Making Appropriation for the Creation of a Sinking Fund for the Purpose of Retiring at Maturity the Bonds Authorized to be Issued by Act No. 2615
Act No. 2625, enacted on February 4, 1916, establishes a sinking fund to ensure the retirement of bonds issued under a previous act (Act No. 2615) at maturity or earlier if necessary. It appropriates necessary funds from the Insular Treasury to create and maintain this sinking fund. Additionally, it allocates funds for the costs associated with transferring money to New York for bond interest or principal payments. The act repeals any conflicting laws and takes effect immediately upon passage.
Law Information
- Reference Number
- Act No. 2625
- Date Enacted
- Category
- Statutes
- Subcategory
- Acts
- Jurisdiction
- Philippines
- Enacting Body
- Congress of the Philippines
Full Law Text
February 4, 1916
ACT NO. 2625
AN ACT MAKING APPROPRIATION FOR THE CREATION OF A SINKING FUND FOR THE PURPOSE OF RETIRING AT MATURITY OR SOONER IF DESIRABLE THE BONDS AUTHORIZED TO BE ISSUED BY ACT NUMBERED TWENTY-SIX HUNDRED AND FIFTEEN
SECTION 1. Such sum or sums as may be necessary are hereby appropriated out of any funds in the Insular Treasury not otherwise appropriated to create a sinking fund for the purpose of retiring at maturity the bonds authorized to be issued by Act Numbered Twenty-six hundred and fifteen of the Philippine Legislature.
SECTION 2. There is hereby created a continuing appropriation from any funds of the Insular Treasury not otherwise appropriated for the purpose of maintaining said sinking fund established herein at such amount as will permit the retirement of said bonds when payable.
SECTION 3. There is hereby appropriated out of the general funds in the Insular Treasury not otherwise appropriated the sum or sums necessary for the payment of the cost of exchange or transfer to the City of New York of the funds required for the payment of interest or principal of such bonds as such cost of exchange is incurred.
SECTION 4. All Acts or parts of Acts in conflict with this Act are hereby repealed.
SECTION 5. This Act shall take effect on its passage.
Enacted, February 4, 1916. acAIES
Cite This Law
Making Appropriation for the Creation of a Sinking Fund for the Purpose of Retiring at Maturity the Bonds Authorized to be Issued by Act No. 2615, Act No. 2625, Feb 4, 1916 (Philippines)
Making Appropriation for the Creation of a Sinking Fund for the Purpose of Retiring at Maturity the Bonds Authorized to be Issued by Act No. 2615, Act No. 2625 (Phil. 1916)
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