The St. Mary banner. (Franklin, Parish of St. Mary, La.) 1889-1931, 1918-08-31

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of the "State Highway tuuu No. 2, Chez
Menteur and Hammond-Ne Orleans
State Highways" and only paid out or
! 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. Any bonds, notes or certifl-
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 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 IS. 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 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
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. ., Chef Menteur and
mmond- New Orleans State Highway
to the credit of a special account to be
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 for the said
Estate 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, 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 yeal
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. 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 anc
Hammo nd- New Orleans State Highway
Bonds, Interest and Redemption Ac.
count shall have been created, and tn
State Treasurer shall have transferre:
into II. the funds hereby directed to b
transferred.
Section s. Be it further enacted, etc.
That the proceeds of the sale of al
bonds, notes OF certificates of indebted
ness issued hereunder shall be used frs
to pay for the construction and compile
ton of the Chef Menteur Road and
bridges in the Parish of Orleans and St
Tsmmany, State of Louisiana, and sec
ond, on and after Tserving and setting
aside the amount necessary to pay for
the completion of the Chef Menteur load
and for building all necessary briy ges
therefor, to pay for the construction of
the said publi1 highway from Hamn! ond
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 record Of all bonds,
notes or certificates Of Indebtedness old
or outstanding, and shall keep an ae'
cu1ate 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
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. 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 OF certificates of indebted
ness, shall be deposited with the Treas
arer 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
rs eos6 fund alN