Resolution No. 251-16

A RESOLUTION APPROVING THE ORDINANCE NO. 638-2016 OF THE SANGGUNIANG PANLUNGSOD OF OROQUIETA, “AN ORDINANCE APPROVING, CONFIRMING AND RATIFYING ALL THE TERMS AND CONDITIONS OF THE LOAN INDICATED IN THE NOTICE OF LOAN APPROVAL DATED FEBRUARY 03, 2016, LOAN AGREEMENT, ASSIGNMENT AND OTHER SUPPORTING DOCUMENTS PERTAINING TO THE TERM LOAN 2/CREDIT FACILITIES ENTERED INTO BY AND BETWEEN THE CITY GOVERNMENT OF OROQUIETA REPRESENTED BY THE CITY MAYOR JASON P. ALMONTE AND THE LAND BANK OF THE PHILIPPINES REPRESENTED BY ITS HEAD, ZAMBOANGA DEL NORTE LENDING CENTER- VINICIUS S. HAMOY IN THE TOTAL AMOUNT OF FORTY NINE MILLION PESOS ONLY (PHP49.00 MILLION) AS COMPONENT OF INFRASTRUCTURE PROJECTS OF OROQUIETA CITY AND TO SECURE THE SAME WITH ASSIGNMENT OF 20% INTERNAL REVENUE ALLOTMENT, SUBJECT TO ALL LAWS, RULES AND REGULATIONS. THE LOAN SHALL BE UTILIZED TO FINANCE THE ACQUISITION OF I-UNIT BRAND NEW HYDRAULIC EXCAVATOR, I-UNIT BRAND NEW WHEEL LOADER, I-UNIT BRAND NEW MOTOR GRADER, I-UNIT BRAND NEW VIBRATOR COMPACTOR, I-UNIT BRAND NEW 6-WHEELER DUMP TRUCK AND I-UNIT BRAND NEW MANLIFTER TRUCK IN THE TOTAL AMOUNT OF PHP49.00 MILLION OR ACTUAL WINNING BID/CONTRACT PRICE, WHICHEVER IS LOWER, INCLUSIVE OF BANK CHARGES AND FEES”

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