Law 06-06-1931

Original Language Title: Ley 06-06-1931

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LAW

BORROWING FOR ROADS IN YUNGAS.†"The Executive Branch is authorized, so that the Society of the Yungas Owners of La Paz contracts an undertaking, up to the sum of $2,400,000.â€", for the works of various roads in the provinces of Yungueà ± as.

DANIEL SALAMANCA

CONSTITUTIONAL PRESIDENT OF THE REPAsBLICA

For how much, the National Congress has sanctioned the following law:

THE NATIONAL CONGRESS,

DECCRETA:

ArtA-arse 1A ° †"The Executive Branch is authorized to be authorized to the Society of Owners of the Yungas of La Paz, in order to hire an undertaking with bond issuance at par, up to the sum of two million four hundred thousand bolianos, at an interest rate not exceeding 9% per year and with a cumulative amortisation not falling from 4% to the year . The issue may be made by its total or partial, according to the Trustee, and must be in any case, to obtain its assent.

ArtA-Aculo 2A ° †"This time will be guaranteed with taxes and income detailed in the article 8A of this same law, which will be collected with the intervention of the Society of Owners of Yungas and the Trustee, not being able to be destined to no other object until the total cancellation of the undertaking.

ArtA-arse 3A ° †"These bonds shall be exempt, in their capital and interests, from any tax or contribution in force or to be created, whether they be national, departmental, municipal or any other nature, including tax on the income and global or complementary:

ArtA-ass 4A ° †"The bonds will be redeemable for half-yearly draws and in addition, the Trustee will be able to acquire with funds destined for the amortisation and in free market, bonds that will be allocated to the the same object of the amortisation.

ArtA-culo 5A ° †"The net product of the undertaking shall be invested: a part in the payment of the balance of capital and interest owed by the Company of Yungas Owners to the Central Bank of Bolivia, in accordance with the public May 1929, subscribed to the Notary of Finance; another part, in the construction of the road of horseshoe of Chulumani to San Borja, owing after the studies, to depart the sum necessary for the realization of this work; the sum of

Two hundred and fifty thousand Bolivians for the construction of an adaptive road to the traffic of roads of Chuspipata to Coroico and fifty thousand Bolivians for the construction of a road of horseshoe of the same place of Chuspipata to the city Coroico, by Sacramento; and e1 balance, for the continuation of the road of automobiles of A ' equeanhuira to Chulumani by Santa Rosa, Puente de Chupe, to Chuumani, whose works will be started immediately following for the platform in everything that It is possible for the railway to be studied for the railway to Yungas.

ArtA-ass 6A ° †" A ComitA© composed of seven members: The Prefect of the Department of Peace, the President of the City Council of the same Department, a person from the Department of the Beni, two persons appointed by the Society of Owners of Yungas and two technics appointed by the Supreme Government. The Comitâ© will have in charge everything related to the construction of the road and its privileges will be set in the Regulatory Decree of the present law.

ArtA-ass 7A ° †"The Society of Owners of Yungas will have the The administration of funds according to the Trustee.

ArtA-ass 8A ° †"The service of interest and amortisation of the undertaking, shall be made with the resources fixed by the laws of 15 October 1927; and 7 February 1928; 10 of March of the same year and those set out in paragraph (c). These are the following:

Tax of Bs. 1.a € " on coca at a time created by law of January 6, 1925 and intended by law of October 31 of the same year to the construction of roads for automobiles;

Recorder of the 25% established by Article 1A (a) of the Law of 10 March 1928 on the territorial tax of the Department of Peace created by law of 15 October 1874, Article 19;

Catastral tax of 3 o|oo on the the value of all the non-coca, non-coca-producing properties located in the two provinces of Yungas, required to pay it according to point (b), article 1A of the law of March 10, 1928;

With the sum fixed in Bs. 40 ,000.†" taken from the income obtained by the Society of the Owners of Yungas, by way of tax called the Real in Cesto and Peaje;

With the product of the taxes to be created on the national territory and the taxes that are established on the cattle of the Beni interned by this vA-a.

The above taxes will be affected until the total cancellation of the undertaking, remaining in force until it occurs.

ArtA-arse 9A ° †"The Central Bank of Bolivia is hereby appointed Trustee of the Undertaking, general representative of the bondholders and empowered to exercise all acts concerning the Trustee.

ArtA-ass 10A °â€ " The Trustee may at any time take the steps it creates In order to assert the rights of bondholders, it is not possible to charge or responsible for the acts or faults of the issuing entity or any of the officials or representatives of the Naci.

ArtA-arse 11A °â€ " All the resources affected to this undertaking, as of its collection, will be deposited A-ntegra and immediately to the Central Bank of Bolivia, in a special account and the Bank in its capacity of Trustee, at any time the right to directly raise the income affected by the undertaking.

ArtA-ass 12A °â€ " The necessary expenses of the undertaking, the expenses of its administration and all those incurred by the Trustee for the best performance of its duties, will be paid by the Society of Owners of Yungas, with part of the funds from the time.

ArtA-culo 13A °â€ " The Society of the Owners of Yungas, will pay to the Trustee, annually the one per thousand on the total amount of the undertaking, for its administration.

ArtA-ass 14A °â€ " In case the yield of the income or taxes that guarantee this undertaking decreases in any semester and are insufficient to cover the service of interest and amortisation, the Prefecture of the Department of La Paz will immediately grant any other income or tax from the Department of Peace, to complete that difference, in order that the Society of Yungas Owners can support any difference in the garantA-a.

Also, the Trustee is empowered to directly collect any new income or tax that will be affected by this undertaking.

15A °â€ " The works of the road from San Borja to Chulumani, will be verified simultaneously, from both regions.

Comuniquese to the Executive Branch, for constitutional purposes.

Session of the H. Congress National.

La Paz, 2 June 1931.

J. L. Tejada S. †"Franz Tamayo.â€"

Gabriel Palenque, S. S. †" Ed. Zapčovič LizA ¡ rraga, D. S. †"

C. Adrià ¡ zola, D. S. ad hoc.

Therefore, it is enacted so that it has and will comply with the law of the Republic.

Palace of Government, in the city of La Paz, at 6 days of the month of June 1931.

DANIEL SALAMANCA.†" F. Zambrana.

IS COMPLIANT:

Estenssoro,

Major Finance Officer.