REPUBLIC ACT No. 2695
AN ACT TO FURTHER AMEND ACT NUMBERED THIRTY-FIVE HUNDRED AND NINETY-TWO, KNOWN AS THE "PORTWORKS FUND ACT," AS AMENDED BY COMMONWEALTH ACT NUMBERED ONE HUNDRED AND THIRTY AND REPUBLIC ACT NUMBERED TWELVE HUNDRED AND SIXTEEN, AND TO PROVIDE FOR THE DISBURSEMENT OF SAID FUND.
Section 1. Section one of Act Numbered Thirty-five hundred and ninety-two, as amended by Commonwealth Act Numbered One hundred and thirty and Republic Act Numbered Twelve hundred and sixteen, is hereby further amended to read as follows:
"Sec. 1. All wharfage fees, harbor fees, berthing charges, storage charges, and net income from the share of arrastre charges as defined under Republic Act Numbered Thirteen hundred seventy-one as incorporated under Republic Act Numbered Nineteen hundred thirty-seven, and all tonnage dues defined under sections fourteen hundred seventeen and fourteen hundred eighteen of the revised Administrative Code, collected in our ports from the date on which this Act takes effect, shall be deposited in the National Treasury and shall form a special fund to be known as...
Details
Amends
n/a
Amended by
n/a
Republic Acts
AN ACT TO FURTHER AMEND ACT NUMBERED THIRTY-FIVE HUNDRED AND NINETY-TWO
Republic Act No. 2695
Summary of Republic Act No. 2695
Portworks Fund
- All wharfage fees, harbor fees, berthing charges, storage charges, net income from arrastre charges, and tonnage dues collected in ports shall form a special fund called the "Portworks Fund" (Section 1)
- The Portworks Fund shall be disbursed for the following purposes:
- Study, investigation, field surveys, research, planning, development, construction, improvement, maintenance, and repair of ports, port facilities, port areas, warehouses, sheds, offices, buoys, lighthouses, and other aids to navigation (Section 1)
- Purchase, maintenance, rental charges, and replacement of necessary equipment (Section 1)
Fund Allocation
- Out of the total annual collection, the following shall be set aside:
- Sums necessary to reimburse the General Fund for the redemption or payment of bonds issued or loans acquired by the National Government for the development, construction, and improvement of ports (Section 1)
- 50% of the remainder for necessary expenses related to the study, investigation, field surveys, research, maintenance, and repair of ports, port facilities, port areas, warehouses, sheds, offices, buoys, lighthouses, and other aids to navigation belonging to the National Government, including dredging, quarrying, improvements, purchase, repair, rental charges, and replacement of necessary equipment (Section 1)
- The remaining 50% of the remainder shall be appropriated by Acts of Congress for development, planning, construction, and improvement of ports, port facilities, port areas, warehouses, sheds, offices, buoys, lighthouses, and other aids to navigation, including the acquisition and operation of construction equipment (Section 1)
Effective Date
- This Act shall take effect on July 1, 1960 (Section 2)
Portworks Fund
- All wharfage fees, harbor fees, berthing charges, storage charges, net income from arrastre charges, and tonnage dues collected in ports shall form a special fund called the "Portworks Fund" (Section 1)
- The Portworks Fund shall be disbursed for the following purposes:
- Study, investigation, field surveys, research, planning, development, construction, improvement, maintenance, and repair of ports, port facilities, port areas, warehouses, sheds, offices, buoys, lighthouses, and other aids to navigation (Section 1)
- Purchase, maintenance, rental charges, and replacement of necessary equipment (Section 1)
Fund Allocation
- Out of the total annual collection, the following shall be set aside:
- Sums necessary to reimburse the General Fund for the redemption or payment of bonds issued or loans acquired by the National Government for the development, construction, and improvement of ports (Section 1)
- 50% of the remainder for necessary expenses related to the study, investigation, field surveys, research, maintenance, and repair of ports, port facilities, port areas, warehouses, sheds, offices, buoys, lighthouses, and other aids to navigation belonging to the National Government, including dredging, quarrying, improvements, purchase, repair, rental charges, and replacement of necessary equipment (Section 1)
- The remaining 50% of the remainder shall be appropriated by Acts of Congress for development, planning, construction, and improvement of ports, port facilities, port areas, warehouses, sheds, offices, buoys, lighthouses, and other aids to navigation, including the acquisition and operation of construction equipment (Section 1)
Effective Date
- This Act shall take effect on July 1, 1960 (Section 2)