Power to Issue Bonds or Incur Indebtedness.
Section 12
SEC. 12. Power to Issue Bonds or Incur Indebtedness. — Whenever the Board may deem it advisable and necessary for the Authority to contract loans, credits and other indebtedness, or to issue bonds, notes, debentures, securities and other instruments of indebtedness for the development and/or operation of the tourist industry, it shall by resolution so manifest and declare stating the purpose for which the indebtedness is to be applied and citing the project study devised for the purpose. In order for such resolution to be valid, it shall be passed by the affirmative vote of at least four members of the Board and approved by the President of the Philippines upon the recommendation of the Secretary of Finance, after consultation with the National Economic and Development Authority and the Monetary Board of the Central Bank.