2013 R - 22 - AUTHORIZING THE CITY MAYOR JAMES GORDON, JR. TO ENTER INTO A MEMORANDUM OF AGREEMENT/DEED OF ASSIGNMENT WITH PSALM IN THE AMOUNT OF FIVE HUNDRED MILLION PESOS (PHP500,000,000.00) FROM THE PROCEEDS OF THE PUBLIC UTILITIES DEPARTMENT’S ASSET SALE

EXCERPTS FROM THE MINUTES OF THE REGULAR SESSION OF THE SANGGUNIANG PANLUNGSOD OF OLONGAPO, HELD ON MARCH 13, 2013 AT THE CITY HALL.

PRESENT:

Hon. Gina Gulanes-Perez- City Councilor & Temporary 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. 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:

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

RESOLUTION NO.  22

(Series of 2013)

A RESOLUTION AUTHORIZING THE CITY MAYOR JAMES GORDON, JR. TO ENTER INTO A MEMORANDUM OF AGREEMENT/DEED OF ASSIGNMENT WITH PSALM IN THE AMOUNT OF FIVE HUNDRED MILLION PESOS (PHP500,000,000.00) FROM THE PROCEEDS OF THE  PUBLIC UTILITIES DEPARTMENT’S ASSET SALE

WHEREAS, City Resolution No.18, Series of 2013 reiterating City Resolution No. 60, Series of 2010 provides that a portion of the proceeds from the PUD asset sale is allocated to the NAPOCOR now PSALM, the amount of which is however not stipulated;

WHEREAS, Olongapo Electric Distribution Company, Inc. has already secured its franchise and there is a need to assign the proceeds of the PUD asset sale in consonance with the aforesaid city resolutions;

NOW, THEREFORE, on motion of City Councilor Eduardo J. Piano co-sponsored by City Councilors Rodel S. Cerezo, Eyrma Yvette Marzan-Estrella, Elena C. Dabu, and Edna A. Elane, 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 James Gordon, Jr. to enter, execute and sign the  Memorandum of Agreement/Deed of Assignment with in the amount of  Five Hundred Million Pesos (PhP500,000,000.00)  to be taken from the proceeds of the Public Utilities Department’s Asset Sale in favor of PSALM represented by Mr. Emmanuel Ledesma, in a manner consistent with law.

APPROVED, March  13, 2013.