Application of proceeds of real estate tax.
Section 62
SEC. 62. Application of proceeds of real estate tax.—Eighty per centum of the gross proceeds from the real estate tax herein provided shall accrue to the general fund of the city, ten per centum thereof shall, any provision of existing law to the contrary notwithstanding, accrue to its streets and bridges fund, and the remaining ten per centum shall be retained by and/or for the corresponding barrio in accordance with the provisions of Republic Act Numbered Thirty-five hundred and ninety. The portion accruing to the latter fund shall be used exclusively for the repair, maintenance, improvement, and/or construction of city streets and bridges.