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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Do I know that the Senate approved, and I, Jose Sarney, President, pursuant to art. 48, paragraph XXVIII, the internal regulations, enact the following R E S O L U t I O N°-52, of 2012 Authorizes the State of Minas Gerais to hire external credit operation, with guarantee of the Union with the International Bank for reconstruction and development (IBRD), worth up to $ 450,000,000.00 (450 million u.s. dollars).
The Senate resolves: Art. first is the State of Minas Gerais authorized to hire external credit operation, with guarantee of the Union with the International Bank for reconstruction and development (IBRD), worth up to $ 450,000,000.00 (450 million u.s. dollars).
Sole paragraph. The features of credit operation are intended for partial financing of the "Third Partnership program for development of Minas Gerais".
Art. 2 the credit operation referred to in art. 1st should be conducted under the following conditions: (I)-debtor: State of Minas Gerais;
II-creditor: International Bank for reconstruction and development (IBRD);
III-guarantor: Federative Republic of Brazil;
IV-value: up to $ 450,000,000.00 (450 million u.s. dollars);
V-mode: variable margin loan;
VI-amortization of debt balance: in 50 (50) semi-annual installments, successive and equal pay on April 15 and October 15 each year, winning the first in October 15, 2017 and the last on October 15, 2042;
VII. applicable interest: required semi-annually on the same payment dates and amortization calculated on the outstanding balance of the loan, the journal a composite rate for the six-month Libor interest rate to the u.s. dollar, plus a margin to be determined by the Bird every fiscal year;
VIII-interest: 0.5% p.a. (five tenths by 100 per year) plus the interest due and not yet paid;
IX – committees: 0.25% (twenty-five cents per 100) on the value of the loan, to be paid up to 60 (60) days after the contract enter into effectiveness.
(1) the dates of payment of the principal, the financial charges and disbursements referred to can be changed depending on the date of signature of the loan contract.
§ 2 is allowed to the borrower, already duly authorized by this resolution, with the consent of the guarantor, by formal request to the creditor to exercise the option to: (I) conversion of the interest rate applicable to partial or total amount of the loan, fixed to floating, and a new cast of part or all of the debt balances of floating loan for fixed;
II-establish ceilings and bands to interest rate fluctuation;
III-change the reference currency of credit operation for the sum already paid and the shell out.
(3) For the exercise of the options referred to in paragraph 2, shall be authorized to recover the costs incurred by the Bird, as well as Commission transaction.
Art. third is the Union authorized to grant guarantee to the State of Minas Gerais in the hiring of external credit operation referred to in this resolution.
(1) the authorization referred to in the caput is conditioned to the State of Minas Gerais celebrates the Union contract for the provision of counter-guarantees in the form of binding that deal with the arts. 155, 157 and 159, I, a, 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.
(2) prior to the signing of the contract, the Ministry of Finance shall verify and certify the State of Minas Gerais defaulting again as to payments and benefits of accounts contemplated in art. 10 of resolution No. 48, 2007, of the Senate, as well as the fulfilment of the preconditions to the first disbursement.
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 31 October 2012.
Senator JOSÉ SARNEY, President of the Senate

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