The St. Mary banner. (Franklin, Parish of St. Mary, La.) 1889-1931, 1918-09-28

count Of the Highway Department o
the State of Louisiana, and to the credi
of the Estate Highway Fund No. ., Che!
Menteur and Hammond New Orlean:
State Highways" and only paid out o,
the warrant of the State Highway En-
gineer approved by the President of thu
Board of State Engineers. Said bonds
notes or certificates of Indebtedness shall
be signed by the Governor the Audito,
and the Treasurer of the State. Any
coupons attached thereto shall bear tht
fac-simile signature Of the Treasurer o.
the State. Any bonds, notes or certifi-
Gates of indebtedness issued by virtue
hereof, shall be and are hereby declared
to have the qualities of negotiable pape,
under the law merchant and shall no.
be invalid for any irregularity or. defect
in the proceedings for the issue and sale
| thereof, and shall be incontestable 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.
Section S. Be it further enacted, etc.
That the funds collected annually and dl-
rected to be set apart and paid into
Estate Highway Fund No. 2, Chef Men
teur and Hammond New Orleans State
Highways, under the provisions of this
Act, and by 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 Estate High
way Fund No. D. Chef Menteur and
| Hammond New Orleans State Highway
to the credit of special account to be
known as the Estate Highway Fund No.
IL. Chef Menteur and Ham mond- New Or
leans State Highway Bonds, Interest and
Redemption Account" out of the first
funds collected and received for the said
Estate Highway Fund No. 2, Chef Men
| teur and Hammond New Orleans State
HIGHWAYS" sum sufficient to pay the
| principal and interest upon any bonds,
| notes OF 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
i No. 2. Chef Menteur and Hammond.
New Orleans State Highway Bonds, In
terest and Redemption Account" at all
times from said source, 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. Q, 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 E. Be it further enacted, ETC.,
That the proceeds of the sale of all
bonds, notes OF certificates of indebted
ness issued hereunder shall be used first
to pay for the construction and compile
ton 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
the completion of the Chef Menteur Road
and for building all necessary bridges
therefor, to pay for the construction of
the said publir highway from Hammond
to New Orleans, and the building of all
necessady bridges therefor.
Section z. Be it further enacted, ETC.,
That the Auditor of the State of Louis
lana shall keep a record of all bonds,
notes or certificates of Indebtedness old
OF outstanding, and shall keep an ac-
curate account of all such specially ded-
icated funds.
Section 8. Be it further enacted, ETC.,
That the Board of Liquidation of the
State Debt of the State of Louisiana
shall let the privilege to become deposi-
tory of the special funds provided for
under this Act and said Board shall have
the discretion to let such funds under
such terms and conditions as will pro-
vide an advantageous negotiation of the
bonds, notes or certificates of indebted
ness sold, and provide always ready
funds for the payment of the principal
and interest on such bonds, notes or Ger
tificates Of indebtedness. All funds col
lected under the provisions of this Act,
which have been set apart and dedicated
to the said Estate Highway Fund No. q,
Chef Menteur and Hammond-New Or
leans State Highways" or which may
hereafter be set apart or dedicated for
the construction and maintenance of the
above mentioned highways, and all
funds arising from the sale of said
bonds, notes OF certificates of indebted
ness, shall be deposited with the Treas
urer of the State in a special fund as set
forth, to be paid out as herein provided,
and the Treasurer of the State is hereby
authorized to pay out of said fund, all
!