NORTH CAROLINA GENERAL ASSEMBLY 1965 SESSION CHAPTER 46 SENATE BILL 15

Transcription

1 NORTH CAROLINA GENERAL ASSEMBLY SESSION CHAPTER SENATE BILL AN ACT TO AUTHORIZE THE ISSUANCE OF THREE HUNDRED MILLION DOLLARS ($00,000,000) OF BONDS OF THE STATE TO PROVIDE FUNDS FOR THE CONSTRUCTION OF HIGHWAYS, SUBJECT TO A VOTE OF THE PEOPLE OF THE STATE. The General Assembly of North Carolina do enact: Section. This Act shall be known and may be cited as the "State Highway Bond Act of ". Sec.. Subject to a favorable vote of a majority of the qualified voters of the State who shall vote thereon in an election called and held as hereinafter provided, the State Treasurer is hereby authorized, by and with the consent of the Governor and Council of State, to issue and sell, at one time or from time to time, bonds of the State, to be designated "State of North Carolina Highway Bonds", in an aggregate principal amount not exceeding three hundred million dollars ($00,000,000.00). The proceeds of said bonds are hereby appropriated to the State Highway Commission, which appropriation shall be in addition to all other appropriations heretofore made or which may be made at the present Session of the General Assembly. Said proceeds shall be used by the State Highway Commission exclusively for the purpose of constructing, improving or relocating roads, bridges, tunnels and other highway facilities constituting at the time of such construction, improvement or relocation a part of the State highway system. Sec.. The proceeds of said bonds shall be expended by the State Highway Commission for the construction, improving or relocating of highway facilities and in amounts as follows: (a) One hundred fifty million dollars ($0,000,000.00) on the rural primary system of State highways as defined herein, which amount is hereby allocated for expenditure in the fourteen highway engineering divisions as follows, based proportionately upon the mileage of highways constituting part of said rural primary system of State highways on January,, in each of said divisions: Highway engineering division... $,0,00...,0,000...,,000...,, ,,00...,,00...,,000...,0,00...,, ,0, ,,00...,0,00

2 ,,00...,,00 $0,000,000 As used herein the term "rural primary system of State highways" means the highways within the State numbered with the prefix "U.S." or "N.C." that are outside the corporate limits of the municipalities to which funds were allocated in the year under the provisions of G.S. -.. (b) Seventy-five million dollars ($,000,000.00) on the rural secondary system of State highways as defined herein, which amount is hereby allocated for expenditure in the counties of the State as follows, based proportionately upon the mileage of unpaved highways constituting part of said rural secondary system of State highways on January,, in each of said counties: County Alamance... $,0,00 Alexander...,00 Alleghany...,00 Anson...,00 Ashe...,,000 Avery...,00 Beaufort...,0,00 Bertie...,00 Bladen...,00 Brunswick...,000 Buncombe...,,00 Burke...,00 County Cabarrus... $,00 Caldwell...,00 Camden...,00 Carteret... 0,00 Caswell... 0,00 Catawba...,00 Chatham...,,00 Cherokee...,000 Chowan...,00 Clay...,00 Cleveland...,0,00 Columbus...,,00 Craven... 0,00 Cumberland...,00 Currituck... 00,00 Dare...,00 Davidson...,,00 Davie...,00 Duplin...,0,00 Durham... 0,00 Edgecombe... 0,00 Forsyth... 0,000 Franklin...,00 Gaston...,00

3 Gates...,000 Graham...,00 Granville...,,00 Greene...,00 Guilford...,,00 Halifax...,000 Harnett...,00 Haywood...,00 Henderson...,0,00 Hertford... 0,00 Hoke...,000 Hyde...,00 Iredell...,,00 Jackson...,00 Johnston...,0,00 Jones...,000 Lee...,00 Lenoir...,00 Lincoln... 0,00 McDowell... 0,00 Macon...,0,00 Madison...,00 Martin...,00 County Mecklenburg... $,00 Mitchell...,00 Montgomery...,00 Moore...,00 Nash...,00 New Hanover...,00 Northampton...,00 Onslow...,00 Orange...,00 Pamlico...,00 Pasquotank...,00 Pender...,00 Perquimans...,00 Person...,0,00 Pitt...,00 Polk...,00 Randolph...,,00 Richmond...,00 Robeson...,,00 Rockingham...,,00 Rowan...,00 Rutherford...,0,00 Sampson...,,00 Scotland...,00 Stanly...,00 Stokes...,00,00 Surry...,,00

