United States Senate Resolution No. 54, Of 11 August 2005

Original Language Title: Resolução do Senado Federal nº 54, de 11 de agosto de 2005

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Do I know that the Senate approved, and I, Renan Calheiros, President, pursuant to art. 48, paragraph XXVIII, the internal regulations, enact the following R E S O L U t I O N° 54, 2005 Authorizing the Union to hire external credit operation, for a total value of $ 33,000, 000.00 (33 million u.s. dollars) between the Federative Republic of Brazil and the Inter-American Development Bank IDB, whose resources are intended to Agrifood and agro-technological innovation for the future-Agrofuturo which it will be up to the Brazilian Agricultural Research Corporation-Embrapa.
The Senate resolves: Art. first is the Union authorized to hire external credit operation, for a total value of $ 33,000, 000.00 (33 million u.s. dollars) between the Federative Republic of Brazil and the Inter-American Development Bank IDB.
Sole paragraph. The resources from the operation referred to in the caput are intended to agro-food and agro-technological innovation for the future-Agrofuturo, which it will be up to the Brazilian Agricultural Research Corporation-Embrapa.
Art. 2 the credit operation referred to in art. 1 this resolution contains the following features and basic conditions: I-borrower: Federative Republic of Brazil;
II-creditor: Inter-American Development Bank IDB;
III-executor: Brazilian Agricultural Research Corporation-Embrapa;
IV. loan amount: $ 33,000, 000.00 (33 million u.s. dollars);
V-value of the consideration: $ 27,000, 000.00 (twenty seven million u.s. dollars);
VI-mode: Loan Unimonetário engine with adjustable interest rate;
VII-disbursement period: 5 (five) years;
VIII-amortization: consecutive semi-annual installments, as far as possible equal values, winning the first 6 (six) months from the date originally scheduled for the final and the last disbursement no later than 20 (twenty) years after the signing of the contract, with payment dates on 15 June and 15 December of each year;
IX-interest: required semi-annually, calculated on the basis of the cost of Bank funding for qualified unimonetários loans, established during the 6 (six) months prior to their salaries, plus a reasonable margin, expressed as a percentage, to cover administrative costs;
X-credit Committee: required semi-annually on the same dates of payment of interest and calculated on the basis of the rate up to 0.75% p.a. (75 cents per 100 a year) on the balance not paid the loan, entering into force 60 (60) days after signature of the contract, and the borrower, at first, will pay a credit Commission of 0.25% (twenty-five hundredths by 100 per year) and can this percentage be modified every six months by the Bank without, under any circumstances, can exceed the percentage laid down to 0.75% p.a. (75 hundredths by 100 per year);
XI-resources for general inspection and supervision: during the period of disbursement will not be reserved funding resources for general inspection and supervision costs, unless the Bank establish the contrary during that period, and that, under no circumstances, to meet expenditure in a given semester may be for resources greater than 1% (1%) of funding divided by the number of semesters understood within original disbursement schedule.
Sole paragraph. The dates of disbursement of principal payments and financial burdens can be changed depending on the date of signature of the contract.
Art. 3 completion of the hiring of credit operation referred to in this resolution is subject to prior confirmation by demonstration of the IDB, the fulfilment of the conditions set out in Clause 3.02 of the draft loan agreement.
Art. 4 the authorisation granted by this resolution must be exercised within 540 (540) days from the date of its publication.
Art. 5 this decision shall enter into force on the date of its publication.
Senate, on 11 August 2005 Senator Renan Calheiros President of Senate

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