An Act to Increase the Maximum Period within which the Payment of Loans of Municipal Funds may be Made
Commonwealth Act No. 463, enacted on June 14, 1939, amends the Administrative Code to allow provincial treasurers to loan up to 20% of municipal funds held in reserve for permanent public works and school purposes. Municipalities may apply for loans through a resolution from their councils, and for school-related projects, the recommendation of the division superintendent of schools and approval from the Director of Education are required. The loans are specifically for constructing durable school buildings and purchasing land for educational use. Repayment must occur in equal annual installments over a maximum period of ten years, with tax collections from the municipality being withheld to ensure payment.
Law Information
- Reference Number
- Commonwealth Act No. 463
- Date Enacted
- Category
- Statutes
- Subcategory
- Commonwealth Acts
- Jurisdiction
- Philippines
- Enacting Body
- Congress of the Philippines
Full Law Text
June 14, 1939
COMMONWEALTH ACT NO. 463
AN ACT TO INCREASE THE MAXIMUM PERIOD WITHIN WHICH THE PAYMENT OF LOANS OF MUNICIPAL FUNDS MAY BE MADE
SECTION 1. Section twenty-one hundred and seventeen of the Administrative Code is amended to read as follows:
"SEC. 2117. Loan of municipal funds for permanent public works and school purposes. — Not to exceed twenty per centum of municipal funds deposited with the provincial treasurer and held in reserve may be loaned by the provincial treasurer to municipalities upon application by resolution of the municipal council of the municipality desiring the loan for permanent public works and, upon recommendation of the division superintendent of schools, with the approval of the Director of Education, also for the following purposes: (a) the erection of school buildings of strong materials; (b) the purchase of land for school purposes.
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 hereof.
Such loans shall be paid in equal annual installments over a period of not to exceed ten years, and the provincial treasurer shall withhold from the proceeds of tax collections of the municipality receiving the loan sufficient revenues to pay each installment as it falls due."
SECTION 2. This Act shall take effect upon its approval.
Approved, June 14, 1939. CcAHEI
Cite This Law
An Act to Increase the Maximum Period within which the Payment of Loans of Municipal Funds may be Made, Commonwealth Act No. 463, Jun 14, 1939 (Philippines)
An Act to Increase the Maximum Period within which the Payment of Loans of Municipal Funds may be Made, Commonwealth Act No. 463 (Phil. 1939)
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