Section 13
SEC. 13. Issuance of Bonds—Subject to the approval of the Secretary of Finance, after consultation with the Monetary Board of the Central Bank of the Philippines, the Authority is hereby authorized to issue bonds and other securities to finance the implementation of its housing program: Provided, That only so much of such bonds or securities shall be issued and sold as the annual project implementation would require: Provided, Further, That no bonds or securities shall be issued unless eighty per cent (80%) of those already issued had been sold: Provided, finally, That the total amount of the bonds or securities issued shall in no case exceed ten times its paid up capital and surplus. The Authority, in consultation with the Secretary of Finance and the Monetary Board, shall prescribe the form, the rate of interest, and denominations, maturities, negotiability, call or redemption features and all other terms and conditions of the bonds and securities to be issued." In the promotion of the sale of bonds or securities, the Authority is authorized to adopt the lottery scheme enunciated under Republic Act Numbered One Thousand as amended. The bonds and securities issued under this Decree including the income thereof shall be exempt from all kinds of taxes and from attachment, execution and seizure which facts shall be stated on the face thereof. A sinking fund shall be established by the Authority in such manner that the total annual contribution thereto, accrued at such rate of interest as may be determined by the Secretary of Finance in consultation with the Monetary Board, shall be sufficient to redeem at maturity the bonds or securities issued pursuant to this Decree. The sinking fund shall be under the custody and administration of the Central Bank of the Philippines which may invest the same in Central Bank Certificates of Indebtedness and similar financing schemes subject to the approval of the Authority in consultation with the Secretary of Finance: Provided, That the proceeds from such scheme shall accrue to the Authority.