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REPUBLIC OF THE PHILIPPINES)

________________________ ) S.S.

SECRETARY'S CERTIFICATE

I, SOCORRO V. VALDECANTOS, Board Secretary of San Rafael Water District ,Filipino, of legal
age, widow, with residence address at Cruz na Daan, San Rafael, Bulacan, Philippines, after
having been duly sworn in accordance with law, hereby depose and state:

That in a Special Meeting of the Board of Directors of San Rafael Water District held on July 9,
2014 at San Rafael Water District Office, Poblacion, San Rafael, Bulacan, Philippines, at which
meeting a quorum was present, the hereunder Board Resolution was unanimously passed and
approved:

BOARD RESOLUTION NO. 2014-32
SERIES OF 2014

RESOLVED, as it is hereby resolved to approve the borrowing of San Rafael Water
District from Land Bank of the Philippines the amount of Twenty Six Million Pesos (P26M) under
the following terms and conditions:

Summary of Terms and Conditions of the P26M loan with Landbank

Facility : Term Loan Line
Amount : P26 million
Purpose : To finance the P26 million water system and pipeline
distribution projects in various areas of San Rafael, Bulacan,lot
acquisition in Caingin and San Roque, San Rafael, Bulacan and
purchase of various equipment

Term : Fifteen (15) years, inclusive of one (1) year grace period on
principal

Interest rate : At prevailing Landbank lending rate at the time of availment,
subject to annual repricing (Reference Rate: At applicable
benchmark rate plus Minimum spread of 1.5% but not lower
than 5.5% p.a)

Other Fees : Application, appraisal, inspection, handling and commitment
fees shall be waived. Prepayment fee of 3% based on principal
amount to be prepaid in case of loan take-out by other
banks/financial institutions

Repayment Terms : Principal In one hundred sixty eight (168) equal monthly
payments to start at the end of the thirteenth (13
th
) month from
date of initial loan release

Interest Monthly in arrears to start a month from date
of initial loan release

Security : A. Real Estate Mortgage on two lots to be acquired as
Site of the two pumping stations to be financed

B. Assignment of existing and future receivables










Page 2


Availability date : Availability shall be one (1) year from date of loan approval

Mode of release : On the Water System Expansion and
Improvement/Rehabilitation in staggered basis;

On lot acquisition payable directly to the lot owner/s or to be
credited to the deposit Account of the Water District

On acquisition of equipment- Upon delivery and Acceptance of
Water District of the unit/s

Penalty : 24% per annum, in case of non-payment, shall be charged to
start on the day immediately after due date of loan
amortization/credit accomodation up to date of settlement

Others : 1. Initial availment shall be subject to submission and/or
compliance of the following pre-release requirements:

a. Water Districts board Resolution expressly confirming,
approving and ratifying all previous representations and
warranties and all terms and conditions of the loan
agreement and related documents; committing not to
contract loan with other banks without the LENDERs
approval and designating the LENDER as major depository
bank.
b. Clearance/ waiver from Local Water Utilities Administration
(LWUA)
c. BSP Monetary Board Opinion
d. Certification by Budget Officer noted by General Manager
that principal and interest payments of the loan have been
duly appropriated and full provision had been made by
borrower for all its obligations.

2. The bank shall allow separate annotation of mortgage in the
amount equivalent to the appraised value of the lot/s to be
acquired within 180 days from date of loan release.

3. Release of collateral shall not be allowed while loan is
outstanding.

4. The object of financing shall not be disposed, mortgaged,
sold or encumbered while the loan is outstanding.

5. Letter of Guarantee may be issued to the seller of the lot/s
to be acquired to effect the transfer of title in the name of
the WD.

6. The Water District shall maintain a debt Service Reserve
Account with LANDBANK having an outstanding deposit
balance of at least three (3) monthly amortizations
throughout the entire term of the loan.










Page 3 of Board Resolution 2014-32, dated July 9, 2014


7. Enrollment of the account under HOPE program, if applicable.

8. Payment for SSS, PhilHealth, taxes and other government
agencies shall be coursed thru LANDBANK.

9. Borrower shall give its consent to LANDBANK to disclose
credit information pertaining to herein WD to other banks,
financial institutions, the Bankers Association of the
Philippines Credit Bureau (BAP-CB) and other credit bureaus
or institutions.

10. Cost overruns shall be for the account of the Water District.

11. The Bank has the option to debit the Water Districts deposit
account to cover any loan payment as they fall due.

12. No line renewal or loan/line availment shall be allowed if
there is a past due note outstanding with LBP and/or past
due account with other banks.

RESOLVED FURTHER, that the authority of the General Manager of San Rafael Water District,
Engr. Numeriano M. Castaeda , Jr. to sign, countersign, execute and deliver any and all documents or
papers necessary in order to effectuate the approval of the said term loan, is hereby APPROVED.

I HEREBY CERTIFY that the above-quoted Board Resolution, a certified true copy of
which is attached, is existing and has not been amended in whole or in part.


July 9, 2014 SOCORRO V. VALDECANTOS
Date Secretary, Board of Directors


IN WITNESS WHEREOF, I have hereunto set my hand this _____ day of
_______________2014, in the ______________________ of _______________________,
Philippines.


July 9, 2014 MARIVIC V. VERGEL DE DIOS
Date Chairman, Board of Directors


SUBSCRIBED AND SWORN to before me this ______ day of
_____________________,2014 affiant exhibiting to me their Community Tax Certificate:

Name CTC No. Date Issued Place Issued

SOCORRO V. VALDECANTOS _________________ __________ ___________
MARIVIC V. VERGEL DE DIOS _________________ __________ ___________


Doc. No. ______;
Page No. ______;
Book No. ______;
Series of ______

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