AUTHORIZES THE MUNICIPALITY OF PUERTO OCTAY TO CONTRACT ONE OR MORE LOANS THAT PRODUCE UP TO THE QUANTITY OF ° 18,000 TO ALLOCATE THEM TO VARIOUS WORKS OF LOCAL ADVANCE; FOR ITS SERVICE IT ESTABLISHES AN ADDITIONAL CONTRIBUTION OF ONE TWO PER THOUSAND ANNUAL ON THE EVALUATION OF THE REAL ESTATE OF THE COMMUNE. As soon as the National Congress has given its approval to the following bill: "Article 1" Authorize the Municipality of Puerto Octay to contract directly with the Bank of the State of Chile or other credit institutions, one or more Loans which produce up to ten and eight thousand escudos (E ° 18,000), to an interest not exceeding 12% per year, and with a write-off that extinguishing the debt within the maximum period of five years. Article 2 ° The Bank of the State of Chile or other credit institutions to grant it or the loans authorized by this law, for the purpose of which they shall not govern the restrictive provisions of their respective organic laws or regulations. Article 3 ° The product of the or the borrowings to which |! |refer the above articles will be invested |! |exclusively for the following purposes: a) Extension of the Municipal Hotel "Centinela", consisting of the construction of an annex pavilion for dormitories and other services ________________________E ° 12,000 b) Construction of a Restaurant in the "La Baja" Spa, Centinela_________________________ 6,000 Article 4 ° The Municipality, by agreement taken by the two-thirds of the current business owners, will be able to modify the distribution of these funds, always within the works consulted. Article 5 ° To attend to the service of the or the borrowings authorized by this law, establish an additional contribution of two per thousand on the property of the real estate of the commune of Puerto Octay, contribution that will begin to be collected from the semester following the validity of this law and shall govern until the total payment of the loans or the termination of the works, if any. Article 6 ° The performance of the taxes referred to in the previous article will be invested in the service of the authorized loan, but the Municipality of Puerto Octay will be able to rotate with the performance for its direct investment in the works Article 3 (3) is referred to in the case of non-contracting of the loan. It may also allocate to such works the excess which may be produced between those resources and the debt service in the event that the debt is less than the amount authorised. Article 7 ° If the resources of this law are insufficient for the service of the obligation, the Municipality shall complete the necessary sum with any kind of funds from its ordinary income. If, on the other hand, there is surplus, it will be used for extraordinary debt repayments. Article 8 ° The payment of interest and ordinary and extraordinary write-downs of the debt shall be made through the Autonomous Fund for the Depreciation of Public Debt, for which the Communal Treasury of Puerto Octay, through the Treasury General of the Republic, will make timely available to the said Fund the necessary funds to cover these payments, without the need of the Mayor's decree in case it has not been dictated by the appropriate opportunity. The Amortisation Fund will pay for the payment of these services in accordance with the rules established by it for the payment of the internal debt. Article 9 ° The Municipality shall deposit in the Tax Deposit Account "F-26 Borrowings And Bonds Service" the resources that this law allocates to the service of the or the borrowings and the amount to which this service is assigned by interest and amortisation ordinary and extraordinary. In addition, the Municipality of Puerto Octay shall consult in its annual budget, in the item of extraordinary income, the resources to be used for the hiring of the or the borrowings and, in the departure of extraordinary expenditures, the investments made in accordance with the provisions of Article 3 of this Law. Article 10 ° The Municipality shall publish in the first fortnight of January of each year, in a newspaper or newspaper of the head of the province, a state of service of the or the borrowings and of the investments made according to the plan referred to in 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-three of May of a thousand nine hundred and sixty-one.-JORGE ALESSANDRI RODRIGUEZ.-Sotero del Rio.-