Loan Authorization to Nueva Ecija Province

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Act No. 681: Loan Authorization to Nueva Ecija Province

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Title Supreme Court: Loan Authorization to Nueva Ecija Province

Law: Act No. 681

Decision Date: Mar 13, 1903

A Philippine law authorizes the Province of Nueva Ecija to borrow $6,000 from the Insular Government, to be repaid in two equal annual installments without interest, for general provincial government purposes.

loan authorization

six thousand dollars

A

Terms and Repayment Conditions

The loan will be repaid without interest.
Repayment shall be made in two equal annual installments.
The repayments are due within one year and two years respectively, counted from the withdrawal date of the funds.
The provincial treasurer will receive the loan amount upon resolution approval and disburse it under the provincial board’s order.

Appropriation of Funds for the Loan

An appropriation of $6,000 from the United States Insular Treasury is authorized to fulfill this loan.
Funds are appropriated either in U.S. dollars or equivalent local currency at the legal exchange rate.

Expediency and Effectivity

The Act is declared urgent, expediting its passage per procedural rules.
The Act takes effect immediately upon its passage on March 13, 1903.

END