1635 ·· TIQLI 48.-TERRITORIES 4 pine Islands,. or of any pclitlml cr. municipal mbqlyision there- ‘ 0:,- cl- by. any 8€8t¢..01'4bY 'any cmmty, municipality, or cum-_ nmnicipal subdivlsion ct State cr Territory ct m United Stgtesg cr by the District ct Oclnmbin. (Feb. 8, 1905, c. 453, "§ 1, as Sm.’cm.y . n_ 1 — \ ·— · ,1194. Mmidpal for improvements; bonds.-? For the purpose prpmvienng tnndq to construct ncccssdry sewer and drainage; facilities, to secure rn ‘_su&cicnt supply of Qmter iand 8S&1'Y buildinm ini __ primary public schqoln in gjuiliéipalitics, the government ot . the Philippine Islands may,. www currcnti taxaticn is inadequate for the purpose, · under. siléh limltationé, bcrins, and conditions gs it may prescgibe, authorize; by appropriate lcgisla n; tb be nppmved by the President of the United Statm, y uniclm1lty_6:£’said iqlands to incur indebtedness, bcrmw oncy, d to issue and sell (nt nett lss par value};. ld' coin the United Staten} wgiétcréd me coupon mms, il such amount and payable he jsach time as may be dctcrnzi to M necessary py the governmcn; `ci said islands, with interest therecn not tc exceed `5 - per centnm jpcr annum. _. (July 1, 1902, ;c. Bw, {66,-32, Stat. 701;-Feb. $[1905, c. 4ss._§~$, m sm; cm.) . * . 4 . l-. 1195. Same;. dmcminaticns of bcnds; excmpticns.—eAll` mq- -· nicipal bonds shalt be in denominations ot $50, or any multiple ` thereof, mrlng interest at n rate nct.cxce%1;g 5 per centnm per annum; payable qna:tcrly,·sucl1 bondsft " ·paynblc~ at the » pleasure - of the government ct the Phillppine Islands; after dates named. in `said bonds ncl: lens than ive nor more than thirty ycqrs {rom the dam of their `issuc, together with Jthe interest thereon, ln `. gold coin of the United `Statcs of the present ’R8.Bd&1'd vnlnc, .0: its equivalent ln value in money of the said islands; `an}1 said mmap sllnll be cxcmpt from the payxncnf ci all taxes cr duties. of the. government ot;. the _ Philippine Islands, on any local authority thereln,.0r the Goiernment ot the United. States. Y(J’uly~`1, 1902, c. liw, {67, 82 Stnt.701) ‘ _, . · _ 7 ~ " 1196. Same; use of funds {mm sale af bonds.--—All moneys whlch may be realized or received from the lame and sal; or bonds. antherincd by lscctlcn -1194 of this- title shhll bc utilized under autherizaticn ot the govcmment ct the Philippine Islands in providing the lnnniclpqlf .- l’uip;·cvcmentsQ and betterment which induced the issue and calc of nid bonds, ` and iornn cther purpcuj (July 1, 1902,1:. ww, | .68,,- 82 Stat.708.)K . _ . Q . _ 1197._Samc; inxu‘ to pay bcnds; uinkhg fnd.-Jrhc gow ernment ci; the Philippine Island; shall, by the léyy qnd col-- lccticn M cn. the municipality, its inhabitants and their property, cr _`by· cther means, make ndcquaté to the cnllgation ci the bonds ct such m?unlclmllty. and shall create n fund muclent to retina llacmgnnd pay interest thereon in accordance with the tems- at vided, That lt said or nn! `lmition shall be Mid cnt ct " the funds of the scvecnment ot 'nnld island;. meh. municipality shall said gcvcrnment {nr the. mm thus mid, nm mid government it cmpcwcicd tc collect mid sum by the len! and collection at taxes on such municipality. (July 1, 1902, c. 18%. _Q ®, &*St1•.t. 708.) · ‘ - .