4 Swain...,00 Transylvania...,00 Tyrrell... 0,00 Union...,,00 Vance...,00 Wake...,,00 Warren...,00 Washington...,00 Watauga...,00 Wayne...,00 Wilkes...,0,00 Wilson...,00 Yadkin...,00 Yancey...,00 $,000,000 As used herein the term "rural secondary system of State highways" means all of the public highways in the State the exclusive control, management and responsibility for which are vested in the State Highway Commission, except the highways included in the rural primary system of State high ways as herein denned, that are outside the corporate limits of the municipalities to which funds were allocated in the year under the provisions of G.S. -.. (c) Seventy-five million dollars ($,000,000.00) on the urban system of State highways as defined herein, which amount is hereby allocated for expenditure in municipalities in the State as follows, based proportionately upon the population of each of said municipalities used as a basis for the allocation of funds in the year under the provisions of G.S. -.: Aberdeen... $ 0,000 Ahoskie...,00 Albemarle... 0,00 Alexander Mills...,00 Andrews...,00 Angier...,000 Ansonville...,00 Apex...,00 Arlington...,00 Asheboro... 0,00 Asheville...,0,00 Askewville...,00 Atkinson...,00 Atlantic Beach...,000 Aulander...,00 Aurora...,00 Autryville...,00 Ayden...,00 Bailey...,00 Bakersville...,00 Banner Elk...,00 Bath...,00 Battleboro...,00

5 Bayboro...,00 Bear Grass...,000 Beaufort...,00 Belhaven...,00 Belmont...,00 Benson...,00 Bessemer City...,00 Bethel...,00 Beulaville...,00 Biltmore Forest...,00 Biscoe...,00 Black Creek...,00 Black Mountain...,00 Bladenboro... 0,00 Blowing Rock...,00 Boiling Springs...,00 Bolivia... $,00 Bolton...,00 Boone...,00 Boonville...,00 Bostic... 0,00 Brevard... 0,00 Bridgeton...,000 Broadway...,00 Brookford...,00 Brunswick...,00 Bryson City...,00 Bunn...,000 Burgaw...,00 Burlington...,0,00 Burnsville...,00 Calypso...,00 Cameron...,00 Candor...,00 Canton...,00 Cape Carteret...,00 Carolina Beach...,00 Carrboro...,00 Carthage...,00 Cary...,00 Castalia... 0,00 Catawba...,00 Chadbourne...,00 Chapel Hill...,00 Charlotte...,0,00 Cherryville...,00 China Grove...,00 Chocowinity...,00 Claremont...,00 Clarkton...,000

6 Clayton...,00 Cleveland...,00 Clinton...,00 Clyde...,00 Coats...,00 Colerain...,00 Columbia...,00 Columbus...,00 Concord...,000 Conetoe...,00 Conover...,00 Conway...,000 Cornelius...,00 Cove City... $,00 Creedmoor...,00 Creswell...,00 Crossnore... 0,00 Dallas...,00 Danbury...,00 Davidson... 00,00 Denton...,00 Dillsboro...,00 Dobson...,00 Dover...,00 Draper...,00 Drexel...,00 Dublin...,00 Dunn...,00 Durham...,00,00 East Bend...,00 East Laurinburg...,00 East Spencer...,00 Edenton...,00 Elizabeth City...,00 Elizabethtown...,00 Elkin...,00 Elk Park...,000 Ellenboro...,00 Ellerbe...,00 Elm City...,00 Elon College... 0,00 Emerald Isle Enfield...,00 Eureka...,00 Everetts...,00 Fair Bluff... 0,00 Fairmont...,00 Faison...,00 Faith...,00 Falcon...,00

7 Falkland...,00 Farmville...,00 Fayetteville...,,00 Forest City...,00 Fountain...,00 Four Oaks...,00 Franklin...,00 Franklinton...,00 Franklinville...,00 Fremont...,00 Fuquay Springs... $,00 Garland...,00 Garner...,00 Garysburg...,00 Gaston...,00 Gastonia...,,00 Gatesville...,000 Gibson...,00 Gibsonville... 0,000 Glen Alpine...,00 Goldsboro...,,00 Goldston...,00 Graham... 0,00 Granite Falls... 0,00 Granite Quarry...,00 Greensboro...,,00 Greenville...,00 Grifton...,00 Grimesland...,00 Grover...,00 Halifax...,00 Hamilton...,00 Hamlet...,00 Harmony...,00 Harrellsville...,00 Hassell...,00 Havelock...,00 Hayesville...,00 Hazelwood...,00 Henderson...,00 Hendersonville...,00 Hertford...,00 Hickory...,000 Highlands...,00 High Point...,,00 Hillsboro...,00 Hobgood...,00 Hoffman...,00 Holly Ridge...,00 Holly Springs...,00

