Application of proceeds of real estate tax.
Section 66
SEC. 66. Application of proceeds of real estate tax.— Ninety per centum of the gross proceeds from the real estate tax herein provided shall accrue to the general fund of the city, and the remaining ten per centum thereof shall accrue to its streets and bridges fund. The portion accruing to the latter fund shall be used exclusively for the repair, maintenance, improvement, and/or construction of city streets and bridges. From the collections on the additional tax of one per centum imposed under the provisions of Republic Act numbered fifty-four hundred and forty-seven, sixty per centum thereof shall be retained by the City and twenty per centum shall be remitted to the national treasurer of the Philippines for disposition in accordance with the said Act, and the remaining twenty per centum shall likewise be retained by the city to be expended exclusively for the purposes mentioned in section twenty-three hereof and for other school purposes as the municipal board and the city mayor may approve, and' for the purposes hereof the provisions of section four, subtitle "B", of the same Act are hereby modified accordingly.