PROCLAMATION NO. 400

: The primary purpose of Act No. 2625 is to appropriate funds for the creation of a sinking fund to retire at maturity or sooner the bonds authorized to be issued by Act No. 2615.
: Section 1 appropriates sums from any funds in the Insular Treasury not otherwise appropriated to create a sinking fund for retiring the bonds.
: Section 2 creates a continuing appropriation from any funds of the Insular Treasury not otherwise appropriated to maintain the sinking fund at an amount sufficient to retire the bonds when payable.
: Section 3 appropriates sums for the payment of costs of exchange or transfer of funds to the City of New York for the payment of interest or principal on the bonds.
: The sinking fund is a fund created specifically to accumulate money that will be used to retire the bonds at maturity or earlier if desirable.
: Yes, Section 4 repeals all acts or parts of acts that are in conflict with Act No. 2625.
: Appropriations come from the Insular Treasury funds that are not otherwise appropriated, specifically from the general funds for the cost of exchange or transfer.
: The Act took effect upon its passage on February 4, 1916.
: The bonds authorized by Act No. 2615 are the obligations that the sinking fund created by Act No. 2625 is intended to retire.
: The Philippine Legislature enacted Act No. 2625 by authority of the United States.