Section 3
SEC. 3. The funds for the purchase and renovation of the Center shall be obtained through borrowings that the Philippine National Bank is hereby authorized to secure as agent for and in behalf of the Philippine Center Management Board. Should such borrowings be inadequate to cover the cost of purchase and renovation, the Philippine National Bank may advance the necessary amount from its own resources in the event of urgent need. For borrowings contracted by the said bank, it shall be entitled to collect commission and service fees. For advances made from its own resources, the said bank shall be entitled to collect interest charges at the rate imposed by its present lending policy for loans or advances of the same category. There is hereby appropriated annually out of any fund in the National Treasury not otherwise appropriated the sum of twenty million pesos to repay the advances or borrowing authorized in the preceding paragraph, including interests, premiums, commission, service fees and other charges thereon. Additional appropriations shall be authorized as the need arises. The funds for the maintenance and operation of the Center shall, as far as practicable, be taken from the income accruing to the Center Fund: Provided, however, that advances or borrowings for this purpose may be obtained by the Board. The Board shall have the power and authority to borrow money from the Philippine National Bank or from other creditors under financing arrangements that may be made with the assistance of the said banks, and to mortgage, or assign, or otherwise encumber its properties as security for such borrowings. The borrowings made pursuant to this authority shall be paid from any money in the Center Fund. The Center Fund shall consist of the sales proceeds of the properties mentioned in Section 4 and the income of the Center from lease payments and other sources.