Amendment to Sec. 16 of R.A. No. 4354 (Revised Charter of City of Davao)
Republic Act No. 6233, enacted on June 19, 1971, amends Section 16 of the Revised Charter of the City of Davao to allow the city to float bonds and issue certificates of indebtedness for financing self-liquidating projects, subject to approval by the City Council. It mandates that any local government credit operations abroad must seek the Monetary Board's written opinion regarding the monetary implications. Additionally, foreign borrowings are subject to approval by the Central Bank in accordance with existing laws and regulations. The Act took effect upon its approval and was published in the Official Gazette on October 4, 1971.
Law Information
- Reference Number
- Republic Act No. 6233
- Date Enacted
- Category
- Statutes
- Subcategory
- Republic Acts
- Jurisdiction
- Philippines
- Enacting Body
- Congress of the Philippines
Full Law Text
June 19, 1971
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
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 Republic 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
Published in the Official Gazette, Vol. 67, No. 40, p. 7865 on October 4, 1971
Cite This Law
Amendment to Sec. 16 of R.A. No. 4354 (Revised Charter of City of Davao), Republic Act No. 6233, Jun 19, 1971 (Philippines)
Amendment to Sec. 16 of R.A. No. 4354 (Revised Charter of City of Davao), Republic Act No. 6233 (Phil. 1971)
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