Credit Attorney. - Will Be Up To The Amount Of Bs. A 1.3 Billion

Original Language Title: CREDITO FISCAL.—SERÁ HASTA LA SUMA DE BS. UN MIL TRESCIENTOS MILLONES,

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law of 1947 MAY 20

TAX CREDIT.†" SerA up to the sum of Bs. one thousand three hundred million,

ENRIQUE HERTZOG G.

CONSTITUTIONAL PRESIDENT OF THE REPAsBLICA

For: The National Congress has sanctioned the following law:

THE H. NATIONAL CONGRESS

DECCRETA:

ArtA-culo lo.†" The tax credit limit referred to in Article 73 of the Central Bank's law of Bolivia, will be up to the sum of A thousand three hundred million Bolivians, not In no case, nor for any reason beyond this limit, can the Central Bank of Bolivia grant to the National Government.

ArtA-culo 2o.†" All of the loans under any name that I contracted The Government of the National Bank of Bolivia, which comes from international contracts signed by the State, will not be counted within the limit of tax credits, which are estimated by this law in A thousand three hundred million pesos.

ArtA-ass 3o.†" The Central Bank of Bolivia is also empowered In its Banking Section to grant the state mortgage loans up to the sum of two hundred million Bolivians destined to fulfill a program of buildings and tax facilities, with preference for schools and hospitals, guaranteed in their interest and amortisation services by resources created by special laws and by the general funds of the National Fund, depositing those in an account exclusively for that service.

The amount of these loans (a) to the limit of credit for the item (s), and its In the acquisition, construction and reconstruction of the works indicated above, it will be made through an equal distribution among the nine departments of the Republic.

Of the resources that correspond to each department, the Fifty percent will go to the capitals of them, and the other fifty percent will be distributed to the provinces.

Of the funds that correspond to the department of Tarija, the sum of two million boliivans for the study and initiation of the work of channeling of the RA-or Guadalquivir in the city of the same name.

ArtA-culo 4o.†" Article 51 (i) of the Law of 20 December 1945 concerning advances to the Government up to eight per cent of the National Budget Revenue Chapter is deleted. amount in the consolidated debt provided for by the Article. of this law.

ArtA-ass 5o.†" The Government will cover annually, with funds from the National Budget, the interest service and the amortisation of the consolidated debt and the loan with guarantee-to mortgage referred to the articles lo. and 3o. of this law, which do not have own resources, created by special laws for each individual undertaking. The Central Bank shall carry out the corresponding transfer of the general deposit account, the amounts necessary for the redemption and payment of half-yearly interest for the national obligations that do not have guarantee-to specific The own resources that each individual has to deal with are those created by special laws.

ArtA-culo 6o.†"RegirA as the law of the Republic the Supreme Decree No. 738a€" 2 of 28 February 1947, concerning the consolidation of the obligations of the State.

Article 7o.†" Obligations contained in points (f) and (g) of Article 51 of the OrgA Act of the Central Bank of Bolivia are independent of the provisions of Article 73 of the same law, as soon as the provisions of Article 51 and their corresponding provisions are met. They refer to the Monetary Department and to the operations that this Department can carry out, and the provisions of Article 73 refer to the credit operations of the Banking Department of the same institution.

ArtA-culo 8o.†" Within the general credit extension authorized to grant to the State by the Central Bank of Bolivia, modifying by this Law Articles 51 (i) and 73 of its OrgA Charter of 20 December 1945, give preference to the execution of the following works, in compliance with special laws.

Potables for the city of Sucre? ??????????.Bs. 11.000,000,â € "

Sewerage and paving in the same

city of Sucre? ????????????????????" 12.000,000,â € "

Payment for different concepts to Y. P. F. B. ?? ???????? .. " 10.000.000.†"

Share for works of PotosA-for your Fourth

Centennial? ??????????????????????" 20.000,000,â € "

Municipal Works in Nor Yungas? ???????????? .." 15.000,000,â € "

Sanitary Works in Tarija? ????????????????" 10.000,000,â € "

Enrieladura F. C. Cochabamba-Santa Cruz,

stretch Vila Vila-Tin Tin? ???????????????? ... " 20,000,000,â € "

Cumulative quotas for drinking water

Oruro? ????????????????????????" 30,000,000,â € "

Health and pavement works of

Oruro? ????????????????????????? .." 5,000,000,â € "

Sanitation works in Santa Cruz? ??????????? ..." 10.000.000.†"

ArtA-culo 9o.â€" It will also cover the payment of Fifty million Bolivians destined to increase the capital of the Minero and Agra-cola Banks, as a new contribution made by the State to its capitalization, in the The ratio of Twenty-five million to each institution.

The banks mentioned will cooperate with the National Treasury for the service of interest and the depreciation of these sums, giving half of its profits to the other half of the country.

Communicate to the Executive Branch for constitutional purposes.

Session of the H. National Congress.

La Paz, May 17, 1947.

M. Urriolagoitia.†"Josá© Antonio Arze.â€" M. Mogro Moreno, Senator Secretario.†"Lucio Zabalaga, Senator Secretary, ad hoc.â€" H. Bohálírquez, Diputado Secretario.†" P. MontaA ± o, Deputy Secretary.

BY TANTO: I enact it so that it has and will comply as Law of the Republic.

Palace of Government of the city of La Paz, at 20 days of the month of May 1947.

E. HERTZOG.†" A. Molina.