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Republic of the Philippines

MUNICIPALITY OF SANTA ROSA Province of Laguna

OFFICE OF THE SANGGUNIANG BAYAN

EXCERPT FROM THE MINUTES OF 34TH REGULAR SESSION OF THE SANGGUNIANG BAY AN OF SANT A ROSA, LAGUNA HELD ON WEDNESDAY, SEPTEMBER 26, 2001 AT THE SESSION HALL. .

Presents:

Absent:

1. Hon. JOSE B. CATINDIG, Jr. 2. Hon. LUISITO B. ALGABRE 3. Hon. RAUL P. AALA 4 . Hon. LAUDEMERA. CARTA 5. Hon. MARCELITO S. LASERNA 6. Hon. PETRONIO C. F ACTORIZA 7. Hon. ARTURO M. TIONGCO 8. Hon. ARTEMIO M. GOMEZ 9. Hon. ARIES A. ALCABASA

I . Hon. ERIC T. PUZON 2. Hon. ROMEO P. AALA

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- Vice-Mayor, Presiding Officer - SB Member - SB Member - SB Member - SB Member - SB Member - SB Member - SB Member - SB Member, SK President

- SB Member - SB Member, ABC President

RESOLUTION NO. 222-2001 (Joint motion by the Committee ~n Laws & Government

and Committee on Finance)

A RESOLUTION AUTHORIZING THE BOND FLOTATION OF THE MUNICIPALITY IN THE AMOUNT NOT EXCEEDING Pl BILLION UNDER THE TERMS AND CONDITIONS HEREIN SET TO FUND THE IMPLEMENTATION OF PRIORITY PROJECTS AND FURTHER AUTHORIZING THE MUNICIPAL MAYOR TO NEGOTIATE, SIGN AND EXECUTE CONTRACTS OR AGREEMENTS PERTINENT THERETO.

BE IT ENACTED by the _Sangguniang Bayan of Santa Rosa, Laguna, in session assembled that:

Section 1. The Municipal Mayor, in representation of the Municipality of Santa Rosa, Laguna, hereinafter referred to as the "Municipality", is hereby authorized to issue and float "Bantayan Bonds" under the terms and conditions herein set forth and such other terms and conditions as maybe agreed upon with any person, corporation or entity for the purpose of improving and developing an appropriate area in Santa Rosa~ Laguna as the housing and relocation site of the existing squatter families around the Municipality, and of relocating and constructing a New Municipal Abatto~r (Slaughterhouse). In this connection, the Mayor shall have power and authority to represent the Municipality in negotiating the terms and conditions for the said "Bantayan Bonds" and in signing, executing and delivering such agreements, contracts, deeds, papers, and documents as may be necessary and proper for the full and total implementation of the authority herein granted; subject to ratification of the Municipal Council.

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MUNICIPALITY OF SANTA ROSA Province of Lagwia


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Section 2. Unless otherwise provided in the covering construction and development contract, trust indenture, deeds and assignment, mortgage, contracts, and such other agreements as may be entered into by the Municipality in connection with the flotation of the "Bantayan Bonds", the features and terms and conditions of the bond flotation shall be as follows, and are hereby approved with the corresponding projects for which the proceeds shall be utilized.

2.1

Issuer

Bond Name/Level

Amount

Issue

Purpose

Offering Price

Term

Form

Denomination

Medium of Sale

"Bantayan Bonds"

Municipality of Santa Rosa, Laguna

Bantayan Bonds

not exceeding One Billion, in staggered tranches as allowed by the financial capacity of the Municipality.

Registered local government bonds of the Municipality of Santa Rosa, Laguna ("Bantayan Bonds").

1) The improvement, construction and development of an appropriate area in Santa Rosa, Laguna, as the housing and relocation site of the existing squatter families at the jurisdiction of the municipality, 2) Relocation and construction of a New Municipal Abattoir (Slaughterhouse), 3) potable water sy~tems

100% of face value

Seven (7) years from issue date

Registered

Pl,000.00; Pl0,000.00 Pl00,000.00; Pl ,000,000.00

(1) Public Offering (2) Private placement (3) Direct payment to suppliers, contractors,

or developers/proponents

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Manner Payment

Interest

Principal

Interest Rate

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Semi-annual floating rate

Balloon principal repayment at the end of the seventh year from issue date and/or principal payments amortized equally starting the third year.

