2006 Res No.62

EXCERPTS FROM THE MINUTES OF THE REGULAR SESSION OF THE SANGGUNIANG PANLUNGSOD OF OLONGAPO, HELD ON APRIL 5, 2006 AT THE CITY HALL.

PRESENT:

Hon. Rolen C. Paulino - - - - - - - - - - - - - -City Vice Mayor & Presiding Officer
Hon. Noel Y. Atienza- - - - - - - - - - - - - - -City Councilor & Temporary Presiding Officer
Hon. Cynthia G. Cajudo - - - - - - - - - - - - -City Concilor
Hon. John Carlos G. delos Reyes - - - - - - “ “
Hon. Bella P. Asuncion - - - - - - - - - - - - - - “ “
Hon. Marey Beth D. Marzan- - - - - - - - - - - “ “
Hon. Brian Patrick H. Gordon - - - - - - - - - - “ “
Hon. Anselmo A. Aquino - - - - - - - - - - - - - “ “
Hon. Edwin J. Piano- - - - - - - - - - - - - - - - - “ “
Hon. Gina G. Perez - - - - - - - - - - - - - - - - - “ “
Hon. Napoleon F. Capistrano- - - - - - - - - - - President, Liga ng mga Barangay
Hon. Robine Rose C. Buenafe - - - - - - - - - - SK Federation President

ABSENT:

Hon. Angelina B. Andrada - - - - - - - - - - - - City Councilor
(On Official Business)

RESOLUTION NO. 62
(Series of 2006)

A RESOLUTION CONFIRMING AND RATIFYING THE ACCESSION AGREEMENT ENTERED INTO BY AND BETWEEN THE CITY GOVERNMENT OF OLONGAPO REPRESENTED BY THE CITY MAYOR HONORABLE JAMES GORDON, JR. AND THE DEVELOPMENT BANK OF THE PHILIPPINES – SUBIC BAY FREEPORT ZONE BRANCH REPRESENTED BY ITS ASSISTANT
VICE PRESIDENT, MR. EDUARDO Z. RIVERA

WHEREAS, Section 6 of Article X of the Constitution of the Philippines guarantees that Local Government Units (LGU) shall have a just share, as determined by law, in the national taxes which shall be automatically released to them;

WHEREAS, pursuant to the General Appropriations Acts for the Years 2000 and 2001, the aggregate amount of PhP20 Billion worth of Internal Revenue Allotment (IRA) of the LGUs were set apart and placed under an Unprogrammed Fund;

WHEREAS, Executive Order No. 494 issued by President Gloria Macapagal Arroyo provided the details of the release to the affected LGUs of the share in the IRA Balance through a monetization program with an option to collect in advance from a trustee bank;

WHEREAS, by virtue of Resolution No. 33, Series of 2006 an authority had been conferred to the City Mayor to enroll the City in the IRA Monetization Program as well as to enter into an Agreement with its Trustee Bank, for and in behalf of the City, for the release of the City’s share in the Unprogrammed IRA in Calendar Years 2000 and 2001 whereby the same paved way on the signing of the Accession Agreement with the Development Bank of the Philippines – Subic Bay Freeport Zone Branch;

NOW, THEREFORE, on motion of Councilor Cynthia G. Cajudo, with the unanimous accord of the Members of the Sangguniang Panlungsod present,

RESOLVED, AS IT IS HEREBY RESOLVED, by the Sangguniang Panlungsod in session assembled, to confirm and ratify, as it hereby confirms and ratifies the Accession Agreement entered into by and between the City Government of Olongapo represented by the City Mayor Hon. James Gordon, Jr.

Con’t. of Resolution No. 62, Series of 2006.

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and the Development Bank of the Philippines – Subic Bay Freeport Zone Branch represented by AVP Eduardo Z. Rivera.

RESOLVED FURTHER, AS IT IS HEREBY FURTHER RESOLVED, that a copy of the signed Accession Agreement be made as an integral part of this Resolution.

Let a copy of this Resolution be furnished Mr. Eduardo Z. Rivera, Assistant Vice President of the Development Bank of the Philippines- SBFZ Branch for his information and record.

APPROVED UNANIMOUSLY, April 5, 2006.

ROLEN C. PAULINO
City Vice Mayor and Presiding Officer

NOEL Y. ATIENZA CYNTHIA G. CAJUDO
City Councilor & Temporary Presiding Officer City Councilor

JOHN CARLOS G. DELOS REYES BELLA P. ASUNCION
City Councilor City Councilor

MAREY BETH D. MARZAN ANGELINA B. ANDRADA
City Councilor City Councilor
(On Official Business)

BRIAN PATRICK H. GORDON ANSELMO A. AQUINO
City Councilor City Councilor

EDWIN J. PIANO GINA G. PEREZ
City Councilor City Councilor

NAPOLEON F. CAPISTRANO ROBINE ROSE C. BUENAFE
President, Liga ng mga Barangay SK Federation President

ATTEST:

ELFLIDA S. SALMON
Council Secretary

APPROVED BY HIS HONOR, THE CITY MAYOR ON______________________.


JAMES GORDON, JR.
City Mayor
ATTEST:

DELFIN A. JUICO, JR.
Secretary to the City Mayor