- " 1198. Bank far- ‘ and watcr supply " b Mnnila.-—·Fc1·
the plum ct providing funds. to construct wwcnéin the city ct and in it with anndcqnnte •nwc1·,a.nd drainnzn system and of water lm govcrnmmt ox Philip-? Disc Islands, with the. approval at the Preddnnt ct the United Stalm Km had. is auth9rise§rt.0_permit lane city at Manila to incur to borrow money, and go and all c ·(at not lcs; than pa.: valnc in gold mln ci the Unimd Stains), upon such and conditions as it may dam ban, crcnnpon bw of the city at Hnnlld ba an ‘ his $4}.000.060* lawful money at we United Emmy, pnyablc nt such tim? or time; u` may he clctcrmlpd by- md govern-
LNB INBULAB POBSEBBIONH ment, with interest thereon not to exceed 6 per centum per ” ( . l ‘ Y . ·V _ · R l _ Bald conpon or registered bonds shall be in dienoxnlnations ot $59. or any multiple thereof, bearing interest at a rate not exceeding ‘ 5 per centum annum, payable quarterly, ouch hondsto he payable at the pleasure ot the government of the Phllippine Islands, utter dates. named in said honda not lese . than dye nor more ·than'thi1?ty, yearetrom the date of their T} issue, ‘ together. with the intereet- thereon in gold coin of the · United States of the present standard value, or the equiv_ol_ent in value in money of the sold islands ; ‘ and' said bonds shall · be exempt_from the payment of all taxes or duties of the gov; ernment of the said islands, or of any local authority therein, or_ of the Government of the United States. Y (Jnly 1, 1902, c.
§§ 70,71,32 Stat;708.) _ _ ,· · ·` . —
‘_11$9.‘Same§ use of funds fron .sale.·——All moneys. which I may cbc realized or received from the? iesne and sale of said -b0nds shall `_ be utilized under authorization .ot said- governmenf the _Philipplne_ Islands in providing a suitable newer · ·` and drainage system and . adequate supply of water for the ` city ._ot Manila and for- no other purpose. (July 1, 1902, c. 13t69,·§“ 72,,32 Stat.,708.)· - · iee ‘ _ . . _ . _ ‘ 1200. Same; taxes and sinking fund for payment.-4The gov- _ ernment, of the Philippine Islands shall, hy the levy and oollection ot taxes on the city of Manila, its lnhahitants and their property, or ·by other means, rnoke adequate provision to meet the obligation ot said bonds and shall create a sinking tend , _ sumcient to retire them and- pay the interest thereon in ac- · cordance with the terms of issue. If said bonds or any portion l thereof shall be paid ont of the funds ot the government ot said islands, said city shall reimburse; said éovegnment for the snnx thus. paid, and said government is emmtigcred to collect said emu by the levy and collection of taies odgid city. {Jnly 1,_ 1902,1-. 1369, § 73, 82 Stat. 7%.) — —‘’· , ·· A 1201. Guarantee of railroad bonds; contract of guaranty-- For the purpose of aiding in the construction, equipment; operation, and maintenance of such rnilrpds, using steam, electricity, or other power, in the Philippine Islands as the Philippine government ‘may`_specinca1ly `authorize, the said government Lo empowered to enter into e contract of guaranty with any irailroadf company organized pursuant to the laweot Mid gor- · ernment or or the United States or any State naereot under? tahng to Qconatruct, equip, operate, and maintain any · such . railroad, whereby the" eeld government shall gnaranteeintereet, _ at not exceeding 4 per centnm per annum upon dret Hen bonds · to issued by; such company, properly secured by mortgage , or · deed of trust upon the said railroad, its equipment. frenchisce, and other `property,_ real, personal, end mixed, then { ownedand thereafter to he acquired. ; _~ ·· _ _ . . .81;:1:11 contract or guaranty shall signed on behalf of cold - government by the Governor General thereof, and on behalf or the railroad company undertaking the construction, equipment, maintenance, andoperation of said railroad by the chief esmtnr thereof, thereunto dnly authorised by the stoclthotdere and directors of the serne, and shall contain, among others, the followlng` provisions: . . ` _
'1‘ho.t—·the total axnonnt of honda the tntereet upon y
Which is to be guaranteed mall in no event exceeotgne amount actually invested ‘ in cosh ln Qthe construction and equipment of such railroad, to be determined no hereinafter provided. " Second. That no debt except ated-above providé shall he incurred by the raid nhdertaklng railroad comD¤¤Y» ite. succesrors. or amigne, ’·by which a” lien shall be created npon such railroad, its equipment or. other pronex·ty,_’_griér to the lien or sold government to nre the repayment or the interest paid
it under said gnasgnty without the consent or Congress.
Third. That- the. énid railroad shall .be_ constructed andequlpped within the {time limited in the that instance by the _