Interest shall be floating based on the weighted average of the 182-day Philippine Treasury Bill ("T-Bill") rate, plus a spread of not more than three .percent (3%) per annum.

Collateral/Guarantee/Security : Proceeds from revenues or projects, project improvements and facilities funded by proceeds of the bond, and assignment of Internal Revenue Allotment.

Trustee and Fiscal Agent: Any government bank to be designated by the Municipal Mayor to handle sinking fund computed with interest payment semiannually based on the original issue amount and as to the principal portion computed as a future value with annually assumed at 6% per annum.

Trustee Fee

Underwriting

Underwriting Fee

Guarantor

Guarantee Fee

Yi of I% per annum I

Any government or private financial institution license to undertake underwriting of securities as allowed under the Philippine laws.

One time fee _chargeable to developers, proponents, contractors or investors of the project.

LGU Guarantee Corporation (LGUGC)

One time fee chargeable to developers, proponents, contractors or investors of the project.

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Section 3. The Mayor is hereby authorized to designate a government depository bank to act as trustee or fiscal agent for the Bantayan Bonds, and sign and execute any Trust Indenture Agreement and Deed of Assignment relative to the flotation of the bond and designation of said bank in a form and substance to be ratified by the Municipal Council.

Section 4. The Municipality shall appropriate such amount as may be necessary to fund the sinking fund that will be created thru the appointed trustee bank in the Municipal' s annual budget. It shall further appropriate a portion of the Internal Revenue Allotment (IRA) and the share of the Municipality from gross revenue collection of the National Government to guarantee the redemption/repayment of the Bantayan Bonds, such monies forming part of the aforesaid sinking fund. In connection therewith, the Mu,nicipality from its Internal Revenue Allotment from the Department of Budget and Management.

Section 5. The Municipality shall appoint, any government or private institution or any duly licensed underwriter to be the underwriter of the Santa Rosa, Laguna Municipal "Bantayan Bonds" and for this purpose the Mayor is hereby authorized to negotiate, sign and execute an underwriting agreement with the said underwriter in such form and substance to be ratified by the Municipal Council.

Section 6. The Mayor is hereby authorized to designate the LGU Guarantee corporation, a Corporation organized by the Bankers Association of the Philippines, to specifically extend guarantees on the Santa Rosa Municipal bonds and for this purpose the Mayor is Likewise authorized to negotiate, sign and execute any contract or agreement with the LGU Guarantee Corporation pertinent to bond flotation in such form and substance to be ratified by the Municipal Council.

Section 7. The Mayor is hereby authorized to conduct public bidding on the awarding of the projects to be funded thru bond flotation either on a construct-basfa or on a design and construct-basis with the developer/contractors to be paid either in the form of the bantayan bonds and/or cash proceeds from the bonds sale. The procedure of such bidding shall be done in accordance with applicable provisions of existing Ordinances, usual auditing and accounting rules and regulation and such other rules and procedures which the Mayor may deem necessary in the implementation of the Municipality of Santa Rosa Bond Flotation. The Municipal Treasurer shall issue the corresponding Certificate of Funds Availability out of the proceeds of the Bond Flotation.

Section 8. The Mayor is hereby authorized to sign such other contracts or agreement and related to the implementation of bond flotation, subject to the ratification of the same by the Municipal Council.

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Section 9. This Resolution shall take effect upon its publication.

SO ORDAINED.

RESOLVED further, that copies of this Resolution be furnished the Sangguniang Bayan, Honorable Mayor, the Municipal Legal Officer, the Municipal Treasurer, the Municipal Budget Officer and the Municipal Accountant, all of this municipality for their information and appropriate action.

UNANIMOUSLY APPROVED.

CERTIFICATION:

Certified Correct:

JOSE B. CATINDIG, Jr. Vice-Mayor

Approved:

LEON C. ARCILLAS Mayor

I hereby certify to the correctness of the above-quoted resolution .

CYNTHIA M. GOMEZ Municipal Secretary

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