2008 R - 201 - AUTHORIZING THE HONORABLE CITY MAYOR TO SPEARHEAD A STUDY FOR THE VALUATION OF THE SHARES OF THE CITY IN SUBICWATER, INC.

EXCERPTS FROM THE MINUTES OF THE REGULAR SESSION OF THE SANGGUNIANG PANLUNGSOD OF OLONGAPO, HELD ON DECEMBER 23, 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. 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. Anselmo A. Aquino- - - -- - City Councilor


RESOLUTION NO. 201
(Series of 2008)

A RESOLUTION AUTHORIZING THE HONORABLE CITY MAYOR TO SPEARHEAD A STUDY FOR THE VALUATION OF THE SHARES OF THE CITY IN SUBICWATER, INC. AND TO EVENTUALLY ENGAGE THE SERVICES OF A REPUTABLE APPRAISER FOR THE VALUATION OF SHARES SUBJECT TO EXISTING LAWS

WHEREAS, the City of Olongapo has always been in the forefront of innovative and best practices of local government units in the Philippines;

WHEREAS, the City of Olongapo has consistently garnered awards from reputable organizations in view of the fiscal management and efficient exercise of proprietary and governmental functions for the benefit of Olongapenos;

WHEREAS, the City of Olongapo has taken steps to protect the interests of its constituents in the operation and management of public utilities particularly water distribution;

WHEREAS, there is a need to immediately place a pecuniary value on the shares held by the Olongapo City Government at Subicwater, Inc. to assess the options of the City;

WHEREAS, Subic Bay Metropolitan Authority already passed a Resolution to study the privatization of Subicwater, Inc. and appraise the value of their shares;

WHEREAS, the City of Olongapo will save taxpayers money in case it will join Subic Bay Metropolitan Authority in having the value of its shares appraised.

NOW, THEREFORE, on motion of Councilor Aquilino Y. Cortez, Jr. with the majority decision of the Members of Sangguniang Panlungsod present;

RESOLVED, AS IT IS HEREBY RESOLVED, by the members of the Sangguniang Panlungsod in session assembled authorizes, as it hereby authorizes, the Honorable City Mayor to study the privatization of Subicwater, Inc. in tandem with Subic Bay Metropolitan Authority and to engage the services of a reputable appraiser for the valuation of Subicwater shares held by Olongapo City.

Let copies of this Resolution be furnished to the Administrator and CEO of Subic Bay Metropolitan Authority for their information and guidance.

APPROVED, December 23, 2008.



CYNTHIA G. CAJUDO
City Vice-Mayor & Presiding Officer

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

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

EDWIN J. PIANO ANGELITO W. BALOY
City Councilor City Councilor
(Opposed) (Opposed)

AQUILINO Y. CORTEZ, JR ANSELMO A. AQUINO
City Councilor City Councilor
(Absent)

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