RA 1899 Section 5

Section 5

SEC. 5. Upon application by the municipality or chartered city to issue bonds, the Secretary of Finance shall determine the borrowing and paying capacity of the applicant, the amount of the issue that may be authorized, and in consultation with the Monetary Board of the Central Bank of the Philippines, the form, rate of interest, and redemption of said bonds. In the redemption of these bonds the Secretary of Finance may apply the lottery principle by which bonds, drawn by lot maybe redeemed before maturity.

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Other provisions in RA 1899

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

CitationRA 1899 Section 5 (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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