FIFTY-SEVENTH CONGRESS. Sess. I. Ch. 1369. 1902. 707 to borrow money, and to issue, and to sell at not less than par value, in glold coin of the United States of the resent standard value or the eqluivalent in value in money of said Isliands, upon such terms and con itions as it may deem best, registered or coupon bonds 1>¤¤¤¤¤i¤¤¤¤¤· of said government for such amount as may be necessary, said bonds to be in denominations of fifty dollars or any multiple thereof, 1*]********- bearing interest at a rate not exceeding four and a half r centum per annum, payable quarterly, and to be payable at the pldasure of said government after dates named in said bonds not less than five nor more than thirty years from the date of their issue, together with interest thereon, in gold coin of the United States of the present standard et§X¢mP**’°m*¤*”· value or the equivalent in value in money of said Islands; and said ` bonds shall be exem t from the payment of all taxes or duties of said government, or any Iocal authority therein, or of the Government of the United States, as well as from taxation in any form by or under State, municipal, or local authoritiy in the United States or the Philippine Islands. The moneys whic may be realized or received from e issue and sale of said bonds shall be applied by the government of the Philippine Islands to the acquisition of the property authorized by this section, and to no other purposes. S20. 65. That all lands acquired by virtue of the preceding section egfgffg °* P¤>1> shall constitute a part and portion of the public ro erty of the govern- ` ment of the Philippine Islands, and may be held? sold, and conveyed, or leased temporarily for a period not exceeding three years after their acquisition by said government on such terms and conditions as it may prescribe, subject to the limitations and conditions provided for in this _ Act: Provided, That all deferred pgyments and the interest thereon shall pameum be payable in the money prescri d for the payment of principal and ¢¢¤· interest of the bonds authorized to be issued in payment of said lands by the receding section and said deferred payments shall bear interest at the rate borne by the bonds. All moneys realized or received [7* °’ "°°°°d“· from sales or other disposition of said lands or by reason thereof shall constitute a trust fund for the payment of principal and interest of said bonds, and also constitute a sinkin fund for the payment of said _ bonds at their maturity. Actual setthers and occupants at the time ,,,,§‘{§{.§f§'{§° “‘*‘“ °’ said lands are acquired by the government shall have the preference over all others to lease, purchase, or ac uire their holdings within such reasonable time as may be determined by said government. MUNICIPAL BONDS Fox 1>UnL1o IMPROVEMENTS. Sec. 66. That for the purpose of providing funds to construct sew- ,,§{§},‘l‘j,§,°,},$§{{,‘Qf,‘;{’ ers, to furnish adequate sewer an drainage facilities, to secure a sufficient supply of water, and to provide all kinds of municipal betterments an improvements in municipalities, the government of the Philippine Islan s, under such limitations, terms, and conditions as it may prescribe, with the consent and approval of the President and the Congress of the United States, may permit any municipality of said islands to incur indebtedness, borrow money, and to issue and sell (at not less than par value in gold coin of the United States) registered or coupon bonds in such amount and payable at such time as may be determined by the government of said islands, with interest thereon not to exceed five per centum per annum: Provided, That the entire {_’{g,°f{°;,, ,ndmcd_ indebtedness of any municipality under this section shall not exceed ¤<¤·- tive per centum of the assessed valuation of the property in said municipality, and any obligation in excess of such limit shall be null and void. Sec. 67. That all municipal bonds shall be in denominations of Efty b°{’,g:°¤*“°**°¤°* dollars, or any multiple thereof, bearing interest at a rate not exceed- lumen. ing live per centum per annum, payable quarterly, such bonds to be
