REPUBLIC ACT NO. 1899 - AN
ACT AUTHORIZE THE RECLAMATION OF FORESHORE LANDS BY CHARTERED CITIES
AND MUNICIPALITIES |
Section
1. Authority is hereby granted to all municipalities,
and chartered cities to undertake and carry out at their own expense
the reclamation by dredging, filling, or other means, of any foreshore
lands bordering them, and to establish, provide, construct, maintain
and repair proper and adequate docking and harbor facilities as such
municipalities and chartered cities may determine in consultation with
the Secretary of Finance and the Secretary of Public Works and
Communications. Sec. 2. Any and all lands reclaimed, as herein provided, shall be the property of the respective municipalities or chartered cities: Provided, however, That the new foreshore along the reclaimed areas shall continue to be the property of the National Government. Sec. 3. For the purpose of this reclamation, and of the construction, maintenance and repair of such wharves, piers, docking and other harbor facilities as may be provided in accordance with section one hereof, the municipalities and chartered cities are hereby authorized to contract indebtedness with any person, association, corporation, or lending institution. Upon proper application, a municipality or chartered city may, for the same purpose, likewise issue bonds in such amounts and under such terms and conditions as may be fixed by the Secretary of Finance. Such bonds shall be guaranteed by the Government of the Philippines and their issue, servicing and liquidation shall be undertaken by the Central Bank of the Philippines.cralaw Sec. 4. All lands reclaimed as herein provided,
except such as may be necessary for wharves, piers and embankments,
roads, parks and other public improvements, may be sold or leased under
such rules and regulations as the municipality or chartered city may
prescribe. All proceeds derived from such sale or lease, and all
berthing and other fees and such other earnings as the municipality or
chartered city shall derive from the use of the port facilities and
improvements contemplated under this Act, shall be credited to a
special fund which shall accrue in the first instance to the sinking
fund hereafter provided. Any balance thereof in excess of periodic
sinking fund requirements shall be available for other permanent public
improvements of the municipality or chartered city. Sec. 7. Bonds issued under this Act shall be exempt from taxation, which fact shall be stated on the face of the certificates which shall be issued in accordance with this Act.cralaw Sec. 8. Should the receipts accruing under section
four be insufficient to service adequately bonds issued under this Act,
the sinking fund deficiency shall be made good by the general funds of
the municipality or chartered city in such manner that the annual
contribution shall be sufficient to redeem at maturity the bonds issued
under this Act. The sinking fund shall be under the custody of the
Central Bank of the Philippines which shall invest the same in such
manner as the Monetary Board shall approve. Section 10. This Act shall take effect upon its
approval.cralaw Approved: June 22, 1957 |