Section 18Sec./Art. 18

Issuance of Bonds. - Subject to the approval of the Secretary of the DOF, after consultation with the Monetary Board of the BSP, the Authority is hereby authorized to issue bonds and other securities to finance the implementation of its housing programs: Provided, That only such bonds or securities required by the annual project implementation shall be issued and sold: Provided, further, That no bonds or securities shall be issued unless eighty percent (80%) of those already issued have been sold: Provided, finally, That the total amount of the bonds or securities issued shall in no case exceed ten (10) times its paid-up capital and surplus.

The Authority, in consultation with the Secretary of the DOF and the Monetary Board, shall prescribe the form, rate of interest, and denominations, maturity, negotiability, call or redemption features, and all other terms and conditions of the bonds and securities to be issued.

In promoting the sale of bonds or securities, the Authority is authorized to adopt the lottery scheme provided under existing laws, rules, and regulations.

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