Republic Act No. 1149

: The main purpose of Republic Act No. 1149 is to increase the limit of the bonded indebtedness of the Metropolitan Water District from twenty million pesos to thirty million pesos.
: Subsection (m) of section two of Act Numbered 2832, as amended, is further amended by Republic Act No. 1149.
: The approval of the Secretary of Finance is required for the Metropolitan Water District to contract indebtedness and issue bonds.
: The bonded indebtedness of the Metropolitan Water District shall not at any time exceed thirty million pesos.
: Yes, the issuance of bonds shall be subject to the conditions set forth in section five of Act Numbered 2832, as amended.
: The bonded indebtedness is limited to revenue-producing projects.
: Part of the amount borrowed must be spent for sinking underground the water main pipes in Manila.
: This Act took effect upon its approval on June 17, 1954.
: Bonded indebtedness refers to the total amount of debt that the Metropolitan Water District may legally incur and secure by issuing bonds.
: It is essential for the proper administration of its corporate affairs, the proper transaction of its business, or to carry out the purposes for which it was organized.