PROVISIONAL MEASURE NO. 2.094-23, OF January 25, 2001

Disposes on the Student Funding Fund of Higher Education and gives other arrangements.

THE PRESIDENT OF THE REPUBLIC, in the use of the assignment that confers it on art. 62 of the Constitution, adopts the following Provisional Measure, with force of law:

CHAPTER I

OF THE FUNDING FUND TO THE STUDENT OF HIGHER EDUCATION-FIES

Art. 1º It is hereby established, pursuant to this Provisional Measure, the Higher Education Student Financing Fund-FIES, of an accounting nature, intended for the granting of funding to students regularly enrolled in non-free upper courses and with positive assessment, according to own regulation, in the processes conducted by the Ministry of Education.

Single paragraph. The participation of the Union in funding to the non-free higher education student shall, exclusively, give contributions to the Fund established by this Provisional Measure, re-salvaged the provisions of the art. 16.

Section I

Of the revenues of the FIES

Art. 2º Constituting revenues of the FIES:

I-budget allocations consigned to the Ministry of Education, ressaved the provisions of the art. 16;

II-thirty percent of the net income of prognostic contests administered by the Federal Economic Box, as well as the totality of the award proceeds not sought by those contemplated within the time frame of prescription, ressaving the provisions of the art. 16;

III-charges and contractually charged sanctions in the financing granted to the amparo of this Interim Measment;

IV-fees and emoluments collected from the participants of the selection processes for the funding;

V-charges and contractually charged penalties in the funding granted under the Educational Credit Program, of which it treats Law No. 8,436 of June 25, 1992, respurred the provisions of the art. 16;

VI-throughput of financial applications on their availabilities; and

VII-revenue-income.

§ 1º Stay authorized:

I-the hiring, by the agent operator of the FIES, of internal and external credit operations in the disciplined form by the National Monetary Council-CMN;

II-the transfer to the FIES of the debtor balances of the funding granted under the Educational Credit Program of which it treats Law No. 8,436, 1992;

III-the divestance, in whole or in part, to institutions accredited financial for that purpose by the CMN, of the assets of which it treats the previous inciso and the assets represented by financing granted to the amparo of this Interim Measles.

§ 2º The cash availabilities of the FIES should be kept in deposit on the National Treasury's single account.

§ 3º The administrative expenses of the FIES, as per the regulation of the CMN, will correspond to:

I-up to zero comma two percent a year to the operator agent, by the management of the Fund, calculated on its availabilities;

II-up to zero comma three per cent annually to the agent operator, by the management of the Fund, calculated on the debtor balance of the repasses to financial institutions;

III-up to a comma five per cent to the year to financial agents, calculated on the debtor balance, by the administration of the credits granted and absorption of the credit risk effectively characterized, in the percentage set in the inciso V of the art. 5º.

§ 4º The payment of the obligations arising from the operations of which it treats the inciso I of § 1º shall take precedence over all the remaining expenses.

Section II

From the management of the FIES

Art. 3º The management of the FIES will fit:

I-to the Ministry of Education, as the formulator of the supply-demand policy financing and the supervisor of the implementation of the Fund's operations; and

II-to the Federal Economic Box, as the operator and managing agent of the assets and liabilities, as per regulation and standards downloaded by the CMN.

§ 1º The Ministry of Education will edit regulation that it will have, including, on:

I-the selection rules of students to be funded by the FIES;

II-the cases of temporary suspension and termination of financing contracts;

III-the requirements of academic performance for the maintenance of financing.

§ 2º The Ministry of Education will be able to rely on the assesment of advice, of a consultative nature, whose members will be appointed by the Minister of State.

§ 3º In accordance with the credit limits established by the operator agent, financial institutions will be able to, as a financial agent, grant funding with proceeds from the FIES.

CHAPTER II

DAS OPERATIONS

Art. 4º Are liable for funding by the FIES up to seventy percent of the educational charges collected from the students on the part of the institutions of higher education duly enrolled for that purpose by the Ministry of Education, in countering to the undergraduate courses in which they are regularly enrolled.

§ 1º The enrollment of which treats the caput of this article will be by course offered, being vetted to grant funding in the courses with negative evaluation in the processes conducted by the Ministry of Education.

§ 2º Could the Ministry of Education, in exceptional character, enroll, for the purposes of the funding of which it treats this Provisional Measure, courses for which there is no process of evaluation completed.

§ 3º Each student will be able to empower only one funding, intended for the coverage of expenses for a single degree course, being vetted the grant to student that there is participated in the Credit Program Educational of which it treats Law No. 8,436, 1992.

