Adjustment of the Public Works Bonds Sinking Fund
Act No. 2425, enacted on December 5, 1914, establishes the annual adjustment of the public works bonds sinking fund to ensure that it matches a specified annuity amount of ?19,371.33 for every million pesos of outstanding bonds, with an interest rate of 3.5% per annum. It creates a continuing annual appropriation to support this adjustment until the sinking fund equals the par value of the bonds issued under previous acts. Additionally, it repeals conflicting provisions from prior legislation. The act is effective immediately upon passage.
Law Information
- Reference Number
- Act No. 2425
- Date Enacted
- Category
- Statutes
- Subcategory
- Acts
- Jurisdiction
- Philippines
- Enacting Body
- Congress of the Philippines
Full Law Text
December 5, 1914
ACT NO. 2425
AN ACT PROVIDING FOR THE ADJUSTMENT OF THE PUBLIC WORKS BONDS SINKING FUND
SECTION 1. The public works bonds sinking fund created by Act Numbered Seventeen hundred and twenty-nine shall be adjusted annually in such manner that the amount thereof on each anniversary of the issue of the bonds authorized by Acts Numbered One thousand three hundred and one, One thousand four hundred and forty-four, and One thousand nine hundred and fifty-four shall equal the amount of an annuity of nineteen thousand three hundred and seventy-one pesos and thirty-three centavos for each million pesos of bonds outstanding, with interest at the rate of three and one-half per centum per annum, counting from the date of issue of said bonds. CSTDIE
SECTION 2. There is hereby created a continuing annual appropriation of such amount as may be necessary to effect the adjustment contemplated by section one hereof, said appropriation to continue in force until such time as the public works bonds sinking fund shall equal the par value of the outstanding bonds issued under the provisions of Acts Numbered One thousand three hundred and one, One thousand four hundred and forty-four, and One thousand nine hundred and fifty-four.
SECTION 3. The first sentence of section one of Act Numbered One thousand seven hundred and twenty-nine and all other Acts or parts of Acts in conflict with this Act are hereby repealed. DTIACH
SECTION 4. This Act shall take effect on its passage.
Enacted, December 5, 1914.
Cite This Law
Adjustment of the Public Works Bonds Sinking Fund, Act No. 2425, Dec 5, 1914 (Philippines)
Adjustment of the Public Works Bonds Sinking Fund, Act No. 2425 (Phil. 1914)
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- An Act Making Appropriations for the Creation of a Sinking Fund for the Payment of the Bonds Issued for Public Works under the Provisions of Acts Numbered Thirteen Hundred and One and Fourteen Hundred and Forty-Four, and for the Investment of Such FundAct No. 1729 • Sep 27, 1907 • Statutes
- Issue of Bonds of the Government for Extension of Port Works in CebuAct No. 3413 • Dec 7, 1927 • Statutes
- An Act Authorizing the President of the Philippines to Issue Bonds to Finance Public Works and Projects for Economic Development, Authorized by Law, and for Other PurposesRepublic Act No. 1000 • Jun 12, 1954 • Statutes
- Providing for the Issue of Bonds of the Government of the Philippine Islands in the Amount of $10,000,000 for Public WorksAct No. 2940 • Feb 5, 1921 • Statutes
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