IMPOSING A MONTHLY RENTAL FEE OF THE MUNICIPAL LOT USED BY THE RURAL BANK OF MARIBOJOC, INC. IN THE MUNICIPALITY OF MARIBOJOC, BOHOL.

Sponsored by: MASS MOTION

SECTION 1: Definition of Terms-
a) Rental – an amount of rent
b) Fee – A compensation or payment for service rendered a gratuity

SECTION 2: Amount of Monthly Rental Fee.- There shall be an amount of
monthly rental fee to be collected from the Management of the Rural Bank of Maribojoc, Inc. in the following scheme, to wit:

a.) For the first three years – P 1,000.00/month from November, 2004 to
September, 2007
b.) Second Five years – P 2,000.00/month from October, 2007 to
October, 2012
c.) Third five years – P 3,000.00/month from November, 2012 to November, 2017

SECTION 3: Payment of Monthly Rental Fee.- There shall be an amount of P
1,000.00 per month for the 1st three years, the 2nd five years and 3rd five years as reflected in /section 2, B and C to be paid to the Municipal Treasurer’s Office at the end of the month.

SECTION 4: End of Term.- After the end of thirteen (13) years period, the term and conditions of this ordinance shall be renewable for the next number of years and the rental fee will depend on the value of the Philippine currency of the period.

SECTION 5: Repealing Clause.- All ordinances which are inconsistent to the provisions hereof, in part or in whole are hereby repealed, amended or modified accordingly.

SECTION 6: Effectivity.- This ordinance shall take effect in the month of November, 2004.

Approved : October 29, 2004

Let copies be furnished the Sangguniang Panlalawigan of Bohol, for review and approval.

I HEREBY CERTIFY TO THE CORRECTNESS
OF THE ABOVE QUOTED ORDINANCE:

FILOMENA V. ASEDILLA
Presiding Officer-SB Member

ATTESTED:

ERLINDA V. CASTILON
Acting Secretary to the Sanggunian

NOTED:
PHILIP R. MEDEQUISO
Municipal Vice Mayor

APPROVED:

ENGR. GABINO C. REDULLA
Municipal Mayor
Date signed: November 3, 2004