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

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

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

In plain language

The act amends subsection (m) of section two of Act No. 2832, increasing the bonded indebtedness limit of the Metropolitan Water District to thirty million pesos, with conditions on bond issuance and use of funds.

Bonded indebtedness limit increased to thirty million pesos

Bond issuance subject to Secretary of Finance approval

Funds to be used for sinking underground water main pipes

Metropolitan Water District

Bonded Indebtedness

Water infrastructure

Finance

Republic Act

REPUBLIC ACT No. 1149

Be it enacted by the Senate and House of Representatives of the Philippine Congress Assembled:

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.

Section 2

This Act shall take effect upon its approval.

Approved: June 17, 1954.

For information and research only, and not legal advice. This text may not reflect later amendments. For certified copies, refer to the Official Gazette or the issuing agency.