Preamble
Whereas, the Loan Board created by Act Numbered Three thousand three hundred and thirty-five of the Philippine Legislature has approved certain loans to provinces and municipalities in accordance with the provisions of said Act; Whereas, notwithstanding the approval of said loans the Insular Auditor has refused to authorize the release of the corresponding funds, because in his opinion the aforesaid Loan Board is illegally constituted in the light of the decision of the Supreme Court of the Philippine Islands in the case of Milton E. Springer et al. vs. The Government of the Philippine Islands, which case is now pending final decision before the Supreme Court of the United States; Whereas, the public welfare requires the immediate release of said funds while awaiting the final determination by the courts as to the legality of the Loan Board, either as a result of the doctrine that may be established in the case of Milton E. Springer et al. vs. The Government of the Philippine Islands above referred to, or in an independent action that may be instituted by interested parties to compel the Insular Auditor to order the release of similar funds: Now, therefore,