PD 198 Section 35

Negotiable Promissory Notes.

Section 35

SEC. 35. Negotiable Promissory Notes. — A district may issue negotiable promissory notes with a maturity of not later than two years from the date thereof. The total aggregate amount of such notes outstanding at any one time shall not exceed twenty percent (20%) of the annual gross revenues of the district payable from all revenue sources thereof.

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CitationPD 198 Section 35 (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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