Advanced Search

United States Senate Resolution No. 47, Of 18 October 2012

Original Language Title: Resolução do Senado Federal nº 47, de 18 de outubro de 2012

Subscribe to a Global-Regulation Premium Membership Today!

Key Benefits:

Subscribe Now for only USD$40 per month.

I do know that the Federal Senate has approved, and I, José Sarney, President, in the terms of art. 48, inciso XXVIII, of the Rules of Procedure, promulgated the following

R E S O L U UNK UNK N °-47, DE 2012

Authorizes the hiring of external credit operation between the State of Mato Grosso and the Inter-American Development Bank (BID), with collateral of the Federative Republic of Brazil, worth up to US$ 15,032,000.00 (fifteen million and thirty-two thousand U.S. dollars), whose resources are intended for the partial funding of the "Development Program of the Fazendary Administration (Professional-MT)".

The Federal Senate resolves:

Art. 1º It is the State of Mato Grosso authorized to hire external credit operation with the Inter-American Development Bank (BID), with collateral of the Federative Republic of Brazil, worth up to US$ 15,032,000.00 (fifteen million and thirty-two thousand U.S. dollars).

Single Paragraph. The proceeds from the credit operation referred to in the caput are intended for the partial funding of the "Development Program of the Fazendary Administration (Professional-MT)".

Art. 2º The credit operation referred to in art. 1º should be carried out under the following conditions:

I-Deptor: State of Mato Grosso ;

II-credor: Inter-American Development Bank (BID) ;

III-guarantor: Federative Republic of Brazil ;

IV-value: up to US$ 15,032,000.00 (fifteen million and thirty-two thousand U.S. dollars) ;

V-disbursement: in up to 4 (four) years, counted from the duration of the contract ;

VI-amortization: semiannual, consecutive plots and, as far as possible, equal, to be paid on June 15 and on December 15 of each year, by winning the first after transcurring up to 4.5 years (four and a half years) of the date of subscription to the contract, and the last one, by up to 20 (twenty) years after this date ;

VII-interest: required semester on the same repayment dates of amortization and calculated on the periodic debtor balance of the loan at an annual fee for each quarter determined by the BID, and composed of the interest rate Libor quarterly to U.S. dollar, plus or minus a cost margin related to BID loans that fund Unimonetary Mechanism loans with Libor-based interest rates, plus the margin for loans from the ordinary capital in force on the date of interest rate determination for each quarter expressed in terms of an annual percentage ;

VIII-credit commission: to be established periodically by the BID, calculated on the non-disbursed balance of the financing, required together with interest, entering into force 60 (sixty) days after the contract is signed, being that under no circumstances can it exceed the percentage of 0.75% a.a. (seventy and five hundredths per cent a year) ;

IX-expenses: depending on the periodic review of its policies, the BID will notify the borrower a value due to meet expenses with inspection and general supervision, but this could not exceed 1% (one per cent) of the funding, divided by the number of semesters understood within the original period of disbursements ;

§ 1º The dates of payment of the principal and financial charges as well as of the planned disbursements may be changed depending on the date of signing of the loan contract.

§ 2º The borrower may, with the written consent of the guarantor, and provided that the terms and conditions set out in the loan agreement are respected, apply for the creditor:

I-conversion to a fixed interest rate of part or the totality of the debtor balances subject to the interest rate based on Libor; and

II-a new conversion of part or the totality of the loan debtor balances calculated at a fixed interest rate for the interest rate based on Libor.

§ 3º For the purposes of applying the fixed interest rate to the loan debtor balances, each conversion can only be carried out at a minimum value equivalent to 25% (twenty-five per cent) of the approved net amount of the funding or US$ 3,000,000.00 (three million U.S. dollars), whatever is greater, unless the conversion is by the balance due remaining from the loan and, in that case, with the approval of the BID, the amount of the conversion may be lower.

Art. 3º It is the Union authorized to grant guarantee to the State of Mato Grosso in the hiring of the external credit operation referred to in this Resolution.

Single Paragraph. The exercise of the authorization provided in the caput is conditioned to that:

I-the State of Mato Grosso celebrates contract with the Union for the concession of contragaranties, in the form of binding of the own revenues that it treats art. 155 and the revenue apportionment quotas of which they treat the arts. 157 and 159, combined with § 4º of the art. 167, all of the Federal Constitution, and other guarantees in law admitted, and the Federal Government may apply for the transfers of resources required to cover the commitments honoured directly from the centralizing accounts of the collection of the State or federal transfers ;

II-the Ministry of Finance check and attest:

a) the adimation situation of the guaranteed one as to the payments and accounts of accounts of which it treats the art. 10 of Resolution 48, 2007, of the Federal Senate ;

b) the substantial fulfillment, by the State of Mato Grosso, of the preconditions to the first disbursement, as per the loan contract.

Art. 4º The maximum period for the exercise of this authorisation shall be 540 (five hundred and forty) days, counted from the duration of this Resolution.

Art. 5º This Resolution shall enter into force on the date of its publication.

Federal Senate, on October 18, 2012.

Senator JOSÉ SARNEY

President of the Federal Senate