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 Fund
Act No. 1729, enacted on September 27, 1907, establishes a sinking fund to ensure the payment of bonds issued for public works under previous acts. An appropriation of 404,204.13 pesos is allocated from the Insular Treasury, along with an annual sum of 20,406.92 pesos for each million pesos of bonds issued. This sinking fund will be managed by the Insular Treasurer, with investment options including loans to provincial and municipal governments for permanent public works. The Act emphasizes expediency in its passage for the public good and takes effect immediately upon enactment.
Quick Answers
- What is 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 Fund about?
- Act No. 1729, enacted on September 27, 1907, establishes a sinking fund to ensure the payment of bonds issued for public works under previous acts. An appropriation of 404,204.13 pesos is allocated from the Insular Treasury, along with an annual sum of 20,406.92 pesos for each million pesos of bonds issued. This sinking fund will be managed by the Insular Treasurer, with investment options including loans to provincial and municipal governments for permanent public works. The Act emphasizes expediency in its passage for the public good and takes effect immediately upon enactment.
- What type of law is Act No. 1729?
- 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 Fund (Act No. 1729) is a Philippine Statutes enacted by the Congress of the Philippines.
- When was 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 Fund enacted?
- 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 Fund (Act No. 1729) was enacted on Sep 27, 1907.
- What is the citation for 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 Fund?
- 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 Fund, Act No. 1729, Sep 27, 1907 (Philippines)
Law Information
- Reference Number
- Act No. 1729
- Date Enacted
- Category
- Statutes
- Subcategory
- Acts
- Jurisdiction
- Philippines
- Enacting Body
- Congress of the Philippines
Full Law Text
September 27, 1907
ACT NO. 1729
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 FUND
SECTION 1. There is hereby appropriated, out of any funds in the Insular Treasury not otherwise appropriated, the sum of four hundred and four thousand two hundred and four pesos and thirteen centavos as and for a sinking fund for the payment of the bonds issued under the provisions of Acts Numbered Thirteen hundred and one and Fourteen hundred and forty-four; there is also hereby appropriated for said sinking fund, out of any funds in the Insular Treasury not otherwise appropriated, the sum of twenty thousand four hundred and six pesos and ninety-two centavos for each one million pesos of bonds issued in accordance with said Acts, such appropriation to be a continuing annual appropriation to be effective hereafter upon each anniversary of date of issue until the fund hereby created shall be sufficient to pay all of said bonds. Said sums so appropriated and the interest thereon shall be available for investment by the Insular Treasurer, with the approval of the Governor-General, by deposit at interest with qualified depositories of Government moneys, and for loans, for periods not exceeding five years in any instance, to provincial and municipal governments for the construction of public works of a permanent character, and for investment in such loans and securities as are authorized for the Postal Savings Bank by existing laws: PROVIDED, That the rates of interest on all loans made by authority of this section shall be fixed by the Governor-General: AND PROVIDED FURTHER, That no loans shall be made from this fund for such period that the same will extend beyond the period for the redemption of the bonds for which this sinking fund is created. HTcADC
SECTION 2. The public good requiring the speedy enactment of this bill, the passage of the same is hereby expedited in accordance with section two of "An Act prescribing the order of procedure by the Commission in the enactment of laws," passed September twenty-sixth, nineteen hundred.
SECTION 3. This Act shall take effect on its passage.
ENACTED, September 27, 1907.
Cite This Law
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 Fund, Act No. 1729, Sep 27, 1907 (Philippines)
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 Fund, Act No. 1729 (Phil. 1907)
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