[ Act No. 1273, November 25, 1904 ]
AN ACT AMENDING SECTION THIRTEEN OF ACT NUMBERED EIGHTY-THREE, AS AMENDED BY PARAGRAPH (b) OF SECTION ONE OF ACT NUMBERED THREE HUNDRED AND SEVENTY-TWO, AND GIVING DISCRETIONARY AUTHORITY TO PROVINCIAL BOARDS TO MAKE LOANS OUT OF PROVINCIAL FUNDS NOT OTHERWISE APPROPRIATED TO THE MUNICIPALITIES OF THEIR RESPECTIVE PROVINCES FOR THE CONSTRUCTION OR REPAIR OF MUNICIPAL SCHOOL BUILDINGS OR FOR OTHER MUNICIPAL SCHOOL PURPOSES.
By authority of the United States, be it enacted by the Philippine Commission, that:
Section 1. Section thirteen of Act Numbered Eighty-three, as amended by the provisions of paragraph (b) of section one of Act Numbered Three hundred and seventy-two is hereby further amended by inserting immediately after paragraph (n) of said section thirteen a new paragraph which is herein designated as (nn) and is as follows:
"(nn) To make loans, when deemed expedient by the provincial board, out of provincial funds not otherwise appropriated, to municipalities of the province for the construction or repair of school buildings or for other school purposes: Provided however, That the total sum so loaned in any one fiscal year shall not exceed ten per centum of the gross regular income of the province for the previous fiscal year: And provided however, That such loans shall be made payable without interest by the municipalities to the province not later than the end of the succeeding fiscal year.1aшphi1"
Section 2. The public good requiring the speedy enactment of this bill, the passage of the same is hereby expedited in accordance with section two of "An Act prescribing the order of procedure by the Commission in the enactment of laws," passed September twenty-sixth, nineteen hundred.
Section 3. This Act shall take effect on its passage.
Enacted, November 25, 1904.
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