"Sec. 1. Date of Election. - There shall be synchronized barangay and sangguniang kabataan elections which shall be held on July 15, 2002. Subsequent synchronized barangay and sangguniang kabataan elections shall be held on the last Monday of October 2007 and every three (3) years thereafter."

"Sec. 4. Assumption of Office. - The term of office of the barangay and sangguniang kabataan officials elected under this Act shall commence on August 15, 2002, next following their elections. The term of office of the barangay and sangguniang kabataan officials elected in the October 2007 election and subsequent elections shall commence at noon of November 30 next following their election."

"Sec. 5. Hold Over. - All incumbent barangay and all sangguniang kabataan officials shall remain in office unless sooner removed or suspended for cause until their successors shall have been elected and qualified Provided, however, That barangay and all sangguniang kabataan officials who are ex officio members of the sangguniang bayan, sangguniang panlungsod or sangguniang panlalawigan as the case may be shall continue to serve as such members in the sanggunian concerned until the next barangay election. The Liga ng mga Barangay at the municipal, city, and provincial levels shall, within thirty (30) days after the next barangay election, conduct elections for ex officio positions in the sanggunians under the supervision of the Department of the Interior and Local Government."

"Sec. 8 . Appropriations. - The amount necessary for the implementation of this Act shall be taken from the appropriation of the Commission on Elections (COMELEC) under the General Appropriations Act and/or supplementary appropriations thereafter.

"In addition, the savings of the COMELEC not exceeding Three hundred million pesos (P300,000,000.00) shall be used to augment said appropriations as authorized under COMELEC Special Provision No. 2 of Republic Act No. 9162.

"The funds mentioned above may be augmented by an amount not exceeding ten percent (10%) of the sangguniang kabataan funds reserved pursuant to Section 532(c) of Republic Act No. 7160."