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

RESOLUTION # 6, DE 2014

Authorizes the Government of the State of São Paulo to hire external credit operation, with collateral from the Federative Republic of Brazil, worth up to C= 300,000,000.00 (three hundred million euros).

The Federal Senate resolves:

Art. 1º It is the Government of the State of São Paulo authorized to hire external credit operation, with collateral from the Federative Republic of Brazil, with the French Development Agency (AFD), worth up to C= 300,000,000.00 (three hundred million euro).

Single Paragraph. The resources of this operation are intended for the "Project Trem of Guarulhos-Deployment of Line 13 Jade of the Paulista Company of Metropolitan Trens (CPTM)".

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

I-dever: Government of the State of São Paulo ;

II-creditor: French Development Agency (AFD) ;

III-guarantor: Federative Republic of Brazil ;

IV-value: up to C= 300,000,000.00 (three hundred million euros) ;

V-disbursement: up to 66 (sixty-six) months, counted from the duration of the contract ;

VI-amortization: at the end of the grace period, in 30 (thirty) semi-annual benefits, consecutively and, as far as possible, equal ;

VII-interest: for each disbursement, the fixed rate of reference, increased or reduced as per the fluctuation of the rate index between the subscription date and the rate determination date, as per item 4.1 of the credit opening contract ;

VIII-interest arrears: 3.5% a.a. (three integers and five tenths per cent a year) for the period of delay, above the interest rate ;

IX-commission of engagement: 0.5% a.a. (five tenths per cent a year) on the non-disbursed balance of the loan ;

X-initial commission (outstanding al fee): 0.5% (five tenths per cent) on the total amount of the loan, to be paid on the date of effector of the loan and, at the latest, before the first disbursement ;

XI-legal fee: up to the amount of C= 8,000.00 (eight thousand euros).

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

Art. 3º It is the Federative Republic of Brazil authorized to grant assurance to the Government of the State of São Paulo in the external credit operation referred to in this Resolution.

Single Paragraph. The authorization provided in the caput is conditioned to that:

I-the State of São Paulo celebrates contract with the Union for the granting of contragarantias, under the form of linking of the quotas or plots of the State's participation in the Union's fundraiser in the form of the art. 159, incisos I, paragraph "a", and II, of the Federal Constitution, as well as of the own revenue of the State to which the arts refer. 155 and 157 of the Federal Constitution ;

II-be proven the situation of adimation of the State of São Paulo with the Union and its entities controlled ;

III-be verified the fulfilment of the preconditions for the first disbursement.

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

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

Federal Senate, on May 7, 2014

Senator RENAN CALHEIROS

President of the Federal Senate