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PRESIDENTIAL DECREE NO. 345
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PRESIDENTIAL DECREE NO. 345
- AUTHORIZING THE REVERSION OF THE ACCUMULATED THIRTY (30%) PERCENT
SINKING FUND TO THE GENERAL FUND OF THE CITY OF MANILA, FOR THE
UNDERTAKING OF ITS PUBLIC WORKS PROJECTS, AND FOR OTHER PURPOSES
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WHEREAS,
Paragraph V, Sec. 1 of Republic Act No. 6039, amending Sec. 18(cc) of
Republic Act No. 409, otherwise known as the Revised Charter of the
City of Manila, expressly provides that the "sinking fund shall be
created from thirty per centum of the annual gross receipts from market
fees which shall be used to amortize or to finance the construction of
new markets to remodel or replace old market building, the purchase of
privately-owned building utilized as public markets, and purchase of
new market as public markets, and purchase of new market sites and the
construction of market building and facilities thereof: Provided, that
for as long as self-liquidating old markets have not been replaced,
reconstructed, or remodeled in accordance with the specifications
adopted and recommended by the Market Committee, the gross revenue from
all market fee collections shall be apportioned and appropriated as
follows:cralaw:red
"a. To the special fund of the City
70%
"b. To the sinking fund 30%"
WHEREAS, on December 28, 1972, the City of Manila entered into a
Management and Operating Contract with the Asiatic Integrated
Corporation over its thirty-five (35) public markets and talipapas,
wherein it is expressly stipulated that the latter shall appropriate a
yearly amount of not less than thirty (30%) per centum of the gross
receipts from market fees for the fiscal year 1971-1972 to answer for
the maintenance, repair, reconstruction, development and rehabilitation
of the said markets and talipapas; chanroblesvirtualawlibrary
WHEREAS, prior to the conclusion of the aforementioned contract, there
accumulated the sum of Three Million Six Hundred Ninety Six thousand
Nine Hundred Twenty-One & 99/100 (P3,696,921.99) Pesos, equivalent
to thirty (30%) per centum of the gross receipts from the market fees,
which amount, however, was not appropriated for the purpose stated in
Republic Act No. 6039; chanroblesvirtualawlibrary
WHEREAS, there is no more need to appropriate the accumulated sinking
fund of P3,696,921.99, since it is already the Asiatic Integrated
Corporation, under the contract referred to above, which undertake the
improvements stated in Republic Act. No. 6039;chanroblesvirtualawlibrary
WHEREAS, there are in the City of Manila pending urgent public works
projects, such as the construction and repair of streets and dredging
and clearing of esteros, which cannot be successfully undertaken for
lack of funds;chanroblesvirtualawlibrary
WHEREAS, in order to generate funds with which to undertake and thereby
carry out successfully the foregoing objectives, it is imperative to
tap the other resources of the City of Manila;chanroblesvirtualawlibrary
NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the Philippines by
virtue of the powers in me vested by the Constitution as
Commander-in-Chief of the Armed Forces of the Philippines, and pursuant
to Proclamation No. 1081 dated September 21, 1972, and General Order
No. 1 dated September 22, 1972, as amended, do hereby authorize the
reversion of the accumulated thirty (30%) per cent sinking fund
amounting to P3,696,921.99 to the General Fund of the City of Manila
and the appropriation of the same by the City for the undertaking of
its public works projects. chanroblesvirtualawlibrary
This Decree shall take effect immediately.
Done in the City of Manila,
this 26th day of November, in the year of Our Lord, nineteen hundred
and seventy-three.
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