Ordinance 5553-96

AN ORDINANCE AUTHORIZING THE CITY MAYOR TO SIGN AND EXECUTE LOAN AGREEMENT WITH DEVELOPMENT BANK OF THE PHILIPPINES (DBP) COVERING P50,000,000.00 FOR LAND BANKING PURPOSES AND PROMISSORY NOTE/S, DEEDS OF ASSIGNMENT AND OTHER SECURITY DOCUMENTS, WHICH SHALL REVENUE ALLOTMENT (IRA) IN THE NATIONAL INTERNAL REVENUE TAXES CORRESPONDING TO THE APPLICABLE PORTION TO PARTLY SECURE THE LOAN AND (II) PROCEEDS FROM THE SALE OF THE LOTS IN THE SITE/S AND OTHER FUNDS FOR AND FROM THE PROJECTS, AS PREVIOUSLY AUTHORIZED UNDER ORDINANCE NO. 5122-95 AND RESOLUTION NO. 3507-96

LGU: Cagayan de Oro City (City)
Topic: Ways and Means
Committee: Ways & Means [2019-2022]
Status: Approved
Filed: August 12, 1996

Summary

COVERING FOR LAND BANKING PURPOSES AND PROMISSORY NOTE/S, DEEDS OF ASSIGNMENT AND OTHER SECURITY DOCUMENTS

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