Act No. 2088

Section 1. Act Numbered Two thousand and sixty-seven is hereby amended by striking out sections one and two and inserting in lieu thereof the following:

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Section 2. All moneys in the gold-standard fund, as the same deposit of the ex" exists on the date of the passage of this Act, in excess of the percentage fixed in the preceding section, and all future accretions of any kind or nature to the gold-standard fund as fixed in that section, except the proceeds of the sale of said certificates, and all the sums, moneys, interest, proceeds, repayments, avails, and returns of any kind or nature which accrue to the excess over the amount contemplated in the preceding section, shall be deposited to the credit of the general fund in the Insular Treasury as miscellaneous receipts and shall be available for appropriation for general purposes in the same manner as other moneys m the general fund.

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Section 3. Of the gold-standard fund, as fixed in section one of this Act, not to exceed fifty per centum may, with the prior approval of the Governor-General, be invested by the Insular Treasurer, all other provisions of law to the contrary notwithstanding, in loans for periods not exceeding ten years to provinces and municipalities to aid in the construction of public works, particularly those of a revenue producing character, at three per centum interest per annum:— Provided, however , That one-half of such fifty per centum may also, with the prior approval of the Governor-General, be invested temporarily by the Insular Treasurer in loans on approved security to the Manila Railroad Company to complete sections of Railroad loans, railroad, of not less than twenty continuous miles, as provided in section four of the Act of Congress approved February sixth, nineteen hundred and five, entitled 'An Act to amend an Act approved July first, nineteen hundred and two, entitled "An Act temporarily to provide for the administration of the affairs of civil government in the Philippine Islands, and for other purposes,"— and to amend an Act approved March eighth, nineteen hundred and two, entitled "An Act temporarily to provide revenue for the Philippine Islands, and for other purposes," and to amend an Act approved March second, nineteen hundred and three, entitled "An Act to establish a standard of value and to provide for a coinage system in the Philippine Islands," and to provide for the more efficient administration of civil government in the Philippine Islands, and for other purposes.'——— The interest on such loans shall be four per centum per annum, and the time for the total payment thereof shall not exceed six months from the date of issue of the bonds of the corresponding twenty-mile section, and in no case shall exceed thirty months from the date of the loan. 1aшphi1 "