Page:United States Statutes at Large Volume 32 Part 1.djvu/774

 708 FIFTY-SEVENTH CONGRESS. Sess. I. Ch. 1369. 1902. payable at the pleasure of the government of the Philippine Islands, after dates named in said bonds not less than five nor more than thirty years from the date of their issue, to ether with the interest thereon, 1D gold coin of the United States of the present standard value, or its e,§¤°mP**'°'“ °“°’· equivalent in value in money of the said Islands; and said bonds `shall be exem t from the payment of all taxes or duties of the govphrnmpnt of the Ppillilppgie Islaéids, or any local authority therein, or e `overnment 0 the nited r tates. · ‘ c,§;§ }°,f,,,§“‘g§f, ’,§} · Sec. 68. That all moneys which may be realized or received from 1¤>¤d¤- the issue and sale of said bonds shall be utilized under authorization of the government of the Philippine Islands in (providing the municipal1im(pr(pv·eme1n;s and betterment which induce the issue and sale of _ _ said n s, an or no other ur ose. ,,,’§‘},‘,§§§’,“}{,,,‘,t‘,f,$f,,fjf Sec. 69. That the govermhent) of the Philippine Islands shall, by ` the levy and collection of taxes on the municipality, its inhabitants and their property, or by other means, make adequate provision to meet the obligation of the bonds of such municipality, and shall create a _ sinking und sufficient to retire them and pay the interest thereon in {[Q‘{°,,Y,"l§’,;,,,e,,,e,,,_ accordance with the terms of issue: Provided, That if said bonds or any fportion thereof shall be paid out of the funds of the government o said islands, such munici lity shall reimburse said government for the sum thus paid, and saidm overnment is hereby empowered to Mmm collect said sum by the levy and codection of taaes on such municipality. gm., ,-gf bond, fo, bac. I0. That for the purpose of providing funds to construct and drainage system and supply of water the (government o the Philippine Islan s, with the approval of the President of the United States Limit rst had, is hereby authorized to permit the city of Manila to incur indebtedness, to borrow money, and to issue and sell (at not less than par value in gold coin of the United States), upon such terms and conitions as it may deem best, registered or coupon bonds of the city of Manila to an amount not excee ing four million dollars lawful money of the United States, payable at such time or times as may be determined by said government, with interest thereon not to exceed tive per centum per annum. b,£§§°mi°°"°° °f Sec. 71. That said coupon or registered bonds shall be in denomim°'°“· nations of fifty dollars or any multiple thereof, bearing interest at a rate not exceeding five ppr centum per annum, payable quarterlv, such bonds to be payable at the pleasure of the government of the Philippine Islands, after dates named in said bonds not less than five nor more than thirty years from the date of their issue. together with the Exempt mm mm interest thereon in gold coin of the United States of the iresent standen. " ard value, or the equivalent in value in money of the said Islands; and said bonds shall be exempt from the payment of all taxes or duties of the goyerinnent of the sang Iilandsi gr of any local authority therein, . or o the lovernment o` the 'nite `tates. l”° °H`mdS' Sec. 72. That all moneys which may be realized or received from the issue and sale of said bonds shall be utilized under authorization of said government of the Philippine Islands in providing a suitable sewer and drainage system and adequate supply of water for the city of Tum to mmlmd Manila  for no other purpose. _ _ _ nmiganem. Sec. 45. That the gox ernment of the Ph1l1 me Islands shall, by the levy and collection of taxes on the city of Manila, its inhabitants and their property, or by other means, make adequate provision to meet the obligation of said bonds and shall create asinking fund sum- ,,I_w_m cient to retire them and  the mterest thereon in accordance with nnnnniinemenn. the terms of issue: Prorir e., That if said bonds or any portion thereof shall be paid out of the funds of the government of said islands, said city shall reimburse said government for the sum thus paid, and said
 * $X°¤» **8**** ¤“PP'Y· sewers in the city of Manila and to furnish It with an adepuate sewer