Pocahontas star herald., 1927-03-17
Highway Law
(Better Known AS "Martneau Road BilP')

II the State Highway notes that the
state of Arkansas will never 80 long
as any Of said notes are outstanding
permit Sections 35 and 36 of Act No.
Of the Extraordinary Session of the
General Assembly of the State of Ar.
kansas, approved October 10th, 1928,
to be repealed or amended so as to in
any manner reduce the revenue there.
"a provided, for, and the State OF Ar
kansas further pledges that in the
event OF a substitute fuel for motor
vehicles or in the event of improve
ment in equipment that would reduce
gasoline consumption or other change
of conditions that would reduce the
annual revenue from gasoline, motor
oil, and automobile tax below Seven
Million Five Hundred Thousand Dol
lars, that in such event the State will
amend said Sections 35 and &c so as
to provide for an annual minimum
revenue from gasoline, motor oil, and
automobile tax of Seven Million Five
Hundred (Thousand) Dollars, and the
| State OF Arkansas further pledges
that 1t will not issue in the aggregate
more State Highway notes than can
be fully paid, with the interest there.
on, from a revenue of Seven Million
Five Hundred Thousand Dollars a
year during the period beginning with
the first maturity date and ending
with the last maturity date of said
notes.
The State Treasurer shall set aside
out of the first revenues collected
from gasoline, motor oil and automo-
bile license taxes, during the first
half of each fiscal year, a sum suffl.
cient TO pay the interest on State
Highway notes, and the maturing
notes, due and payable during the
first half Of the fiscal year and shall
set aside out of the first of said rev.
enues collected during the last half
Of each fiscal year, a sum sufficient
to pay the interest on the State High.
way notes, and the maturing notes,
due and payable during the last half
of the fiscal year.
Such notes issued by the State shall
be known as State Highway Notes,
shall be signed by the Governor, the
State Treasurer and the State High.
way Commissioner and attested by
the Secretary of State and shall state
in the face of said notes that the rev.
enues derived from gasoline, motor
oil and automobile tax are pledged
for the payment of such notes.
The State Auditor, with the ap.
proval of the Governor, shall prepare
the form of said notes. Said notes
shall be in denominations of One
Thousand Dollars or multiples there
Of, and shall be payable to bearer, nut
shall contain provision for being
converted into registered notes by
being registered in the office of the
State Treasurer. Said notes shall be
negotiable paper Notwithstanding
they are payable out of the State gas
oline, motor oil and automobile tax.
The state shall sell said State High.
way notes only as the Highway Com
mission finds that funds are needed
and shall not sell more than Thirteen
Million Dollars of notes in any cal
endar year. No notes shall be sold
until the State Treasurer shall first
have advertised for bids in newspa
pers, periodicals, or financial journ
ais selected by him, the advertise
ment to be published not less than
twenty (20) days before the day OF
sale. All bids shall be opened in pub
lie. and the State shall have the right
to reject any and all bids, and may
II II deems best, auction the sale Of
such notes.
The Governor, State Treasurer, Sec
retary OF State, State auditor, ana
state Highway Commissioner shall
constitute a Board with full authority
TO contract the sale of State Highway
notes.
All proceeds from the sale of State
Highway notes shall be deposited
with the State Treasurer to the cred
ii of the State Highway Fund
When any such notes shall have
been issued, they shall be registered
in the office of the State Auditor in a
book to be provided by him for that
purpose and he shall endorse on each
note his certificate that in the issu-
ance thereof all the conditions of the
law have been complied with, and
shall sign such certificate and AL
thenticate the same with the seal OF
his office.
Section 6. All new construction
work shall be done by contract; and
all contracts for such work shall DC
let to the lowest responsible bidder.
The commission shall have the right
to rejec tany or all bids. No con
1 tract in excess of One Thousand Dol
, lars Isl 1,O00) shall be let without ad
veItising for bids. Successful bid
} ders shall be required to furnish a
| surety bond by a surety company tc
{ be approved by the commission, in q