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United States Senate Resolution No. 37, Of 20 December 2007

Original Language Title: Resolução do Senado Federal nº 37, de 20 de dezembro de 2007

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I get to know that the Federal Senate has approved, and I, Garibaldi Alves Filho, President, in the terms of the art. 48, inciso XXVIII, of the Internal Rules, promulgated the following

R E S O L U Ç Ã ° 37, DE 2007

Authorizes the Municipal Prefecture of Joinville (SC) to hire external credit operation, with guarantee from the Union, with the Inter-American Development Bank (BID), worth up to US$ 32,670,000.00 (thirty-two million and six hundred and seventy thousand U.S. dollars).

The Federal Senate resolves:

Art. 1º It is the Municipal Prefecture of Joinville (SC) authorised to hire external credit operation, with guarantee from the Union, with the Inter-American Development Bank (BID), worth up to US$ 32,670,000.00 (thirty-two million and six hundred and seventy thousand U.S. dollars).

Paragraph single. The advent proceeds from the credit operation referred to in the caput are intended for the financing of the Environmental Revitalization Project and Urban Qualification in Areas of the Elementary Basins of the Rivers Cachoeira, Cubatão and Piraí-Viva City.

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

I-debtor: Municipal Prefecture of Joinville (SC);

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

III-guarantor: Federative Republic of Brazil;

IV-modality: borrowing in single currency;

V-value: up to US$ 32,670,000.00 (thirty-two million and six hundred and seventy thousand U.S. dollars);

VI-period of disbursement: up to 60 (sixty) months counted from the duration of the contract;

VII-amortization: in semi-annual and consecutive installments, of values as much as possible equals, paid on days 15 of the months of May and November each year, winning the first 6 (six) months from the date initially scheduled for the final disbursement and the last no later than 25 (twenty five) years after the signing of the contract;

VIII-interest: required semester and calculated on the periodic debtor balance of the loan, the an annual fee composed of the quarterly Libor for U.S. dollar, increased margin calculated by the BID as follows:

a) more or less a cost margin computed quarterly as the weighted average of all cost margins for the BID;

b) plus the net value of any cost and / or profit, calculated quarterly, generated by any operation with derivative instruments in which the BID participates;

c) plus the margin for borrowing from the capital ordinary vigour on the date of determination of the Libor-based interest rate for each quarter, expressed in annual percentage;

IX-commission of commitment: up to 0.75% a.a. (seventy-five hundred percent a year) on the undisbursed balances of the loan, required semiannually on the same interest payment dates, coming into effect 60 (sixty) days after the signing of the contract;

X-commission in sight: up to 1% (one percent) of the value of the funding.

§ 1º Up to 30 (thirty) days beforehand to the first disbursement, the borrower should confirm the option by the interest rate referred to, may it be changed to the modality based on the cost of the ordinary capital of the BID.

§ 2º The payment dates of the principal and the financial charges, as well as of the disbursements, may be changed depending on the date of signing of the loan agreement.

Art. 3º It is the Union authorized to grant assurance to the Municipal Prefecture of Joinville in the external credit operation referred to in this Resolution.

Single paragraph. The exercise of the permit provided for in the caput is conditional on the Municipal Prefecture of Joinville to conclude contract with the Union for the granting of countermeasures, in the form of linking the own revenues of which it treats art. 156, of the revenue sharing quotas of which they treat the arts. 158 and 159, 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 the federal transfers or centralizing accounts of the Municipality's fundraising.

Art. 4º The authorization granted by this Resolution should be exercised within the maximum period of 540 (five hundred and forty) days, counted from its publication.

Art. 5º This Resolution goes into effect on the date of its publication.

Federal Senate, on December 20, 2007.

Senator Garibaldi Alves Filho

President of the Federal Senate