RESOLUTION AUTHORIZING THE HONORABLE MAYOR GABINO C. REDULLA TO SIGN THE SUBSCRIPTION AGREEMENT TO THE NATIONAL GOVERNMENT’S IRA SECURITIZATION AND MONETIZATION PROGRAM IN BEHALF OF THE MUNICIPAL GOVERNMENT OF MARIBOJOC WITH RESPECT TO ITS SHARE IN THE P 6.76 BILLION UNRELEASED IRA FOR CY 2000 IN THE AMOUNT OF P 838,872.
Sponsored by: MASS MOTION
WHEREAS, pursuant to Section 284 of the Local Government Code (the “Code”) local government units (“LGU”) shall have a share in the national internal revenue taxes collected by the National Government;
WHEREAS, pursuant to Section 286 of the Code, LGUs shall be entitled to the automatic release of their internal revenue allotments (the “IRA”) on a quarterly basis within five (5) days after the end of each quarter;
WHEREAS, P 6,76 billion of the LGU’s due on CY 2000 has not been released by the National Government, thereby depriving the municipality of its share therefrom in the total amount of P 838,872.00;
WHEREAS, Her Excellency President Gloria Macapagal-Arroyo has recognized the obligation of the National Government and, consequently, tasked the Department of Finance, Department of Budget and Management, Department of Interior and Local Government, Office of the Executive Secretary, and the Union of Local Authorities of the Philippines to securitize the unreleased IRA as bonds to be guaranteed by the National Government and floated by a government financial institution, the structure and mechanics of which are attached hereto as Exhibit “A” and forming an integral part hereof;
WHEREFORE, in its session duly assembled, the Sangguniang Bayan of Maribojoc, Bohol, after due discussions and deliberation and upon mass motion of the SB Members hereby;
RESOLVED, that the LGU-Maribojoc, Bohol agree as it hereby agrees to participate in the National Government’s IRA Securitization and Monetization Program;
RESOLVED FURTHER, that the Municipality authorize, as it hereby authorizes the Honorable Mayor Gabino C. Redulla to enter into and sign in its behalf, the Subscription Agreement to the National Government’s IRA Securitization and Monetization Program through which the Municipality expresses its irrevocable conformity to the securitization and monetization in the P 6.76 billion unreleased IRA for CY 2000 amounting to P 838,872.00;
RESOLVED, FINALLY, that the Municipality authorize, as it hereby authorizes the Honorable Mayor Gabino C. Redulla, to enter into and sign in its behalf, the Trust Agreement forming the Special Purpose Trust created to achieve and implement the monetization of the Municipality proportionate to the share in the P6.76 billion unreleased IRA; Provided further, that the Honorable Mayor Gabino C. Redulla is authorized to cause his substitution by the Honorable Governor Erico B. Aumentado of the Province of Bohol, which the province exercises direct supervisory authority over the LGU-Maribojoc, Bohol.
I HEREBY CERTIFY TO THE CORRECTNESS
OF THE ABOVE QUOTED RESOLUTION:
ALBERTO E. ARANGOSO
PHILIP R. MEDEQUISO
Municipal Vice Mayor
Approved and signed by Engr. Gabino C. Redulla on 18th day of January, 2002.
ENGR. GABINO C. REDULLA