I do know that the Federal Senate has approved, and I, José Sarney, President, in the terms of art. 48, inciso XXVIII, of the Internal Rules, promulgated the following

R And S O L U Ç O No. 11, DE 2010

Authorizes the state of Rio de Janeiro to hire external credit operation, with guarantee from the Federative Republic of the Brazil, with the Inter-American Development Bank (BID), at the total value of US$ 19,759,050.00 (nineteen million, seven hundred and fifty-nine thousand and fifty U.S. dollars), from principal, intended for partial financing of?Program of Modernization of the Fazendary Management of the State of Rio de Janeiro (Profaz)?.

The Federal Senate resolves:

Art. 1º It is the State of Rio de Janeiro authorized to hire external credit operation, with guarantee from the Union, with the Inter-American Development Bank (BID), in the value of US$ 19,759,050.00 (nineteen million, seven hundred and fifty-nine thousand and fifty U.S. dollars).

Paragraph single. The features of this credit operation are intended to partially finance the?Program of Modernization of the Fazendary Management of the State of Rio de Janeiro (Profaz)? and are related to the BID Additional Credit Line linked to?Program of Support for Management and Integration of Fisks in Brazil (Professional)?.

Art. 2º A credit operation referred to in the art. 1º is to be contracted under the following conditions:

I-debtor: State of Rio de January;

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

III-guarantor: Federative Republic of Brazil;

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

V-value: US$ 19,759,050.00 (nineteen million, seven hundred and fifty-nine thousand dollars Americans);

VI-term of disbursement: 4 (four) years, counted from the date of term of the contract;

VII-amortization of the debtor balance: semiannual installments and consecutive, of values as much as possible equals, to be paid on day 15 of the months of April and October each year, winning the first after transcurring 5 (five) years of the contract signing, and the last one before transcurring 20 (twenty) years of the signing of the contract;

VIII-applicable interest: required semester in the same dates of the payment of the depreciation and calculated on the periodic debtor balance of the loan, at an annual rate for each quarter composed of the quarterly Libor interest rate for U.S. dollars, plus or minus one cost margin related to the BID loans that finance the loans of the unimonetary mechanism with Libor-based interest rate; of the net value of any cost / profit generated by operations to mitigate the Libor and margin fluctuations for loans from the ordinary capital;

IX-option of interest rate conversion: respected the terms and conditions set out in the loan agreement for the conversions, the borrower will be able, with the express consent of the guarantor, to request the creditor:

a) conversion to a fixed interest rate, of part or of the totality of the debtor balances subject to the interest rate based on Libor;

b) a new conversion of part or totality of the debtor balances of the loan calculated at a fixed interest rate for the Libor-based interest rate;

X- credit commission: to be set up periodically by the BID, and calculated on the undisbursed balance of the loan, required together with the interest, going into effect 60 (sixty) days after the signing of the contract, without which, under any circumstances, can exceed the 0.75% percent (seventy-five hundreth percent) percent) per year;

XI- expenses with inspection and general supervision: by periodic review of its policies, the BID will notify the borrower a value due in a given semester, which may not be greater than 1% (one percent) of the value of the financing, divided by the number of semesters understood in the original period of disbursements.

§ 1º The payment dates of the principal and the financial charges, as well as the expected disbursements, may be changed depending on the date of signing of the loan agreement.

§ 2º For the exercise of the options referred to in the inciso IX, it is authorized to collect the costs incurred by the BID for its realization.

Art. 3º It is the Union authorized to grant guarantee to the State of Rio de Janeiro in the external credit operation referred to in this Resolution.

Single paragraph. The exercise of the intended permit in the caput is conditioned to which the State of Rio de Janeiro:

I-celebrates contract with the Union for the granting of counterclanings, in the form of binding of the revenue to which the arts refer. 155, 157 and 159, in the form of § 4º of the art. 167, all of the Federal Constitution, and others in admitted law, may the Federal Government withhold the necessary resources, for coverage of the honorable commitments, directly from federal transfers or centralizing accounts of the fundraising of the State;

II-comprove, together with the Ministry of Finance, and in advance of the celebration of the contragarantia contract referred to in the inciso I of this paragraph, the fulfilment of the entry into force of the Operational Regulation of the Programme and the addedness as to the payments and benefits of accounts of which it treats art. 10 of Resolution No. 48, of 2007.

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

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

Federal Senate, on April 29, 2010.

Senator José Sarney

President of the Federal Senate