Do I know that the Senate approved, and I, Garibaldi Alves Filho, President, pursuant to art. 48, paragraph XXVIII, the internal regulations, enact the following R E S O L U t I O N° 46, of 2007 Authorizes the Federal District to hire external credit operation, with guarantee of the Federative Republic of Brazil, worth up to $ 176,775, 000.00 (176 million, us $ 775,000), principal , by the Inter-American Development Bank (IDB), for the partial funding? Urban transport program of Distrito Federal-Brasilia integrated?.
The Senate resolves: Art. first is the Federal District authorized to hire external credit operation, with guarantee of the Federative Republic of Brazil, worth up to $ 176,775, 000.00 (176 million, us $ 775,000), next to the Inter-American Development Bank (IDB).
Sole paragraph. The resources from the operation referred to in the caput shall be intended for partial funding? Urban transport program of Distrito Federal-Brasilia integrated?.
Art. second is the Union authorized to grant guarantees for credit operation referred to in art. First, taking as collateral guarantee provided by the Government of the Federal District constitutional allocation quotas provided for in arts. 157, 158 and 159, complemented by tax revenue set out in arts. 155 and 156, pursuant to art. 167, paragraph 4, of the Federal Constitution.
Art. 3 the credit operation referred to in art. 1 this resolution contains the following features and basic conditions: I-debtor: Government of the Federal District;
II-creditor: Inter-American Development Bank (IDB);
III-guarantor: Federative Republic of Brazil;
IV. loan amount: $ 176,775, 000.00 (176 million, us $ 775,000), principal;
V-mode: single currency;
VI-disbursement period: up to 60 (60) months from the period of the contract;
VII-depreciation: consecutive semi-annual installments, as far as possible equal values, paid on day 10 of the months of April and October of each year, winning the first 6 (six) months from the date originally scheduled for the final and the last disbursement no later than 25 (twenty five) years after the signing of the contract;
VIII-interest: required semi-annually on the same dates of payment and amortization calculated on the outstanding balance of the loan to a regular annual fee for each quarter composed by: a) Libor interest rate for u.s. dollar quarterly;
b) more (or less) cost related to margin loans that finance loans Libor mode;
c) plus the net value of any cost/profit generated by operations to mitigate fluctuations in the Libor; and (d)) plus the margin for loans from ordinary capital;
IX-credit Commission: up to 0.75% p.a. (75 cents per 100 a year), calculated on the balance not paid required loan together with interest, entering into force 60 (60) days after the signing of the contract;
X-general inspection and supervision expenses: up to 1% (1%) of the value of the funding.
Sole paragraph. The disbursement dates for payment of the principal and financial burdens, may change depending on the date of signature of the contract.
Art. 4 carrying out the hiring of credit operation referred to in this resolution is subject to prior formalization of the reinsurance contract between the Federal District and the Union, linking the revenue referred to in art. 2 of this resolution, as well as the settlement of outstanding debts by the Union and the accountability of resources received by the Union Government of the Federal District.
Art. 5 the authorisation granted by this resolution must be exercised within 540 (540) days, counted of the date of its publication.
Article 6 this decision shall enter into force on the date of its publication.
Senate, on 20 December 2007.
Senator Garibaldi Alves Filho Chairman of Senate