AN ORDINANCE authorizing the acquisition of the 1,658-square meter lot owned by Philippine Veterans Bank, located at Lapasan, this city, covered under TCT Nos. T-89579 & T-89578, which was declared as On- and Off-Site Resettlement Area of the city, at the rate of P500.00 per square meter as fixed by the Assets Recovery Department and Board of Directors of the said Bank; and likewise authorizing payment of just compensation thereof in two equal installments at 50% of the total price upon receipt of the copy of the Bank’s Board of Directors’ Resolution of Approval of the Sale of the said lots at same price and the final payment of the balance after the transfer of title to and in the name of the City, the funds necessary therefor chargeable against the appropriation earmarked for the purpose under Ordinance No. 8080-2002