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United States Senate Resolution No. 48, Of 30 June 2005

Original Language Title: Resolução do Senado Federal nº 48, de 30 de junho de 2005

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

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No. 48, DE 2005

Authorizes the Federative Republic of Brazil to hire external credit operation in the total value of up to US$ 38,600,000.00 (thirty-eight million and six hundred thousand U.S. dollars), with the Inter-American Development Bank-BID.

The Federal Senate resolves:

Art. 1º It is the Federative Republic of Brazil authorized to hire external credit operation in the total value of up to US$ 38,600,000.00 (thirty-eight million and six hundred thousand U.S. dollars), with the Inter-American Development Bank-BID.

Single Paragraph. The proceeds from this credit operation are intended for the partial funding of the Modernization Program of the External Control System of the States, Federal District and Brazilian municipalities-Promoex.

Art. 2º The basic financial conditions of the credit operation are as follows:

I-dever: Federative Republic of Brazil ;

II-creditor: Inter-American Development Bank-BID ;

III-total value: up to US$ 38,600,000.00 (thirty-eight million and seishundred thousand U.S. dollars) ;

IV-loan modality: Unimonetary Mechanism ;

V-term of disbursement: up to 4 (four) years ;

VI-amortization: semiannual and consecutive plots as far as possible, equal, winning the first 6 (six) months from the date originally intended for the final disbursement and the last no later than 20 (twenty) years after signing the contract ;

VII-interest: required semester, calculated on the basis of the cost of caption of the Bank for qualified unimonetary loans, ascertained during the 6 (six) months prior to their respective maturities, plus reasonable margin, expressed in terms of annual percentage, for coverage of administrative expenses ;

VIII-credit commission: required semester on the same dates as payments of interest, and calculated on the basis of the rate of up to 0.75% a.a. (seventy five hundredths per cent a year), on the undisbursed balance of the loan, entering into force 60 (sixty) days after the contract is signed, with, at first, the borrower to pay the fee of 0.25% a.a. (twenty-five hundredths per cent per year), and this percentage may be modified every six months by the Bank without, under any circumstances, it may exceed the expected percentage of 0.75% a.a. (seventy and five hundredths per cent a year) ;

IX-resources for inspection and general supervision: during the period of disbursements, will not be reserved resources for inspection expenses for general inspection and supervision, unless the Bank establishes the opposite during such a period. In no case, in order to meet the said expenses in a given semester, you will be able to target resources in excess of 1% (one per cent) of the funding, divided by the number of semesters understood within the original disbursement deadline.

Single Paragraph. The dates of payment of the principal and financial charges may be changed depending on the date of signing of the contract.

Art. 3º The authorisation granted by this Resolution is to be exercised within 540 (five hundred and forty) days, counted from the date of its publication.

Art. 4º This Resolution shall enter into force on the date of its publication.

Federal Senate, on June 30, 2005

Senator Renan Calheiros

President of the Federal Senate