RESOLUTION NO. 2020-0797 (Sponsored by: Honorable Arnold R. Gavenia) "A RESOLUTION AUTHORIZING THE HONORABLE CITY MAYOR TO NEGOTIATE, FOR AND IN BEHALF OF THE CITY GOVERNMENT OF PAGADIAN, WITH THE LAND BANK OF THE PHILIPPINES (LBP) FOR THE AVAILMENT OF A LOAN PACKAGE UNDER THE RESTORATION AND INVIGORATION PACKAGE FOR A SELF-SUFFICIENT ECONOMY TOWARDS UPGROWTH FOR LGUS (RISE UP LGUS) LENDING PROGRAM" WHEREAS, the Land Bank of the Philippines (LBP), in support to the Local Government Units effort to mitigate the impact of the COVID-19 pandemic, has launched the Restoration and Invigoration Package for a Self-Sufficient Economy Towards Upgrowth for LGUs (RISE UP LGUs) Lending Programs which aims to provide credit financing to LGUs as part of their COVID-19 response and in the implementation of economic stimulus plan to revive local economies; WHEREAS, along with the foregoing program and, with the passage into law of Republic Act No. 11494 otherwise known as the "Bayanihan to Recover As One Act," the national government has allocated appropriate funds to the Land Bank of the Philippines for use to subsidize the payment of loan interest which shall be made applicable to LGU loans under the RISE UP LGUs Lending Program; WHEREAS, upon careful perusal and evaluation, this body, finding such program beneficial and most helpful in the City Government's effort to contain, if not control, the further spread of COVID-19 cases in the city, deems it imperatively necessary to grant the City Chief Executive with the necessary authority to negotiate, among others, the terms and conditions for the availment of the said loan package; NOW, THEREFORE, on seconded motion of Honorable Arnold R. Gavenia, be it RESOLVED to authorize, as this body hereby authorizes the Honorable City Mayor to negotiate, for and in behalf of the City Government of Pagadian, with the Land Bank of the Philippines (LBP) for the availment of a Loan Package under the Restoration and Invigoration Package for a Self-Sufficient Economy Towards UPgrowth for LGUs (RISE UP LGUs) Lending Program. RESOLVED, FURTHER, to let copies of this Resolution be furnished His Honor, City Mayor Samuel S. Co, for his information and favorable consideration; and the Land Bank of the Philippines through DM Joselito S. Ano, Head, Zamboanga del Sur LC, for information. APPROVED UNANIMOUSLY. I HEREBY CERTIFY to the correctness of the foregoing resolution. SAM TYRA F. CO Verified: Chairman Pro Tempore, Presiding ATTY. TEODORO M. QUICOY SP Member/Floor Leader Attested: ELKID P. NACUA Secretary to the Sangguniang Panlungsod