Advanced Search

United States Senate Resolution No. 54, December 17 2009

Original Language Title: Resolução do Senado Federal nº 54, de 17 de dezembro de 2009

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 No. 54, DE 2009

Authorizes the state of Alagoas to hire external credit operation, with Union guarantee, with the International Bank for Reconstruction and Development (Bird), worth up to US$ 195,450,000.00 (one hundred and ninety five million, four hundred and fifty thousand dollars Americans).

The Federal Senate resolves:

Art. 1 It is the State of Alagoas authorized to hire external credit operation, with Union guarantee, with the International Bank for Reconstruction and Development (Bird), worth up to US$ 195,450,000.00 (one hundred and ninety five million, four hundred and fifty thousand U.S. dollars).

Single Paragraph. Are the resources of this credit operation intended to fund, partially, the?Sustainable Developmental Project?.

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

I-dever: State of Alagoas ;

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

III-guarantor: Federative Republic of Brazil ;

IV-value: up to US$ 195,450,000.00 (one hundred and ninety five million, four hundred and fifty thousand U.S. dollars) ;

V-modality: variable margin (variable spread loan) ;

VI-deadline of disbursement: December 31, 2011 ;

VII-amortization: 360 (three hundred and sixty) monthly and consecutive installments, paid in the days 15 of each month, winning the first on January 15, 2010 and the last on December 15, 2039 ;

VIII-interest: required monthly on the same dates of payment of amortization and calculated on the periodic debtor balance of the loan, at a rate comprised of the monthly Libor interest rate for U.S. dollar, plus a margin (spread) to be determined by Bird ;

IX-interest arrears: 0.50% a.a. (fifty hundredths per year) add to the interest due and not yet paid within 30 (thirty) days after the expected date for your payment ;

X-commission in sight: 0.25% (twenty five hundredths per cent) on the value of the loan, to be detached on the date on which the contract enters into effect ;

XI-Bird commission by the swap of the interest rate: 0.01% (one hundredth percent) regarding the operational cost of realization of Libor swap of 6 (six) months, used as a Bird's funding , for Libormonthly ;

XII-cost base swap base cost: variable as pricing of the market of swap.

§ 1º The dates of payments of the principal and financial charges as well as disbursements provided for, may be changed depending on the date of signing of the loan agreement.

§ 2º The borrower will be able to apply for the creditor to change the variable margin hiring for margin fixed, which allows for the use of the following financial instruments:

I-conversion of the interest rate applicable to the partial or total amount of the loan, from float for fixed or vice-versa;

II-change in the reference currency of the credit operation for the amount already disbursed and for the amount to be disbursed.

Art. 3 It is the Union authorized to grant assurance to the State of Alagoas in the contracting of the external credit operation referred to in this Resolution.

Single Paragraph. The exercise of the authorization provided in the caputis conditioned to which the State of Alagoas:

I-contract with the Union for the concession of contragaranties, in the form of binding of the recipes of which treat the arts. 155, 157 and 159, all of the Federal Constitution, and other guarantees in accepted law, and the Federal Government may apply for the transfers of resources required to cover the commitments honoured directly from the centralizing accounts of the state collection or federal transfers ;

II-prove the adimpletion of payments and the provision of accounts provided for in art. 10 of the resolution of the Federal Senate No 48, 2007.

Art. 4 The maximum time limit for the exercise of this authorization is 540 (five hundred and forty) days, counted from the duration of this Resolution.

Art. 5 This Resolution comes into effect on the date of its publication.

Federal Senate, on December 17, 2009.

Senator Jose Sarney

President of the Federal Senate