Condonation of Taxes and Duties Due.
Section 5
SEC. 5. Condonation of Taxes and Duties Due. - All unpaid taxes and duties or any portion thereof due from a local water district for the period starting October 15, 1984 until the effectivity date of this Act are hereby condoned by the Government subject to the following conditions: That the Bureau, after careful review of the statistical data and financial statements of a water district applying for coordination of taxes due, establishes its financial incapability, after providing for its maintenance and operating expenses, debt servicing and reserve fund, to meet such obligations for the period stated herein; and That the water district availing of such condonation submit to the Bureau a program of internal reforms, duly certified by the Local Water Utilities Administration, that would bring about its economic and financial viability.