2008 R - 168 - AUTHORIZING THE CITY MAYOR AND THE CITY TREASURER TO REPRESENT THE CITY OF OLONGAPO TO ENTER INTO A CONTRACT OF LOAN WITH THE DBP

EXCERPTS FROM THE MINUTES OF THE REGULAR SESSION OF THE SANGGUNIANG PANLUNGSOD OF OLONGAPO, HELD ON OCTOBER 22, 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. Aquilino Y. Cortez, Jr.- - - - - - - - - - - - - - - - “ “
Hon. Anselmo A. Aquino- - - - - - - - - - - - - - - - - - “ “
Hon. Elena C. Dabu- - - - - - - - - - - - - - - - - - - - - - “ “
Hon. Jonathan G. Manalo- - - - - - - - - - - - - - - - - - “ “
Hon. Carlito A. Baloy - - - - - - - - - - - - - - - - - - - - President, Liga ng mga Barangay
Hon. Cheenee F. Hoya- - - - - - - - - - - - - - - - - - - - SK Federation President

ABSENT:

Hon. Angelito W. Baloy - - - - - - - - - - - - - - - - - - City Councilor
(Sick Leave)

RESOLUTION NO. 168
(Series of 2008)

A RESOLUTION AUTHORIZING THE CITY MAYOR AND THE CITY TREASURER TO REPRESENT THE CITY OF OLONGAPO TO ENTER INTO A CONTRACT OF LOAN WITH THE DEVELOPMENT BANK OF THE PHILIPPINES (DBP) IN THE PRINCIPAL AMOUNT OF TWENTY FOUR MILLION NINE HUNDRED SIXTY NINE THOUSAND ONE HUNDRED FORTY PESOS (PhP24,969.140.00) FOR THE CITY’S DEVELOPMENT PROGRAMS AND TO SIGN THE LOAN AGREEMENT, DEED OF ASSIGNMENT, THE PROMISORY NOTE
AND OTHER DOCUMENTS RELATED THERETO.

WHEREAS, as per letter dated 25 June 2008 of the City Mayor to Ms.Severa Minda Ruckenbrod, Acting Branch Head of DBP, proceeds of the loan will be distributed to the following city’s development programs and projects;

Mandatory Requirements:

20% Development Fund - - - - - - - - - PhP 4,993,828.00
5% Calamity Fund - - - - - - - - - - - - - 1,248,457.00

10 % Increase Over Basic

Monthly salary effective July 1 - - - - - - PhP 11,035,356.00

Community Based Monitoring System - - PhP 1,500,000.00

Computerization Project ( Phase II) - - - - PhP 5,941,499.00

Repair of L-300 Van (City Council) - - - - - - PhP 250,000.00

TOTAL - - - - - - - - - - - - - - - - - - - - -PhP 24,969,140.00

WHEREAS, this in effect supersedes Resolution No. 98, Series of 2008.

NOW, THEREFORE, on motion of Councilor Jonathan G. Manalo, 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 authorize the City Mayor and the City Treasurer of the City of Olongapo to enter into, negotiate and obtain a loan in the principal amount of Twenty Four Million Nine Hundred Sixty Nine Thousand One Hundred Forty Pesos only (PhP24,969.140.00) from DBP in behalf of the City of Olongapo for the City’s Development Program, a priority project of the City.

RESOLVED, that the City Mayor and the City Treasurer whose names and signatures appear hereunder be authorized, as they are hereby authorized, to negotiate and conclude such loan, to sign, execute and deliver loan and collateral agreements, promissory notes and such other pertinent papers, instruments, and documents and to do all acts and things necessary, proper and convenient under the premises for and in behalf of the City:

NAME SPECIMEN SIGNATURE

_____________________ _____________________
JAMES J. GORDON JR.

_____________________ _____________________
MARCELINO D. ANDAWI

RESOLVED, to authorize as it hereby authorizes the City to do, undertake, execute and perform the following acts:

1. The continuing assignment of the City’s applicable portion of the Internal Revenue Allotment (IRA), Realty Taxes and other taxes and other revenues, in favor of DBP;

2. The issuance of an authorization/instruction letter to the Department of Budget and management (the “DBM”) to remit all or a portion of the City’s share of the IRA directly to DBP for deposit to the City’s deposit account threat;

3. The undertaking not to cause transfer of the remittance of IRA or any portion thereof by the DBM from DBP to any other bank without the DBP’s prior written consent until the loan and other charges shall have been fully paid;

4. The designation of DBP as its principal depository bank and the opening and maintenance of a deposit account (the “Deposit Account”) with DBP where the City’s share in IRA or a portion thereof shall be deposited during the term of the loan and payments of its obligation shall be debited;

5. The assignment of the appropriate portion of the City’s other revenues with undertaking to remit the same to DBP in case the IRA, realty tax collections, project revenues are insufficient to service the loan amortization;

6. The undertaking of the City to include in its annual budget the required amortization to service its loan obligations with DBP.

RESOLVED, that this Resolution once approved and executed shall be valid and effective until the loan with DBP has been fully settled and paid.

RESOLVED FINALLY, that copies of this Resolution be furnished the Office of the City Mayor, the City Treasurer’s Office, the Auditor’s Office, the concerned Development Council and DBP.

APPROVED UNANIMOUSLY, October 22, 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
(Sick Leave)

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

ELENA C. DABU JONATHAN G. MANALO
City Councilor City Councilor

CARLITO A. BALOY CHEENEE F. HOYA
President, Liga ng mga Barangay 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