ORDINANCE NO: 2000-175 "AN ORDINANCE AMENDING CITY ORDINANCE NO. 2000-175 ENTITLED "AN ORDINANCE PROVIDING FOR THE POLICY GUIDELINES OF THE CITY LIVELIHOOD ASSISTANCE PROGRAM PHASE II (CILDAP), PARTICULARLY SECTIONS 2 AND 3 THEREOF"" Be it ordained by the Sangguniang Panlungsod in session assembled that: SECTION 1. - Section 2 of the Ordinance No. 1999-172 is hereby amended to be read as follows: "Section 2 - Project Description. The second phase of the City Development Livelihood Assistance Program shall support the Non-Agricultural Cooperatives through the initial release of One Million (P1,000.000.00) Pesos. Soft loans may be availed through such amount by qualified cooperative borrowers at a maximum amount of One Hundred Thousand (P100,000.00) Pesos. The assessment and identification of eligible cooperative applicants in so far as their operational viability and managerial capabilities are concerned will be undertaken by the City Cooperative Development Office under the Office of the City Administrator. The Cooperative-Borrower shall be charged with an interest rate equivalent to Five (5%) percent per annum for the total amount availed. The principal amount plus the interest shall be paid within two years in eight equal quarterly installments. All payments shall be deposited in the CILDAP II Trust Fund for easy roll over of the funds. All loans under CILDAP II shall be approved by the City Mayor upon the favorable recommendation of the CILDAP Management Committee." SECTION 2. - Section 3 of the same ordinance is likewise hereby amended, particularly letters "D" thereof and which shall be read as follows: "Section 3 - Requirements and Availment Procedures. The applicant shall submit the application to the City Cooperative Development Division which shall oversee the processing thereof upon compliance of the following requirements. D. One (1) year track record (Audited Financial Statement)" SECTION 3. - Any ordinance and provisions hereof inconsistent with the above amendments and insertion is hereby repealed and amended. SECTION 4. - Effectivity. This Ordinance shall take effect immediately upon its approval. ENACTED AND APPROVED by the Sangguniang Panlungsod (6th City Council) of Pagadian City on its 82nd Regular Session held on March 1, 2000 at the Sangguniang Panlungsod Session Hall.