2008 R - 98 - AUTHORIZING THE CITY MAYOR TO REPRESENT THE CITY OF OLONGAPO TO ENTER INTO A SEVEN-YEAR TERM LOAN WITH THE DBP

EXCERPTS FROM THE MINUTES OF THE REGULAR SESSION OF THE SANGGUNIANG PANLUNGSOD OF OLONGAPO, HELD ON JUNE 25, 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. 98
(Series of 2008)

A RESOLUTION AUTHORIZING THE HONORABLE CITY MAYOR JAMES GORDON, JR. TO REPRESENT THE CITY OF OLONGAPO TO ENTER INTO A SEVEN-YEAR TERM LOAN WITH THE DEVELOPMENT BANK OF THE PHILIPPINES (DBP) USING AS COLLATERAL THE TWENTY FOUR MILLION NINE HUNDRED SIXTY NINE THOUSAND ONE HUNDRED FORTY PESOS (PHP24,969,140.00) SHARE OF THE CITY IN THE UNRELEASED INTERNAL REVENUE ALLOTMENT (IRA) DIFFERENTIAL FOR FYs 2001 AND 2004 FOR THE PURPOSE/S STATED HEREIN AND TO SIGN THE LOAN AGREEMENT, DEED OF ASSIGNMENT, THE PROMISSORY NOTE AND THE OTHER DOCUMENTS RELATED THERETO


WHEREAS, there is a need to immediately monetize the Internal Revenue Allotment (IRA) differential for fiscal years 2001 and 2004 to be utilized for the benefit of Olongapeños;

WHEREAS, the said monetized IRA shall be primarily used for the increase on basic salary of city government employees;

WHEREAS, the Development Bank of the Philippines, the major creditor of the city, has indicated that it is willing to consider providing said IRA differential as collateral for the aforementioned projects;

NOW, THEREFORE, on motion of Councilor Gina G. Perez, 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 authorize, as it is hereby authorizes the Honorable Mayor James Gordon, Jr. to enter into, negotiate and obtain a seven year term loan with DBP using as collateral the (PhP24,969,140.00) share of the city in the unreleased internal revenue Allotment for FYs 2001 and 2004 for the above-mentioned purpose.

RESOLVED FURTHER, AS IT IS HEREBY FURTHER RESOLVED, to authorize, as it hereby authorizes the City Mayor James Gordon Jr. to do, undertake execute and perform the said acts and that this Resolution once approved and executed shall be valid and effective until the loan with DBP has been fully settled and paid.

Let copies of this Resolution be furnished to the Offices of the City Mayor, the Treasurer, the Auditor, and the Development Bank of the Philippines

APPROVED, June 25, 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
(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


CHEENEE F. HOYA
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