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United States Senate Resolution No. 52, Of 31 October 2012

Original Language Title: Resolução do Senado Federal nº 52, de 31 de outubro de 2012

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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 °-52, DE 2012

Authorizes the State of Minas Gerais to hire external credit operation, with Union guarantee, with the International Bank for Reconstruction and Development (Bird), worth up to US$ 450,000,000.00 (four hundred and fifty million of U.S. dollars).

The Federal Senate resolves:

Art. 1º It is the State of Minas Gerais authorized to hire external credit operation, with Union guarantee, with the International Bank for Reconstruction and Development (Bird), worth up to US$ 450,000,000.00 (four hundred and fifty million of U.S. dollars).

Single Paragraph. The proceeds of this credit operation are intended for the partial funding of the "Third Partnership Program for the Development of General Mines".

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

I-dever: State of Minas Gerais ;

II-credor: International Bank for Reconstruction and Development (Bird) ;

III-guarantor: Federative Republic of Brazil ;

IV-value: up to US$ 450,000,000.00 (four hundred and fifty million U.S. dollars) ;

V-modality: variable margin loan ;

VI-amortization of the debtor balance: in 50 (fifty) semi-annual, successive and equal plots, paid on April 15 and on October 15 of each year, winning the first on October 15, 2017, and the latter, on October 15 of 2042 ;

VII-interest applicable: required semester on the same repayment dates of amortization and calculated on the periodic debtor balance of the loan, at a rate composed of the interest rate Libor semiannual for the dollar american, increased by a margin to be determined by the Bird every fiscal exercise ;

VIII-interest arrears: 0.5% a.a. (five tenths per cent a year) add to the interest due and not yet paid ;

IX-commissions: 0.25% (twenty-five hundredths per cent) on the value of the loan, to be paid up to 60 (sixty) days after the contract goes into effect.

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

§ 2º It is permitted to the borrower, already duly authorized by this Resolution, with the consent of the guarantor, by formal solicitation to the creditor, to exercise the option of:

I-conversion of the interest rate applicable to the partial or total amount of the loan, from fixed to float, and a new conversion of part or the totality of the debtor balances from the floating to fixed loan ;

II-establish ceilings and bands for interest rate fluctuation ;

III-change the reference currency of the credit operation to the amount already disbursed and disburse.

§ 3º For the exercise of the options referred to in § 2º, the collection of the costs incurred by the Bird as well as of transaction commission is authorized.

Art. 3º It is the Union authorized to grant guarantee to the State of Minas Gerais in contracting the external credit operation referred to in this Resolution.

§ 1º The exercise of the authorization provided for in the caput is conditional upon the State of Minas Gerais to contract with the Union for the concession of contragaranties, in the form of binding of the revenue of which they treat the arts. 155, 157 and 159, I, "a", 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 state collection or federal transfers.

§ 2º Previously on the signing of the contract, the Ministry of Finance will verify and attest to the adimation of the State of Minas Gerais as to the payments and accounts of accounts of which it treats art. 10 of Resolution 48, 2007, of the Federal Senate, as well as the fulfilment of the preconditions for the first disbursement.

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 31, 2012.

Senator JOSÉ SARNEY

President of the Federal Senate