Viga SB RESOLUTION NO. 57 s. 2005

EXCERPTS FROM THE MINUTES OF THE SPECIAL SESSION OF THE SANGGUNIANG BAYAN OF VIGA, CATANDUNAES HELD ON DECEMBER 13, 2005 AT THE SANGGUNIANG BAYAN SESSION HALL

Present:

Hon. Lourdes Del Rosario - Municipal Kagawad/Presiding Officer
Hon. Rosario Mollasgo - Municipal Kagawad
Hon. Leo Timones - Municipal Kagawad
Hon. Domingo C. Villanueva - Municipal Kagawad

Hon. Asuncion Odi - Municipal Kagawad
Hon. William Tuplano - Municipal Kagawad
Hon. Horacio Aquino, Jr. - Municipal Kagawad
Hon. Orbel Tonio - Municipal Kagawad
Hon. Ma. Nerissa Usero - SK Fed President

Absent:
Hon. Yolando Tuquero - Municipal Vice Mayor
Hon. Gomercindo Litong - ABC President

RESOLUTION NO. 57 s. 2005

RESOLUTION APPROVING AND RATIFYING THE LOAN AGREEMENT, AND OTHER DOCUMENTS CONTEMPLATED THEREBY BETWEEN THE MUNICIPALITY OF VIGA AND PHILIPPINE NATIONAK BANK (PNB) WITH ALL THE TERMS AND CONDITIONS THEREOF.

WHEREAS, as duly authorized by the Sangguniang Bayan, the Municipal Mayor has entered into a Loan Agreement with Philippine National Bank (PNB) in the amount of THIRTEEN MILLION NINE HUNDRED FIFTY THOUSAND PESOS (Php. 13,950,000.00) to be used to purchase one (1) unit JCB 4CX 4X4X Backhoe Loader.

WHEREAS, the aforesaid Loan Agreement are now before the Sangguniang Bayan for its perusal, study, ratification and approval;

NOW THEREFORE BE IT RESOLVED, AS IT IS HEREBY RESOLVED, gy the Sanguniang Bayan of Viga, Catanduanes to enter into, negotiate and obtain a loan in the amount of THIRTEEN MILLION NINE HUNDRED FIFTY THOUSAND PESOS (P13,950,000.00) at PNB in behalf of the municipality of Viga for the purpose of purchasing one (1) unit JBC 4CX 4X4X4 backhoe loader and to execute covering loan agreement the promissory notes and other documents contemplated thereby evidencing the Thirteen Million Nine Hundred Fifty Thousand pesos (P13,950,000.00) loan from PNB and for said purpose it is hereby authorized the following:

The Municipality to issue an irrevocable letter of authorization/instruction to PNB duly approved the Sanggunian and duly conformed to by the PNB to continually remit monthly amortization against their deposits account with LBP for deposits their account with PNB until the loan is fully paid;

The continuing assignment of the Municipality applicable portion of the internal revenue allotment realty taxes and other revenues in favor of PNB and for the municipal mayor to execute the covering Deed of Assignment;

The undertaking not to cause the transfer of the remittance of IRA by DBM from PNB to any other bank until the loan and other charges shall have been fully paid;

The undertaking to remit to PNB the applicable portion of the municipality real taxes and net revenues on a monthly/quarterly basis as payment of amortization of the loan and for the municipal mayor and/or municipal treasurer to effect the said remittance;

The PNB to debit the municipality deposited account maintained with PNB to cover payment of its loan obligation with the bank;

The undertaking of the municipality to include in its annual budget the required amortization to service its loan obligation with PNB;

The undertaking of the municipality to mortgage the equipment to be acquired (if applicable);

As security for the loan to mortgage the following properties ___________________in favor of the bank;

RESOLVED FURTHERMORE, that the Sangguniang Bayan undertakes to appropriate in its annual budget for the year 2005 to 2012 of the municipality sufficient to pay its loan from PNB including interest thereon and other charges the estimated amount to be appropriated in the schedule of payment here to attached as annex that forms part of the resolution shall be follows;

2005-
2006-
2007-
2008-
2009-
2010-
2011-
2012-

RESOLVED FINALLY, that copies of this Resolution be furnished the Office of the Mayor, PNB, the Municipal Treasurer’s Office, the Provincial Auditor’s Office and the concerned Development council.

ADOPTED in the Municipality of Viga, Catanduanes, Philippines, this ______day of ____2005.


LOURDES DEL ROSARIO
Municipal Kagawad/Presiding Officer

ATTESTED BY:

ROSARIO MOLLASGO
SB Member

DOMINGO VILLANUEVA
SB Member

ASUNCION ODI
SB Member

ORBEL TONIO
SB Member

LEO TIMONES
SB Member

WILLIAM TUPLANO
SB Member

HORACIO AQUINO, JR.
SB Member

MA. NERISSA USERO
SK Fed. President

APPROVED:

JOSE C. TORRES
Municipal Mayor

CERTIFIED CORRECT:

FRANKLIN TORIO
SB Secretary