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

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N °- 22, DE 2011

Authorizes the Federative Republic of Brazil to hire external credit operation, in the total value of up to US$ 15,000,000.00 (fifteen million 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$ 15,000,000.00 (fifteen million U.S. dollars), with the Inter-American Development Bank (BID).

Single Paragraph. The proceeds of this credit operation are intended for the partial funding of the "Modernization Program of the Union's Estate Management".

Art. 2º The basic financial conditions of the credit operation referred to at art. 1º are as follows:

I-dever: Federative Republic of Brazil ;

II-credor: Inter-American Development Bank (BID) ;

III-total value: up to US$ 15,000,000.00 (fifteen million U.S. dollars) ;

IV-modality: loan of the unimonetary mechanism with interest rate based on Libor;

V-term of disbursement: 5 (five) years, counted from the effective date of the contract ;

VI-amortization: in semi-annual, consecutive plots and, as far as possible, equal, paid in 15 of May and on November 15 of each year, winning the first instalment on the next payment date counted up to five and a half years from the date of signing of the contract and the latter, no later than 20 (twenty) years after this date ;

VII-interest: required semester on the same dates of payment of amortization and calculated on the periodic debtor balance of the loan, at an annual fee for each quarter composed of the Libor quarterly to U.S. dollar, plus (or less) a cost margin related to BID loans that finance the loans of the unimonetary mechanism with interest rate based on Libor, and further the margin (spread) for loans from ordinary capital ;

VIII-credit commission: up to 0.75% a.a. (seventy five hundredths per year), calculated on the undisbursed balance of the loan, required semester on the same interest payment dates, entering into force 60 (sixty) days after signing the contract ;

IX-expenses with inspection and general supervision: up to 1% (one per cent) on the value of the loan, where, in a given semester, if so requires the BID, the value due to meet those expenses may not be higher than that 1% (one per cent) of the value of the financing, divided by the number of semesters understood within the time limit original disbursements.

§ 1º The dates of payment of the principal, financial charges and disbursements, provided for in the minuta contractual, can be changed depending on the date of your subscription.

§ 2º It is provided to the borrower to apply for the conversion of the interest rate from the loan, from variable to fixed and vice versa, of part or of the totality of their debtor balances, with payment of commission to the BID, respected the deadlines and minimum amounts required for the conversions set forth in the corresponding loan agreement.

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 December 29, 2011.

Senator JOSÉ SARNEY

President of the Federal Senate