Section 1
SECTION 1. The sum of two million pesos is hereby appropriated out of any funds in the Philippine Treasury not otherwise appropriated, to constitute a revolving fund for the construction of provincial and municipal waterworks systems in the Philippines, which shall be expended under the supervision of the Secretary of Public Works and Communications. The cost of waterworks systems constructed under this Act shall be reimbursable within a period not exceeding twenty years with interest at the rate of four per centum per annum, payable annually. To administer said waterworks, there is hereby created a board to be known as the National Waterworks Board, composed of the Secretary of Pubic Works and Communications as chairman, and the Secretary of Finance and the Secretary of the Interior as members, which Board shall fix the rates to be collected from the water consumers: Provided, That the rates fixed by said Board shall not be subject to revision by the Public Service Commission.