JG ^Af^LUNGSOD OFFKE

CITYOFVAi.;.nr!A.BUKIDNQN

EXCERPTS FROM THE MINUTES OF THE 62nd REGULAR SESSION OF THE 6lh SANGGUNIANG
PANLUNGSOD, CITY OF VALENCIA, BUKIDNON, HELD AT THE SP SESSION HALL ON DECEMBER
15,2014. i

Present:
Hon. Rolando P. Lavina, g Officer
Hon. Oliver Owen L. Garcia Member/Majority Floor Leader
Hon. Rocfrigo A. Rosai. :Member
Hon. G!en G. Galsrio, Member
Hon. John Lee B. Quit
o, Member
Hon. Helen T. Berna!, Member
Hon. Camilo E. Pepito, Member
Hon. Policarpo P. Muriilo, IV, M.D Member/Minority Floor Leader
Hon. Rolando C. Centillas, Jr., Member
Hon. Glenn P. Peduche, Member
Hon. Arlando L. Caiiele, Member/ABC Fed. Pres.
Hon. Bernabe G. Lauga, Member/IP Representative

Hon. Eduardo D. Chan,

(OB)
RESOLUTION NO. 486-2014
(Q21"1 Regular Session)

A RESOLUTION AUTHORIZING THE CLOSURE OF LAND BANK OF THE

PHILIPPINES HIGH YIELD SAVINGS ACCOUNT NOj 0351-1396-17 AND CREDIT THE
AMOUNT OF FORTY MILLION PESOS (PHP40,000]000.00) O'NLY TO GENERAL
FUND UNDER ACCOUNT NO. 0352-1035-86 AND THE REMAINING BALANCE WILL
BE USED TO OPEN A NEW HIGH YIELD SAVINGS ACCOUNT (HYSA) OF THE CITY
OF VALENCIA. !

Author: Hon. Oliver Owen L. Garcia

WHEREAS, in an endorsement letter dated D^cember 15, 2014: the City Mayor
has endorsed to the Sangguniang Panlungsod the lett^r dated December 15, 2014 from
the OlC-Cily Treasurer, for appropriate action; :

WHEREAS, the City Government of Valencia has a High Yield Savings Account
(HYSA) No. 0351-1396-17 with the Land Bank of thejPhilrppines, Valencia City Branch
with a deposit of One Hundred Sixteen Million Four Hundred Seventeen Thousand One
Hundred Forty Nine Pesos and 79/100 (Php116,417,149.79) as of November 24, 2014 as
contained in the Land Bank of the Philippines (LBP) p^ssbook of the City Government of
Valencia; I

WHEREAS, the OlC-City Treasurer has requ^sted for the closure of the said
existing HYSA, Account No. 0351-1396-17 of the City and transfer the Forty Million Pesos
(Php40,000,000.00) to General Fund Account No No. 0352-1035-86 to backback-up the cash
iti
position f th G ! F d
of the Genera! Fund; :

WHEREAS, the remaining balance of Seventy Six Million Four Hundred Seventeen
Thousand One Hundred Forty Nine Pesos and 79/100 (Php76.417.149.79) will be used
to open a new HYSA of this city; ;

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RESOLUTION NO. 486-2014 j
62" Regular Session ;
D^cember 15.2014

WHEREAS, after thorough discussion and to fa^ilitate bank transaction of the city,
the said closure of HYSA necessitates passage of resolution for purposes of compliance
to the requirements needed by the aforementioned batjik institution;

NOW, THEREFORE, on motion of Honorable Oliver Owen L Garcia, duly

seconded by Honorable Helen T. Bemal, j

BE IT RESOLVED, as it is hereby resolved, to authorize the closure of Land Bank

of the Philippines High Yield Savings Account No. 0351-1396-17 and credit the amount of
Forty Million Pesos (Php40,000,uOO.OO) only to Gene^al Fund under Account No. 0352-
1035-86 and the remaining balance will be used to'open a new High Yield Savings
Account (HYSA) of the City of Valencia. ;

RESOLVED FURTHER, that copy of this resolution be furnished to the Offices of

the City Mayor, City Budget, City Accounting, City Treasurer and Land Bank of the
Philippines (LBP), Valencia City Branch, for information, reference and appropriate action.

APPROVED this 15th day of December 2014. >

! HEREBY CERTIFY that the foregoing Resoluti^n is true and accurate copy of the.
Resolution which was duly approved by the 6th Sangguniang Panlungsod during the 62nd
Regular Session held on December

Attested by^nd/c^^rtified to be duly adopted:

II ,
VM—.
k
r6lando p! lavina
City Vice-Mayor/Presiding Officer

Approved; OEU ^OI4_

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