RESOLUTION NO. 2022-1685 (Co-Sponsors: Committee on Finance & Appropriations; and on Infrastructure, Public Bidding & Community Development) "A RESOLUTION APPROVING ON SECOND READING, DRAFT ORDINANCE NO. 116, ENTITLED: AN ORDINANCE AUTHORIZING THE HONORABLE CITY MAYOR TO ENTER INTO AND SIGN FOR AND IN BEHALF OF THE CITY GOVERNMENT OF PAGADIAN, A TERM LOAN AGREEMENT, DEED OF CONTINUING ASSIGNMENT WITH HOLD-OUT AND DEED OF UNDERTAKING IN THE AMOUNT OF ONE HUNDRED FIFTY MILLION (P150,000,000.00) PESOS WITH THE DEVELOPMENT BANK OF THE PHILIPPINES (DBP) REPRESENTED BY ITS LENDING CENTER ACTING HEAD, SM AL BRAIN C. TENORIO, UNDER THE TERMS AND CONDITIONS STIPULATED HEREIN" AND FOR THE CONSIDERATION OF THE SAME ON THIRD AND FINAL READING" WHEREAS, this body, after thorough consideration of the substance and merits of Draft Ordinance No. 116 on Second Reading, finds the proposed measure within the ambit of authority of the body, aside from its very relevance and practicability under the present circumstances; NOW, THEREFORE, on seconded motion of Honorable Arnold R. Gavenia, be it RESOLVED to approve, as it hereby approves on Second Reading, Draft Ordinance No. 116, entitled: "An Ordinance authorizing the Honorable City Mayor to Enter into and Sign for and in behalf of the City Government of Pagadian, a Term Loan Agreement, Deed of Continuing Assignment with Hold-Out and Deed of Undertaking in the amount of One Hundred Fifty Million (P150,000,000.00) Pesos with the Development Bank of the Philippines (DBP) represented by its Lending Center Acting Head, SM AL Brain C. Tenorio, under the terms and conditions stipulated herein," and for the consideration of the same on Third and Final Reading. APPROVED UNANIMOUSLY. I HEREBY CERTIFY to the correctness of the foregoing resolution. MAPHILINDO Q. OBAOB, MPA, MAGaD City Vice Mayor/Presiding Officer Verified: ARNOLD R. GAVENIA SP Member/Asst. Floor Leader Attested: LIONEL B. COMIQUE OIC-Secretary to the Sangguniang Panlungsod