroad
parallel to said Hammond-New Orleans
Highway.
That before any such contract Is let
as herein provided, same shall be ap-
proved by the Board Of Liquidation OF
the State Debt OF the State Of Lou
lsiana.
Section 2. Be 1t further enacted ETC.,
construction, completion and mainte-
nance of the above mentioned high
ways, the Secretary Of State from and
after the first day Of January, 1919.
shall. 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-
der the provisions of Act No. $50 Of
the General Assembly of the State OF
July 8, 1914, from the Parishes Of JEFF
ferson, St. Charles. ct. John the Bap-
list, Tangipahoa. st. Tammany and Or
leans. all the licenses so collected shall
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. .. Chef Menteur and
ways" from the parishes above emu
merated. the State Treasurer shall like
wise pay into said fund such portion
or sufficient amount out of the Special
~ ~ H. al - -
the Constitution OF the State of Lou
lsiana of 1913 from tho 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
and oil contracts heretofore made and
hereafter to be made, and any and all
bonds, notes or certificates of indebt-
~edness made or issued by the Board OF
State Of Louisiana TO provide moneys
for the costs Of constructing said high
ways.
Section 8. Be 1t further enacted. etc.
That in order to provide ready FUNDS
for the payment OF the contracts pro-
vided for in Section 1 of this Act the
Board of Liquidation of the State Debt
Of the State Of Louisiana shall have au-
thority to issue bonds, notes or certifi-
Gates Of indebtedness In anticipation OF
licenses and revenues set apart ana
dedicated to the said state Highway
Fund No. Q. 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-
edness.
Section 4. Be II further enacted. etc.,
t1A
State Debt of the State of Louisiana
shall have power to borrow money for
the purposes of financing the construc-
tion and completion of the said Chef
Menteur and Hammond-New Orleans
Highways hereinabove referred to.
notes or certificates OF Indebted
ness In any amount not to ex-
coed the sum of Seven hundred Thou.
| sand Dollars, in such sums and demon.
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. 80 may be preferred,
and shall be designated as Chef Mem
teur and Hammond-New Orleans State
Gates of Indebtedness: that at the dis
erection of said Board all or any part
| Of said bonds. notes or certificates Of
Indebtedness shall be payable from one
| to twenty years, Said bonds, notes or
certificates of Indebtedness may cen.
eEpedient for registration In the name
of the holder. or for the release there
OF from registration: shall bear interest
at the rate not exceeding five per
centum per annum. payable at such
| time or times as the Board may pre-
scribe and the place. or places Of pay
ment OF principal and interest shall. be
| fixed by the said Board, Said bonds,
notes or certificates Of Indebtedness
! shall be sold to the highest bidder at
thirty days advertisement by the Board
Of Liquidation Of the State Debt Of the
| State of Louisiana In New Orleans, Chi.
cago. and New York: and the money
arising from the sale thereof shall be
| paid to the State Treasurer to the &C
| count OF the Highway Department of
the State of Louisiana, and to tho credit
! of the state Highway Fund No. q.
| Chef Mcnteur and Hammond-New Or
leans State Highways" and only paid
way Engineer approved by tho Presi-
| dent of the Board Of State Engineers
| Said bonds, notes or certificates of in
debtedness shall be signed by the Gov
crnor. the Auditor and the Treasurer
Of the State. Amy coupons attached
thereto shall bear the fac-simile sigma
| ture of the Treasurer Of the State. Any
| bonds, notes or certificates of indebt-
edness issued by virtue hereof, shah be
and are hereby declared to have the
| qualities of negotiable paper under the
| law merchant, and shall not be invalid
| for any irregularity or defect in the
proceedings for the issue and sala
| thereof, and shall be incontestable in
holders thereof. No proceedings in roe
| spcct to the issue Of any such bonds,
notes or certificates of Indebtedness
shall be necessary. except such as are
required by this Act.
Section s.. Be 1t further enacted, etc,
That the funds collected annually and
directed to be set apur, and paid into
state Highway Fund No. 2, Chef Mem
| teur and Hammond-New Orleans State
Highways" under the provisions of this
struction of the said Chef Menteur and
| Hammond-Ne Orleans State High
ways. are hereby pledged to pay the
! principal and interest on said bonds,
notes or certificates of Indebtedness as
the same shall become due and payable.
| and 1t shall be the duty of the Treas
urer OF the State Of Louisiana to trans
1 fer from said State Highway Fund No.
4 2, Chef Menteur and Hammond-New Or
| leans State Highway" to the credit of a
| state Highway Fund No. 2, Chef Mem
teru and Hammond-New Orleans State
| Highway Bonds. Interest and Redemp-
| ton Account" out Of the first funds
| COllecI0O ana received IOT the cara
Estate Highway Fund No. Q. Chef Men
teur and Hammond-Ncw Orleans State
Highways" sum sufficient to pay the
| principal and interest upor any bonds,
notes ar certificates o, indebtedness
issued hereunder. 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. Q, Chef Mentsur and Ham.
pond-Nsw orlsans state HifhwsSy
count" at all times from said source, 9
sum equal to one years. principal and
interest upon the said bonds, notes or
certificates Of indebtedness, and also
sufficient 70 pay all bonds, notes or
certificates of Indebtedness issued here
under which shall become due and pay.