Objectives and Purposes
- To develop harmonious, integrated, and healthy living communities in Tondo Foreshore and its resettlement site.
- To promote physical and socio-economic amelioration of residents and national development.
- To encourage adoption of integrated community development approaches by other organizations.
Powers and Functions
- Implementation of comprehensive urban renewal programs and enforcement of environmental standards.
- Prescribing guidelines for reservation, conservation, and utilization of public lands.
- Construction, ownership, lease, operation, and maintenance of infrastructure, housing, and commercial complexes.
- Regulation and supervision of housing, commercial, industrial, and other enterprises.
- Development through self or joint ventures in all phases of Tondo Foreshore and resettlement development.
- Acquisition, ownership, disposition, and encumbrance of property and rights.
- Investment of funds and acceptance of grants, donations, and assistance.
- Establishment of subsidiaries and branch offices.
- Coordination and implementation of social and economic development projects.
- Leasing and sale of properties with authority to fix and collect fees and charges.
- Legal powers to sue and be sued, adopt by-laws and a seal.
- Borrowing funds secured by guarantees or mortgages to finance programs.
- Entering contracts necessary to fulfill its objectives.
Composition of the Board of Directors
- Board composed of six ex-officio members: Executive Secretary, NEDA Director General, Secretary of Public Works and Communications, Secretary of Industry, GSIS General Manager, DBP Chairman, and SSS Administrator.
- President appoints the Chairman from the Board.
- Alternates serve in absence of regular members.
- Board members receive monthly allowance and meeting per diems with specified limits.
Functions and Duties of the Board
- Formulation and adoption of urban development policies consistent with national plans.
- Promulgation of rules and regulations through a Code of By-Laws.
- Establishment of necessary Committees.
- Submission and publication of annual reports to the President.
Authority to Issue Bonds
- Board may declare necessity to incur indebtedness or issue bonds by resolution approved by majority and President's consent.
Establishment of a Sinking Fund
- Creation of a sinking fund to accumulate sufficient resources for bond redemption at maturity.
- Fund managed and invested by the Authority's treasurer as directed by the Board.
Government Guarantee for Bonds
- Republic of the Philippines guarantees principal and interest payment of bonds and other obligations.
- Secretary of Finance shall pay unpaid amounts from National Treasury if Authority defaults.
- Government assumes rights of bondholders to the extent of payments made.
Appropriations
- Initial appropriation of Thirty Million Pesos for fiscal year 1975 from National Treasury.
- Subsequent funding included in Annual Appropriations Act.
Eminent Domain Powers
- Authority empowered to acquire properties by purchase, negotiation, or condemnation.
- Condemnation proceedings maintained in Authority's name following legal standards.
Auditor Appointment and Salaries
- Commission on Audit Chairman appoints the Authority's auditor and staff.
- Salaries fixed by Commission on Audit with Board advice, paid by the Authority.
Exemption from Civil Service and Wage Classification Laws
- Authority's officers and employees exempt from Civil Service Law and Wage and Position Classification rules.
Supervision and Coordination
- Authority supervised by the Office of the President for policy and coordination purposes.
Tax Exemptions
- Exemption from all forms of government taxation, duties, and fees.
- Donations and financial aids to Authority tax-exempt and deductible for donors.
Transitory Provisions
- Transfer of assets, rights, obligations, and liabilities of the Tondo Foreshore Urban Renewal Project to the Authority.
Repealing Clause
- Repeal or modification of inconsistent laws, orders, rules, and regulations.
Separability Clause
- Invalidity of any provision does not affect the remainder of the Decree.
Effectivity Clause
- Immediate effectivity upon enactment.