REPUBLIC ACT NO. 1149 - AN
ACT INCREASING THE LIMIT OF THE BONDED INDEBTEDNESS OF THE METROPOLITAN
WATER DISTRICT FROM TWENTY MILLION PESOS TO THIRTY MILLION PESOS,
AMENDING FOR THE PURPOSE SUBSECTION (m) OF SECTION TWO OF ACT NUMBERED
TWENTY- EIGHT HUNDRED THIRTY-TWO, AS AMENDED |
Section 1.
Subsection (m) of section two of Act Numbered Twenty-eight hundred
thirty-two, as amended by Commonwealth Act Numbered Four hundred
thirty-eight, is further amended to read as follows: "(m) When
essential to the proper administration of its corporate affairs or
necessary for the proper transaction of its business or to carry
indebtedness and issue bonds, it was organized, to construct
indebtedness and issue bonds, subject to the approval of the Secretary
of Finance. The bonded indebtedness of the District, of all classes,
shall not at any time exceed thirty million pesos, and the issue
thereof shall be subject to the conditions set forth in section five of
this Act, as amended, and shall be limited to revenue-producing
projects: Provided, That part of the amount borrowed shall be spent for
sinking underground the water main pipes in Manila." Sec. 2. This Act shall take effect upon its approval.cralaw Approved: June 17, 1954 |