2016 - R - 33 A RESOLUTION AUTHORIZING THE CITY MAYOR, HONORABLE ROLEN C. PAULINO TO ENTER INTO AND SIGN THE DEED OF ABSOLUTE SALE FROM THE DMCI PROJECT DEVELOPERS, INC., THE DEED OF ACCESSION TO THE JOINT VENTURE AGREEMENT AND OTHER DOCUMENTS RELATIVE THERETO


EXCERPTS FROM THE MINUTES OF THE SPECIAL SESSION   OF THE SANGGUNIANG PANLUNGSOD OF OLONGAPO, HELD ON
MARCH 18, 2016 AT THE CITY HALL.

PRESENT:
           
Hon. Aquilino Y. Cortez, Jr. - - - - - - - - - - - -City Councilor & Temporary Presiding Officer
Hon. Eduardo G. Guerrero - - - - - - - - - - - - -City Councilor
Hon. Elena C. Dabu - - - - - - - - - - - - - - - - - -City Councilor
Hon. Noel Y. Atienza- - - - - - - - - - - - - - - - -City Councilor  
Hon. Alreuela M. Bundang-Ortiz - - - - - - - - -City Councilor     
Hon. Edna A. Elane- - -  - - - - - - - - - - - - - - -City Councilor
            Hon. Emerito Linus D. Bacay  - - - - - - - - - - -City Councilor
            Hon. Randy C. Sionzon  - - - - - - - - - - - - - - -President, Liga ng mga Barangay
Hon. Egmidio M. Gonzales, Jr. - - - - - - - - - -Indigenous Peoples Mandatory Representative

ABSENT:

Hon. Rodel S. Cerezo- - - - - - - - - - - - - - - - -City Vice-Mayor
Hon. Eyrma Yvette D. Marzan-Estrella- - - - -City Councilor
Hon. Eduardo J. Piano - - - - - - - - - - - - - - - -City Councilor
            Hon. Benjamin G. Cajudo II - - - - - - - - - - - -City Councilor                                        
   

RESOLUTION NO. 33
(Series of 2016)

A RESOLUTION AUTHORIZING THE CITY MAYOR, HONORABLE ROLEN C. PAULINO TO ENTER INTO AND SIGN THE DEED OF ABSOLUTE SALE FROM THE DMCI PROJECT DEVELOPERS, INC., THE DEED OF ACCESSION TO THE JOINT VENTURE AGREEMENT AND OTHER DOCUMENTS
RELATIVE THERETO

            WHEREAS,   pursuant to Resolution No. 29, Series of 2015,   the City Mayor, Honorable Rolen C. Paulino was given authority to buy Subic Water and Sewerage Company, Inc. Shares of Stock from the DM Consunji Project Developers, Inc. representing ten percent (10%) shares or equivalent to Nine Hundred Fifty Thousand Five Hundred Eighty (915,580) shares at Two Hundred Thirty Pesos (PHP230) per share amounting to Two Hundred Ten Million Five Hundred Eighty Three Thousand Four Hundred Pesos (PhP210,583,400.00);

            WHEREAS, the DMCI, Project Developers, Inc. is the owner of Three Million Six Hundred Sixty Two Thousand Three Hundred Twenty common “D” shares of stock representing 40% of the total issued and outstanding capital stock of Subic Water and Sewerage Company, Inc.

            WHEREAS,  Olongapo City explicitly expressed its intention to buy, acquire and purchase Nine Hundred Fifty Thousand Five Hundred Eighty (915,580) shares of stocks and DMCI Project Developers, Inc. has agreed to sell that same number of common “D” shares of stocks;





Con’t. of Resolution No. 33, Series of 2016.

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WHEREAS,  by virtue of Resolution No. 30, Series of 2015, the City Mayor was likewise given the authority to contract a loan with the Development Bank of the Philippines amounting to Two Hundred Ten Million Five Hundred Eighty Three Thousand Four Hundred Pesos  (PhP210,583,400.00) for the purchase of the said stocks;

WHEREAS,  the City also received the Monetary Board Opinion from Bangko Sentral ng Pilipinas as regards to the implications of the proposed loan from the Development Bank of the Philippines (DBP) to finance the said purchase of Subicwater stocks with the notice of approval for the release of the first tranche of the approved loan;

WHEREAS, premises considered it is absolutely necessary that an authority be given for the local chief executive to  enter into and sign the Deed of Absolute Sale from the DMCI Project Developers, Inc., Irrevocable Proxy and the Deed of Accession to the Joint venture Agreement and other documents relative thereto;

WHEREAS, for such, this is also to explicitly provide the authority for the full execution of the said Deed of Accession to the Joint Venture Agreement;

            NOW, THEREFORE, on motion of City 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, Honorable Rolen C. Paulino to enter into and sign the Deed of Absolute Sale from the DMCI Project Developers, Inc., the Deed Of Accession to the Joint Venture Agreement and other documents relative thereto.

            Let a copy of the Deed of Absolute Sale be made as integral part of this Resolution.

APPROVED UNANIMOUSLY,  March 18, 2016.

                                       

RODEL S. CEREZO
City Vice-Mayor
(absent)


  EYRMA YVETTE D. MARZAN-ESTRELLA                        EDUARDO J. PIANO
                          City Councilor                                                                    City Councilor
                             (absent)                                                                   (absent)
                                                                                                                                                                                                                                                                                         
       AQUILINO Y. CORTEZ, JR.                                         EDUARDO G. GUERRERO                 
                     City Councilor                                                                           City Councilor        
          Temporary Presiding Officer       
                                                                                               
   
            BENJAMIN G. CAJUDO II                                                 ELENA C. DABU
                       City Councilor                                                            City Councilor
                          (absent)         
                         
                       
Con’t. of Resolution No. 33, Series of 2016.

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              NOEL Y. ATIENZA                                     ALREUELA M. BUNDANG-ORTIZ                         
                   City Councilor                                                                City Councilor
                                                                                   
                                                                                                                                         
                EDNA A. ELANE                                               EMERITO LINUS D. BACAY
                    City Councilor                                                           City Councilor                    


                RANDY C. SIONZON                                               EGMIDIO M. GONZALES, JR.
        President, Liga ng mga Barangay                 Indigenous Peoples Mandatory Representative               
                                   

ATTEST:

                         MILDRED C. MONJE
                      Temporary Council Secretary


APPROVED BY HIS HONOR, THE CITY MAYOR ON________________________________.



                                                                                    ROLEN C. PAULINO
                                                                                                City Mayor
ATTEST:

                    SHEILA R. PADILLA
                  Secretary to the City Mayor


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