2005 RES. NO. 05.doc

EXCERPTS FROM THE MINUTES OF THE REGULAR SESSION OF THE SANGGUNIANG PANLUNGSOD OF OLONGAPO, HELD ON
JANUARY 12, 2005, AT THE CITY HALL.

PRESENT:

Hon. Rolen C. Paulino - - - - - - - - - - - - - - City Vice Mayor & Presiding Officer
Hon. Noel Y. Atienza- - - - - - - - - - - - - - - City Councilor
Hon. Cynthia G. Cajudo - - - - - - - - - - - - - “ “
Hon. Teodoro D. del Rosario- - - - - - - - - - “ “
Hon. Bella P. Asuncion - - - - - - - - - - - - - - “ “
Hon. Marey Beth D. Marzan- - - - - - - - - - - “ “
Hon. Angelina B. Andrada - - - - - - - - - - - - “ “
Hon. Anselmo A. Aquino - - - - - - - - - - - - - “ “
Hon. Edwin J. Piano- - - - - - - - - - - - - - - - - “ “
Hon. Gina G. Perez - - - - - - - - - - - - - - - - - “ “
Hon. Napoleon F. Capistrano- - - - - - - - - - - President, Liga ng mga Barangay

ABSENT:

Hon. Brian Patrick H. Gordon - - - - - - - - - - City Councilor
Hon. Robine Rose C. Buenafe - - - - - - - - - - SK Federation President


RESOLUTION NO. 05
(Series of 2005)

A RESOLUTION AUTHORIZING THE CITY MAYOR AND THE CITY TREASURER TO AVAIL ONLY THE PHP2.9 MILLION LOAN PACKAGE FROM THE DEVELOPMENT BANK OF THE PHILIPPINES TO SETTLE OUTSTANDING OBLIGATION CONSISTING OF THE CONSTRUCTION OF THE ESCALATOR AT THE OLONGAPO CITY MALL OUT OF THE PHP4.5 MILLION ADDITIONAL LOAN PACKAGE FROM THE DEVELOPMENT BANK OF THE PHILIPPINES


WHEREAS, Section 22 (a) (5) of the Local Government Code of the Philippines states that every local government unit, as a corporation shall have the power…..

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(5) To enter into contracts

WHEREAS, the power to enter into contracts includes the power to obtain a loan from any refutable financial institution provided a prior authorization and ratification of the said contract of loan by the local legislative body;

WHEREAS, the City of Olongapo has acquired a loan from Development Bank of the Philippines and the Land Bank of the Philippines;



Con’t. of Resolution No. 05, Series of 2005.

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WHEREAS, the City has initially applied for a 65 Million facility from the Land Bank of the Philippines in its letter dated December 8, 2004 has approved an additional loan package granted by the Development Bank of the Philippines;

NOW, THEREFORE, on motion of Councilor Marey Beth D. Marzan, 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 the City Treasurer to avail only the Php2.9 Million loan package from the Development Bank of the Philippines to settle outstanding obligation consisting of the construction of the escalator at the Olongapo City Mall out of the Php4.5 Million additional loan package from the Development Bank of the Philippines;

RESOLVED FURTHER, AS IT IS HEREBY FURTHER RESOLVED, that no amount will be released by the Development Bank of the Philippines until such time that the escalator will be in good running condition.

APPROVED UNANIMOUSLY, January 19, 2005.


CYNTHIA G. CAJUDO
Temporary Presiding Officer


NOEL Y. ATIENZACity Councilor(Objected) TEODORO D. DEL ROSARIO City Councilor
BELLA P. ASUNCION City Councilor MAREY BETH D. MARZANCity Councilor
ANGELINA B. ANDRADACity Councilor BRIAN PATRICK H. GORDONCity Councilor (Absent)
ANSELMO A. AQUINOCity Councilor EDWIN J. PIANOCity Councilor
GINA G. PEREZCity Councilor(Objected) NAPOLEON F. CAPISTRANO President, Liga ng mga Barangay

ROBINE ROSE C. BUENAFE
SK Federation President
(Absent)

Con’t. of Resolution No. 05, Series of 2005.

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ATTEST:

ELFLIDA S. SALMON
City 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