Resolution No. 318-17

A RESOLUTION APPROVING THE CITY ORDINANCE NO. 2017-01-002 OF THE SANGGUNIANG PANLUNGSOD OF TANGUB, “AN ORDINANCE APPROVING, CONFIRMING AND RATIFYING ALL THE TERMS AND CONDITIONS OF THE NOTICE OF LOAN APPROVAL DATED NOVEMBER 28, 2016, LOAN AGREEMENT, ASSIGNMENT AND OTHER SUPPORTING DOCUMENTS PERTAINING TO THE TERM LOAN 4 & 6 CREDIT FACILITIES ENTERED INTO BY AND BETWEEN THE CITY GOVERNMENT OF TANGUB REPRESENTED BY CITY MAYOR HON. PHILIP T. TAN AND THE LAND BANK OF THE PHILIPPINES REPRESENTED BY ITS ZAMBOANGA DEL NORTE LENDING CENTER HEAD VINICIUS S. HAMOY IN THE TOTAL AMOUNT OF SEVENTY MILLION PESOS ONLY (P70 MILLION) AS COMPONENT OF INFRASTRUCTURE PROJECTS OF TANGUB CITY AND TO SECURE THE SAME WITH ASSIGNMENT OF 20% INTERNAL REVENUE ALLOTMENT AND LOCAL REVENUES, SUBJECT TO ALL LAWS, RULES, AND REGULATIONS, THE LOAN SHALL BE UTILIZED ON THE FOLLOWING PROJECT AS FOLLOWS:

1. CONSTRUCTION/COMPLETION OF TANGUB CITY SPORTS COMPLEX GRANDSTAND/GOV. ALFONSO D. TAN COLLEGE BUILDING, PHASE 3 IN THE AMOUNT OF SIXTY MILLION (P60 MILLION) PESOS OR WINNING BID/CONTRACT PRICE, WHICHEVER IS LOWER, INCLUSIVE OF BANK CHARGES AND FEES;
2. ACQUISITION OF VARIOUS OFFICE FURNITURE, FIXTURES AND EQUIPMENT IN THE AMOUNT OF TEN MILLION (P10 MILLION) PESOS OR WINNING BID/CONTRACT PRICE, WHICHEVER IS LOWER, INCLUSIVE OF BANK CHARGES AND FEES.

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