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CA 651 Section 7

CA 651 Section 7

Section 7

SEC. 7. A standing annual appropriation is made out of any general funds in the National Treasury of such sum as may be necessary to provide for the sinking fund created in section six and for the interest on the National Government bonds issued by virtue of this Act. A further appropriation is made, out of the general funds in the National Treasury not otherwise appropriated, of a sufficient sum to cover the expenses of the issue and sale of the National Government and provincial and municipal bonds authorized by this Act. The National Government shall be reimbursed by the Province of Rizal and the municipalities of Pasay, San Juan del Monte, Caloocan, Malabon, Pasig, Paranaque, Marikina, Mandaluyong, Makati, Antipolo, Binangonan, and Tanay fcr the sums so disbursed by it for the sinking fund, interest, and expenses of the issue and sale of the bonds, within thirty days after the payment of said expenses by the National Government out of the general fund of the province and municipalities. In case the Provincial Board of Rizal and municipal councils of the above-mentioned municipalities shall fail to make such reimbursement, the Collector of Internal Revenue and the provincial treasurer of Rizal and municipal treasurers of said municipalities are authorized and directed, to withhold from the revenue of the said province and municipalities that may come into their possession an amount sufficient to make the reimbursement or any reimbursement above provided, and shall deposit said sum with the Treasurer of the Philippines, to the credit of the general fund of the National Government.

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Other provisions in CA 651

Compiled from an official source version. Later amendments or repeals may not be reflected; the official text prevails. · Read the official text ↗ · Data as of July 4, 2026

CitationCA 651 Section 7 (LawPlayer, data as of July 4, 2026)

Source: Supreme Court E-Library, Republic of the Philippines. Philippine laws are public documents (works of the government).

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