Conversion of Sumoroy Vocational to Agro-Industrial

Section 1 appropriates PHP 1,000,000 out of funds in the National Treasury not otherwise appropriated as working capital for the Prison Industries and Salvage Warehouse Revolving Fund.
Section 1 states that any cash overdraft of the Revolving Fund found existing and certified as correct by the Auditor General upon approval of the Act is treated as an advance from the general fund.
The working capital and the certified cash overdraft are linked to the same Revolving Fund financing mechanism under Section 1.

Section 2 authorizes release of the working capital by the Auditor General.
Section 2 allows release to the Bureau of Prisons.
Section 2 requires release upon certification of the Commissioner of the Budget regarding the necessity of the working capital.
Section 2 permits release in one lump sum.

Section 3 requires repayment to the National Treasury by the Prison Industries and Salvage Warehouse Revolving Fund.
Section 3 covers repayment of both:
- the working capital appropriated under Section 1, and
- the cash overdraft treated as an advance under Section 1.
Section 3 sets the repayment period at ten years.
Section 3 requires repayment starting with the fiscal year 1955-1956 on the annual amortization basis.

Section 1 establishes that a cash overdraft, once found existing and certified correct by the Auditor General upon approval of the Act, is treated as an advance from the general fund.
Section 3 mandates that both the working capital and the cash overdraft advance are repaid under a single ten-year annual amortization repayment structure starting 1955-1956.