Saturday, May 18, 2019

The First Bond Issue To Fix Lake Road

The first bond issue voted on by residents of the town of Madisonville was to fix up Lake Road along the Tchefuncte River and create a sand beach at the shore of Lake Pontchartrain.

Here is the official notice of the 1922 project as released by the town's secretary. 

Madisonville is located in St Tammany Parish,being seven miles South of Covington on the Tchefuncta River, and approximately 1 1/2 miles from Lake Pontchartrain. There are several large manufacturing plants in, and just across the River, including the Jahncke Shipbuilding Co., Lake Cypress Lum­ber Co.Madisonville Saw & Planing, Madisonville Ship Yard, Riverside Lumber Co.and Lange & Delpit Shipyard.

The main industry being shipbuilding, whereas,the Lumber manufacturing plays a big part. Shipbuilding here has been in progress for the past seventy five years, and during the World War the Jahncke Shipbuilding Co. employed about twenty eight hundred men. Has one branch Bank, home office being in Covington with resources of over one million dollars.

Purpose of this Bond Issue: To construct bridges, and build a public roadway approximately 1 and 1/2 miles to Lake Pontchartrain where the Town owns five acres of land which will be converted into a public park. To pump up a beach, and making Lake Pontchartrain at this point a superior bathing resort.

This is the first issue of bonds this Town has ever floated, and there will be an additional six mill tax on assessable property for the purpose of paying off this obligation and is in accordance with Article 14, Section 14, of the Constitution of the State of Louisiana, and of Act So.46 of the general Assembly of the State of Louisiana, Special Session of 1921 as amended.

                   F.V. deGruy, (Secretary) Town of Madisonville

Source: Iris Lulu-Simoneaux Vacante‎, Madisonville La. Historical Group Facebook Page