RESOLUTION NO. 2021-0968 Sponsored by: (Committee on Infrastructure, Public Bidding and Community Development) "A RESOLUTION APPROVING ON SECOND READING DRAFT ORDINANCE NO. 060, ENTITLED: "AN ORDINANCE AUTHORIZING THE BORROWING OF THE CITY OF PAGADIAN, PROVINCE OF ZAMBOANGA DEL SUR WITH THE LAND BANK OF THE PHILIPPINES (LBP) IN THE TOTAL PRINCIPAL AMOUNT OF ONE HUNDRED SIXTY MILLION (P160,000,000.00) PESOS FOR THE PURPOSES STATED HEREIN, AND FOR CONSIDERATION ON THIRD AND FINAL READING" WHEREAS, with reference to letter-recommendation of the Honorable City Mayor for him to be sanctioned to mortgage an amount of P160,000,000.00 with the Land Bank of the Philippines, the body through the Committee on Finance & Appropriations came up with a favorable recommendation of Draft Ordinance No. 060 on Second Reading; WHEREAS, upon assessment and evaluation on the merits of the proposal, this Sanggunian is convinced that the said endeavor will further boost the city's local infrastructure and socio-economic development to its increasing number of constituents; NOW, THEREFORE, on seconded motion of Honorable Arnold R. Gavenia, be it RESOLVED to approve, as this body hereby approves on Second Reading and for consideration on Third Reading Draft Ordinance No. 060, entitled: "An Ordinance Authorizing the Borrowing of the City of Pagadian, Province of Zamboanga del Sur with the Land Bank of the Philippines (LBP) in the total principal amount of One Hundred Sixty Million (P160,000,000.00) pesos for the purposes stated herein", and for consideration on Third and Final Reading. APPROVED UNANIMOUSLY. I HEREBY CERTIFY to the correctness of the foregoing resolution. RONALD CHRISTOPHER GLENN L. ARIOSA Verified: SP Member, Presiding ARNOLD R. GAVENIA SP Member/Asst. Floor Leader Attested: ELKID P. NACUA Secretary to the Sangguniang Panlungsod