Power to Issue Bonds and Incur Indebtedness.
Section 13
SEC. 13. Power to Issue Bonds and Incur Indebtedness. — The Authority may contract loans, credits and other indebtedness or issue bonds, notes debentures, securities and other borrowing instruments, if necessary, to carry out its Programs. The Council shall promulgate a resolution stating the purpose of the loan and citing the project study supporting the proposed borrowing. To be valid, the resolution must carry the affirmative vote of at least five members of the Council and be 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. The total principal domestic indebtedness of the Authority payable in Philippine currency shall not at any one time exceed three hundred million pesos, while the total principal indebtedness of the Authority payable in foreign currency shall not at any one time exceed one hundred million United States dollars or the equivalent thereof in foreign currencies.