United States Senate Resolution No. 63, 19 December 2012

Original Language Title: Resolução do Senado Federal nº 63, de 19 de dezembro de 2012

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Do I know that the Senate approved, and I, Jose Sarney, President of the Senate, pursuant to art. 48, paragraph XXVIII, the internal regulations, enact the following: R E S O L U t I O N°-63, of 2012 authorizes the State of Bahia to hire external credit operation, with guarantee of the Union, with the Inter-American Development Bank (IDB), worth up to $ 600,000,000.00 (600 million u.s. dollars).
The Senate resolves: Art. first is the State of Bahia authorized to hire external credit operation, with guarantee of the Federative Republic of Brazil, with the Inter-American Development Bank (IDB), worth up to $ 600,000,000.00 (600 million u.s. dollars).
Sole paragraph. The features of credit operation is intended to "Fiscal Balance consolidation program for the development of the State of Bahia (Proconfis II)".
Art. 2 the credit operation referred to in art. 1st should be conducted under the following conditions: (I)-debtor: State of Bahia;
II-creditor: Inter-American Development Bank (IDB);
III-guarantor: Federative Republic of Brazil;
IV-value: up to $ 600,000,000.00 (600 million u.s. dollars);
V-mode: loan with interest rate based on Libor;
I saw a period of disbursement: up to 2 (two) years from the date of entry into force of the agreement;
VII-depreciation: upon payment of semi-annual payments in a row, winning the first 5 (five) years and 6 (six) months after the date of the contract, and the last, up to 20 (twenty) years after the effective date;
VIII-interest: the borrower shall pay interest on the daily debit balances at a rate which shall be determined in accordance with the art. 3.03 of the general standards; the first payment must occur after 6 (six) months, counting from the period of the contract; While the loan has not been the subject of no conversion, the borrower will pay interest at a Libor-based interest rate; in this case, the interest shall be carried out at an annual rate for each quarter given by the IDB on a date for determining the interest rate based on Libor for each quarter, as follows: the Libor rate), more or less; b) IDB funding cost; Additionally, the borrower must pay, as interest, the margin applicable to loans from ordinary capital;
. IX-conversions: with the consent of the guarantor, the borrower may request the IDB currency conversion or conversion of interest rate at any time during the term of the contract, in accordance with the provisions of chapter V of the general standards, and for the currency conversion, the borrower may request a disbursement or all or part of the balance due to be converted to the currency of country borrower or in a local currency that the Bank can mediate efficiently, and, for the conversion of interest rate, the borrower can request, in respect of part or all of the balance due, the Libor-based interest rate is converted into a fixed interest rate or any other rate conversion option of interest requested by the borrower and accepted by the IDB;
X-credit commissions: to be established periodically by the IDB, calculated on the balance not paid the loan and demanded together with interest, entering into force 60 (60) days after signature of the contract, and may not exceed, in any case, the 0.75% p.a. (75 hundredths by 100 per year);
XI-inspection and supervision costs: according to current policy, the Bank will not charge you amount to meet general inspection and supervision costs; in any periodic review of its policies, the IDB will notify you, in this hypothesis, the borrower about the amount due in a given semester, which may not exceed 1% (1%) of the funding, divided by the number of semesters understood within original disbursement schedule.
Sole paragraph. Is the borrower allowed to exercise formal request to the creditor, the conversion options provided for in item (IX) of this article.
Art. third is the Union authorized to grant guarantee to the State of Bahia in the hiring of external credit operation referred to in this resolution.
Sole paragraph. The authorization referred to in the caput is conditioned to that: I the State of Bahia celebrated the Union contract for the provision of counter-guarantees in the form of binding that deal with the arts. 155, 157 and 159, pursuant to § 4 of art. 167, all of the Federal Constitution, and other guarantees in law permitted the Federal Government to require transfers of resources to cover the commitments honored directly towards centralization of the accounts of the State or federal transfers;
II-the Ministry of finance check and replenish: a) the Bahia State defaulting again as to payments and benefits of accounts contemplated in art. 10 of resolution No. 48, 2007, of the Senate, as disciplined by § 5 of the same article, and as for the art. 16 of resolution No. 43 of 2001, the Federal Senate;
b) compliance with special conditions for substantial the first disbursement in the loan agreement.
Art. 4 the maximum time limit for the exercise of this authorization shall not exceed 540 (540) days, counted from the validity of this resolution.
Art. 5 this decision shall enter into force on the date of its publication.
Senate, on 19 December 2012.
Senator JOSÉ SARNEY, President of the Senate

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