2008 R - 23 - RATIFYING THE EXTENSION OF THE LOAN AGREEMENT BETWEEN THE DBP AND THE CITY GOVERNMENT OF OLONGAPO CONCERNING THE TWENTY TWO MILLION

EXCERPTS FROM THE MINUTES OF THE REGULAR SESSION OF THE SANGGUNIANG PANLUNGSOD OF OLONGAPO, HELD ON FEBRUARY 20, 2008 AT THE CITY HALL.

PRESENT:

Hon. Cynthia G. Cajudo - - - - - - - - - - - City Vice-Mayor & Presiding Officer Hon. Gina Gulanes-Perez - - - - - - - - - - - - - - - - City Councilor
Hon. John Carlos G. Delos Reyes - - - - - - - - - - - - “ “
Hon. Sarah Lugerna Lipumano-Garcia- - - - - - - - - “ “
Hon. Edwin J. Piano - - - - - - - - - - - - - - - - - - - - - “ “
Hon. Angelito W. Baloy - - - - - - - - - - - - - - - - - - “ “
Hon. Aquilino Y. Cortez, Jr. - - - - - - - - - - - - - - - - “ “
Hon. Anselmo A. Aquino - - - - - - - - - - - - - - - - - - “ “
Hon. Elena C. Dabu - - - - - - - - - - - - - - - - - - - - - “ “

ABSENT:

Hon. Rodel S. Cerezo - - - - - - - - - - - - - - - - - - - - - City Councilor
(On Official Business)
Hon. Carlito A. Baloy- - - - - - - - - - - - - - - - - - - - - President, Liga ng mga Barangay
(On Official Business)
Hon. Cheenee F. Hoya - - - - - - - - - - - - - - - - - - - - SK Federation President


RESOLUTION NO. 22
(Series of 2008)

A RESOLUTION RATIFYING THE EXTENSION OF THE LOAN AGREEMENT BETWEEN THE DEVELOPMENT BANK OF THE PHILIPPINES AND THE CITY GOVERNMENT OF OLONGAPO CONCERNING THE TWENTY TWO MILLION “ONE ON ONE” LOAN UNTIL 13 APRIL 2008

WHEREAS, Section 22 (a)(5) of the Local Government Code of the Philippines provides that “Every local government unit, as a corporation, shall have the power 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 transactions 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 a twenty two million pesos “one on one” with the Development Bank of the Philippines which expired last 13 January 2008;

WHEREAS, the City has already negotiated with DBP for the extension of the said loan until 13 April 2008;

NOW, THEREFORE, on motion of Councilor Gina G. Perez co-sponsored by Councilors John Carlos G. delos Reyes, Rodel S. Cerezo, Edwin J. Piano, Angelito W. Baloy, Aquilino Y. Cortez, Jr., Anselmo A. Aquino, Elena C. Dabu, Carlito A. Baloy and Cheenee F. Hoya, with the majority decision of the Members of the Sangguniang Panlungsod present,

RESOLVED, AS IT IS HEREBY RESOLVED, by the Sangguniang Panlungsod in session assembled to ratify, as it hereby ratifies the extension of the loan agreement between the Development Bank of the Philippines and the City Government of Olongapo concerning the Twenty Two Million “One On One” loan until 13 April.
APPROVED, February 20, 2008.


CYNTHIA G. CAJUDO
City Vice-Mayor & Presiding Officer


GINA GULANES - PEREZ JOHN CARLOS G. DELOS REYES
City Councilor City Councilor


RODEL S. CEREZO SARAH LUGERNA LIPUMANO-GARCIA
City Councilor City Councilor
(On Official Business) (Opposed)


EDWIN J. PIANO ANGELITO W. BALOY
City Councilor City Councilor


AQUILINO Y. CORTEZ, JR ANSELMO A. AQUINO
City Councilor City Councilor


ELENA C. DABU CARLITO A. BALOY
City Councilor President, Liga ng mga Barangay
(On Official Business)


CHEENEE F. HOYA
SK Federation President
(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