Provincial Development Trust Fund Modifies Dec. 286/95 - Full Text Of The Rule

Original Language Title: FONDO FIDUCIARIO PARA EL DESARROLLO PROVINCIAL MODIFICACION DEL DEC. 286/95 - Texto completo de la norma

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image inicio sitio infoleg MInisterio de Justicia y Derechos Humanos
FUND FOR PROVINCIAL DEVELOPMENT Decree 1289/98 Amend Decree No. 286/95, extending the object for which the Fund was created, enabling the financing of programs for the reform of the provincial states. Bs. As., 4/11/98 B.O.: 10/11/98

VISTO Article 3 of Law No. 24.623, Decree No. 286 of 27 February 1995, Decree No. 445 of 28 March 1995, Decree No. 114 of 9 February 1996, Decree No. 104 of 3 February 1997, the Trust Agreement of 6 March 1995 between the ARGENTINA NATIONAL NATIONAL BANCO and the NATIONAL STATE, which is referred to as a trustee and the NATIONAL STATE.


That Decree No. 286 of 27 February 1995 established the FONDO FIDUCIARIO FOR PROVINCIAL DEVELOPMENT in order to assist the banks of the Province subject to privatization and to encourage the privatization of other provincial enterprises, thereby signing a trust contract between the NATIONAL STATE as a fiduciant and the BANCO of the ARGENTINA NATION as a trustee, in order to channel and transmit the above-mentioned goods.

That the privatization programme of provincial banks and companies has been successfully implemented for the most part, detracting from completing the privatization processes of only some provincial financial entities.

Various reforms of the provincial states are under way, initiated in order to heal their public finances and improve the management areas of these jurisdictions, such as sectors of the real economy, education, justice, health and security.

Given the satisfactory results of the management of the FONDO FIDUCIARIO FOR PROVINCIAL DEVELOPMENT and the desirability of carrying out the reforms still pending in the provincial ambit, it is reasonable to expand the object for which the Fund was created, in the terms in which it is done in this Decree, allowing the financing of the reform programmes of the provincial states.

That article 3 of Act No. 24,623 authorized the NATIONAL EXECUTIVE POWER to expand the object of the FIDUCARY FUND for PROVINCIAL DEVELOPMENT, to finance other programs for the reform of the provincial states to heal their public finances, in addition to those provided for in their opportunity.

In addition, in view of the modification of the object of the FONDO FIDUCIARIO FOR PROVINCIAL DEVELOPMENT, it is appropriate to authorize the MINISTERY OF ECONOMY AND ARTWS AND PUBLIC SERVICES to subscribe to the NATION BANCO ARGENTINA a modification contract of the Trust Agreement quoted in the View, in order to adapt it to the terms of this Decree.

That he has taken the intervention of the General Directorate of Political Affairs of the MINISTERY of ECONOMY and ARTWORKS and PUBLIC SERVICES.

That the present measure is determined in the use of the powers conferred by Article 99(1) of the NATIONAL CONSTITUTION and by Article 3 of Law No. 24,623.




Article 1 -Replace Article 1 of Decree No. 286 of 27 February 1995 with the following text:

"ARTICULO 1 -Constitute a FONDO FIDUCIARIO FOR PROVINCIAL DEVELOPMENT, which, under the conditions provided for in this Decree and in the Trust Agreement to be signed between the NATIONAL STATE and the ARGENTINA NATION BANCO, will have the following purpose:

(a) Assist Provinces or Municipalities in the privatization of financial entities or any other companies whose capital is totally or partially owned by such Provinces or municipalities.

(b) To finance programs of fiscal, financial, economic or administrative reform of the Provincial States, whose main objective is to consolidate the Provincial Public Sector Reform, through agile and flexible mechanisms to ensure the definitive implementation of the basic reforms and the progress in generating programmes to improve social public expenditure and regional development.

(c) Assist and finance programs that cover the sanitation of the debts of the Provincial States, their renegotiation and/or cancellation.

(d) Assist and finance development programmes, improve efficiency, increase the quality of benefits and strengthen the real economy, education, justice, health and safety sectors in general. "

Art. 2° -In order to comply with the object defined in Article 1, with each beneficiary province, a plan for the reform of the state and the sanitation of its public finances should be agreed upon, which provides an equitable contribution of the taxpayers of the respective jurisdictions, an appropriate effort on the part of the provincial treasury stipends and a regulatory and legislative framework conducive to the development of private economic activities. Art. 3° -Authorize the MINISTERY OF ECONOMY AND ARTWORKS AND PUBLIC SERVICES to subscribe with the BANCO OF THE ARGENTINA NATION, as a Trustee of the FIDUCIARY FUND FOR PROVINCIAL DEVELOPMENT established by Decree No. 286 of 27 February 1995, a amended contract of the Trust Contract authorized by Annex I to the aforementioned Decree, Art. 4° -Contact, post, give to the National Directorate of the Official Register and archvese. -MENEM.-Jorge A. Rodríguez-Roque B. Fernández. NOTE: This Decree is issued without an Annex. The Unpublished Documentation can be consulted at the Central Headquarters of the Official Gazette (Suipacha 767 Capital Federal).