Republic Act No. 6233: An act amending section sixteen of republic act numbered four thousand three hundred fifty-four, known as the revised charter of the city of davao.

Republic Act No. 6233

An act amending section sixteen of republic act numbered four thousand three hundred fifty-four, known as the revised charter of the city of davao.

AN ACT AMENDING SECTION SIXTEEN OF REPUBLIC ACT NUMBERED FOUR THOUSAND THREE HUNDRED FIFTY-FOUR, KNOWN AS THE REVISED CHARTER OF THE CITY OF DAVAO.

In plain language

This act amends section sixteen of Republic Act 4354 to authorize the floating of bonds, issuance of certificates of indebtedness, and obtaining loans for the City of Davao, with required approvals and oversight.

Amendment of section 16 of RA 4354 to authorize floating bonds and issuance of certificates of indebtedness.

Authorization of loans from local and foreign entities for self-liquidating projects.

Requirement of majority approval of the council for bond issuance.

Requirement for Monetary Board opinion on foreign credit operations.

Central Bank approval for foreign borrowings under PB 6142 and CB Circular 289.

Charter amendment

City of Davao

Debt issuance

Local Government

[ REPUBLIC ACT NO. 6233, June 19, 1971 ]

AN ACT AMENDING SECTION SIXTEEN OF REPUBLIC ACT NUMBERED FOUR THOUSAND THREE HUNDRED FIFTY-FOUR, KNOWN AS THE REVISED CHARTER OF THE CITY OF DAVAO.

Be it enacted by the Senate and House of Representatives of the Philippinesin Congress assembled:

Section 1

Section sixteen of Republic Act Numbered Four thousand three hundred fifty-four is amended by adding thereto the following new subparagraph which shall read as follows:

(qq)To authorize the floating of bonds, issuance of certificates of indebtedness, to obtain loans from local and foreign entities for the purpose of financing self-liquidating projects, upon approval of the majority of the members of the Council and to provide for the manner of repayment of the said obligations by the city.

"Pursuant to Section one hundred twenty-eight of Republic Act Numbered Two hundred sixty-five, should the local government undertake any credit operation abroad, the opinion of the Monetary Board should be requested in writing on the monetary implications of the contemplated action and such foreign borrowings shall, pursuant to Public Act Numbered Sixty-one hundred forty-two and the Central Bank Circular No. 289, be passed upon and approved by the Central Bank."

Section 2

This Act shall take effect upon its approval.

Approved, June, 19, 1971.

For information and research only, and not legal advice. This text may not reflect later amendments. For certified copies, refer to the Official Gazette or the issuing agency.