March 12th, 1914," there is hereby authorized for the use by the Insular Police, two additional automobiles one of which shall be equipped as a patrol wagon. Section 2.-That the following sum, or such part thereof as may be necessary, be, and the same is hereby, appropriated out of any funds in the Treasury, not otherwise appropriated, to supply deficiencies in the appropriations for the fiscal year ending June 30, 1916, for the object hereinafter stated: INSULAR POLICE. Automobile supplies and repairs. Total__. $1,000 $1,000 Section 3. This Act shall take effect from and after its approval. Approved April 13, 1916. [No. 68.1 AN ACT MAKING APPROPRIATION TO SUPPLY DEFICIENCY IN APPROPRIATION FOR FISCAL YEAR 1913. Be it enacted by the Legislative Assembly of Porto Rico: 66 Section 1. That the following sum be, and the same is, hereby appropriated out of any money in the Treasury, not otherwise appropriated, to supply a deficiency in the appropriation for the fiscal year ending June 30, 1913, for the object hereinafter stated, namely: Contingent Expenses, Office of the Auditor," subhead "Blank forms," for amount necessary to pay the American Colonial Bank for payable draft vouchers furnished April 16, 1913, bill not being presented until August 17, 1915, subsequent to appropriation having been closed by Surplus Fund Warrant in accordance with Section 109 of the Political Code; an all, $209.40. Section 2.-This Act shall take effect from and after its approval. Approved April 13, 1916. [No. 69.] AN ACT TO FINISH CHANGING THE COURSE OF THE YAUREL RIVER AT ARROYO. Be it enacted by the Legislative Assembly of Porto Rico: Section 1.-That the Commissioner of the Interior of Porto Rico is hereby authorized to continue the work of changing the course of the Yaurel River at Arroyo, and there is hereby appropriated for such purpose, from any funds in the Treasury not otherwise appropriated, the sum of $1,000. Section 2.-That all laws or parts of laws in conflict herewith are hereby repealed. Section 3. That this Act shall take effect July 1, 1916. Approved April 13, 1916. [No. 70.] AN ACT TO PROVIDE ADDITIONAL REVENUES FOR THE PEOPLE OF PORTO RICO, TO FIX THE RATE OF THE GENERAL PROPERTY TAX FOR MUNICIPALITIES, TO PROVIDE FOR THE PAYMENT INTO THE INSULAR TREASURY OF CERTAIN EXCESS REVENUES OF MUNICIPALITIES, TO AMEND THE POLITICAL CODE, TO, PROVIDE FOR THE REVISION AND EQUALIZATION OF THE PRESENT ASSESSMENT OF PROPERTY, AND FOR OTHER PURPOSES. Be it enacted by the Legislative Assembly of Porto Rico: Section 1. That for and during the fiscal year beginning the first day of July, 1916, and ending the thirtieth day of June, 1917, for the purposes of providing additional insular revenues, there is hereby levied and the Treasurer of Porto Rico shall collect a tax, in addition to all other taxes now or hereafter to be provided by law, of one quarter of one per centum upon the value of all real and personal property in Porto Rico, and of all personal property of persons residing in Porto Rico, to be ascertained and collected in accordance with the provisions of law now enacted or hereafter to be enacted, and the proceeds of which tax shall be covered into the Insular Treasury; Provided, however, That the provisions of this Act shall not apply to property from time to time specifically exempted from taxation by the Legislative Assembly. Section 2. That for and during the fiscal year beginning the first day of July, 1916, and ending the thirtieth day of June, 1917, and for every succeeding fiscal year, unless otherwise provided by the Legislative Assembly of Porto Rico, the rate of the regular general property tax prescribed in an Act approved March 12, 1908, entitled "An Act to amend Chapter II, Title IX, of the Political Code, and to repeal certain sections of the Penal Code, and for other purposes, approved March 9, 1905," to be collected by the Treasurer of Porto Rico on behalf of the municipalities shall be ninety onehundredths of one per centum. All revenues collected from said regular general property tax in excess of the amount received by the respective municipalities and school boards from the said regular general property tax during the fiscal year ending on June 30, 1917, shall be withheld by the Treasurer for the benefit and use of the Insular Government. Section 3.-That all laws or parts of laws inconsistent with this Act are hereby repealed. Section 4. This Act shall take effect from and after its approval. Approved April 13, 1916. [No. 71.] AN ACT TO AUTHORIZE AN ISSUE OF BONDS OF THE PEOPLE OF PORTO RICO IN THE AMOUNT OF TWO MILLION DOLLARS FOR THE CONSTRUCTION OF ROADS AND BRIDGES, AND FOR OTHER PURPOSES. Be it enacted by the Legislative Assembly of Porto Rico: Section 1. That for the purpose of constructing certain roads and bridges in Porto Rico, as hereinafter provided, the Treasurer of Porto Rico is hereby authorized, empowered and directed to issue bonds of The People of Porto Rico to the amount of two million dollars ($2,000,000). Section 2. That five hundred thousand dollars ($500,000) in principal amount of said bonds shall be issued at once; that an additional five hundred thousand dollars ($500,000) in principal amount of said bonds shall be issued as soon as the proceeds of the installment previously issued shall have been.expended; that one million dollars ($1,000,000) in principal amount of said bonds, or such part thereof as may be necessary, shall be issued in such amounts and upon such dates as may be required to pay the construction expenses of the roads and bridges for which their issuance and sale2 is herein authorized; Provided, That no part of such additional one million dollars ($1,000,000) in principal amount of said bonds shall be issued unless the said part of such additional principal amount of said bonds together with all previous or other outstanding indebtedness of The People of Porto Rico shall not exceed the amount of the borrowing capacity of The People of Porto Rico, as fixed by law. The amount and dates of issuance of all bonds issued hereunder shall be determined by the Executive Council of Porto Rico. Section 3.