Section 5
SEC. 5. The sum of five hundred thousand pesos is hereby authorized to be annually appropriated, out of any funds in the National Treasury not otherwise appropriated, to be expended in the discretion of the Board of Regents of the University of the Philippines for the establishment of the said Cagayan Valley College authorized in this Act: Provided, That at least one hundred thousand pesos of said amount shall be used for scholarship awards which shall consist of annual stipends of not less than six hundred pesos for each scholar, in addition to exemption from the payment of all university fees: And, provided, further, That of the amount of five hundred thousand pesos first appropriated as authorized by this Act, two hundred thousand pesos shall be used for the construction of college buildings on the site or sites approved by the Board of Regents of the University of the Philippines.