2006 Res. No.190

EXCERPTS FROM THE MINUTES OF THE REGULAR SESSION OF THE SANGGUNIANG PANLUNGSOD OF OLONGAPO, HELD ON
OCTOBER 11, 2006 AT THE CITY HALL.

PRESENT:

Hon. Rolen C. Paulino- - - - - - - - - - - - - - -City Vice Mayor & Presiding Officer
Hon. Noel Y. Atienza- - - - - - - - - - - - - - - City Councilor
Hon. Cynthia G. Cajudo- - - - - - - - - - - - - - “ “
Hon. Bella P. Asuncion - - - - - - - - - - - - - - “ “
Hon. Marey Beth D. Marzan- - - - - - - - - - - “ “
Hon. Angelina B. Andrada - - - - - - - - - - - - “ “
Hon. Brian Patrick H. Gordon - - - - - - - - - - “ “
Hon. Anselmo A. Aquino - - - - - - - - - - - - - “ “
Hon. Edwin J. Piano- - - - - - - - - - - - - - - - - “ “
Hon. Gina G. Perez - - - - - - - - - - - - - - - - - “ “
Hon. Robine Rose C. Buenafe - - - - - - - - - - SK Federation President
Hon. Carlito A. Baloy - - - - - - - - - - - - - - - President, Liga ng mga Barangay

ABSENT:

Hon. John Carlos G. delos Reyes - - - - - - - City Councilor (Sick Leave)


RESOLUTION NO. 190
(Series of 2006)

A RESOLUTION AUTHORIZING THE CITY MAYOR AND THE CITY TREASURER TO NEGOTIATE WITH THE DEVELOPMENT BANK OF
THE PHILIPPINES (DBP) AND TO SIGN ALL DOCUMENTS PERTAINING
TO THE EXTENSION OF TERM OF THE PHP23.0 MILLION AND PHP4.5 MILLION SHORT-TERM LOANS FOR ANOTHER 360 DAYS

WHEREAS, Section 22 of the Local Government Code of the Philippines provides that “Every local government unit, as a corporation, shall have the following powers such as to enter into contracts”;

WHEREAS, Paragraph c of the same section of the Local Government Code of the Philippines states that “Unless otherwise provided in this Code, no contract may be entered into by the local chief executive in behalf of the local government unit without prior authorization by the Sanggunian concerned”;

WHEREAS, Section 455 of the aforementioned Code further states that the City Mayor, as the chief executive of the City Government, shall exercise such powers and perform such duties and functions as provided by this Code and other laws; represent the city in all its business transaction and sign in behalf all bonds, contracts, and obligations and such other documents upon authority of the Sangguniang Panlungsod or pursuant to law or ordinance;

WHEREAS, pursuant to power granted by the said Code, this City through the local chief executive has availed of PhP23.0 Million and PhP4.5 Million back-to-back loans from DBP for the construction of the Olongapo City Commercial and Cultural Center and the escalator for the Olongapo City Mall;

Con’t. of Resolution No. 190, Series of 2006.

- 2 -

WHEREAS, the said loan was granted last December 2003 under the same interest rates with the city’s long term PhP84.0 Million loan agreement;

WHEREAS, the city has already negotiated with DBP for the increase of the loan package to reflect the conversion of the short-term loan to long-term loan;

WHEREAS, since the application is under process with DBP, there is a need to extend the short-term loan for another 360 days;

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 authorize, as it hereby authorizes the City Mayor and the City Treasurer to negotiate with the Development Bank of the Philippines (DBP) and to sign all documents pertaining to the extension of the term of the PhP23.0 Million and PhP4.5 Million short-term loans for another 360 days.

RESOLVED FURTHER, AS IT IS HEREBY FURTHER RESOLVED, to authorize the continuing assignment of the applicable portion of the city’s IRA, realty taxes and other revenues to CBP until all of the city’s loans are fully paid.

APPROVED UNANIMOUSLY, October 11, 2006.


ROLEN C. PAULINO
City Vice Mayor & Presiding Officer


NOEL Y. ATIENZA CYNTHIA G. CAJUDO
City Councilor City Councilor


JOHN CARLOS G. DELOS REYES BELLA P. ASUNCION
City Councilor City Councilor
(Sick Leave)


MAREY BETH D. MARZAN ANGELINA B. ANDRADA
City Councilor City Councilor


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


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


Con’t. of Resolution No. 190, Series of 2006.

- 3 -




CARLITO A. BALOY ROBINE ROSE C. BUENAFE
President, Liga ng mga Barangay SK Federation President
(Out During Votation)


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