8 Hookerton...,000 Hope Mills...,00 Hot Springs...,00 Hudson... 0,00 Huntersville...,00 Indian Trail...,00 Jackson... 0,000 Jacksonville... $,00 Jamestown...,00 Jamesville...,00 Jefferson...,00 Jonesville...,00 Kelford...,00 Kenansville...,00 Kenly...,000 Kernersville...,00 Kill Devil Hills... 0,00 Kings Mountain...,00 Kinston...,00 Kittrell...,00 Knightdale...,00 Kure Beach...,00 La Grange...,00 Lake Lure...,00 Lake Waccamaw... 0,00 Landis...,00 Lansing... 0,00 Lasker...,00 Lattimore... 0,00 Laurel Park...,00 Laurinburg...,00 Lawndale...,00 Leaksville...,000 Lenoir... 0,00 Lewiston...,00 Lexington...,00 Liberty...,00 LilesviIle...,00 Lillington...,00 Lincolnton...,00 Linden...,00 Littleton... 0,00 Long Beach...,000 Longview...,00 Louisburg Love Valley...,000 Lowell... 0,00 Lucama...,00 Lumber Bridge...,00 Lumberton... 00,00

9 Macclesfield...,00 Macon...,00 Madison...,000 Magnolia...,00 Maiden... $ 0,000 Manteo...,000 Marion...,00 Marshall...,00 Mars Hill...,00 Marshville...,00 Matthews...,00 Maxton...,00 Mayodan...,00 Maysville...,000 McAdenville...,00 McDonald...,00 McFarlan...,00 Mebane...,00 Micro...,00 Middleburg...,00 Middlesex...,00 Milton...,00 Mocksville...,00 Monroe...,00 Mooresville...,00 Morehead City...,00 Morganton... 0,00 Morrisville...,00 Morven... 0,00 Mount Airy...,00 Mount Gilead...,00 Mount Holly...,00 Mount Olive...,00 Mount Pleasant... 0,00 Murfreesboro... 0,00 Murphy...,00 Nags Head...,00 Nashville...,00 New Bern...,00 Newland...,00 New London...,00 Newport...,00 Newton...,00 Newton Grove...,00 Norlina...,00 North Wilkesboro...,00 Norwood...,00 Oakboro...,00 Oak City...,00 Ocean Isle Beach... 00

10 Old Fort... 0,00 Oriental... $ 0,00 Oxford...,00 Pantego... 0,00 Parkton...,00 Parmele...,00 Peachland...,00 Pembroke...,00 Pikeville... 0,00 Pilot Mountain...,00 Pinebluff... 0,000 Pine Level...,00 Pinetops...,00 Pineville...,00 Pink Hill...,00 Pittsboro...,00 Plymouth...,000 Polkton... 0,00 Pollocksville...,00 Powellsville... 0,00 Princeton...,00 PrinceviIle...,00 Proctorville...,00 Raeford...,00 Raleigh...,,00 Ramseur...,00 Randleman...,00 Red Springs... 0,00 Reidsville...,00 Rhodhiss...,00 Richfield...,00 Richlands...,00 Rich Square...,00 Roanoke Rapids...,00 Robbins... 0,00 Robbinsville...,000 Robersonville...,000 Rockingham...,00 Rockwell...,00 Rocky Mount...,0,00 Rolesville...,000 Ronda... 0,000 Roper... 0,00 Roseboro...,00 Rose Hill... 0,00 Rosman...,00 Rowland...,00 Roxboro... 0,00 Roxobel... $,00

