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| AN ACT
AUTHORIZING MUNICIPALITIES TO CONTRACT LOANS FROM THE AGRICULTURAL AND
INDUSTRIAL BANK FOR THE CONSTRUCTION OF PUBLIC MARKETS AND
SLAUGHTERHOUSES |
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Section
1. Municipalities are hereby authorized to contract
loans from the Agricultural and Industrial Bank, said loans to be taken
from time to time in such amounts as may be needed for the construction
of public markets and slaughterhouses and for the acquisition of the
necessary sites, subject to the approval of the President of the
Philippines. chan
robles virtual law library
Sec. 2. That said loans shall bear an interest at the rate of not more than six per centum. Fifty per centum of the annual net income of the operation of the market and slaughterhouse constructed under this Act shall be used to pay the loan herein authorized, until such time as such loan together with the interest shall have been totally paid. At the end of each fiscal year the said sum shall be turned over by the municipal treasurer concerned to the Agricultural and Industrial Bank. chan robles virtual law library Sec. 3. The construction of such markets and slaughterhouses shall be under the supervision of the district engineer. Sec. 4. The municipal treasurer shall be charged with the administration, operation and maintenance of any project constructed under this Act, and shall monthly or as may be required by the Agricultural and Industrial Bank, submit to it a report showing the income from the operation of the project. chan robles virtual law library Sec. 5. This Act shall take effect upon its approval. Approved:
September 25, 1946
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