2008 R - 62 - RATIFYING THE EXTENSION OF THE LOAN AGREEMENT BETWEEN THE DEVELOPMENT BANK OF THE PHILIPPINES AND THE CITY GOVERNMENT OF OLONGAPO

EXCERPTS FROM THE MINUTES OF THE REGULAR SESSION OF THE SANGGUNIANG PANLUNGSOD OF OLONGAPO, HELD ON MAY 7, 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. Rodel S. Cerezo - - - - - - - - - - - - - - - - - - - - “ “
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 - - - - - - - - - - - - - - - - - - - - - “ “
Hon. Carlito A. Baloy- - - - - - - - - - - - - - - - - - - - - President, Liga ng mga Barangay
Hon. Cheenee F. Hoya - - - - - - - - - - - - - - - - - - - - SK Federation President

ABSENT:

None.

RESOLUTION NO. 62
(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 FROM 13 APRIL 2008 TO 06 APRIL 2009

WHEREAS, the Olongapo City Government has availed of the Twenty-Two Million “One-on-One” loan 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 from 13 April 2008 to 06 April 2009;

NOW, THEREFORE, on motion of Councilor Gina G. Perez and 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 unanimous accord 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 City Government and the Development Bank of the Philippines concerning the Twenty-Two Million “One-on-One” loan from 13 April 2008 to 06 April 2009.

APPROVED UNANIMOUSLY, May 7, 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

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


CHEENEE F. HOYA
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