2009 R - 126 - APPROVING THE TERMS AND CONDITIONS OF THE SALE AND MODERNIZATION OF THE OLONGAPO CITY ELECTRIC DISTRIBUTION UTILITY SYSTEM

EXCERPTS FROM THE MINUTES OF THE REGULAR SESSION OF THE SANGGUNIANG PANLUNGSOD OF OLONGAPO, HELD ON SEPTEMBER 9, 2009, 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. 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. Rodel S. Cerezo - - City Councilor

Hon. Sarah Lugerna Lipumano-Garcia- - - “ “

Hon. Angelito W. Baloy - - - City Councilor

(Vacation Leave)

RESOLUTION NO. 126

(Series of 2009)

A RESOLUTION APPROVING THE TERMS AND CONDITIONS OF THE SALE AND MODERNIZATION OF THE OLONGAPO CITY ELECTRIC DISTRIBUTION UTILITY SYSTEM AND AUTHORIZING THE CITY GOVERNMENT TO CONDUCT THE PUBLIC BIDDING FOR THE SALE OF SUCH ASSETS, AND FOR OTHER PURPOSES

WHEREAS, the City Government has sanctioned the sale and modernization of the City’s electric distribution system currently operated by the Public Utilities Department by mobilizing private sector participation, pursuant to City Ordinance No. 25, Series of 2009;

WHEREAS, in order to conduct a fair, open, transparent and competitive public bidding for the divestment/sale of the City’s electric distribution system and to ensure that the sale of the assets will be advantageous to and will benefit the City, the City Government has to approve the terms and conditions for the divestment/sale of and competitive bidding or public auction for the electric distribution system following the guidelines of the Commission on Audit (COA) and other applicable laws, rules and regulations;

NOW, THEREFORE, on motion of Councilor Jonathan G. Manalo 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, that the terms and conditions of the sale and modernization of Olongapo City’s electric distribution utility system as provided for in the attached Terms of Reference/Bidding Procedures and Term Sheet for the Asset Purchase Agreement be and are hereby approved in principle;

RESOLVED FURTHER, AS IT IS HEREBY FURTHER RESOLVED, that the City be and is hereby authorized to conduct the public bidding for the sale and modernization of the distribution assets and business in accordance with the terms and conditions approved herein and following all applicable laws, rules and regulations;

RESOLVED FINALLY, AS IT IS HEREBY FINALLY RESOLVED, that the final terms and conditions of the Asset Purchase Agreement including all other transaction documents shall be subject to the approval of the City Council.

APPROVED, September 9, 2009.

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

(Absent) (Absent)

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