PHILIPPINE LAWS, STATUTES, CODES & ISSUANCES
PHILIPPINE LAWS, STATUTES AND CODES - CHAN ROBLES VIRTUAL LAW LIBRARY
REPUBLIC ACTS
REPUBLIC ACT NO. 1132 - AN
ACT AUTHORIZING THE CITY OF BACOLOD TO CONTRACT AN INDEBTEDNESS OR TO
ISSUE BONDS IN THE AMOUNT NOT EXCEEDING SIX MILLION PESOS TO FINANCE
THE RECLAMATION OF FORESHORE LANDS IN SAID CITY |
Section 1. In
order to implement Republic Act Numbered One hundred sixty-one, which
authorizes the City of Bacolod to undertake the reclamation of
foreshore lands as its own expense, the Government of the City of
Bacolod is hereby authorized to contract an indebtedness with any
person, association, corporation or money lending institution, or to
issue bonds in the amount not exceeding six million pesos to raise
funds with which to finance such reclamation of foreshore lands
bordering the City of Bacolod in order to establish and provide proper
and adequate docking and harbor facilities for interisland and
ocean-going vessels calling at the aforesaid city. All lands reclaimed
as herein provided except such as may be necessary for roads, parks and
other public improvements, shall be sold or leased to the public under
such rules and regulations as the City of Bacolod may prescribe. All
the proceeds derived from the sale or lease of such land shall be
credited to a special fund which shall be used exclusively for the
payment of all obligations in connection with said land reclamation
project, and the balance thereof shall be credited to a special public
works fund to be used exclusively for public works for the improvement
of the City of Bacolod.cralaw
Sec. 2. In case the City of Bacolod shall decide
to issue bonds, the Secretary of Finance, in consultation with the
Monetary Board of the Central Bank of the Philippines, shall prescribe
the form, the rate of interest, call and redemption features, and all
other terms and conditions of issuance, placement, sale, servicing,
redemption features, and payment of all bonds issued under the
authority of this Act.
Sec. 3. A sinking fund shall be established in
such manner that the annual contributions thereto, accrued as at such
rate of interest as may be determined by the Secretary of Finance in
consultation with the Monetary Board, shall be sufficient to redeem at
maturity the bonds issued under this Act. Said fund shall be under the
custody of the Central Bank of the Philippines which shall invest the
same in such manner as the Monetary Board may approve; shall charge all
expenses of such investment to said sinking fund; and shall credit the
same with interest on investments and other income belonging to
it.
Sec. 5. This Act shall take effect upon its
approval.cralaw Approved: June 16, 1954 |
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