New Iberia enterprise and independent observer., 1918-09-14

count of the Highway Department o
tne state OF LOUISIANA, anu TO the credI
OF the state highway fund NO. 2, Che
-aenieur and hammond Orlean
otale Highways" and only paid out OF
the warrant OF the State highway En-
glneer approved by the President of thu
board OF State Engineers. Said bonds
notes or certificates OF Indebtedness shal
be signed by the Governor, the Audlto
and the Treasurer Of the State. ANY
coupons attached thereto shall bear tn,
c-simile signature OF the Treasurer 0:
the State. ANY bonds, notes or ceItifl
Gates of Indebtedness issued by virtue
hereof, shall be and are hereby declared
to have the qualities OF negotiable paper
under the law merchant, and shall not
De invalid for any irregula1ity or defect
IN the proceedings for the issue and sale
| thereof, and shall be iucontestable in the
hands of bona fide purchasers or hold
ers thereof. No proceedings in respect
| to the issue of any such bonds, notes OF
certificates of Indebtedness shall be nee
| essary, except such as are required by
! this Act.
oecuon 5. Be it further enacted, etc,
That the funds collected annually and di-
rected to be set apart and paid into
State Highway Fund No. 2, Chef Men
teur and Hammond New Orleans State
Highways, under the provisions of this
Act, and oy this Act directed to be ap-
Piled to the construction OF the SAID
chef Menteur and Hammond-New Or
leans State Highways, are hereby
pledge to pay the principal and inter
est on said bonds, notes or certificates of
indebtedness as the same shall become
due and payable and it shall be the duty
of the Treasurer of the State of Louis
lana to transfer from said State hlgn-
way Fund No. Q, Chef Menteur and
Hammond-New Orleans State Highway
to the credit Of a special account to De
known as the Estate Highway Fund No.
2, Chef Menteur and Hammond New Or
leans State Highway Bonds, Interest and
Redemption Account" out of the first
funds collected and received foI the said
State Highway Fund No. 2, Chef Men
teur and Hammomd-New Orleans State
Highways" sum sufficient to pay the
principal and interest upon any bonds,
notes or certificates of indebtedness is
sued hereunder, that may have been sold
and delivered for the period of one year
ensuing, and to maintain in said special
accounts styled Estate Highway Fund
No. Q, Chef Menteur and Hammond,
New Orleans State Highway Bonds, In
terest and Redemption Account" at all
times from said source, a sum equal to
one years principal and interest upon
the said bonds, notes or certificates of
indebtedness, and also sufficient to pay
all bonds, notes or certificates Of in
debtedness issued hereunder which shall
become due and payable during the year
next ensuing. After any bonds, notes or
certificates of Indebtedness authorized
hereby shall have been issued and de-
livered, no part Of said Estate Highway
Fund No. 2, Chef Menteur and Ham
mond-New Orleans State Highways
shall be applied to any of the purposes
authorized herein until the said Estate
Highway Fund No. 2, Chef Menteur and
Hammond New Orleans State Highway
Bonds, Interest and Redemption Ac-
count" shall have been created, and the
State Treasurer shall have transferred
into it. the funds hereby directed to be
transferred.
Section 8. Be it further enacted, ETC.,
That the proceeds of the sale OF all |
oonds, notes OF certificates of indebteu-
aess issued hereunder shall be used first
to pay for the construction and compile
rion of the Chef Menteur Road and
bridges in the Parish Of Orleans and ST.
Tammany, State Of Louisiana, and sec
ond, on and after rserving and setting
aside the amount necessary to pay for
he completion of the Chef Menteur Road
md for building all necessary bridges
therefor, to pay for the construction of
he said publir highway from Hammond
o New Orleans, and the building Of all
,ecessady bridges therefor.
Section z. Be it further enacted, ETC.,
That the Auditor Of the State Of Louis
ana shall keep record of all bonds,
totes or certificates Of indebtedness old
Y outstanding, and shall keep an &C.
urate account Of all such specially ded-
Gated funds. sr
Section 8. Be it further enacted, ETC.,
hat the Board of Liquidation of the
tate Debt of the State of Louisiana
hall let the privilege to become deposit
Dry Of the special funds provided for
nder this Act and said Board shall have
he discretion to let such funds under
uch terms and conditions as will pro-
ide an advantageous negotiation of the
onds, notes or certificates Of indebted
ess sold, and provide always ready
ands for the payment Of the principal
nd interest on such bonds, notes or Ger
ficates Of Indebtedness. All funds col
'cted under the provisions Of this Act,
'hich have been set apart and dedicated
} the said Estate Highway Fund No. 3,
hef Menteur and Hammond-New Or
ans State Highwsys," or which may
ereafter be set apart or dedicated for
le construction and maintenance of the
bove mentioned highways, and all
lnds arising from the sale of said
onds, notes or certificates of indebted
sss, shall be deposited with the Treas
'er of the State in special fund as set