SP strengthens energy partnership, creates trust funds for dev’t.

IN a significant move towards sustainable development and energy collaboration, the 20th City Council has approved two ordinances aimed at strengthening the city's partnership with Misamis Oriental-1 Rural Electric Service Cooperative, Inc. (MORESCO-1) and ensuring proper management of financial benefits derived from energy generation activities.

The first ordinance grants Mayor Rolando A. Uy the authority to enter into and sign a Memorandum of Agreement (MOA) with MORESCO-1 which will facilitate the granting of financial benefits to the City Government of Cagayan de Oro as a host beneficiary of energy generation companies and energy resource developers.

Aligned with Section 66 of Republic Act No. 9136, also known as the Electric Power Industry Reform Act of 2001, the terms and conditions stipulated in the agreement aim to ensure that the city receives its fair share of benefits from energy projects within its jurisdiction.

Meanwhile, the second ordinance creates two trust fund accounts under the administration of the city government. The funds, will be dedicated to the Development and Livelihood Fund (DLF) and the Reforestation Watershed Management, Health, and/or Environment Enhancement Fund (RWMHEEF).

The City Treasurer is authorized to open and manage these accounts at a government depository bank, ensuring transparent and accountable management of these funds for their designated purposes.

Both legislations were reviewed and endorsed by the Committees on Energy, Finance, Budget and Appropriations, and Laws and Rules, chaired by Councilors Agapito Eriberto G. Suan, Yan Lam S. Lim, and Edgar S. Cabanlas, respectively.