2007 R-57 - AFFIRMING THE SHAREHOLDINGS OF OLONGAPO CITY AT SUBICWATER AND SEWERAGE, INC.

EXCERPTS FROM THE MINUTES OF THE REGULAR SESSION OF THE SANGGUNIANG PANLUNGSOD OF OLONGAPO, HELD ON JUNE 06, 2007 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. John Carlos G. delos Reyes - - - - - - “ “
Hon. Marey Beth D. Marzan- - - - - - - - - - - “ “
Hon. Angelina B. Andrada - - - - - - - - - - - - “ “
Hon. Anselmo A. Aquino - - - - - - - - - - - - - “ “
Hon. Edwin J. Piano- - - - - - - - - - - - - - - - - “ “
Hon. Gina G. Perez - - - - - - - - - - - - - - - - - “ “

ABSENT:

Hon. Bella P. Asuncion- - - - - - - - - - - - - - - City Councilor
Hon. Brian Patrick H. Gordon - - - - - - - - - - “ “
Hon. Carlito A. Baloy- - - - - - - - - - - - - - - - President, Liga ng mga Barangay
Hon. Robine Rose C. Buenafe - - - - - - - - - - SK Federation President


RESOLUTION NO. 57
(Series of 2007)

A RESOLUTION AFFIRMING THE SHAREHOLDINGS OF OLONGAPO CITY AT SUBICWATER AND SEWERAGE, INC. WITHOUT PREJUDICE TO THE PENDING SUPREME COURT CASE PERTAINING TO SUBICWATER

WHEREAS, the Olongapo City Government and Subicwater, Inc. are touted as global partners in the delivery of clean, potable and quality water to residents of Olongapo City and Subic Bay Freeport;

WHEREAS, Subicwater and Sewerage Co., Inc. is the exclusive water distributor in Olongapo and Subic Bay Freeport;

WHEREAS, the Olongapo City Government which owned the Olongapo City Water District forged a Joint Venture Agreement with Subicwater, Inc.;

WHEREAS, the aforementioned Agreement recognized the considerations of the City Government of Olongapo thereby making it as shareholder and a creditor in Subicwater and Sewerage, Co. Inc.;

WHEREAS, Olongapo City is therefore entitled to the dividends declared by Subicwater and Sewerage, Co. Inc.

NOW, THEREFORE, on motion of Councilor Edwin J. Piano, 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 affirm, as it hereby affirms the shareholdings of Olongapo City Government at Subicwater and Sewerage, Inc. without prejudice to the pending Supreme Court case pertaining to Subicwater.


Let copies of this Resolution be furnished to the Chairman and President of Subicwater and Sewerage, Co., Inc. Chairman and Administrator of Subic Bay Metropolitan Authority and Members of Subicwater Regulatory Board for their information and guidance.

APPROVED UNANIMOUSLY, June 06, 2007.


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
(Absent)


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

BRIAN PATRICK H. GORDON ANSELMO A. AQUINO
City Councilor City Councilor
(Absent)


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


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

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