Act No. 2688




[ Act No. 2688, March 09, 1917 ] AN ACT AUTHORIZING THE MUNICIPALITY OF ILOILO TO ISSUE BONDS TO THE AMOUNT OF TWO HUNDRED AND FIFTY THOUSAND DOLLARS, IN MONEY 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 TO CONSTRUCT BUILDINGS FOR PUBLIC PRIMARY SCHOOLS IN SAID MUNICIPALITY, PURSUANT TO THE PROVISIONS OF SECTION ELEVEN OF THE ACT OF CONGRESS APPROVED AUGUST TWENTY-NINTH, NINETEEN HUNDRED AND SIXTEEN, ENTITLED "AN ACT TO DECLARE THE PURPOSE OF THE PEOPLE OF THE UNITED STATES AS TO THE FUTURE POLITICAL STATUS OF THE PEOPLE OF THE PHILIPPINE ISLANDS, AND TO PROVIDE A MORE AUTONOMOUS GOVERNMENT FOR THOSE ISLANDS." Be it enacted by the Senate and House of Representatives of the Philippines in Legislature assembled and by the authority of the same: Section 1. Pursuant to the provisions of section eleven of the Act of Congress approved August twenty-ninth, nineteen hundred and sixteen, entitled "An Act to declare the purpose of the people of the United States as to the future political status of the people of the Philippine Islands, and to provide a more autonomous government for those Islands," the municipality of Iloilo is hereby authorized to incur an indebtedness of two 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 Iloilo, Province of Iloilo, 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 to construct buildings for public primary schools in said municipality of Iloilo. The bonds thus authorized shall be issued and dated July first, nineteen hundred and seventeen, shall bear interest at the rate of four per centum per annum payable quarterly, and shall be redeemable at the pleasure of the municipality of Iloilo after ten years from date of issue, and payable thirty years after date of issue. Both principal and interest shall be payable in gold coin 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 virtue of the Act of Congress approved February sixth, nineteen hundred and five, to be exempt from the payment of all taxation by the Government of the United States, or by the Government of the Philippine Islands, or of any political or municipal subdivision thereof, or by any state, county, municipality, or other municipal subdivision of any State, or Territory of the United States, or by the District of Columbia, which facts shall be stated upon their face.ℒαwρhi৷ Section 2. The Secretary of War is further authorized to sell said bonds on such terms as are most favorable to the municipality of Iloilo, and to deposit the proceeds of such sale or sales with an authorized depository of the Government of the Philippine Islands: Provided, That none of said bonds shall be sold at less than par or face value. Section 3. The proceeds of the sale of said bonds shall be placed by the Treasurer of the Philippine Islands to the credit of the public works bond issue of the municipality of Iloilo, and shall only be withdrawn there from by appropriation by the municipal council of Iloilo, approved by the Secretary of the Interior of the Philippine Islands, for the purposes mentioned in this Act. Section 4. Commencing with the fiscal year ending December thirty-first, nineteen hundred and seventeen, 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 such sum as may be necessary to meet the annual interest payments upon the bonds issued in accordance with this Act. Section 5. Commencing with the fiscal year ending December thirty-first, nineteen hundred and seventeen, and each succeeding year thereafter until the sinking fund hereinafter provided for shall be equal to the par value of the outstanding bonds, a continuing annual appropriation is hereby made, authorized to be paid out of any funds in the Insular Treasury not otherwise appropriated, of nine thousand six hundred and eighty-five pesos and sixty-seven centavos, or so much thereof as may be necessary. Said sum so appropriated and the interest thereon shall be invested by the Insular Treasurer in such manner as may be approved by the Secretary of Finance, and shall constitute a sinking fund for the payment of said bonds, which shall be known as Iloilo public works loan sinking fund. The sinking fund hereby created shall be adjusted annually in such manner that the total thereof at each annual due date of the bond issue shall be equal to the total of an annuity of one thousand nine hundred and thirty-seven pesos and thirteen centavos for each one hundred thousand pesos of bonds outstanding, with interest at the rate of three and one-half per centum per annum, to commence with the date of issue of said bonds. Section 6. There is hereby appropriated, out of any funds in the Insular Treasury not otherwise appropriated, such sum or sums as may be necessary to pay, from time to time, the cost of the exchange or the transfer to the city of New York or the city of Washington, D. C, of the funds required for the payment of the principal or interest of said bonds when such cost of exchange has been incurred. Section 7. The expenses incidental to the sale of the bonds the issue whereof is hereby authorized, and the payment of the exchange, interest, and appropriation authorized for the purpose of constituting and maintaining the sinking fund for the redemption of said bonds, shall be reimbursed to the Insular Government by the municipality of Iloilo from the current revenues of said municipality within ninety days after such payments shall have been made. In case the municipal council of the municipality of Iloilo shall fail to make such reimbursement, the provincial treasurer of the Province of Iloilo is hereby authorized and directed to withhold from the revenues of the municipality of Iloilo that may come in his possession an amount sufficient to make the necessary reimbursement, and shall deposit said sum with the Treasurer of the Philippine Islands, to the credit of the general funds of the Insular Government. Section 8. The Director of Public Works of the Philippine Islands shall have charge and exclusive control of all work to be done and improvements to be made under the provisions of this Act. Section 9. Act Numbered Nineteen hundred and twenty-six is hereby repealed. Section 10. This Act shall take effect on its approval. Approved, March 9, 1917. The Lawphil Project - Arellano Law Foundation