EXCERPTS FROM THE MINUTES OF
THE LEGAZPI-IRIGA-NAGA GROWTH CORRIDOR PROJECT BOARD'S EXECUTIVE
COMMITTEE MEETING
HELD ON 10 SEPTEMBER 1997 AT NEDA
CONFERENCE ROOM, ARIMBAY, LEGAZPI CITY, TO WIT:
Resolution No. 1 Series 1997
"RESOLUTION
APPROVING THE TRANSFER OF ALL LINGC PROJECT BOARD FUNDS TO THE
REGIONAL DEVELOPMENT COUNCIL V WITH NEDA REGIONAL OFFICE V AS
DEPOSITORY"
WHEREAS, the City Government of Naga is the present
depository of all funds accruing to the account of the
Legazpi-Iriga-Naga Growth Corridor Project;
WHEREAS,
a Project Management Office to be located at Legazpi City was created
to oversee the master planning activities and continuing programs of
the LINGC;
WHEREAS,
with the RDC as the proponent of the LINGC Project and NEDA as its Fund
Administrator, it is deemed appropriate for the LINGC Project funds to
be transfered to the RDC and administered by NEDA;
NOW THEREFORE, on motion duly seconded;
BE IT RESOLVED, AS IT IS HEREBY APPROVED, that all
existing LINGC Funds (the LGU contributions and the PhP 1.0 million
assistance from Pres. Fidel V. Ramos) under the custody of the City
Treasurer of Naga be immediately turned-over to RDC-NEDA;
RESOLVED FURTHER, that NEDA shall establish a separate trust
account for this fund in the name of the LINGC Project, and that
disbursements be made in accordance with the usual accounting and
auditing rules;
RESOLVED FINALLY,
that a copy of this resolution be furnished the City Treasurer and City
Accountant for their information and appropriate action.
UNANIMOUSLY APPROVED this 10th day of
September 1997 at Legazpi City, Philippines.
