The St. Charles herald. [volume] (Hahnville, La.) 1873-1993, 1918-09-14


| amount out Of the Special Road Tax col
) lected under Article 291 of the Constftu
ton of the State Of Louisiana of 191
from the Parish Of Orleans as NAV b
necessary to create ana maintain in sal
fund a sum of Sixty Thousand Dollar
per year, which said special fund i
hereby set apart and dedicated for tn
purpose of paying any and all contract
heretofore made and hereafter TO b.
made, and pay any and all bonds, note
or certificates of Indebtedness made o
issued by the Board of Liquidation o
the State Debt Of the State of Louisi
ana to provide moneys for the costs O
constructing said highways.
Section 3. BE it further enacted, etc.
That in order to provide ready funds fol
the payment of the contracts provided
for in Section l of this Act, the Board
ICt Liquidation of the State Debt of Lou
| lsiana shall have authority to issue bonds
notes or certificates of Indebtedness in
! anticipation Of the collection and receipt
or the taxes, licenses and revenues set
| apart and dedicated to the said state
Highway Fund No ,. chef Menteur and
| Hammond New Orleans state High
ways" payable exclusively from the said
special fund. which said special fund is
hereby set apart ana dedicated to the
payment, principal and interest. of any
bonds. notes or certificates of indebted
ness.
Section /. 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 purpose Of financing the construction
ana completion of the said Chef Menteur
ana Hammond New Orleans HIGHWAYS
hereinabove referred to. and to that end
raay issue bonds. notes or certificates of
Indebtedness in any amount not to ex-
coed the sum Of Seven Hundred Thous-
an" Dollars, in such sums and denomi-
nations as the said Board shall pre-
scribe. not less than Five Hundred Dol
IRIS 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
teul 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
hohdS' notes or certificates of indebted
ness shall be payable from one to TWEEN
" Years. Said bonds, notes or certif-
cafes OF Indebtedness may contain such
provisions as may be deemed expedient
1or registration in the name of the hold
ef' or Tor the release thereof from regis
uatIon; 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. |
SAD bonds, notes or certificates of in |
dcbtedness shall be sold to the highest |
bidder at public sale at not less than
par after thirty days advertisement nv |
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 IN
me account of the Highway Department
81 the State of Louisiana, and IN the
7redit of the state Highway Fund No.
: Chef Menteur and Hammond New
orleans State Highways" and only paid
'ut on the warrant of the State High
Va! Engineer approved by the President |
II the Board of State Engineers Said |
'oHds' notes or certificates of indebted |
TESS snail he signed by the Governor |
ne Auditor and the Treasurer of the
'tate' Any coupons attached thereto
MAI pear the fac-simile signature of
ne treasurer of the State. ANY bonds |
0tes' certificates of Indebtedness issued
> virtue hereof, shall be and are here
y declared to have the sualities of ne I
"udple paper under the law merchant. I
llu shaI not be invalid for any irregu- ,
'rlty or defect in the proceedings for
ne issue and sale thereof, and shall he !,
lcohtestable in the hands of bona fde ,
urchasers or holders thereof, No nro-
eedlngs in respect to the issue of anv r
zen bonds, notes or certificates of in =
ebtedness shall be necessary excan+ :
zen as are required by this Act.
Section ). Be it further enacted etc =
nat the funds collected annually and +
rected to be set apart and maid int =
state Highway Fund No 9. Chef Mem
.ul ana Hammond-New Orleans State b
lshWays,' under the provisions of this Il
e. ana pF this Act directed to be ap- +,
req 10 the construction of the said
iel hehteur and Hammond New Or f,
ans state Highways. are hereby n
edged TO pay the principal and inter =
L on SAID bonds, notes or certificates a
Ilueptedness as the same shall he "
me due and payable. and it shall be a
{ duty of the Treasurer of the State al
LOUISIANA to transfer from said fl
tate Highway Fund No 2 Chef Mem n,
III ana Hammond New Orleans State II
ehway to the credit of a special ac l.
unit to be known as the state High 4
y fuhd NO. 2 Chef Menteur and Ham 81
'ho-New Orleans State Highway Bonds. ! NJ
terest and Redemption Account" ont s,
the first funds collected and received =,
the said State Highway Fund No +
'hef Menteur and Hammond New Or ri
ms state Highways" a sum sufficient in
pay the principal and interest upon W,
bonds, notes or certificates of in fo
otedhess issued hereunder that NAV to
We Deeh sold and delivered for the per- m
OF one year ensuing, and to maintain an
SAID special accounts styled "State Or
Shway Fund No. 2. Chef Menteur and tic
Orleans State Highway f.,