2013 R - 18 - AUTHORIZING MAYOR JAMES GORDON, JR. TO ENTER INTO ACCESSION UNDERTAKING IN ACCORDANCE WITH THE ASSET PURCHASE AGREEMENT (APA); RATIFYING CHANGE FROM CAGAYAN ELECTRIC POWER AND LIGHT COMPANY, INC. (CEPALCO) TO OLONGAPO ELECTRICITY DISTRIBUTION COMPANY, INC. (OEDC)

EXCERPTS FROM THE MINUTES OF THE REGULAR SESSION OF THE SANGGUNIANG PANLUNGSOD OF OLONGAPO, HELD ON FEBRUARY 27, 2013 AT THE CITY HALL.

  

PRESENT:

Hon. Rolen C. Paulino - City Vice-Mayor & Presiding Officer

Hon. Rodel S. Cerezo -  City Councilor 

Hon. Eyrma Yvette Marzan-Estrella-   “        “

Hon. Aquilino Y. Cortez, Jr. - “        “

Hon. James G. de los Reyes - - “       “

Hon. Gina Gulanes-Perez- -“       “

Hon. Elena C. Dabu -  “       “

Hon. Eduardo J. Piano- - “       “

Hon. Edna A. Elane  - - “       “

Hon. Noel Y. Atienza - “       “

Hon. Sarah Lugerna Lipumano-Garcia-“       “

Hon. Dolly Mae M. Ramos- - SK City Federation President

Hon. Carlito A. Baloy -  President, Liga ng mga Barangay

ABSENT:

 None.

RESOLUTION NO.  18

(Series of 2013)

A RESOLUTION AUTHORIZING MAYOR JAMES GORDON, JR. TO ENTER INTO ACCESSION UNDERTAKING IN ACCORDANCE WITH THE ASSET PURCHASE AGREEMENT (APA); RATIFYING CHANGE FROM CAGAYAN ELECTRIC POWER AND LIGHT COMPANY, INC. (CEPALCO) TO OLONGAPO ELECTRICITY DISTRIBUTION COMPANY, INC. (OEDC)

WHEREAS, APA was entered into by and between the City Government and CEPALCO by virtue of City Resolution No. 60, Series of 2010;

WHEREAS, APA provides that after signing date, the Original Sponsor CEPALCO will set up a subsidiary or project company that will directly exercise the rights and carry out CEPALCO’s obligations under APA, all parties executing the Accession Undertaking provided under Schedule 12;

NOW, THEREFORE, on motion of City Councilor Gina Gulanes-Perez, 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 Honorable City Mayor James Gordon, Jr. to enter into  Accession Undertaking in accordance with the Asset Purchase Agreement (APA); ratifying  change from Cagayan Electric Power And Light Company, Inc. (CEPALCO)  to Olongapo Electricity Distribution Company, Inc. (OEDC) for all legal intents in all manners consistent with law.

APPROVED, February 27, 2013.