Key Benefits:
Bs. As., 6/1/92
VISTO Law No. 23,696 and its Decree No. 1105 of 24 October 1989; and
CONSIDERING:
That in order to maintain the functioning of FERROCARRILES ARGENTINOS in the same conditions as the current ones, until the delivery of the concessions, it is necessary to carry out a minimum plan of maintenance and maintenance of tracks and repair of the tractive and rolling material.
In the absence of such tasks the possibilities of maintaining the necessary materials for the service are very limited, due to the decrease in the locomotive park, aggravated by the deterioration of roads that would prevent the circulation in the short term.
That the contribution of the National Treasury to FERROCARRILES ARGENTINOS, is currently limited to the amount of remuneration and its personnel accessories.
That the income of FERROCARRILES ARGENTINOS does not cover operating egresses excluded wages or minimum investments which has resulted in an important accumulation of liabilities with suppliers.
That the consolidation of the liabilities of ARGENTIN FERROCARRILES is essential not covered by Law No. 23.982.
That the NATIONAL EXECUTIVE POWER is authorized to issue public debt values in accordance with articles 33 of Law No. 11.672 (as amended by Article 34 of Law No. 16.432 and Act No. 16.911) and 13 of Law No. 23.990.
That the present measure is determined in accordance with the powers conferred by article 86, paragraph 1, of the NATIONAL CONSTITUTION.
Therefore,
THE PRESIDENT OF THE ARGENTINA NATION
RIGHT:
Article 1 El The BANCO CENTRAL OF THE ARGENTINA REPUBLIC in its character as the Financial Agent of the NATIONAL GOVERNMENT, will proceed to issue, at the request of the SECRETARIAT OF HACIENDA, values of the Public Debt in American Dollars called "FERROBONS" for amount of up to US$ 400,000 (Paragraph replaced by art. 4th of the Decree No. 526/92 B.O. 7/4/1992)
(a) Date of issue: October 1, 1991.
(b) Growth: They will be extended as perpetual, without maturity.
(c) Application: "FERROBONOS" may be used as a means of payment in the asset sales of ARGENTIN FERROCARRILES and METROPOLITANOS S.A. Canons and/or rentals of concessions and/or property of FERROCARRILES ARGENTINOS and METROPOLITANOS S.A. can also be paid.
The bonds shall be received at their nominal value and interest at the date of application of the same and in the proportions specified by the sellers for each legal act.
If they are used to cancel obligations in national currency they will be converted by applying the type of sales exchange, of closure of the ARGENTINA NATION BANK of the day prior to that of their application to payment. (Paragraph incorporated by art. 5o of the Decree No. 526/92 B.O. 7/4/1992)
(d) Interests: The interest rate in the interbank market of LONDRES (LIBOR) will be earned for deposits in Eurodollars to CIENTO OCHENTA (180) days of term. This rate will be determined by the BANCO CENTRAL OF THE ARGENTINA REPUBLIC on the average basis that arises from the rates informed by its correspondent banks in that square, at the close of the concerted operations THREE (3) business days before beginning each income period.
Interests will be paid semi-annually in US dollars.
(Replaced by art. 6o of the Decree No. 526/92 B.O. 7/4/1992)
(e) Ownership and negotiation: They shall be descriptive under the conditions set out in article 4 (c) of Decree No. 211 of 24 January 1992. (Replaced by art. 6o of the Decree No. 526/92 B.O. 7/4/1992)
Art. 2o . The bonds that are issued by Article 1 of this Decree shall be offered to the creditors of FERROCARRILES ARGENTINS in payment of liquid, enforceable, unconditional and not covered by Law No. 23.982, expired before October 1, 1991. The receipt of the amount of FERROBONOS that corresponds in each case will imply the termination of the receivable, expressly waiving the creditor to the rights and actions that correspond to it as the holder of the obligation that is extinguished.
Art. 3o . Debts likely to be paid with the bond of consolidation of liabilities Law No. 23.982, will be cancelled in accordance with the provisions of it. With the same effect as set out in the previous article, creditors may choose to collect their claims with Bonuses of Consolidation of Assets Law No. 23982 at par.
Art. 4o . Unpaid dues arising from agreements whose original maturity are prior to 1 September 1991 and which are not reached by Law No. 23,982, will be cancelled with the FERROBONO, respecting the agreed withdrawals.
Art. 5o . The debts prior to the validity of the Law on Convertibility and not covered by Law No. 23.982 shall be adjusted by the index of wholesale prices General level, from its expiry until 31 March 1991; and from 1 April 1991 until 30 September 1991 interest shall be accrued, applying the rate provided for in Article 1 (d) of this Decree.
Art. 6th . The payment of interest to its maturity will be carried out by the BANCO CENTRAL OF THE ARGENTINA REPUBLIC.
Art. 7o (Article 7 of the Decree No. 526/92 B.O. 7/4/1992)
Art. 8o (Article 7 of the Decree No. 526/92 B.O. 7/4/1992)
Art. 9th . For the purpose of the attention of the financial services, as well as for the expenses that demand the tasks related to the emission and delivery of the values, the BANCO CENTRAL OF THE ARGENTINA REPUBLIC may debit the official accounts open to the SECRETARIAT of HACIENDA that is appropriately agreed.
Art. 10. El The MINISTERY OF ECONOMY AND ARTWORKS AND SERVICES PUBLICOS will be the authority to implement this regime.
Art. 11. LA THE GENERAL CONTADURY OF THE NATIONAL NATIONAL DIRECTION AND DEUDAMENT PUBLICA will take the intervention he has.
(Article replaced by Article 8 of the Decree No. 526/92 B.O. 7/4/1992)
Art. 12. . Communicate, publish, give to the National Directorate of the Official Register and archvese. . MENEM. . Domingo F. Cavallo.
