New Iberia enterprise and independent observer. (New Iberia, La.) 1902-1944, 1918-08-31

| the State OF LOUISIANA, ana TO the credit
of the "State Highway Fund No. 3, Chef
Menteur and Hammond New Orleans
State Highways" and only paid out on
the warrant of the State Highway En-
| gineer approved by the President of the
Board of State Engineers. Said bonds,
notes or certificates of indebtedness shall
be signed by the Governor, the Auditor
and the Treasurer of the State Any
coupons attached thereto shall bear the
| fac-simile signature OF the Treasurer OF
the State. Amy bonds, notes or certifi-
| 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
be invalid for any irregularity or defect
| in the proceedings for the issue and sale
| thereof, and shall be incontestabe in the
| hands of bona fide purchasers or hold
ers thereof. No proceedings in respect
to the issue of any such bonds, notes or
| certificates of Indebtedness shall be nee
essary, except such as are required by
this Act.
Section 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. 3, Chef Men
teur and Hammond New Orleans State
Highways, under the provisions of this
Act, and by this Act directed to be APP
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
s
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. 2, Chef Menteur and
Hammond New Orleans State Highway
to the credit of a special account to be
known as the Estate Highway Fund No.
p, Chef Menteur and Hammond-New Or
leans State Highway Bonds, Interest and
Redemption Account" out of the first
funds collected and received for the said
State Highway Fund No. 2, Chef Men
teur and Hammond Orleans State
Highways" a 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. 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. Q, 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 indebteu
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 7. 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
or outstanding, and shall keep an &C.
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 deposit
tory of the special funds provided for
under this Act and said Board shall have
the discretion to let such funds under
,uch terms and conditions as will pro-
ride an advantageous negotiation of the
ponds, notes or certificates of indebted
ness sold, and provide always ready
funds for the payment Of the principal
md interest on such bonds, notes or Ger
ificates Of indebtedness All funds col
ected under the provisions of this Act,
which have been set apart and dedicated
o the said Estate Highwav Fund No. 2,
chef Menteur and Hammond New Or
cans State Highways" or which may
hereafter be set apart or dedicated for
he construction and maintenance Of the
lbove mentioned highways, and all
unds arising from the sale of said
ponds, notes or certificates Of indebted
less, shall be deposited with the Treas
lrer Of the State in q special fund as set