THE City Council during its regular session Monday presided over by Vice Mayor Raineir Joaquin V. Uy enacted an ordinance authorizing the city treasurer to open two trust fund accounts for the downloading of the remittances by the Cagayan de Oro City Electric Power and Light Company to the city government of Cagayan de Oro.
The account represents the share for financial benefit of its total electricity sales pursuant to Department Circular No. DC2018-08-0021, Rule 29(A) of the Implementing Rules and Regulations of Republic Act No. 9136, otherwise known as the “Electric Power Industry Reform Act of 2001”, and Department of Energy (DOE) Circular No. DDC2020-0400080, “Rationalizing the Utilization of ER 1-94 Funds by host LGU in response to the Covid-19 Public Health Emergency.
Mayor Oscar Moreno estimated the account to total P3 million. This will be used to pay the purchase of two COVID-19 testing equipment.