The Local Funds.
Section 7
SEC. 7. The Local Funds.—Provincial, city and municipal governments shall maintain only two local funds, namely, the general fund and the infrastructure fund and they shall be used to account for such monies and resources as may be received in and disbursed from the local treasury. The General Fund, shall consist of monies and resources not otherwise accruing to any other fund and shall be available for the payment of expenditures, obligations or purposes not specially declared by law as chargeable to, or payable from, any other fund, through transfers of monies or resources therefrom to other funds of the local government for their augmentation and use may be made by proper appropriation. The Infrastructure Fund, shall consist of monies and resources raised or earmarked by law, including those which under existing laws accrue to the road and bridge fund, allotments under Republic Act No. 917, as amended, and transfers from the General Fund, which shall be available exclusively for the following purposes: The repair, maintenance, improvement, and construction of roads, bridges, and highways. However, in applying this fund to such uses, adequate provision shall be made for the maintenance of existing unabandoned roads and bridges before any new construction is undertaken. The providing and maintaining of wharves, piers, and docks, in accordance with plans and specifications furnished by the proper national office, and for removing obstructions to navigation. Subsidizing or for acquiring, operating, and maintaining means of water transportation within the province or city or between the province or city and neighboring provinces and city or islands or to dredge rivers and provide facilities for communication and transportation by river, as well as for establishing and operating telephone systems. The construction, improvement, maintenance and repair of wharves, piers and docks; plazas, parks, monuments and playgrounds; street lighting; artesian wells; irrigation system; flood control systems; sewerage and drainage systems; and other permanent public improvements. The acquisition of lands and buildings for public use. Construction of roads and bridges shall include preliminary investigation and surveys besides actual construction. Subject to the approval of the Secretary of Finance, the local board or council may, upon proper justification, transfer any unappropriated balance of this fund to cover exceptionally urgent needs of the province, city, or municipality.