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ACT NO. 1749 - AN ACT MAKING
APPROPRIATIONS FOR THE FRIAR-LANDS BONDS SINKING FUND CREATED BY ACT
NUMBERED ONE THOUSAND AND THIRTY-FOUR
Section 1.
Sec. 2.
On February first, nineteen hundred and eight, and on each succeeding
anniversary thereof, to and including February first, nineteen hundred
and thirteen, the sum of one hundred and forty thousand pesos; on
February first, nineteen hundred and fourteen, and on each succeeding
anniversary thereof, to and including February first nineteen hundred
and twenty-three, the sum of two hundred and eighty thousand pesos; on
February first, nineteen hundred and twenty-four, and on each
succeeding anniversary thereof, to an including February first,
nineteen hundred and thirty-three, the sum of two hundred and
ninety-four thousand pesos; which sums, as appropriated, shall be
transferred to the sinking fund aforesaid.
Said sums so appropriated and the interest thereon shall be available
for investment by the Insular Treasury, with the approval of the
Governor-General, by deposit of interest with qualified depositories of
Government moneys, and for loans, for periods not exceeding ten years
in any instance, to provincial land municipal government for the
construction of public works of permanent character and the payment of
the provincial and municipal share of the cost of cadastral surveys
made in accordance with the provisions of Act Numbered Twenty-two
hundred and fifty-nine, as amended, or such proportion of the cost as
may be assumed by a province under the provisions of section eighteen
of Act Numbered Twenty-two hundred and fifty-nine, as amended, and for
investment in such loans and securities as are authorized for the
postal savings bank of existing laws: Provided, That the rates of
interest on all loans made by authority of this section shall be fixed
by the Governor-General: And provided, further, That no loans shall be
made from this fund for such period that the same will extend beyond
the period for the redemption of the bonds for which this sinking fund
is created. And provided, further, That from the amounts hereby
appropriated for any year, moneys received during that year from the
sale of the lands purchased by virtue of section sixty-four of the Act
of Congress of July first, nineteen hundred and two, shall be deducted
and the appropriation from general funds of the Insular Treasury
correspondingly decreased: And provided, further, That if any of said
bonds shall be redeemed before the period of the maturity thereof said
bonds shall not be cancelled but shall be held by the Insular
Treasurer, who shall collect the interest on said bonds as the same
falls due and shall deposit such money to the credit of the sinking
fund hereby established; And provided, further, That whenever the
Insular Treasury shall certify that sufficient money has become
available through the operation of this Act to redeem all of said bonds
on maturity, principal and interest, thereupon the continuing
appropriations provided for in this section shall cease and determine.
(Section 1, Act No. 2368.)
Sec. 3.
Sec. 4.
Sec. 5.
Sec. 6.
Sec. 7.
Sec. 8.
Enacted, October 7, 1907.
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Since 19.07.98.