Act No. 1926




[ Act No. 1926, May 20, 1909 ] AN ACT AUTHORIZING THE MUNICIPALITY OF ILOILO TO INCUR AN INDEBTEDNESS OF ONE HUNDRED AND FIFTY THOUSAND DOLLARS IN MONEY OF THE UNITED STATES, AND TO ISSUE BONDS COVERING THE AMOUNT OF SAID INDEBTEDNESS, PAYABLE IN GOLD COIN OF THE "UNITED STATES, FOR THE PURPOSE OF PROVIDING FUNDS TO CONSTRUCT NECESSARY SEWER AND DRAINAGE FACILITIES, TO SECURE A SUFFICIENT SUPPLY OF WATER AND NECESSARY BUILDINGS FOR PRIMARY PUBLIC SCHOOLS IN SAID MUNICIPALITY, PURSUANT TO THE PROVISIONS OF SECTIONS SIXTY-SIX, SIXTY-SEVEN, SIXTY-EIGHT, AND SIXTY-NINE OF THE ACT OF CONGRESS APPROVED JULY FIRST, NINETEEN HUNDRED AND TWO, ENTITLED "AN ACT TEMPORARILY TO PROVIDE FOR THE ADMINISTRATION OF THE AFFAIRS OF CIVIL GOVERNMENT IN THE PHILIPPINE ISLANDS, AND FOR OTHER PURPOSES." By authority of the United States, be it, enacted by the Philippine Legislature, that: Section 1. In pursuance of the provisions of sections sixty-six, sixty-seven, sixty-eight, and sixty-nine of the Act of Congress approved July first, nineteen hundred and two, entitled "An Act temporarily to provide for the administration of the affairs of civil government in the Philippine Islands, and for other purposes,'' the municipality of lloilo is hereby authorized to incur an indebtedness of one hundred and fifty thousand dollars in gold coin of the United States, and the Secretary of War is hereby authorized to issue, in the name and on behalf of the municipality of lloilo, Province of lloilo, its bonds covering the said indebtedness for the purpose of providing funds to construct necessary sewer and drainage facilities, to secure a sufficient supply of water, and necessary building: for primary public schools in said municipality of lloilo. The bond thus authorized shall be issued and dated January first, nineteen hundred and ten; shall bear interest at the rate of four interest, per annum payable quarterly in said gold coin, and shall be redeemable at the pleasure of the municipality of lloilo after ton years from date of issue, and payable thirty years after date of issue in said gold coin. Both principal and interest shall be payable at the Treasury of the United States. The said bonds shall be in registered form, in denominations of one thousand to ten thousand dollars, in proportions to suit the purchasers, thereof, and shall be registered and transferable at the office of the Treasury Department of the United States at Washington, District of Columbia. The said bonds are declared, by section one of the Act of Congress approved February sixth, nineteen hundred and five, entitled "An Act to amend an Act approved July first, nineteen and two, entitled 'An Act temporarily to provide for the action of the affairs of civil government in the Philippine and for other purposes and to amend an Act approved March eight, nineteen hundred and two, entitled 'An Act temporarily provide revenue for the Philippine Islands, and for and to amend an Act approved March second and three, entitled 'An Act to establish a standard provide for a coinage system in the Philippine to provide for the more efficient administration of in the Philippine Islands, and for other purposes," to be from the payment of all taxation by the Government of the United States or by the Government of the PhilippineIslands, or of political or municipal subdivision thereof, or by any county, municipality, or othe municipal subdivision of any Stale or Territory of the "United States, or by the District of Columbia, pursuant to which Act, as well as to said Act of Congress approved July first, nineteen hundred and two. and jo i\|,js ,et these bonds are issued; which facts shall be Mated upon their face. Section 2. The Secretary of War is further authorized to sell said bond on such terms as are most favorable to the municipality of to Iloilo, and to deposit the proceeds of such sale or sales with an authorized depository of the Government of the Philippine Islands; Provided, That no bond or bonds shall be sold at less than par or face value.1aшphi1 Section 3. Upon report being made by the Secretary of War to the Auditor and Treasurer of the Philippine Islands of the amount of bonds so issued and sold by him, the amount realized from such sale or sales, and the numbers and denominations of said bonds so sold, the date of such deposit and the name of such depository, the same shall be made a matter of record by said Insular officials in their respective offices, and immediately thereafter shall be reported by said Auditor to the municipal council of the Municipality of Iloilo. Section 4. The proceeds of the sale of said bonds sludl be placed by the Treasurer ot the Philippine Islands to the credit of the "public works bond issue of the municipality ol lloilo," and shall withdrawn therefrom by appropriation by the municipal council of lloilo, approved by the Governor-General of the Philippine Islands, for the purposes mentioned in this Act. Section 5. Commencing with the lisi-al vear ending June thirtieth, nineteen humlred and ten and each succeeding year thereafter until said bonds sliall have been paid, there is hereby appropriated a continuing' annual appropriation, authorized to be paid out of any funds in the Insular Treasury not otherwise appropriated of such sum as may he necessary to meet the annual interest payments upon the bonds issued in accordance with this Act. Section 6. Commencing with the fiscal year ending June thirtieth, nineteen hundred and twelve, and each succeeding year thereafter until said bonds shall have been paid, there is hereby appropriated a continuing annual appropriation, authorized to be paid out of any funds in the Insular Treasury not otherwise appropriated, of one thousand nine hundred and thirty-seven dollars, money of payment of the United States for each one hundred thousand dollars, and poportionally for each fraction thereof, of bonds issued in accordance with this Act. Said sum so appropriated and the interest sinking fund thereon shall he invested by the Insular Treasurer in such manner as may be approved by the Governor-General, and shall constitute a sinking fund for the payment of said bonds. Section 7. The funds so appropriated shall be reimbursed by the municipality of lloilo from the current revenues of the municipality within ninety clays after same shall have been so paid as interest or placed, in said sinking fund by Ihe said Insular Treasurer. In case the municipall council of the inunicipality of lloilo shall fail to make such reimbursement, the provincial treasurer of the Province of lloilo is hereby authorized and directed to withhold from the revenues of the municipality of lloilo that may come in his possession an amount sufficient to make the such reimbursement above provided for and shall deposit same with the Treasurer of the Philippine Islands as and for the or any reimbursement aforesaid. Section 8. The director of Public Works of the Philippine Islands shall have exclusive charge and control of all work to he done and improvements to be made under the provisions of this Act. Section 9. This Act shall take effect upon the consent and approval of the President and the Congress of the Fnited States. Enacted, May 20, 1909. The Lawphil Project - Arellano Law Foundation