Section 3September 12, 1991, Sec./Art. 3

Declaration of Objectives. – The objectives of the framework being established for the development of mini-hydroelectric power generation are as follows:

(1) To encourage entrepreneurs to develop potential sites for hydroelectric power existing in their respective localities;

(2) To encourage entrepreneurs to develop potential sites for hydroelectric power existing in the country by granting the necessary incentives which will provide a reasonable rate of return;

(3) To facilitate hydroelectric power development by eliminating overlapping jurisdiction of the many government agencies whose permits, licenses, clearances and other similar authorizations issued by various government agencies as presently required for such development, and by vesting in one agency the exclusive authority and responsibility for the development of mini-hydroelectric power;

(4) To apportion a part of the realty and special privilege taxes and other economic benefits of the hydroelectric power potential to the respective localities where they are established; and

(5) To provide a contractual framework wherein some stability of conditions can be relied upon for long-term financing purposes.