United States Senate Resolution No. 22 Of 29 December 2011

Original Language Title: Resolução do Senado Federal nº 22, de 29 de dezembro de 2011

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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°-22, 2011 Authorizes the Federative Republic of Brazil to hire external credit operation, for a total value of up to $ 15,000,000.00 (fifteen million u.s. dollars), with the Inter-American Development Bank (IDB).
The Senate resolves: Art. 1 the Federative Republic of Brazil is authorized to hire external credit operation, for a total value of up to $ 15,000,000.00 (fifteen million u.s. dollars), with the Inter-American Development Bank (IDB).
Sole paragraph. The features of credit operation are intended for partial funding of the "programme for the modernisation of the management of the real estate assets of the Union".
Art. 2 The basic financial conditions of credit operation referred to in art. 1 are as follows: I-borrower: Federative Republic of Brazil;
II-creditor: Inter-American Development Bank (IDB);
III-total value: up to $ 15,000,000.00 (fifteen million u.s. dollars);
IV-mode: loan unimonetário engine with Libor-based interest rate;
V-disbursement period: 5 (five) years from the date of the contract;
VI-amortization: in semi-annual installments, consecutively and, to the extent possible, equal, paid in May 15 and November 15 each year, winning the first installment on the next payment date counted to five and a half years of the date of signature of the contract and the last within 20 (twenty) years thereafter;
VII-interest: required semi-annually on the same payment dates and amortization calculated on the outstanding balance of the loan to a regular annual fee for each quarter made up of the quarterly American dollar Libor for more (or less) a cost related to the IDB financing loans loans unimonetário engine with interest rate based on Libor, plus the margin (spread) for loans from ordinary capital;
VIII-credit Commission: up to 0.75% p.a. (75 cents per 100 a year), calculated on the disbursed loan balance not required every six months on the same dates of payment of interest, entering into force 60 (60) days after the signing of the contract;
IX-general inspection and supervision expenses: up to 1% (1%) about the value of the loan, being that, in a given semester, if so request the IDB, the amount due to meet these expenses cannot be higher than the said 1% (1%) of the funding, divided by the number of semesters understood within original disbursement schedule.
(1) the dates of payment of the principal, the financial charges and disbursements, provided for in the draft contract, can be modified on the basis of the date of its signature.
paragraph 2 is provided to the borrower to request the conversion of the loan interest rate, for fixed variable and vice versa, some or all of their debt balances, with payment of Commission to the IDB, respected the time limits and minimum amounts required for conversions set out in the relevant loan agreement.
Art. 3 the authorisation granted by this resolution must be exercised within 540 (540) days, counted of the date of its publication.
Art. 4 this resolution shall enter into force on the date of its publication.
Senate, on 29 December 2011.
Senator JOSÉ SARNEY, President of the Senate

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