2009 R - 123 - AUTHORIZING THE HON. MAYOR GORDON TO NEGOTIATE, SIGN, EXECUTE AND DELIVER A MANDATE LETTER WITH THE INTERNATIONAL FINANCE CORP.,

EXCERPTS FROM THE MINUTES OF THE REGULAR SESSION OF THE SANGGUNIANG PANLUNGSOD OF OLONGAPO, HELD ON SEPTEMBER 02, 2009 AT THE CITY HALL.

PRESENT:

Hon. Cynthia G. Cajudo - - - City Vice-Mayor & Presiding Officer

Hon. Gina Gulanes-Perez - - - City Councilor

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. Cheenee F. Hoya- - - - SK Federation President

ABSENT:

Hon. John Carlos G. Delos Reyes- - City Councilor

Hon. Angelito W. Baloy - - - - City Councilor

(Vacation Leave)

RESOLUTION NO. 123

(Series of 2009)

A RESOLUTION AUTHORIZING THE HONORABLE MAYOR JAMES GORDON, JR. TO NEGOTIATE, SIGN, EXECUTE AND DELIVER A MANDATE LETTER WITH THE INTERNATIONAL FINANCE CORPORATION TO ARRANGE AND/OR PROVIDE POSSIBLE SUB-NATIONAL FINANCING, LOANS, AND OTHER FORMS OF INDEBTEDNESS AND MULTILATERAL ASSISTANCE TO THE CITY OF OLONGAPO FOR LANDFILL CONSTRUCTION ANDVARIOUS PURPOSES

WHEREAS, presented before this body for its consideration is a request from the Honorable Mayor seeking authority from the Sangguniang Panlungsod to negotiate, sign and execute a MANDATE LETTER with the International Finance Corporation for possible direct multilateral financing of local government projects in accordance with Book II, Title IV and other relevant sections of the Local Government Code of 1991 (R.A. 7160) – for the construction of a landfill and other potential projects for public service;

WHEREAS, the Honorable Mayor explained that the request is meant to find resources to support and sustain the implementation of the City Government’s priority projects such as, but not limited to, a landfill construction; and especially those which concern infrastructure development, productivity enhancement, job generation and poverty alleviation;

WHEREAS, the International Finance Corporation (“IFC”) is a member of the World Bank Group and, as a multilateral institution of which the Philippines is a member country and shareholder, has formed jointly with the International Bank for Reconstruction & Development (“The IBRD or World Bank”) the Sub-national Finance Department to provide direct or indirect funding facilities for LGUs with the mandate to provide additionality and development impact to achieve its principal goal of reducing poverty and improving people’s lives;

WHEREAS, after due consideration, the Honorable Mayor is satisfied that the proposed engagement of the IFC to arrange and provide possible sub-national financing, long-term loan facilities, and other types of multilateral assistance/support will be consistent with public interest and will enhance the delivery of basic services to the people.

NOW, THEREFORE, on motion of Councilor Aquilino Y. Cortez, Jr. 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 hereby authorize the Honorable Mayor to negotiate, sign, execute and deliver a Mandate Letter with the INTERNATIONAL FINANCE CORPORATION (IFC) for the arrangement and/or provision of sub-national financing, loan/credit/guarantee facilities, and/or other forms of indebtedness and other multilateral assistance to help support the local government’s infrastructure such as but not limited to landfill construction, socio-economic and other development projects;

RESOLVED FURTHER, AS IT IS HEREBY FURTHER RESOLVED, that for such purpose, the Honorable Mayor is likewise authorized to apply for, negotiate, enter into contract, sign, execute and deliver memoranda of agreement, loan agreements, loan documents, projects agreements, credit facilities deeds, loan guarantees, and other necessary documents with the IFC, for the financing/funding/provision of multilateral assistance of the different development projects primarily for landfill construction, and for other Public Service Projects, that may be identified including amendments, renewals and/or extensions thereof under such terms and conditions as may be agreed upon by the parties: provided, however, that the terms and conditions of any loan, credit facility, guarantee arrangement, or similar instrument or agreement shall be subject to the ratification of the Sangguniang Panlungsod after its actual execution but before such agreement or contract will take effect;

RESOLVED FINALLY, that a copy of this Resolution be furnished the IFC for its information, record and action.

APPROVED, September 02, 2009.

CYNTHIA G. CAJUDO

City Vice-Mayor & Presiding Officer

GINA GULANES-PEREZ JOHN CARLOS G. DELOS REYES

City Councilor City Councilor

(Absent)

RODEL S. CEREZO SARAH LUGERNA LIPUMANO-GARCIA

City Councilor City Councilor

(Opposed)

EDWIN J. PIANO ANGELITO W. BALOY

City Councilor City Councilor

(Vacation Leave)

AQUILINO Y. CORTEZ, JR ANSELMO A. AQUINO

City Councilor City Councilor

ELENA C. DABU JONATHAN G. MANALO

City Councilor City Councilor

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