IMPOSING A MONTHLY RENTAL FEE OF THE MUNICIPAL LOT USED BY THE RURAL BANK OF MARIBOJOC, INC. IN THE MUNICIPALITY OF MARIBOJOC, BOHOL.
Sponsored by: MASS MOTION
Be it ordained by the Sangguniang Bayan of Maribojoc, Bohol, that:
SECTION 1. Definition of Terms.-
a) Rental – An amount of rent
b) Fee - A compensation or payment for service rendered a gratuity
SECTION 2. Amount of Monthly Rental Fee.- There shall be an amount of monthly Rental fee to be collected from the Management of the Rural Bank of Maribojoc, Inc. in the following scheme, to wit:
a) For the first five years - P 1,000.00 / month From September, 2002 to
b) Second five years - P 2,000.00 / month From October, 2007 to
c) Third five years - P 3,000.00 / month From November, 2012 to
SECTION 3. Payment of Monthly rental fee.- There shall be collected an amount P 1,000.00 / month for the first five years, the second five years and third five years as reflected in Section 2, b & C to be paid to the Municipal Treasurer’s Office at the end of the month.
SECTION 4. End of Term Period.- After the end of fifteen (15) years period, the terms and conditions of this ordinance shall be renewable for the next number of years and the rental fee will depend on the value of the Philippines currency of the period.
SECTION 5. Repealing Clause.- All ordinances which are inconsistent to the provisions hereof, in part or in whole are hereby repealed, amended or modified accordingly.
SECTION 6. Effectivity .- This ordinance shall take effect in the month of March, 2003.
Approved: February 28, 2003
Let copies be furnished, the Sangguniang Panlalawigan of Bohol for review and approval.
I HEREBY CERTIFY TO THE CORRECTNESS
OF THE ABOVE QUOTED ORDINANCE:
PHILIP R. MEDEQUISO
Municipal Vice Mayor
ALBERTO E. ARANGOSO
ENGR. GABINO C. REDULLA