APPROPRIATING THE AMOUNT OF FIFTEEN MILLION PESOS (P15,000.000.00) OUT OF THE LOAN FROM THE LAND BANK OF THE PHILIPPINES THRU A PROGRESS BILLING SCHEME FOR THE RECONSTRUCTION OF THE MARIBOJOC PUBLIC MARKET IN THE MUNICIPALITY OF MARIBOJOC, BOHOL.
Sponsored by: MASS MOTION
BE IT ORDAINED by the Sangguniang Bayan of Maribojoc, Bohol that:
SECTION 1: APPROPRIATION AND SOURCE : The amount of Fifteen Million
Pesos (P15,000,000.00) out of the loan from the Land Bank of the Philippines is hereby appropriated..
SECTION 2: PURPOSE: The amount of Fifteen Million Pesos (P15,000,000.00) is
hereby appropriated for the reconstruction of the Maribojoc Public Market in the Municipality of Maribojoc, Bohol, Phase II-83% of the whole market building.
SECTION 3: TERM: The amount of Fifteen Million Pesos (P15,000,000.00) is hereby
appropriated for the reconstruction of the Maribojoc Public Market in the Municipality of Maribojoc, Bohol, Phase II-83% of the whole market building.
SECTION 4: INTEREST: The minimum prevailing prime rate plus 3% at the time of
availment subject to quarterly re-pricing provided APR of 3% is met or any applicable special financing rate.
SECTION 5: PROGRESS BILLING SCHEME: The mode of release under straight contract are the following:
Releases Percentage Percentage to the Amount or
Accomplishment Total Amount Release (PM)
1st Mobilization 15% 2.250
2nd 45% 30% 4.500
3rd 75% 30% 4.500
4th 90% 15% 2.250
5th 100% – upon 10% 1.500
acceptance by the LGU
TOTAL 100% 15.00
SECTION 6: REPAYMENT:
Principal – payable in forty (40) equal quarterly amortization to start at
the end of the 5th quarter initial release via debt from account.
Interest – payable in forty four (44) quarterly installment in arrears to start at the end of the 1st quarter from date of initial release via debt from account.
SECTION 7: COLLATERAL:
a. Deed of Assignment of 20% IRA.
b. Deed of Assignment of Lease rentals on this project.
c. Unregistered REM collateral cover of 0.87 x
SECTION 8: PENALTY: 24% per annum increase of non-payment, shall be charge to start on the day after due date of the loan/credit accommodation up to the date of settlement.
SECTION 9: OTHER TERMS AND CONDITIONS:
The other terms and conditions for the loan of the LGU-Maribojoc are manifested in the contract sign by the Municipal Mayor with the Land Bank of the Philippines authorities.
SECTION 10: SPONSORSHIP AND DELIBERATION: This appropriation ordinance was sponsored by Mass Motion by the Sangguniang Bayan Members and was deliberated by those present during its session duly assembled.
SECTION 1: EFFECTIVITY: This ordinance shall take effect upon approval.
Approval: March 23, 2007
Let copies be furnished the Sangguniang Panlalawigan of Bohol thru the Provincial Budget Officer, Tagbilaran City for review and validation.
I HEREBY CERTIFY TO THE CORRECTNESS
OF THE ABOVE QUOTED ORDINANCE:
FILOMENA V. ASEDILLA
ERLINDA V. CASTILLON
Acting Secretary to the Sanggunian
PHILIP R. MEDEQUISO
ENGR. GABINO C. REDULLA
Date signed: March 30, 2007