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| REPUBLIC ACT NO. 2663 - AN ACT
PROVIDING FOR THE PAVING WITH CONCRETE OF THE NATIONAL HIGHWAY FROM THE
MUNICIPALITY OF PALO TO THE MUNICIPALITY OF CARIGARA IN THE PROVINCE OF
LEYTE |
|
Section 1. The paving with concrete of the national highway
from the Municipality of Palo to the Municipality of Carigara in the
Province of Leyte is authorized and, for the purpose of financing it,
the Secretary of Public Works and Communications is hereby authorized
to obtain a loan or loans from government banks and/or credit
institutions, and such government banks and/or credit institutions are
authorized to grant such loan or loans. Such loan or loans shall be
paid in twenty equal annual amortizations.
Sec. 2. There shall be established at three points
along the national highway herein authorized to be paved, toll gates,
one at Palo, one at Mainit, and one of Carigara, which shall collect
tolls for the use of the said highway. The tolls collected shall
constitute a fund to be used exclusively to pay the yearly amortization
of the loan obtained to finance said construction: Provided, That in
case the yearly collection is not enough to pay the yearly amortization
in any year, the deficiency shall be paid from the share of the
Province of Leyte in the Highway Special Fund. Sec. 3. The collection of tolls for the use of the national highway paved under the provisions of this Act shall continue until the loan or loans incurred by the Secretary of Public Works and Communications for the construction thereof shall have been fully paid. Sec. 4. This Act shall take effect upon its
approval. Approved: June 18, 1960 |
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