August 24, 2009
by: striker_jem
Butuan – The Sangguniang Panglunsod of Butuan yesterday approved en banc a resolution authorizing City Mayor Democrito D. Plaza II to enter into a loan agreement with the Department of Finance in the amount of 8 million pesos under the Direct Assessment Loan Revolving Fund.
Councillors Erwin Dano and Atty. Lawrence Fortun voted against the passing of said resolution stating a recommendation made by COA during previous audit for the city government not to avail additional loans.
The resolution as explained by Acting Presiding Chair Councillor Benjie Calo was approved last year but didn’t materialize as funds allocated for its Direct Assessment Loan offered by the Department of Finance were depleted.
The need to pass similar resolution is a pre-requisite in availing the zero interest loans for this year intended to fund the City Assessor’s property assessment project
The two Councilors likewise opposed a resolution authorizing the Mayor to sign a memorandum agreement with the Department of Budget and Management to deduct and withhold corresponding amortization of the 8M loan of the city government in case of default in paying its loan obligation to the Department of Finance.
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