Amendment on sinking fund appropriation

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Act No. 2740: Amendment on sinking fund appropriation

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Title Supreme Court: Amendment on sinking fund appropriation

Law: Act No. 2740

Decision Date: Feb 18, 1918

Act No. 2740 amends Act No. 1729 to create a sinking fund for the redemption of bonds issued for public works, allowing for investment and loans to various entities, and repealing inconsistent acts.

redemption of bonds

A

Investment of the Sinking Fund

The Insular Treasurer, with Governor-General approval, may invest the sinking fund in:
- Loans and securities authorized for the Postal Savings Bank.
- Deposits at interest with qualified depositaries of public moneys.
- Loans (up to 10 years) to provincial and municipal governments for permanent public works and cadastral survey costs.
- Loans to Manila Railroad Company as per specified memorandum of agreement.
Interest rates on loans fixed by Governor-General unless otherwise specified.
Loans must not extend beyond the bond redemption period.
Loans to Manila Railroad Company:
- Evidenced by notes bearing 4% interest per annum.
- Secured as per the memorandum of agreement referenced.

Repeal of Inconsistent Laws

Acts No. 2425, 2593, and other inconsistent laws or parts thereof are repealed.

Effectivity

The Act takes effect upon approval on February 18, 1918.

END