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 UNK

No. 27, DE 2009

Authorizes the state of Pernambuco a hire external credit operation, with Union warranty, with the International Bank for Reconstruction and Development (Bird), worth US$ 154,000,000.00 percent (one hundred and fifty-four million U.S. dollars).

The Federal Senate resolves:

Art. 1º It is the State of Pernambuco authorized to hire external credit operation, with Union guarantee, with the International Bank for Reconstruction and Development (Bird), worth US$ 154,000,000.00 percent (one hundred and fifty-four million U.S. dollars).

Single Paragraph. Are the resources of this credit operation intended to fund, partially, the?Education Development and Public Management Program?.

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

I-dever: State of Pernambuco ;

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

III-guarantor: Federative Republic of Brazil ;

IV-value: US$ 154,000,000.00 percent (one hundred and fifty-four million U.S. dollars) ;

V-modality: variable margin ;

VI-deadline of disbursement: until December 31, 2013 ;

VII-amortization: 20 (twenty) semi-annual, successive installments and, where possible, equal, paid on days 15 of the months of April and October each year, winning the first on April 15, 2014 and the last on October 15, 2023, each instalment corresponding to 5% (five percent) of the total loan value ;

VIII-interest: required semester on the same dates of payment of amortization and calculated on the periodic debtor balance of the loan, at a rate composed of the semi-annual Libor interest rate for U.S. dollar increased from a margin to be determined by the Bird semester ;

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 effectiveness.

§ 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. 3º It is the Union authorized to grant guarantee to the State of Pernambuco in the hiring of the external credit operation referred to in this

Single Paragraph. The exercise of the authorization provided for in the caput is conditional upon the State of Pernambuco to enter into 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, 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.

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

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

Federal Senate, on September 24, 2009.

Senator Jose Sarney

President of the Federal Senate