Resolution No. 742-2020

A RESOLUTION APPROVING THE ORDINANCE NO. 09-S-2020 OF THE SANGGUNIANG BAYAN OF PANAON, “AN ORDINANCE APPROVING, CONFIRMING AND RATIFYING ALL TERMS AND CONDITIONS OF THE LOAN INDICATED IN THE NOTICE OF LOAN APPROVAL DATED JULY 9,2020, LOAN AGREEMENT, ASSIGNMENT, AND OTHER SUPPORTING DOCUMENTS PERTAINING TO THE TERM LOAN FACILITY ENTERED INTO BY AND IN BETWEEN THE MUNICIPAL GOVERNMENT OF PANAON, REPRESENTED BY ITS MUNICIPAL MAYOR, FRANCISCO T. PAYLAGA JR., AND THE LAND BANK OF THE PHILIPPINES, REPRESENTED BY ITS ZAMBOANGA DEL NORTE LENDING CENTER HEAD, ZENAIDA K. VALENCIA, IN THE TOTAL AMOUNT OF THREE MILLION PESOS ONLY (P 3.00 MILLION) AS COMPONENT OF THE PROJECTS OF THE LGU AND TO SECURE THE SAME WITH ASSIGNMENT OF 20% INTERNAL REVENUE ALLOTMENT AND OTHER LOCAL REVENUES, SUBJECT TO ALL LAWS, RULES AND REGULATIONS, THE LOAN SHALL BE UTILIZED TO FINANCE THE PROCUREMENT OF TWO (2) UNITS BRAND NEW SERVICE VEHICLES”

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