SP authorizes Mayor as official signatory for LBP

THE 20th City Council on its regular session Monday presided over by Vice Mayor Jocelyn B. Rodriguez, enacted an ordinance authorizing the change or updating of the signatory from City Mayor Oscar S. Moreno to City Mayor Rolando A. Uy of the 10-Year Term Loan availed by the City Government of Cagayan de Oro from the Land Bank of the Philippines (LBP).

It can be recalled that the 19th City Council enacted Ordinance No. 14000-2020, entitled: “An Ordinance authorizing the Honorable City Mayor Oscar S. Moreno to apply and avail of the Ten-Year Term Loan Facility of the Land Bank of the Philippines (LBP) in the amount of P1 Billion to finance the priority projects and further authorizing the Honorable City Mayor to sign the contract covering the said loan.”

Through Resolution No. 013-2023, the Local Finance Committee during its meeting last February 9, 2023, conferred that it is necessary to update the signatory relative to the LGU’s availed loan from LBP since the term of the former City Mayor Moreno has already ended.

The legislation was certified urgent by City Mayor Uy and unanimously endorsed by all members of the City Council.