Section 19Sec./Art. 19

Issuance of Bonds and Power to Borrow. The QCDA may be authorized to issue bonds and other securities and enter into any form of indebtedness to finance the implementation of its urban renewal and housing program: Provided, That only so much of such bonds and securities as the annual project implementation would require shall be issued and sold: Provided, further, That no bonds and securities shall be issued unless eighty percent (80%) of those already issued have been sold: Provided, furthermore, That the total amount of the bonds or securities and long-term debts issued shall in no case exceed twenty (20) times the paid-up capital and surplus of the QCDA: Provided, finally, That in no instance shall the sovereign guarantee of the Republic of the Philippines be required or allowed.

The QCDA, in consultation with the Secretary of Finance and the Monetary Board, shall prescribe the form, the rate of interest and denomination, maturities, negotiabilities, call or redemption features and all other terms and conditions for the bonds and securities to be issued.

The bonds and securities issued under this Act, including the income thereof shall be exempted from all kinds of local taxes and from attachment, execution and seizure which facts shall be stated on the face thereof.1wphi1