Resolution No. 203-18

A RESOLUTION APPROVING THE ORDINANCE NO. 736-2017 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, LOAN AGREEMENT, ASSIGNMENT AND OTHER SUPPORTING DOCUMENTS PERTAINING TO THE TERM LOAN 3 AND 4 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 CENTERVINICIUS S. HAMOY IN THE TOTAL AMOUNT OF FOUR HUNDRED THIRTY SEVEN MILLION PESOS (P437,000,000.00) 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 FOLLOWING:

1. EXPANSION OF MOTOR POOL THROUGH ACQUISITION OF BRAND NEW HEAVY EQUIPMENT FOR THE IMPLEMENTATION OF THE DIFFERENT INFRASTRUCTURE PROJECTS OF THE CITY WHICH INCLUDES 1 UNIT BRAND NEW PRIME MOVER WITH 40 TONNER TRAILER, 1 UNIT BRAND NEW HYDRAULIC EXCAVATOR LONG ARM, 2 UNITS BRAND NEW 6 WHEELER DUMPTRUCK, 1 UNIT BRAND NEW PAY LOADER, 1 UNIT BRAND NEW GRADER AND 1 UNIT BRAND NEW BULLDOZER IN THE TOTAL AMOUNT OF P107 MILLION OR ACTUAL WINNING BID/CONTRACT PRICE, WHICHEVER IS LOWER, INCLUSIVE OF BANK CHARGES AND FEES; AND

2. CONSTRUCTION OF OROQUIETA CITY BAYFRONT ARENA AMOUNTING TO P330 MILLION OR ACTUAL WINNING BID/ CONTRACT PRICE, WHICHEVER IS LOWER, INCLUSIVE OF BANK CHARGES AND FEES”

Share This Post: