AUTHORIZES THE MUNICIPALITY OF CABRERO TO CONTRACT LOANS UP TO THE AMOUNT OF $20,000, IN THE END OF ALLOCATING THEM TO VARIOUS LOCAL ADVANCE WORKS; FOR ITS SERVICE IT ESTABLISHES AN ADDITIONAL TAX OF THREE PER THOUSAND ANNUALLY ON THE AVALUO OF THE REAL ESTATE OF THE COMMUNE. For the National Congress has given its approval to the following bill of law: "Article 1" Authorize the Municipality of Cabrero, in the province of Concepción, to contract directly with the Bank of the State of Chile or other institutions Loans that produce up to twenty thousand escudos (E ° 20,000) to an interest not exceeding the current bank and with a repayment that extinguishing the debt within the maximum period of ten years. Article 2 ° The Bank of the State of Chile or another institution of credit or bank to take the loans referred to in the previous article in the terms it points out, for which it shall not govern the restrictive provisions of its respective organic laws or regulations. Article 3 ° The product of the or the loans that are |! |contract according to the authorization granted in the |! |article 1 ° will be invested in the following purposes: a) Transport to the Directorate of Urban Pavement for paving works on the various streets of the city ______ E ° 10,000 b) Transport to the Directorate of Sanitary Works for the extension of the drinking water network in Cabrero _______________ 1,500 c) Expropriations of land for opening of streets in Cabrero and Tomeco _________________________________ 3,500 d) Acquisition of motor for electrification of the town of Tomeco __ 3,000 e) Construction of concrete well and its pipes to provide water to the people of Tomeco _____________________________ 1,500 f) Arrangement of streets and sidewalks in the village " [passage omitted] (el Nacional de Cabrero), in special session, and with the vote in accordance with the four-fifths of the four-fifths of the In the course of the year, the excess funds may be invested in one of the projects planned, the item consulted for one should be increased if it is insufficient for its total execution with funds from the other or the order of priority is to be altered. execution of the works consulted. Article 5 ° With the sole purpose of servicing the service of this loan, an additional tax of three per thousand year is established on the property of the real estate of the Comuna de Cabrero, which will govern from the following semester to the term of this law and until the total cancellation of the loans referred to in Article 1 ° or up to the total investment of the sums set out in Article 3. Article 6 ° The yield of the tax referred to in the previous article will be invested in the service of the authorized loan, but the Municipality of Cabrero will be able to rotate with the performance for its direct investment in the works to which it is refers to Article 3, in the case of the non-contracting of the loan. It may also allocate to other works of advance of the Comuna de Cabrero the surplus that may occur between those resources and the service of the debt in the event that the debt is reduced to an amount lower than that authorized. Article 7 ° If the resources referred to in the previous article are insufficient for the service of the debt or are not obtained at the appropriate time, the Municipality of Cabrero will complete the necessary sum with any kind of funds from their ordinary income. Article 8 ° The payment of interest and ordinary and extraordinary write-downs of the debt will be made through the Autonomous Fund of Depreciation of Public Debt, for whose effect the Communal Treasury of Cabrero, through the Treasury General of the Republic, will make timely available to the said Box the necessary funds to cover these payments, without the need of the Mayor's decree, in case the latter has not been dictated by the due opportunity. The Amortisation Fund will pay for these services in accordance with the rules established for the payment of the internal debt. Article 9 ° The Municipality of Cabrero shall deposit in the account "F-26 Borrowings And Bonds", the resources that this law will allocate to the service of the or the borrowings and the amount to which the service amounts to interest and amortization. ordinary. In addition, the Municipality of Cabrero will have to consult in its annual budget, in the item of extraordinary income, the resources that will produce the borrowing and in the departure of extraordinary expenditures the investments made of the provisions of Article 3 of this Law ". And because I have had to approve and sanction it; therefore, promulgate and take effect as the law of the Republic. Santiago, twenty-nine in August of a thousand nine hundred and sixty-three.-JORGE ALESSANDRI RODRIGUEZ.-Sotero del Rio.