11 Ruth... 0,00 Rutherfordton...,000 Saint Pauls...,00 Salemburg...,00 Salisbury...,00 Saluda...,00 Sanford... 0,00 Saratoga...,000 Scotland Neck...,00 Seaboard...,00 Seagrove...,00 Selma...,00 Seven Springs...,00 Severn...,00 Shallotte...,00 Sharpsburg...,00 Shelby...,000 Siler City...,00 Sims...,000 Smithfield...,00 Snow Hill... 0,00 Southern Pines... 0,00 Southport...,00 Sparta...,00 Speed...,00 Spencer...,00 Spindale... 0,00 Spray...,000 Spring Hope...,00 Spring Lake...,00 Spruce Pine...,00 Staley... 0,00 Stanfield...,00 Stanley...,00 Stantonsburg...,00 Star...,00 Statesville...,00 Stedman...,000 Stem...,00 Stoneville...,00 Stovall...,00 Surf City... 0,00 Swansboro...,00 Sylva...,00 Tabor City...,00 Tarboro...,00 Tar Heel... $,000 Taylorsville...,00 Teacheys...,00 Thomasville...,00

12 Topsail Beach...,00 Trenton...,00 Troutman...,00 Troy...,000 Tryon...,00 Turkey...,00 Valdese...,00 Vanceboro...,00 Vandemere...,00 Vass... 0,00 Waco... 0,000 Wadesboro...,00 Wagram...,000 Wake Forest... 0,00 Wallace...,00 Walnut Cove... 0,00 Walstonburg...,00 Warrenton...,00 Warsaw...,00 Washington...,00 Washington Park...,00 Waxhaw...,00 Waynesville...,00 Weaverville... 0,00 Weldon...,00 Wendell...,00 West Jefferson...,00 Whitakers...,00 White Lake...,00 Whiteville...,00 Wilkesboro...,00 Williamston...,00 Wilmington...,,000 Wilson...,,00 Windsor...,000 Winfall... 0,00 Wingate...,00 Winston-Salem...,,00 Winterville...,00 Winton...,00 Woodland...,00 Woodville...,00 Wrightsville Beach...,00 Yadkinville... $,00 Yaupon Beach...,00 Youngsville...,00 Zebulon... 0,00 $,000,000

13 As used herein the term "urban system of State highways" means such streets and highways as constitute part of the State highway system, under the provisions of G.S.-. and G.S. -., within the corporate limits of the municipalities to which funds were allocated in the year under the provisions of G.S. -.. Rights of way for such streets and highways shall be acquired under and pursuant to the provisions of G.S. -.. The amounts set forth above to be expended in the respective highway engineering divisions, counties and municipalities shall be conclusive and controlling. Obligations by contract or work order for the construction, improving or relocating of highway facilities under the provisions of this Act (exclusive of obligations for engineering services and the acquisition of land) shall not be incurred in an aggregate amount exceeding sixty million dollars ($0,000,000.00) in the first fiscal year, beginning July,, or in an aggregate amount exceeding one hundred twenty million dollars ($0,000,000.00) in the first two fiscal years, or in an aggregate amount exceeding one hundred eighty million dollars ($0,000,000.00) in the first three fiscal years, or in an aggregate amount exceeding two hundred forty million dollars ($0,000,000.00) in the first four fiscal years, or in an aggregate amount exceeding three hundred million dollars ($00,000,000.00) in the first five fiscal years. The State Highway Commission may incur obligations for the construction, improving or relocating of highway facilities under the provisions of this Act in such priority in each fiscal year as it shall determine among the rural primary system of State highways, the rural secondary system of State highways and the urban system of State highways and the highway engineering divisions, counties and municipalities, notwithstanding the allocations made above in this Section. The proceeds of said bonds may be used with any Federal funds which might be made available for the purposes set forth above and the State Highway Commission or any other governmental unit is authorized to apply for and accept any Federal funds and agree to the terms and conditions under which such Federal funds shall be made available. The provisions of this Act shall not be applicable to any such Federal funds. Sec.. Said bonds shall bear such date or dates, shall bear interest at such rate or rates not exceeding four per centum (%) per annum, shall be stated to mature in such amounts and at such times not more than twenty (0) years from their date or dates, and may be made redeemable before maturity, at the option of the State, at such price or prices and under such terms and conditions, as may be fixed by the State Treasurer with the approval of the Governor and Council of State; provided, however, that prior to the issuance of any of the bonds herein authorized the State Treasurer shall estimate and determine the date by which sufficient proceeds of the additional one cent (l ) per gallon tax on motor fuels provided for in Chapter 0, Public Laws of, and available for application to the payment of the principal of and the interest on the State of North Carolina Secondary Road Bonds authorized by said Chapter 0, Public Laws of, shall have been received by the State to provide for the payment of the principal of and the interest on said Secondary Road Bonds to and including the final maturity thereof, and the first maturity of any of the bonds herein authorized shall not be earlier than one year after said date. Sec.. Said bonds shall be signed on behalf of the State of North Carolina by the Governor or shall bear his facsimile signature and shall be signed by the State Treasurer, shall bear the Great Seal of the State or a facsimile thereof, shall be impressed or imprinted thereon, and said bonds shall carry interest coupons which shall bear a facsimile of the signature of the State Treasurer. In case any officer whose signature or a facsimile of whose signature shall appear on any bonds or coupons shall cease to be such an officer before the delivery of such bonds, such signature or such facsimile shall nevertheless be valid and sufficient for all purposes the same as if he had remained in office until such delivery. The form and denomination of the bonds shall be such as the State Treasurer may determine in conformity with this Act, and said bonds shall be subject to registration as is now or may hereafter be

