Increased Limit of Bonded Indebtedness of Metropolitan Water District
Republic Act No. 1149, enacted on June 17, 1954, amends the limit of bonded indebtedness for the Metropolitan Water District from twenty million pesos to thirty million pesos. This increase allows the District to contract indebtedness and issue bonds for essential corporate affairs and revenue-producing projects, pending approval from the Secretary of Finance. Additionally, it mandates that part of the borrowed funds be allocated for sinking underground water main pipes in Manila. The Act took effect upon its approval and was published in the Official Gazette in August 1954.
Law Information
- Reference Number
- Republic Act No. 1149
- Date Enacted
- Category
- Statutes
- Subcategory
- Republic Acts
- Jurisdiction
- Philippines
- Enacting Body
- Congress of the Philippines
Full Law Text
June 17, 1954
REPUBLIC ACT NO. 1149
AN ACT INCREASING THE LIMIT OF THE BONDED INDEBTEDNESS OF THE METROPOLITAN WATER DISTRICT FROM TWENTY MILLION PESOS TO THIRTY MILLION PESOS, AMENDING FOR THE PURPOSE SUBSECTION (m) OF SECTION TWO OF ACT NUMBERED TWENTY- EIGHT HUNDRED THIRTY-TWO, AS AMENDED
SECTION 1. Subsection (m) of section two of Act Numbered Twenty-eight hundred thirty-two, as amended by Commonwealth Act Numbered Four hundred thirty-eight, is further amended to read as follows:
"(m) When essential to the proper administration of its corporate affairs or necessary for the proper transaction of its business or to carry out the purposes for which it was organized, to contract indebtedness and issue bonds, subject to the approval of the Secretary of Finance. The bonded indebtedness of the District, of all classes, shall not at any time exceed thirty million pesos, and the issue thereof shall be subject to the conditions set forth in section five of this Act, as amended, and shall be limited to revenue-producing projects: Provided, That part of the amount borrowed shall be spent for sinking underground the water main pipes in Manila."
SECTION 2. This Act shall take effect upon its approval.
Approved: June 17, 1954
Published in the Official Gazette, Vol. 50, No. 8, p. 3500 in August 1954
Cite This Law
Increased Limit of Bonded Indebtedness of Metropolitan Water District, Republic Act No. 1149, Jun 17, 1954 (Philippines)
Increased Limit of Bonded Indebtedness of Metropolitan Water District, Republic Act No. 1149 (Phil. 1954)
Related Laws
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- Issue of Bonds of the Government for the Purchase of Bonds of the Metropolitan Water DistrictAct No. 3255 • Dec 3, 1925 • Statutes
- Providing for the Issue of Bonds of the Government of the Philippine Islands for the Purchase of Bonds of the Metropolitan Water DistrictAct No. 3204 • Dec 3, 1924 • Statutes
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