2008 R - 107 - RATIFYING THE AMENDMENT TO TERM LOAN AGREEMENT BETWEEN THE DBP AND OLONGAPO CITY

EXCERPTS FROM THE MINUTES OF THE SPECIAL SESSION OF THE SANGGUNIANG PANLUNGSOD OF OLONGAPO, HELD ON JULY 10, 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. 107
(Series of 2008)

A RESOLUTION RATIFYING THE AMENDMENT TO TERM LOAN AGREEMENT BETWEEN THE DEVELOPMENT BANK OF THE PHILIPPINES (DBP) AND OLONGAPO CITY DATED JULY 9, 2008 IDENTIFIED AS DOC. 200, PAGE 40 BOOK NO. V, SERIES OF 2008

WHEREAS, this resolution pertains to the loan which financed the construction of an annex building and the purchase of several medical equipment intended for the use at the James L. Gordon Memorial Hospital;

WHEREAS, the said list of medical equipment was amended for practicality and was therefore ratified through Resolution No. 130, Series of 2007;

WHEREAS, the amended list, as a result, affected the amount of loan obtained by the City from the Development Bank of the Philippines (DBP), availing only One Hundred One Million Eight Hundred Seventy Three Thousand, Four Hundred Twenty Five Pesos (PhP101,873,425.00) instead of the originally approved loan amount of One Hundred Four Million, Five Hundred Thousand Pesos (PhP104,500,000.00).

WHEREAS, this resolution aims to acknowledge and confirm the discrepancy and thereby amends the term loan of agreement in the pursuit of transparency and consistency;

NOW, THEREFORE, on motion of the majority 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 amendment to term loan agreement between the Development Bank of the Philippines (DBP) and Olongapo City dated July 9, 2008 identified as Doc. 200, Page 40, Book No. V, Series of 2008.

Let the Amendment To Term Loan Agreement between the Development Bank of the Philippines (DBP) and Olongapo City be made an integral part of this Resolution.

APPROVED UNANIMOUSLY, July 10, 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