AN ACT PROVIDING FOR THE CANCELLATION, UNDER CERTAIN CONDITIONS, OF THE UNPAID BALANCES REMAINING ON LOANS MADE TO CERTAIN PROVINCIAL AND MUNICIPAL GOVERNMENTS PRIOR TO THE FIFTEENTH OF OCTOBER, NINETEEN HUNDRED AND SEVEN, OUT OF THE GENERAL FUNDS OF THE INSULAR TREASURY AND OF THE UNITED STATES CONGRESSIONAL RELIEF FUND.

• Sections: 3

Section 1

SECTION 1. The unpaid balances of loans or parts of loans made to the provincial and municipal governments of the Philippine Islands (except the city of Manila) prior to October fifteenth, nineteen hundred and seven, from the general funds of the Insular Treasury, or the Congressional relief fund, are hereby canceled: Provided, That each provincial and municipal government whose indebtedness is canceled in accordance with the provisions of this Act. shall set aside, as a special fund of the province or of the municipality, as the case may be, from its general funds, a sum not less than the total of its indebtedness canceled in accordance with this Act, which sum shall be expended in the construction of public schools, roads, bridges, or other public works, in the discretion of ibe respective provincial boards, subject to the approval of the Governor-General: And provided further, That the period or periods within which shall be set aside as a special fund the sums provided for in this section, which it is hereby declared necessary to do to secure the benefits of this Act, shall not exceed ten years: And provided further, That within ninety days following the passage of this Act the provincial boards and municipalities affected thereby shall adopt, by a majority vote of all their members, resolutions accepting this Act and fixing such obligations on the province or the municipality, as the case may be, as shall assure the carrying out on the part of said province or said municipality of the purposes of this Act that the unpaid balances or parts of loans made and hereby canceled shall be set aside Tor the purposes and within the time above specified, which resolutions shall not go into effect until they shall have been approved by the Governor-General; and upon approval they shall not be altered nor repealed; any resolution providing for such alteration or repeal being hereby declared null and void.

Section 2

SEC. 2. The provisions of this law shall also apply to provincial debts canceled by Acts Numbered Fifteen hundred and sixty, Sixteen hundred and. one, Sixteen hundred and three, Sixteen hundred and twenty-two, and Sixteen hundred and seventy-nine; and the said Acts Numbered Fifteen hundred and sixty, Sixteen hundred and one, Sixteen hundred and three, and Sixteen hundred and twenty-two, and that part of Act Numbered Sixteen hundred and seventy-nine which cancels, under certain conditions, a loan often thousand pesos made to the provincial government of Bulacan, are hereby repealed.

Section 3

Sec. 3. This Act shall take effect on its passage.

Enacted, March 28, 1908.