REPUBLIC ACT NO. 4478 - AN ACT GRANTING FRANCHISE FOR AN ELECTRIC LIGHT, HEAT AND POWER SYSTEM TO THE HEIRS OF DR. GUILLERMO B. DE VERA IN THE MUNICIPALITY OF MANGALDAN, PROVINCE OF PANGASINAN.

Be it enacted by the Senate and House of Representatives of the Philippines in Congress assembled:

SECTION 1. Subject to the provisions of the Constitution and to the terms and conditions established in Act Numbered Thirty-six hundred thirty-six, as amended by Commonwealth Act Numbered One hundred thirty-two, there is granted to the heirs of Dr. Guillermo B. de Vera for a period of twenty-five years from the date of approval of this Act, the right, privilege and authority to construct, maintain and operate an electric light, heat and power system for the purpose of generating and/or distributing electric light, heat and/or power for sale within the Municipality of Mangaldan, Province of Pangasinan. The grantee shall further have the right and privilege to install, lay and maintain on all streets, public thoroughfares, bridges and public places within said limits, poles, wires, transformers, capacitors, overhead protective devices, and pole line hardware, and other equipment necessary for the safe distribution of electric current to the public.

SEC. 2. In the event that the grantee shall purchase secure electric heat and power from the National Power Corporation, the latter is hereby authorized to negotiate and transact for the benefit of the public consumers with reference to rates.

SEC. 3. The rates for the sale of electric light, heat and/or power shall always be subject to regulation by the Public Service Commission.

SEC. 4. In consideration of the franchise and rights hereby granted, the grantee shall pay a franchise tax equal to five per centum of the gross earnings for electric current sold under this franchise, three per centum of which shall accrue to the National Government and two per centum to the municipality where the franchise is in operation.

SEC. 5. Upon approval of this Act, the municipal franchise granted to the Mangaldan Electric Plant shall terminate and this franchise shall take its place.

SEC. 6. This Act shall take effect upon its approval.

Approved, June 19, 1965.