Purpose of Appropriation
- The transferred funds aim to reimburse in part previous payments made from the General Fund.
- These previous payments covered the interests and sinking funds of certain government bonds.
- Specifically, it relates to bonds issued under three Acts: No. 2908, No. 3413, and No. 3417.
- Reimbursement includes interests and sinking funds for prior years and for the year 1934 for bonds under Acts 3413 and 3417.
Bonds and Financial Instruments Covered
- Bonds issued by virtue of Act No. 2908.
- Bonds for which interests and sinking funds of 1934 are due, under Acts No. 3413 and No. 3417.
Implementation and Effectivity
- The Act takes effect upon approval, meaning immediate implementation following its enactment.
- This allows for prompt transfer and reimbursement processes to be executed.
Legal Context
- The Act reflects a financial adjustment between funds dedicated for port development and the General Fund.
- It ensures reimbursement for prior government financial obligations related to bond servicing, promoting fiscal responsibility.
Summary of Key Provisions
- Appropriation amount: ₱500,000.
- Source: Port Works Fund (Act 3592).
- Destination: General Fund.
- Purpose: Partial reimbursement of interest and sinking fund payments on specific government bonds.
- Coverage includes payments made in prior years and year 1934 obligations.
- Immediate effectivity upon approval.