A RESOLUTION AUTHORIZING THE MUNICIPAL MAYOR TO NEGOTIATE AND ENTER INTO AN AGREEMENT  WITH LANDBANK OF THE PHILIPPINES FOR THE CHANGE IN SOURCE OF FUNDING OF TERM LOAN 1, CHANGE IN PRICING OF TERM LOANS 1 & 2 AND AMENDMENT OF TERMS AND CONDITIONS OF TERM LOANS 1 & 2.

 

REPUBLIC OF THE PHILIPPINES
PROVINCE OF ILOCOS NORTE
MUNICIPALITY OF DINGRAS

EXCERPT FROM THE MINUTES OF THE FIRST (1ST) SPECIAL SESSION OF THE  NINTH (9TH) SANGGUNIANG BAYAN OF DINGRAS, ILOCOS NORTE HELD AT THE SANGGUNIAN SESSION HALL ON DECEMBER 23, 2013

Members Present:
Hon. Joefrey P. Saguid,                              Vice Mayor/Presiding Officer
Hon. Ruben C. Marcos,                               SB Member
Hon. Enriqueto J. Cañete,                          SB Member
Hon. Lester S. Ballesteros,                         SB Member
Hon. Joey S. Apostol,                                 SB Member
Hon. Samuel N. Demandante,                   SB Member
Hon. Charles L. Tadena                              Liga President

Member/s Absent:             
Hon. Jose Mari Genaro B. Albano ,           SB Member
Hon. Alfe Garry R. Gamboa,                      SB Member
Hon. Nathaniel Ruben D. Taylan II           SB Member

 

RESOLUTION NO. 2013-09-102

A RESOLUTION AUTHORIZING THE MUNICIPAL MAYOR TO NEGOTIATE AND ENTER INTO AN AGREEMENT  WITH LANDBANK OF THE PHILIPPINES FOR THE CHANGE IN SOURCE OF FUNDING OF TERM LOAN 1, CHANGE IN PRICING OF TERM LOANS 1 & 2 AND AMENDMENT OF TERMS AND CONDITIONS OF TERM LOANS 1 & 2.
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Sponsor: Hon. Samuel Demandante
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WHEREAS, the Municipality of Dingras availed of a Term Loan in 2008 for the construction of the Municipal Public Market  and in 2010 availed of Term Loan 2 for the completion and improvement of the Public Market building, with an interest rate of 10% per annum, fixed for the entire term of the loans;

WHEREAS, the Municipality of Dingras has other projects included in the Annual Investment Plan that needs funding;

WHEREAS, a reduction of interest on the Term Loans will enable the LGU to reduce its financial expenses and eventually use the amount saved in funding other projects;

NOW THEREFORE, on motion of Hon. Samuel N. Demandante duly seconded by Hon. Lester S. Ballesteros, it is hereby Resolved to authorize the Hon. Erdio E. Valenzuela to enter into an agreement in behalf of the Municipality of Dingras with Land Bank of the Philippines pertaining to the change in source of funding, change in pricing and amendment of terms and conditions of the LGU's Term Loan;

RESOLVED FINALLY, to furnish the Land Bank of the Philippines a copy of this resolution for their perusal and information.

APPROVED:
Voted in favor: Hon. Ruben C. Marcos, Hon. Enriqueto J. Canete, Hon. Lester S. Ballesteros, Hon. Joey S. Apostol, Hon. Samuel N. Demandante, Hon. Charles L. Tadena
Voted against:  N o n e                                                         
Abstention:       N o n e

I HEREBY CERTIFY to the correctness of the above-quoted resolution.

 

                                                                                                     MARY ANN R. NACNAC
Acting SB Secretary
ATTESTED:

 

                       JOEFREY P. SAGUID
Presiding Officer
APPROVED:

 

                                                                                                            ERDIO E. VALENZUELA                                                                                                                              Mayor

 

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