QuestionsQuestions (Republic Act No. 1098)
RA 1098 appropriates One Million Pesos as working capital of the Prison Industries and Salvage Warehouse Revolving Fund and provides for its repayment (annual amortization) over ten years.
The law appropriates one million pesos.
From any funds in the National Treasury not otherwise appropriated, as working capital of the Prison Industries and Salvage Warehouse Revolving Fund.
Any cash overdraft found to exist and certified as correct by the Auditor General upon approval of the Act is considered advanced from the general fund.
The Auditor General.
It may be released in one lump sum.
Certification of the Commissioner of the Budget as to the necessity of the working capital.
The working capital and the cash overdraft (if any) shall be repaid to the National Treasury by the Revolving Fund.
Ten years.
It begins with the fiscal year 1955–1956.
Annual amortization basis.
No. It provides that both the working capital and the cash overdraft are repaid to the National Treasury over the ten-year annual amortization period.
It takes effect upon its approval.
The Auditor General (releases funds), the Bureau of Prisons (receives working capital), the Commissioner of the Budget (certifies necessity), and the National Treasury (recipient of repayments).
It appropriates a one-time working capital amount of one million pesos, but it requires repayment over ten years on an annual amortization basis.
It indicates the Auditor General’s certification of the overdraft is tied to the Act’s approval; only an overdraft certified as correct by the Auditor General upon approval is treated as an advanced from the general fund.