Disposal of the proceeds obtained.
Section 53
SEC. 53. Disposal of the proceeds obtained.—The proceeds of all delinquent taxes and penalties on real estate shall accrue to the City of Iloilo, as follows: Three eighths of one per centum, of the gross proceeds shall accrue exclusively to the city school fund. The gross proceeds of the balance shall revert to the general fund of the city. The income derived from the use or lease of the land seized and the proceeds of the redemption or repurchase of the same, shall likewise accrue to the general fund of the city. The Municipal Board may, however, appropriate from the general resources of the city additional funds for the support of elementary public schools and for the construction and maintenance of school buildings. In case the Municipal Board decides to increase the rate of the assessment for the ad valorem tax on real estate, the proceeds of such increased rate shall accrue to the general fund of the city.