Section 1
SECTION 1. The first paragraph of subsection (m) of section two thousand and twenty-nine of the Revised Administrative Code is amended so as to read as follows: "(m) In loans to provincial and municipal governments and chartered cities for the construction of permanent public improvements. These loans shall be repaid in not more than ten annual installments with interest at not to exceed six per centum per annum, payable quarterly. In case the province, municipality or chartered city which has contracted the loan fails to pay the principal or interest of any installment, the National Loan and Investment Board shall so notify the Collector of Internal Revenue, in the case of province, the provincial treasurer, in the case of a municipality, or the city treasurer, in the case of a chartered city, and such Collector of Internal Revenue, provincial treasurer, or city treasurer, as the case may be, is authorized and directed to retain from any revenues coming into his possession, belonging to the province, municipality or chartered city that contracted the loan, an amount sufficient to satisfy the sum due, and shall remit such sum to the National Loan and Investment Board.”