An Act Providing for a Loan of Thirty-Five Thousand Pesos to the Province of Albay

December 5, 1905

ACT NO. 1418

AN ACT PROVIDING FOR A LOAN OF THIRTY-FIVE THOUSAND PESOS TO THE PROVINCE OF ALBAY

SECTION 1. There is hereby appropriated, out of any funds in the Insular Treasury not otherwise appropriated, the sum of thirty-five thousand pesos, to be loaned to the Province of Albay and to be expended by the provincial board of that province in altering and repairing the provincial government building.

SECTION 2. The money appropriated by section one hereof shall be paid to the treasurer of the Province of Albay upon the production by him to the Treasurer of the Philippine Islands of a certified copy of a resolution by the provincial board of said province accepting said loan and agreeing to repay the same, without interest, in four equal annual installments, eight thousand seven hundred and fifty pesos within one year from the date of the acceptance of the loan by the provincial board of Albay, and eight thousand seven hundred and fifty pesos each year thereafter until the total amount of said loan has been paid.

SECTION 3. 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 4. This Act shall take effect on its passage.

ENACTED, December 5, 1905.