REPUBLIC ACT NO. 5964 - AN
ACT AMENDING REPUBLIC ACT NUMBERED THIRTY-SEVEN HUNDRED TWO, ENTITLED
"AN ACT GRANTING PEDRO V. SERRANZANA A FRANCHISE TO INSTALL, MAINTAIN
AND OPERATE ELECTRIC LIGHT, HEAT AND POWER SYSTEM IN THE MUNICIPALITIES
OF BAAO, IRIGA, NABUA, BATO AND SIPOCOT, ALL IN THE PROVINCE OF
CAMARINES SUR, AND IN THE MUNICIPALITY OF LIBON, PROVINCE OF ALBAY, AND
TO SELL AND DISTRIBUTE ELECTRIC LIGHT, HEAT AND POWER THEREIN; AND TO
CONSTRUCT, MAINTAIN AND OPERATE AN ICE PLANT IN THE MUNICIPALITY OF
SIPOCOT, PROVINCE OF CAMARINES SUR AND TO SELL AND DISTRIBUTE ICE IN
THE WHOLE PROVINCE OF CAMARINES SUR"
Section 1. The title of Republic Act Numbered Thirty seven
hundred and two is hereby amended to read as follows:
"An Act granting Pedro V. Serranzana, a franchise to install, maintain
and operate electric light, heat and power system in the Municipalities
of Baao, Iriga, Nabua, Bato and Sipocot, all in the Province of
Camarines Sur, and to sell and distribute electric light, heat and
power therein; and to construct, maintain and operate ice plant and
cold storage in the Municipality of Sipocot, Province of Camarines Sur
and the City of Naga, and to sell and distribute ice and supply cold
storage therein and in the whole Province of Camarines Sur."
Sec. 2. Section one of the same Act is hereby
amended to read as follows:
"Section 1. Subject to the terms and conditions
established in this Act and in Act Numbered Thirty-six hundred
thirty-six, as amended by Commonwealth Act Numbered One hundred and
thirty-two, and to the provisions of the Constitution, there is granted
to Pedro V. Serranzana, hereinafter called the grantee, for a period of
fifty years from the date of approval of this Act, the right, privilege
and authority to install, maintain and operate electric light, heat and
power system in the Municipalities of Baao, Iriga, Nabua, Bato and
Sipocot, all in the Province of Camarines Sur, and to sell and
distribute electric light, heat and power therein; and, subject to the
provisions of Republic Act Numbered One hundred and forty-six as
amended, only with respect to the fixing of rates, to construct,
maintain and operate ice plant and cold storage in the Municipality of
Sipocot, Province of Camarines Sur and the City of Naga, and to sell
and distribute ice and supply cold storage therein and in the whole
Province of Camarines Sur through suitable branches within said
municipality, city and province; and to charge and collect a schedule
of prices and rates for the electric light, heat and/or power, ice and
cold storage so furnished or supplied, which schedule of prices and
rates shall at all times be subject to regulations by the Public
Service Commission.
"The grantee shall further have the right and privilege to install, lay
and maintain on all streets, public thoroughfares, bridges and public
places within said limits, poles, wires, transformers, capacitors,
overhead protective devices, and pole line hardware and other equipment
necessary for the safe distribution of electric current to the
public."
Sec. 3. Section five of the same Act is hereby
amended to read as follows:
"Sec. 5. In consideration of the franchise and rights
hereby granted, the grantee shall pay a franchise tax equal to three
per centum of the gross earnings for electric current and ice sold or
cold storage supplied under this franchise of which two per centum
shall accrue to the National Treasury and one per centum shall accrue
to the Municipal Treasury of the municipalities in which he is
supplying electric current to the public of the municipality or city
where the ice plant and cold storage is located or installed under this
franchise: Provided, That the said franchise tax of three per centum of
the gross earning shall be due and payable quarterly and shall be in
lieu of all taxes of any kind, nature or description, levied,
established, or collected by any authority whatsoever, municipal,
provincial or national, now or in the future, on his poles, wires,
insulators, switches, transformers and structures, installation,
conductors and accessories, placed over and/or under all public
properties, including public squares, on his franchise, rights,
privileges, receipts, revenues and profits and on all properties owned,
operated or imported by the grantee in connection with the operation
and management of the rights and privileges granted by this franchise,
from which taxes the grantee is hereby expressly exempted."
Sec. 4. This Act shall take effect upon its
approval.
Enacted without Executive
approval, June 21, 1969.
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