2010 R - 31 - AUTHORIZING THE CITY MAYOR AND CITY TREASURER TO NEGOTIATE WITH THE DBP AND TO SIGN ALL DOCUMENTS

EXCERPTS FROM THE MINUTES OF THE REGULAR SESSION OF THE SANGGUNIANG PANLUNGSOD OF OLONGAPO, HELD ON MARCH 24, 2010 AT THE CITY HALL.

PRESENT:

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

Hon. Rodel S. Cerezo- - - City Councilor

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. Jonathan G. Manalo- - - - “ “

Hon. Audie S. Sundiam- - - - President, Liga ng mga Barangay

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

ABSENT:

Hon. Gina Gulanes-Perez - -- - - City Councilor

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

(Vacation Leave)

RESOLUTION NO. 31

(Series of 2010)

A RESOLUTION AUTHORIZING THE CITY MAYOR AND CITY TREASURER TO NEGOTIATE WITH THE DEVELOPMENT BANK OF THE PHILIPPINES (DBP) AND TO SIGN ALL DOCUMENTS PERTAINING TO THE EXTENSION OF THE MATURITY OF THE TWENTY TWO MILLION (PHP22.0M) 1:1 LOAN FOR ANOTHER 358 DAYS FROM 31 MARCH 2010 TO 24 MARCH 2011

WHEREAS, the Olongapo City Government has availed of the Twenty Two Million “One-on-One” loan with the Development Bank of the Philippines which will expire on April 1, 2010;

WHEREAS, the City has already negotiated with DBP for the extension of the said loan for another 358 days from 31 March 2010 to 24 March 2011;

NOW, THEREFORE, on motion of City Councilor Jonathan G. Manalo, co-sponsored by City Councilors Rodel S. Cerezo, Edwin J. Piano, Aquilino Y. Cortez, Jr., Anselmo A. Aquino, Elena C. Dabu, Audie S. Sundiam and Cheenee F. Hoya, 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 authorizes the City Mayor and City Treasurer to negotiate with the Development Bank of the Philippines (DBP) and to sign all documents pertaining to the extension of the maturity of the Twenty Two Million (Php22.0M) 1:1 loan for another 358 days from 31 March 2010 to 24 March 2011.

APPROVED, March 24, 2010.

CYNTHIA G. CAJUDO

City Vice-Mayor & Presiding Officer

GINA GULANES-PEREZ JOHN CARLOS G. DELOS REYES

City Councilor City Councilor

(Absent) (On Vacation Leave)

RODEL S. CEREZO SARAH LUGERNA LIPUMANO-GARCIA

City Councilor City Councilor

(Opposed)

EDWIN J. PIANO *ANGELITO W. BALOY

City Councilor City Councilor

AQUILINO Y. CORTEZ, JR. ANSELMO A. AQUINO

City Councilor City Councilor

ELENA C. DABU JONATHAN G. MANALO

City Councilor City Councilor

AUDIE S. SUNDIAM 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

*Out during votation