The St. Mary banner. (Franklin, Parish of St. Mary, La.) 1889-1931, 1918-09-14

80 1aag6wAy x.lS
EMentshr 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 OF 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 Any 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 incontestable in the
hands of bona fde 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 di-
rected to be set apart and paid into
Estate Highway Fund No. Q, 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. 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.
/ Q, Chef Menteur and Hammond New Or
leans State Highway Bonds, Interest and
Redemption Account" out of the fl-st
funds collected and received for the said
Estate Highway Fund No. Q, 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. 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 OF 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. 3, Chef Menteur- and Ham
mond-New Orleans State Highways,
shall be applied to any of the purposes
i 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 ahan hsxs AsensferTed
into It. the funds hereby directed to. be
transferred.
Section 6. Be it further enacted, ETC.,
That the proceeds Of the sale Of all
bonds, notes or certificates of indebtea-
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, land sec
ond, on and after rserving ana setting
aside the amount necessary toi pay for
the completion of the Chef Mem eur Road
and for building all necessar bridges
therefor, to pay for the const tction of
the said publr highway from Hammond
to New Otleans, and the building of all
necessady bridges therefor.
Section 4 Be it further enacted, ETC.,
That. the Auditor of the State of Louis
lana shall keep Z record Of all bonds,
notes or certificates Of indebtedness old
| or outstanding, and shall keep an ae.i
(eurate account Of all such specially ded-
Heated 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
such terms add conditions as will pro-
vide IN advantageous negotiation Of the
bonds, notes or certificates Of indebted
ness sold, and provide always ready
funds for the payment Of the principal
land 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 an6 dedicated
to the said Estate Highway Fund No. 3,
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 or certificates Of indebted
ness, shall be- deposited with the Treas
urer Of the State in special fund Is set
forth, to beypaid out as. herein provided,
and the Treasurer of the State is hereby
authorized to pay ont of said fund, all
interest eoupons due upon the said bonds,
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