\ 690 _ FIF'l`Y—EIGHTH CONGRESS. Sess. III. Ch. 453. 1905. APP’°“' by “’° the sum of five million dollars: Andprovidedfurther, That the law of President said government creating the indebtedness and authorizing the issue of - the bonds under this section shall be approved by the President of the 'United States. V¤l;M*?· P- "°”· Sec. 3. That section sixty-six of the Act of Congress approved July mmfirst, nineteen hundred and two, entitled "An Act temporarily to provide for the administration of the affairs of civil overnment in the Philippine Islands, and for other purposes," is hereby amended to read as follows: M¤¤*¤*1>¤“>°¤d¤*°* "Sec. 66. That for the u oseof rovidin funds to construct necpubu°impmv°m°ntS' essary sewer and drama d) flaI<iilities,Ito securiie a sufficient supply of water and necessary building? for primary public schools in municicggtggcfgy palities, the government of the Phi ippine Islands may, where current meqmw. taxation is inadequate for the purpose, under such limitations, terms, and conditions as it may prescribe, authorize, by appropriate legisla- . tion, to be a proved by the President of the United tates, any munici- . pality of islands to incur indebtedness, borrow money, and to issue and sell (at not less than gr value in gold coin of the nited States) registered or coupon bon , in such amount and payable at such time . - as may be determined to be necessary by the government of said islands, P""""- with interest thereon not to exceed five per centum per annum: Prom£“‘“ °‘ "°"°"‘°"‘ vided, That the entire indebtedness of any municipality shall not exceed · five per centum of the assessed valuation of the real estate in said' mulnicipiality, and any obligation in excess of such limit shall be null - an v01 . “‘*‘°"*“’°'“’*· Sec. 4. That for the purpose of aiding in the construction, equipment, operation, and maintenance of such railroads, using steam, electricity, or other power, in the Phililppine Islands as the Philip- °,f*,{‘,;fg;‘f,{,{’,ff,’;,'fe¥,§f‘ pine government may hereafter specifical y authorize, the said govern- ‘ ment is empowered to enter into a contract of guaranty with any '_ railroad company organized pursuant to the laws o said government or of the United States or any State thereof undertaking to construct, " equip, operate, and maintain any such railroad, whereby the said govwww i¤¤=r¤¤ ernment shall guarantee interest, at not exceedin four per centum per en bonds. . . %1 annum upon first lien bonds to be nssued by] suc comlpany, properly secured by mortgage or deed of trust upon the said rai roa ,.its equipmenglfragclilises, pnd other proplessy, real, personal, and mixed, then own an tereaterto acm . — °°¤'“**°¤¤- Such contract of guaranty shall be signed on behalf of said government by the governongeneral thereof, and on behalf of the railroad company undertaking the construction, equipment., maintenance, and operation of said railroad by the chief officer thereof, thereunto dul authorized by the stqckhol ers and directors of the same, and shall contain, among others, the following provisions: wfffgfyvgyém First. That the total amount of bonds the interest upon which is to ` be guaranteed shall in no event exceed the amount actually invested in cas gn tips constpuction apldpquipment of such railroad, to be determine as ereina ter rovi e . mf,’,§§‘§’§j{,_°‘ ¥""°""‘ Second. That no delbt except as above provided shall be incurred by the said undertaking railroad company, its successors or assigns, by which a lien shall be created upon such railroad, its equipment or othe1· property, prior to the lien of said government to secure the repayment olf the interest paid by it under said guaranty without the consent of t e `ongress. ,,,,"`,,*f"° ‘* °°’“"“°‘ Third. That the said railroad shall be constructed and equipped within the time limited in the first instance by the Philippine governmens, or any} extension of said time granted by said government for goo cause s own. mg? °‘ !'°‘“ °*""‘ _ Fourth. That after the construction and equi ment of said railroad ' in accordance with the foregoingaprovisions and) all others of the contract of guaranty, the railroad s lapply its gross earnings as follows:
