ORDINANCE NO: 2002-212 "AN ORDINANCE AMENDING CITY ORDINANCE NO. 2002-212 AS AMENDED BY CITY ORDINANCE NO. 2002-212 ENTITLED "AN ORDINANCE PROVIDING FOR THE POLICY GUIDELINES OF THE CITY LIVELIHOOD ASSISTANCE PROGRAM PHASE II (CILDAP II)", PARTICULARLY SECTIONS 1 AND 2 THEREOF" Be it ordained by the Sangguniang Panlungsod in session assembled that: SECTION 1.- Section 1, letters (a) and (b) of City Ordinance No. 1999-172 are hereby amended to be read as follows: "Section 1.- Definition of Terms. For the purpose of this ordinance, the following terms shall be construed to mean: CILDAP II - the City Development Livelihood Assistance Program Phase II is a Program that ill cater to the financial needs of non- Agricultural cooperatives as well as agricultural cooperatives but only And exclusively for their non-agriculturally related projects or activities. Non-Agricultural Projects - are projects which could be availed of by their qualified agricultural or non-agricultural cooperatives for such economic activities as credit/lending and other income generating projects which are not covered by agricultural development projects." SECTION 2.- Section 2 of the same ordinance is likewise amended, which shall be read as follows: "Section 2.- Project Disposition. The second phase of the City Development Livelihood Assistance Program, Phase II (CILDAP II) shall support one non-agricultural cooperatives and agricultural cooperatives having non-agricultural related income generating projects through the initial release of One Million (P1,000,000.00) Pesos. Soft loans may be availed from such amount by qualified cooperative borrowers at a maximum amount of Two Hundred Thousand (P200,000.00) 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 of the interest rate equivalent to Five (5%) Per Cent 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 Thrust Fund for easy roll over of funds. All loans under CILDAP II shall be approved by the City Mayor upon the favorable recommendation of the CILDAP management Committee." SECTION 3.- Any ordinance and provisions hereof inconsistent with the above amendment and insertions is hereby repealed and amended. SECTION 4. Effectivity. This Ordinance shall take effect immediately upon its approval. ENACTED AND APPROVED by the Sangguniang Panlungsod (7th City Council) of Pagadian City on its 51st Regular Session held on September 4, 2002 at the Sangguniang Panlungsod Session Hall.