An Act Authorizing the Loaning of Funds Deposited by Municipalities with the Provincial Treasurer to other Municipalities for the Construction of School Buildings, Under Certain Conditions
Act No. 2359, enacted on February 28, 1914, allows municipalities in the Philippines to loan funds deposited with the provincial treasurer to other municipalities for the construction of school buildings. This provision aims to address the issue of insufficient funds for school construction by enabling the use of idle deposited funds. Loans can be granted upon the resolution of the municipal council and recommendation from the division superintendent of schools, with repayment structured in equal annual installments over a maximum of five years. Only funds authorized for such loans by municipal councils are eligible, ensuring proper oversight and accountability.
Law Information
- Reference Number
- Act No. 2359
- Date Enacted
- Category
- Statutes
- Subcategory
- Acts
- Jurisdiction
- Philippines
- Enacting Body
- Congress of the Philippines
Full Law Text
February 28, 1914
ACT NO. 2359
AN ACT AUTHORIZING THE LOANING OF FUNDS DEPOSITED BY MUNICIPALITIES WITH THE PROVINCIAL TREASURER TO OTHER MUNICIPALITIES FOR THE CONSTRUCTION OF SCHOOL BUILDINGS, UNDER CERTAIN CONDITIONS
Whereas it often occurs that municipalities are unable to erect school buildings on account of lack of sufficient funds; DETACa
Whereas to undertake such school projects, it has been the practice annually to set aside and deposit with the provincial treasurer certain amounts until sufficient funds have accumulated;
Whereas funds so deposited are idle and if loaned to other municipalities of the province, construction of school buildings will not be unnecessarily delayed and the benefits will be mutual: Now, therefore,
SECTION 1. Municipal funds which have been deposited with the provincial treasurer and held in reserve for the purpose of erecting school buildings may be loaned to municipalities upon application by resolution of the municipal council and recommendation of the division superintendent of schools with the approval of the Director of Education for the following purposes: (a) The erection of school buildings of strong materials; (b) the purchase of land for school purposes: Provided, That such loans shall be paid in equal annual installments over a period not to exceed five years: Provided, That the provincial treasurer shall withhold from the proceeds of tax collections for school purposes of the Municipality receiving the loan sufficient revenues to pay each installment as it falls due.
SECTION 2. Only funds deposited by municipalities that have previously authorized by resolution of their respective councils, the use of such funds for loans of this kind, shall be available for the purposes of this Act.
SECTION 3. This Act shall take effect upon its passage.
ENACTED, February 28, 1914.
Cite This Law
An Act Authorizing the Loaning of Funds Deposited by Municipalities with the Provincial Treasurer to other Municipalities for the Construction of School Buildings, Under Certain Conditions, Act No. 2359, Feb 28, 1914 (Philippines)
An Act Authorizing the Loaning of Funds Deposited by Municipalities with the Provincial Treasurer to other Municipalities for the Construction of School Buildings, Under Certain Conditions, Act No. 2359 (Phil. 1914)
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