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http://lawyerly.ph/laws/view/l8827
[Act No. 2838, (1919-03-08)](http://lawyerly.ph/laws/view/l8827)
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[ Act No. 2838, March 08, 1919 ]

AN ACT AUTHORIZING THE MUNICIPALITY OF BANGUED, PROVINCE OF ABRA, TO ISSUE BONDS IN AN AMOUNT NOT TO EXCEED FORTY THOUSAND PESOS, PHILIPPINE CURRENCY, OR ITS EQUIVALENT IN MONEY OF THE UNITED STATES, FOR THE PURPOSE OF PROVIDING FUNDS FOR THE ESTABLISHMENT OF A WATER SUPPLY SYSTEM FOR PUBLIC USE IN SAID MUNICIPALITY.

Be it enacted by the Senate and House of Representative 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 Bangued, Province of Abra, is hereby authorized to incur an indebtedness of not more than forty thousand pesos, and the Governor-General of the Philippine Islands is hereby authorized to issue, in the name and on behalf of the municipality of Bangued, Province of Abra, its bonds covering the said indebtedness for the purpose of providing funds to construct a water supply system sufficient for public use in said municipality of Bangued, Province of Abra.  The bonds thus authorized shall be issued and dated January first, nineteen hundred and nineteen; shall bear interest at an annual rate to be determined by the Governor-General, with the consent of the presiding officers of both Houses of the Legislature at the time when such bonds are issued, payable quarterly in gold coin or its equivalent, in the discretion of the Insular Treasurer; and shall be redeemable at the pleasure of the municipality of Bangued, Province of Abra, after ten years from date of issue, and payable thirty years after said date, and shall be paid in gold coin or its equivalent, in the discretion of the Insular Treasurer.  Both principal and interest shall be payable in the Insular Treasury of the Philippine Islands.  The said bonds shall be in registered form, in denominations of five hundred pesos to five thousand pesos, in proportions to suit the purchasers thereof, and shall be registered and transferable at the office of the Insular Treasurer in Manila.  The said bonds are declared by virtue of section one 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, and said bonds are issued in accordance with said Act and with the Act of Congress approved on July first, nineteen hundred and two, and also in accordance with the present Act, which facts shall be stated upon their face.

SEC. 2. The Governor-General is further authorized to sell said bonds on such terms as are most favorable to the municipality of Bangued, Province of Abra, 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.

SEC. 3. The proceeds of the sale of said bonds shall be placed by the Treasurer of the Philippine Islands to the credit of the "Water Supply bond issue of the municipality of Bangued, Province of Abra," and shall only be withdrawn from the Treasury by appropriation by the municipal council of Bangued, Province of Abra, approved by the Secretary of the Interior of the Philippine Islands, for the purposes mentioned in this Act.

SEC. 4. Commencing with the fiscal year ending December thirty-first, nineteen hundred and nineteen, 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.

SEC. 5. Commencing with the fiscal year ending December thirty-first, nineteen hundred and nineteen, and each succeeding year thereafter until said bonds shall have been paid, a continuing annual appropriation is hereby made, authorized to be paid out of any funds in the Insular Treasury not otherwise appropriated, of one hundred and ninety-three pesos and seventy-one centavos, for each ten thousand pesos, and proportionally for each fraction of the same, of the bonds issued under this Act.

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 Public Works Loan Sinking Fund of Bangued, Province of Abra.  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 hundred and ninety-three pesos and seventy-one centavos for each ten 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.

SEC. 6. The expenses incidental to the sale of the bonds the issue whereof is hereby authorized, and the payment of the interest and appropriation authorized for the purpose of constituting and maintaining the sinking fund for the redemption of said bonds, shall be reimbursed by the municipality of Bangued, Province of Abra, from the current revenues of said municipality within thirty days after such payments shall have been made.  In case the municipal council of the municipality of Bangued, Province of Abra, shall fail to make such reimbursement, the provincial treasurer of Abra is hereby authorized and directed to withhold from the revenues of the municipality of Bangued, Province of Abra, that may come in his possession an amount sufficient to make the reimbursement or any reimbursement above provided and shall deposit said sum with the Treasurer of the Philippine Islands, to the credit of the general funds of the Insular Government.

SEC. 7. 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.

SEC. 8. This Act shall take effect on its approval.

Approved, March 8, 1919.

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