14 provided by law for State bonds, and provision may also be made for the reconversion into coupon bonds of any bonds registered as to both principal and interest. Sec.. Subject to determination by the Governor and Council of State as to the manner in which said bonds shall be offered for sale, whether by publishing notices in certain newspapers and financial journals or by mailing notices or by inviting bids by correspondence or otherwise, the State Treasurer is authorized to sell said bonds at one time or from time to time at the best price obtainable, but in no case for less than par and accrued interest, and when the conditions are equal he shall give the preference of purchase to the citizens of North Carolina. All expenses incurred in the sale and issuance of the bonds and any bond anticipation notes herein authorized shall be paid from any premiums received on the sale of bonds or bond anticipation notes under this Act or from the State Highway Fund. Sec.. By and with the consent of the Governor and Council of State, who shall determine the rate or rates of maximum rate of interest and the date of approximate date of payment, the State Treasurer is hereby authorized to borrow money at the lowest rate of interest obtainable and to execute and issue notes of the State for the same, but only in the following circumstances and under the following conditions: (a) for anticipating the sale of any of said bonds to the issuance of which the Governor and Council of State shall have given consent, if the State Treasurer shall deem it advisable to postpone the issuance of such bonds, (b) for the payment of interest upon or the principal of any of said bonds then outstanding, if there shall not be sufficient funds in the State Treasury with which to pay such interest or principal as they respectively fall due, or (c) for the renewal of any loan evidenced by notes herein authorized. Sec.. The proceeds of said bonds and of the bond anticipation notes herein authorized (except the proceeds of bonds the issuance of which has been anticipated by such bond anticipation notes and except any premium applied to the payment of expenses of the sale and issuance of bonds and bond anticipation notes as provided in Section above) shall be placed by the State Treasurer in a special fund known as the "State Highway Construction Fund of ", and shall be disbursed only for the purpose provided in this Act. Sec.. Funds derived from the sale of bonds herein authorized shall be used in the payment of any bond anticipation notes that may have been issued in anticipation of the sale of such bonds and any renewals of such notes; and funds provided by the General Assembly for the payment of interest on or principal of bonds herein authorized shall be used in paying the interest on or principal of any notes and any renewals thereof the proceeds of which shall have been used in paying interest on or principal of such bonds. Interest payable upon said notes may be evidenced by interest coupons, in the State Treasurer's discretion. Sec. 0. The full faith, credit and taxing power of the State are hereby pledged for the payment of the principal of and the interest on the bonds and notes herein authorized. Sec.. The coupons appertaining to said bonds and notes after maturity shall be receivable in payment of taxes, debts, dues, licenses, fines, and demands due the State of any kind whatsoever. Sec.. All of said bonds and notes and coupons shall be exempt from all State, county and municipal taxation or assessment, direct or indirect, general or special, whether imposed for the purpose of general revenue or otherwise, and the interest on said bonds and notes shall not be subject to taxation as for income, nor shall said bonds or notes or coupons be subject to taxation when constituting a part of the surplus of any bank, trust company or other corporation. Sec.. It shall be lawful for all executors, administrators, guardians and fiduciaries generally, and all sinking fund commissions, to invest any moneys in their hands in said bonds and notes.

