Section 2
SEC. 2. Paragraphs (a), (g) and (l) of Section Two, of the same Act are hereby amended to read as follows; "(a) To exist and have continuous succession under its corporate name until December thirty-first, two thousand thirteen, the provisions of Executive Order Numbered Three hundred ninety-nine, dated January five, nineteen hundred fifty-one, to the contrary notwithstanding: Provided, however, That at the end of said period the authority shall automatically continue to exist unless otherwise provided by law;" "(g) To construct, maintain and operate such artesian wells and springs as may be needed and requested by any city or municipality, and to take control of and administer all such artesian wells and springs as may now be in actual operation, the respective city, municipality or municipal district concerned to appropriate sufficient funds for the purpose;" "(l) When essential to the proper administration of its corporate affairs or when necessary for the proper transaction of its business or for carrying out the purpose for which it was organized, to contract indebtedness in any currency and issue bonds, subject to the approval of the Secretary of Finance. The total long-term indebtedness of the Authority shall not at any time exceed five hundred million pesos or the, equivalent thereof in other currencies, the equivalent to be determined at the time such indebtedness is incurred, and such indebtedness shall be subject to the conditions set forth in section five of this Act; and to facilitate payment of its indebtedness, National Waterworks and Sewerage Authority shall be exempt from all taxes, duties, fees, imposts, charges, and restrictions of the Republic of the Philippines, its provinces, cities and municipalities;"