Amendment on Deposit of Surplus Provincial Funds

Section 1 amends Paragraph (h) of Section 13 of Act No. 83.
The amendment adds a new proviso addressing the deposit of surplus provincial funds with the Insular Treasurer.
The amended Section 13(h) retains the existing rule authorizing deposits of provincial funds in an approved bank for near-future public use needs.
The amendment creates an additional obligation tied to when the Insular Treasury is designated as the depository.

Act No. 721 provides for the deposit of surplus provincial funds by provincial treasurers.
The Act aims to regulate where surplus provincial funds must be deposited when a specified depository condition is met.
The Act preserves local benefit from interest generated on deposits made under the bank-deposit rule.

The new proviso applies to the provincial treasurer of any province organized under Act Numbered Eighty-three or any other Act of the Commission.
The obligation to deposit surplus provincial funds with the Insular Treasurer applies when the Insular Treasury is designated as the depository for the province’s funds by the Insular Treasurer.
The deposit-with-bank authority in the main paragraph continues to apply to provincial treasurers for amounts not needed in the near future for public use.

Section 13(h) authorizes the provincial treasurer “to deposit so much of the provincial funds as may not be needed in the near future for public use in a bank of deposit of approved standing in the Islands.”
Section 13(h) provides that all interest paid on such deposits inures to the benefit of the provincial treasury.
Section 13(h) prohibits the treasurer from depositing funds in the bank until the board minutes include a resolution that recites and approves the exact terms of the deposit contract with the bank.
The bank must certify weekly balances of provincial funds held by it to both the provincial governor and the Treasurer of the Islands.

Section 13(h), as amended, requires the provincial treasurer to deposit surplus provincial funds with the Insular Treasurer when the Insular Treasury is designated as the depository for the province’s funds by the Insular Treasurer.
The amended proviso covers provinces organized under Act Numbered Eighty-three and also those organized under any other Act of the Commission.
The deposit-with-Insular-Treasurer obligation is triggered by designation by the Insular Treasurer of the Insular Treasury as the depository.

Section 2 requires that the Act’s enactment be expedited because public good requiring speedy enactment exists.
Expedited passage follows Section 2 of “An Act prescribing the order of procedure by the Commission in the enactment of laws,” passed September 26, 1900.

Section 3 establishes that the Act takes effect on its passage, making its amended deposit rules immediately effective for governed provinces from that time.