Section 7Sec./Art. 7

BFP Modernization Trust Fund. The trust fund created pursuant to Section 13 of Republic Act No. 9514 shall be transferred to a new trust fund to be known as the BFP Modernization Trust Fund. It shall be administered by the Chief of the BFP in accordance with existing government budgeting, accounting and auditing rules and regulations.

The BFP Modernization Trust Fund shall be used exclusively for the implementation of the BFP Modernization Program as provided for in this Act, including all expenses necessary for the procurement of facilities, machineries, equipment and services:Provided,That expenses chargeable against the trust fund shall exclude salaries and allowances for BFP personnel.

The BFP Modernization Trust Fund shall be sourced from the following:

(a) Appropriations for the BFP Modernization Program as provided in Section 12 of this Act;

(b) Eighty percent (80%) share of the BFP from all taxes, fees, and fines collected pursuant to Republic Act No. 9514;

(c) Proceeds from the disposal of excess and uneconomically repairable equipment and other movable assets of the BFP;

(d) Funds from any budgetary surplus, as may be authorized by Congress;

(e) Loans, grants, bequests, or donations from local and foreign sources, specifically earmarked to be used for the BFP Modernization Program; and

(f) All interest income that accrues to the trust fund.

The amount allocated shall be released to the BFP based on the objectives of the BFP Modernization Program as provided for in this Act:Provided,That the fund releases charged against the trust fund shall not be subject to any ceiling by the DBM.