-That the said bonds may be in coupon form or registered, or both. The coupon bonds, if any, may be made exchangeable for registered bonds under such regulations as may be prescribed thereon. The bonds may be [in any or all] of the following denominations: One thousand dollars ($1,000), five thousand dollars ($5,000), ten thousand dollars ($10,000). They shall be dated January first of the year of issue, and shall bear interest at a rate not to exceed four and one-half per cent (42%) per annum, which interest shall be payable semi-annually on the first day of each January and July. 1 The equivalent of the words "as hereinafter provided" is omitted from the Spanish text. 2 The words "and sale" do not appear in the Spanish text. The bonds shall be issued in series. The period of maturity of said bonds shall be fixed by the Executive Council of Porto Rico, but none of said bonds shall run for a longer period than thirty years, and provided that the first series shall be payable in not less than six years from the date of issue. Section 4.-That the Executive Council of Porto Rico is hereby authorized to reserve the right to The People of Porto Rico to redeem all or any number of said bonds at par with accrued interest on January 1, 1937, or on any interest-paying date thereafter, upon giving at least sixty days' published notice of its desire to do so. Said notice shall be published in one or more newspapers in the city of New York at least once each week during said period of sixty days. Section 5. That both principal and interest shall be payable at the Treasury of the United States and the office of the Treasurer of Porto Rico in gold coin of the United States of the present standard of weight and fineness. Section 6.-That the said bonds are hereby declared to be exempt from the payment of taxes of any kind whatsoever of the Government of Porto Rico, or of any local authority therein. Section 7.-That for the payment of the interest on the said bonds as it falls due, and for the repayment of the principal, the good faith of The People of Porto Rico is hereby irrevocably pledged. Section 8. That the principal and interest of said bonds shall be paid from any revenues coming into the Insular Treasury and available for expenditure and from the proceeds of the special tax of onetenth of one per cent upon the value of all real and personal property in the Island of Porto Rico not exempt from taxation, provided by section six (6) "of an Act entitled "An Act to authorize the issuance by the Insular Government of Porto Rico of bonds to the amount of one million dollars, and for other purposes," approved March 9, [8] 1906, and by section 5 of "An Act to authorize the issuance by the Insular Government of Porto Rico of bonds to the amount of four hundred and twenty-five thousand dollars, and for other purposes,' approved March the 10th, 1910, and by section 5 of "An Act to authorize the issuance by the Insular Government of Porto Rico of bonds to the amount of one million dollars for the construction of public improvements, and for other purposes," approved March the 28th, 1914; and said tax shall continue to be levied and collected until the principal and the interest of the bonds provided for in this Act shall have been paid from its proceeds, and the proceeds of the said special tax shall be devoted to the payment in the following manner : When the funds on hand in the Insular Treasury, produced from the special tax, shall be sufficient to meet all the unpaid obligations— both principal and interest-of the bond issues authorized by the said Acts of the Legislature, approved March the 8th, 1906, March the 10th, 1910, and March the 28th, 1914, then the proceeds from the said special tax shall be devoted exclusively to the payment of the current interest and the installments of the principal becoming due each year; provided that, after said interest and installments of principal have been provided for each fiscal year, the balance of the said special tax for the said fiscal year shall be devoted to the construction of rural schools. Section 9. That the foregoing provisions regarding the payments of the principal and interest on said bonds shall be deemed to be in the nature of a continuous appropriation, and to be sufficient authorization to the Treasurer of Porto Rico to make such payments and no further appropriation for the purpose shall be required. Said payments shall be made upon the warrants of the Auditor of Porto Rico, countersigned by the Governor of Porto Rico, in accordance with the general provisions of law relative to the transfer and disbursement of public money. Section 10.-That the said bonds may be sold by the Secretary of War of the United States, and the proceeds from their sale shall be deposited with an authorized depositary of the Government of Porto Rico, to be designated by the Treasurer of Porto Rico. Section 11.-That the Executive Council of Porto Rico shall have entire charge and authority within the limitations herein prescribed in respect to all details relating to the said bonds, including the terms, denominations, and time of sale thereof, and shall take all action necessary for the complete carrying out of the provisions of this Act, and may provide for the issuance, pending the preparation of definitive bonds, of interim bonds or interim certificates therefor, and may determine the manner in which the sinking fund, accumulated for the payment of these bonds, shall be deposited or invested. Section 12. That the bonds issued under the authority of this Act, and the obligations created thereby, shall not be impaired by any Act or Resolution which the Legislative Assembly of Porto Rico may subsequently approve, [or by any interpretation thereof,] or by any interpretation of any Act or Resolution heretofore approved; but the said bonds, when duly issued and sold, shall constitute a legal and binding obligation on the Government of Porto Rico until properly redeemed and paid. Section 13.-That to defray all expenses that may be incurred in carrying into effect the purposes of this Act, there is hereby appropriated out of any moneys in the Insular Treasury not otherwise appropriated the sum of ten thousand dollars ($10,000), or such part thereof as may be necessary, to be expended under the authority and approval of the Executive Council of Porto Rico, and to be repaid to the Insular Treasury from the proceeds of the bonds. Section 14. That the proceeds of the sale of said bonds shall be expended by the Commissioner of the Interior exclusively for the construction of roads and bridges as follows: From Loíza to Juncos; ROADS. From Naguabo to Las Piedras, starting at barrio "Torres;" From Loíza street, Santurce, to road No. 3 in barrio of San Antón; From Loíza Nueva to old Loíza; |