AUTHORIZES THE MUNICIPALITY OF THE ISLAND OF MAIPO TO CONTRACT WITH THE BANK OF THE STATE OF CHILE OR OTHER CREDIT INSTITUTIONS OR INDIVIDUALS A LOAN THAT WILL PRODUCE UP TO THE SUM OF 10,000. Bill: "Article 1" Authorize the Municipality of the Island of Maipo with the Bank of the State of Chile or other credit institutions or individuals a loan that produces up to the sum of E ° 10,000, to the bank interest and with a cumulative amortisation that extinguishing the debt within the maximum period of five years. They may be entitled to the credit institution concerned, in order to contract this loan for the purpose of which they shall not comply with the restrictive provisions of their respective organic laws. Article 2 The product of the or the borrowings shall be invested by the Municipality in the following purposes and in accordance with the percentages indicated: (a) 50% for the installation of drinking water in the commune; (b) 10% for the construction of a School in the town called La Villita, being able to contribute to the Society of Construction of Educational Establishments with the same object; c) 20% for the construction of a Municipal Matadero, and d) 20% for repairs in the Municipal Stadium. If once the works have been carried out, it will be possible to invest in the remaining ones. Article 3: To take account of the service of the or the borrowings, a further contribution of one and a half per thousand per year on the value of the real estate of the commune, a contribution to be paid from the following six months the validity of this law, and shall govern until the extinction of this law. Article 4 ° If the resources consulted are insufficient for the borrowing, the Municipality shall complete the necessary sum with any kind of funds from its ordinary income. Article 5 The payment of interest and ordinary and extraordinary amortisation shall be made through the Autonomous Fund for the Depreciation of Public Debt, for which the Communal Treasury of Maipo Island, through the Treasury General of the Republic, shall make timely available to such Caja the funds that correspond without the need of decree of the Mayor in case that it has not been dictated in the due opportunity. The Autonomous Fund for the Depreciation of Public Debt will pay for the payment of these services in accordance with the rules established by it for the payment of the internal debt. Article 6 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 the service is assigned by interest and redemptions. ordinary and extraordinary. In addition, the Municipality shall consult in its annual budget, in the item of extraordinary revenue, the resources to be used by the contracting authority or the borrowings, and in the departure of extraordinary expenses the investments made in accordance with the with the provisions of Article 2 of this Law. Article 7 ° The Municipality of Maipo Island shall publish in the first fortnight of January of each year, in a journal of the head of the department a state of the service of the or the borrowings and of the investments made according to the plan referred to in Article 2 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, two of August of a thousand nine hundred and sixty.-JORGE ALESSANDRI RODRIGUEZ.-Sotero del Rio Gundian.