New Iberia enterprise and independent observer. (New Iberia, La.) 1902-1944, 1918-11-02

count OF the highway Department OF
the otate OF LOUISIANA, ana to the credit
OF the state 11Ignway tund NO. Z, Ihe1
uen,eur and x1ammonoNew Orleans
ota,e highways" and only paid out Oh
the warrant OF the State highway En-
glneer approved by the President OF the
BOARD OF State Engineers. Said BONDS,
notes OF certificates OF indebtedness shall
De signed by the Governor, the AUDITOR
and the Treasurer Of the State. ANY
coupons attached thereto shall bear the
-simile signature OF the treasurer OF
me State. ANY bonds, notes or certiti-
Gates of Indebtedness issued by virtue
hereof, shall be and are hereby declareu
to have the qualities OF negotiable paper
under the law merchant, and shall not
oe invalid for any i11egulaIity or detect
IN the proceedings for the issue and sale
thereof, and shall be incontestable in the
hands Of bona tide 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 5. Be it further enacted, ETC.,
That the funds collected annually and d.
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 by this Act directed to be ap-
! piled to the construction OF the SAID
l Chef Menteu1 and Hammond Or
| leans State Highways, are hereby
J-plsdge 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
i of the Treasurer Of the State of Louis
lana to transfer from said Estate high
/ way Fund No. 2, Chef MenteuI and
/ hammond New Orleans State Highway
60 the credit Of special account to be
known as the Estate Highway Fund NO.
Z, Chef Menteu1 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 Hammond-New Orleans State
Hiahways," 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 or certificates Of in
} debtedness issued hereunder which shall
J become due and payable during the veal
] next ensuing. After any bonds, notes Of
! 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 Highwa,
: Bonds, Interest and Redemption Ac.
> count shall have been created. and tn
State Treasurer shall have transferre;
> into it. the funds hereby directed to b.
E transferred.
b section s. Be it further enacted, etc.
& That the proceeds Of the sale OF al
: oonds, notes OF certificates Of indebted
aess issued hereunder shall be used frs
70 pay for the construction and compile
4 ion Of the Chef Menteur Road AM
1 bridges in the Parish Of Orleans and S,
, rammany, State Of Louisiana, and sec
) ond, on and after rserving and settini
E aside the amount necessary to pay TO
D he completion Of the Chef Menteur Roa'
. and for building all necessary bridge
: therefor, to pay for the construction o
\ che said publi1 highway from Hammond
: to New Orleans, and the building of al
. oecessady bridges therefor.
Section Z. Be il further enacted, etc
That the Auditor Of the State Of Louis
), ana shall keep . record Of all bonds
Z notes or certificates Of indebtedness oil
OF outstanding, and shall keep an &C
curats account Of all such specially ded
e icated funds.
B Section s. Be it further enacted, etc
That the Board Of Liquidation OF tn
: State Debt Of the State Of Louisiana
s shall let the privilege to become deposi
. tory Of the special funds provided 70
!, under this Act and said Board shall hav
the discretion to let such funds unde
such terms and conditions ~ viii pro
|, vide IN advantageous negotiation Of tn
d bonds, notes or certificates Of indebted
!, ness sold, and provide always read
J, funds 70. the payment Of the pzincips
land interest on such bonds, notes or Ger
;, tifcates Of indebtedness All funds col
. lectsd under the provisions Of this Ac'
4 which have been Get apart and dedicate
. to the said "State Highway Fund No.
q Chef Msnteux and Hammond-Nsw Or
: leans Stats Highways," OK which ma
: thszsafter Be set apart or dedicated fo
o the construction and maintsnance Of th
: above mentioned Highways, and q
q funds arising from the sale Of sal
1 bonds, notes OF certificates Of indebted
: 1ness, shah b deposited with the Treas
u ursr Of The Stats in special fund - o
d forth, to b paid ont - herein provide'
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