Question & AnswerQ&A (Act No. 3525)
The main purpose of Act No. 3525 is to authorize the Province of Masbate to issue bonds to raise funds for the construction of permanent public improvements and also authorize an insular government bond issue secured by these provincial bonds.
The Provincial Board of Masbate, with the approval of the Secretary of Commerce and Communications, is authorized to negotiate the loan.
The bonds shall be issued in convenient denominations, in registered form, and shall be registered and transferable.
The Secretary of War is authorized to issue insular bonds to the amount of thirty thousand US dollars, secured by the provincial bonds, and to sell them under terms favorable to the Government of the Philippine Islands.
The proceeds are appropriated for the payment of the bonds issued by the Province of Masbate and assigned as security for the insular bonds.
A sinking fund is created to ensure payment of the insular bonds, with an annuity payment and accrued interest, managed by the Treasurer of the Philippine Islands who invests the fund as approved by the Secretary of Finance.
The Collector of Internal Revenue and the provincial treasurer are authorized to withhold from the revenues of Masbate an amount sufficient to cover the reimbursement and deposit it to the Treasurer of the Philippine Islands.
The Director of Public Works of the Philippine Islands has charge and exclusive control of all work and improvements made under this Act.
The Act takes effect upon its approval on February 21, 1929.