2005 RES. NO. 10.doc

EXCERPTS FROM THE MINUTES OF THE REGULAR SESSION OF THE SANGGUNIANG PANLUNGSOD OF OLONGAPO, HELD ON
JANUARY 26, 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. Brian Patrick H. Gordon - - - - - - - - - - “ “
Hon. Anselmo A. Aquino - - - - - - - - - - - - - “ “
Hon. Gina G. Perez - - - - - - - - - - - - - - - - - “ “
Hon. Robine Rose C. Buenafe - - - - - - - - - - SK Federation President

ABSENT:

Hon. Edwin J. Piano- - - - - - - - - - - - - - - - - City Councilor
Hon. Napoleon F. Capistrano- - - - - - - - - - - President, Liga ng mga Barangay
(On Official Business)

RESOLUTION NO. 10
(Series of 2005)

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 TERM OF THE P23.0 MILLION SHORT-TERM LOAN FOR ANOTHER 360 DAYS

WHEREAS, Section 22 of the Local Government Code of the Philippines provides that “Every local government unit, as a corporation, shall have the following powers such as to enter into contracts”;

WHEREAS, Paragraph c of the same section of the Local Government Code of the Philippines states that “Unless otherwise provided in this Code, no contract may be entered into by the local chief executive in behalf of the local government unit without prior authorization by the Sanggunian concerned”;

WHEREAS, Section 455 of the aforementioned Code further states that the City Mayor, as the chief executive of the City Government, shall exercise such powers and perform such duties and functions as provided by this Code and other laws; represent the city in all its business transaction and sign in behalf all bonds, contracts, and obligations and such other documents upon authority of the Sangguniang Panlungsod or pursuant to law or ordinance;

WHEREAS, pursuant to power granted by the said Code, this City through the local chief executive has availed of P23.0 million back-to-back loan from DBP for the construction of the Olongapo City Commercial and Cultural Center;


Con’t. of Resolution No. 10, Series of 2005.

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WHEREAS, the said loan was granted last December 2003 under the same interest rates with the city’s long term P84.0 million loan agreement;

WHEREAS, the city has already negotiated with DBP for the increase of the loan package to reflect the conversion of the short-term loan to long-term loan;

WHEREAS, since the application is under process with DBP, there is a need to extend the short-term loan for another 360 days;

NOW, THEREFORE, on motion of Councilor Noel Y. Atienza, with the unanimous accord 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 negotiate with the Development Bank of the Philippines (DBP) and to sign all documents pertaining to the extension of the term of the P23.0 Million short-term loan for another 360 days.

RESOLVED FURTHER, AS IT IS HEREBY FURTHER RESOLVED, that the letter of the City Mayor dated January 19, 2005 shall form as an integral part of this Resolution.

APPROVED UNANIMOUSLY, January 26, 2005.


ROLEN C. PAULINO
City Vice Mayor & Presiding Officer


NOEL Y. ATIENZA CYNTHIA G. CAJUDO
City Councilor City Councilor


TEODORO D. DEL ROSARIO BELLA P. ASUNCION
City Councilor City Councilor


MAREY BETH D. MARZAN ANGELINA B. ANDRADA
City Councilor City Councilor


BRIAN PATRICK H. GORDON ANSELMO A. AQUINO
City Councilor City Councilor




Con’t. of Resolution No. 10, Series of 2005.

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EDWIN J. PIANO GINA G. PEREZ
City Councilor City Councilor
(Absent)


NAPOLEON F. CAPISTRANO ROBINE ROSE C. BUENAFE
President, Liga ng mga Barangay SK Federation President
(On Official Business)

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