15 Sec.. From and after the time when sufficient proceeds of the additional one cent (l ) per gallon tax on motor fuels provided for in Chapter 0, Public Laws of, and available for application to the payment of the principal of and the interest on the State of North Carolina Secondary Road Bonds authorized by said Chapter 0, Public Laws of, shall have been received by the State to provide for the payment of the principal of and the interest on said bonds to and including the final maturity thereof, said additional one cent (l ) per gallon tax on motor fuels shall continue in force and shall be applied exclusively to the payment of the principal or redemption premium of and the interest on the State of North Carolina Highway Bonds authorized and issued under the provisions of this Act; provided, however, that if on June 0 of any fiscal year after payment of the principal of and the interest on said Secondary Road Bonds shall have been provided for the unexpended proceeds of said additional one cent (l ) per gallon tax on motor fuels then held in the State Highway Fund shall exceed the interest falling due on said State of North Carolina Highway Bonds on the next interest payment date and the principal of said bonds falling due on the next maturity date, such excess may be used for the redemption of said bonds or for any other purposes for which moneys in the State Highway Fund are by law available. Sec.. The question of the issuance of said three hundred million dollars ($00,000,000.00) State of North Carolina Highway Bonds shall be submitted to the qualified voters of the State of North Carolina at an election to be held on a date during to be fixed by the Governor by a proclamation issued by him; provided, that the election herein provided for may be held on the same day as any other State, county, municipal or district election, and any other State, county, municipal or district election may be validly held on the same day as the bond election provided for in this Act. Notice of said election shall be given by publication at least twice in a newspaper published in each county in the State or having a general circulation therein, and said election shall be held under and in accordance with the general laws of the State of North Carolina, except that no absentee ballots shall be allowed in said election. The provisions of G.S. -, -. and -. shall govern as to the registration of voters for said election. The State of North Carolina shall reimburse the counties of the State for all necessary expenses incurred in holding said election and registration therefor, the same to be paid out of the State Highway Fund. The State Board of Elections shall cause to be printed and distributed the ballots which are to be used in said election, which said ballots shall bear a facsimile of the signature of the Chairman of the State Board of Elections and shall be substantially in the following form: OFFICIAL BALLOT THREE HUNDRED MILLION DOLLARS STATE OF NORTH CAROLINA HIGHWAY BONDS For the issuance of Three Hundred Million Dollars ($00,000,000.00) State of North Carolina Highway Bonds. Against the issuance of Three Hundred Million Dollars ($00,000,000.00) State of North Carolina Highway Bonds. (Facsimile Signature) Chairman, State Board of Elections Those voting in said election who are in favor of the issuance of said bonds shall vote by making an X or check mark in the square opposite the words "For the issuance of Three Hundred Million Dollars ($00,000,000.00) State of North Carolina Highway Bonds". Those opposed to the issuance of said bonds shall vote by making an X or check mark in the square opposite the words "Against the issuance of Three Hundred Million Dollars ($00,000,000.00) State of North Carolina Highway Bonds".

16 0 0 Notwithstanding the foregoing provisions of this Section, voting machines may be used in accordance with rules and regulations prescribed by the State Board of Elections. If a majority of those voting thereon in said election shall vote in favor of the issuance of said bonds, said bonds shall be issued as hereinbefore provided. In the event a majority of those voting thereon in said election shall vote against the issuance of said bonds, said bonds shall not be issued. The result of said election shall be canvassed and declared as provided by law for the holding of elections for State officers and the result thereof certified by the State Board of Elections to the Secretary of State of North Carolina, in the manner and at the time provided by the general election laws of the State. Sec.. Subject to all existing pledges of the revenues accruing to the State Highway Fund for paying the principal of and the interest on the State of North Carolina Secondary Road Bonds heretofore issued and subject to the provisions of Section of this Act, there are hereby appropriated and irrevocably pledged to the payment of the principal of and the interest on the State of North Carolina Highway Bonds issued under the authority of this Act so much of the revenues accruing to the State Highway Fund as shall be required for such purpose. Until all of the bonds issued and outstanding under the authority of this Act and the interest and any redemption premium thereon shall be fully paid or sufficient funds for such purpose shall have been provided and set aside, the tax on motor fuels and automobile licenses to the extent hereby required shall not be repealed, diminished or applied to any purpose other than State Highway Fund purposes, and moneys of the State Highway Fund shall not be diverted to any purpose other than those purposes for which appropriations are now made from said fund. Sec.. All laws and clauses of laws in conflict with this Act are hereby repealed. Sec.. This Act shall be in full force and effect from and after its ratification. In the General Assembly read three times and ratified, this the th day of March,.