Art. 5º The funding provided with FIES resources should look at the following:

I-term: it will not be able to be superior to the regular duration of the course;

II-interest: to be stipulated by the CMN, for each school semester, applying from the date of the celebration to the end of the student's participation in funding;

III-offer of adequate guarantees by the funded student;

IV-amortization: will begin in the month immediately subsequent to the completion of the course, or in advance, on the initiative of the funded student, calculating benefits, in any case:

a) in the twelve first months of amortization, in value equal to that of the instalment paid directly by the student financed to the higher education institution in the immediately preceding semester;

b) parceling-if the remaining debtor balance in period equivalent to up to one-and-a-half times the term of stay in the funded student condition;

V-risk: financial agents and higher education institutions will participate in the risk of funding in the twenty-year percentage per cent and five per cent, respectively, being considered supportive debtors at the specified limits.

§ 1º Throughout the period of use of the funding, the funded student is required to pay, quarterly, the interest incidents on the financing, limited to the amount of R$ 50.00 (real fifty).

§ 2º It is permitted to the funded student, at any time, observed the regulation of the CMN, to perform extraordinary depreciation of the funding.

§ 3º Exceptionally, on the initiative of the higher education institution to which it is bound, can the student dilaterate in up to one year the deadline of which treats the inciso I of the caput of this article, in whose hypothesis the term maximum parceling of the amortization will be limited to one and a half times the regular duration of the course.

Art. 6º In the event of an inaddition of the benefits due by the funded student, the institution referred to in § 3º of the art. 3º shall promote the execution of contractual guarantees, as established by the institution of which it treats the inciso II of the caput of the same article, going back to the FIES and to the institution of higher education the part concernable at their risk.

CHAPTER III

OF PUBLIC DEBT SECURITIES

Art. 7º Stay the Union authorized to issue public debt securities in favor of the FIES.

§ 1º The titles to which refer to the caput will be represented by certificates of issuance of the National Treasury, with characteristics set out in act of the Executive Power.

§ 2º The certificates referred to in the preceding paragraph shall be issued in the form of direct placement, on par, upon express request of the FIES to the Registry of the National Treasury.

§ 3º The resources in current currency delivered by the FIES in return for the direct placement of the certificates will be used exclusively for abatement of the public debt liability of the National Treasury.

Art. 8º In contrast to the direct placement of the certificates, stands the FIES authorized to use in payment the securitized credits received in the form of the art. 14.

Art. 9º The certificates of which it treats the previous article will be earmarked by the FIES exclusively for payment to the higher education institutions of the educational charges relating to the financing operations carried out with features of the FIES.

Art. 10. Certificates received by higher education institutions in the form of the previous article will be used exclusively for payment of pension obligations to the National Institute of Social Insurance-INSS, by staying this authorized receive them.

Art. 11. The Registry of the National Treasury shall rescue, upon formal request from the INSS, the certificates destined for that Office in the form of the previous article.

Art. 12. The Office of the National Treasury is authorized to rescue in advance, upon formal request of the FIES and attested by the INSS, the certificates, with date of issue up to 1º November 2000, in power of higher education institutions which, in the rescue request date, have satisfied the current pension obligations, inclusive of the required debentures, constituted, enrolled or helped, and which meet, concomitantly, the following conditions:

I-no are in arrears in the payments regarding the parcelings agreements due to the INSS;

II-do not have any social contribution parcelings agreements relating to the insured employees;

III-se opters of the Fiscal Recovery Program-REFIS, have not included social contributions raised by the INSS; and

IV-not figurem as litigants or litisconsorts in lawsuits in which contributions are discussed social people raised by the INSS or contributions relating to Salarium-Education.

Single paragraph. From the higher education institutions that possess parcelings agreements to the INSS and to be covered in this article, they will be able to be rescued up to fifty percent of the value of certificates, by staying these obliged to use the certificates remaining, in its power, in the amortization of the alluded to parcelings agreements.

Art. 13. It stands the FIES allowed to repurchase, on par, the certificates alluded to in the art. 9º, upon use of the resources referred to in the inciso II of the art. 2º, ressaved the provisions of the art. 16, in power of the higher education institutions that meet the provisions of the previous article.

Art. 14. For the purposes of the alienation of which it treats the inciso III of § 1º of the art. 2º, stands the FIES authorized to receive in payment securitized claims of liability of the National Treasury, originating in the securitization transactions of debts in the manner provided for in paragraph 2º (b) of the Art. 1º of Law No. 10,150 of December 21, 2000.

Single paragraph. For effect of the receipt of the securitized credits in the form predicted in the caput will be observed the economic equivalence criterion among the assets involved.

Art. 15. The operations to which the arts relate. 8º to 11 will be held on par.

CHAPTER IV

OF THE GENERAL AND TRANSITIONAL PROVISIONS

Art. 16. In the exercises of 1999 and following, of the recipes referred to in the incisos I, II and V of the art. 2º will be deducted the resources required for payment of the educational charges contracted under the Educational Credit Program of which it treats Law No. 8,436 of 1992.

Single paragraph. It is permitted to the recipient students of the Program referred to in the caput of this article to opt, until June 30, 2000, for the funding of which it treats this Provisional Measure, observed the provisions of the final part of the art. 1º and in § 1º of the art. 4º.

Art. 17. Exceptionally, in the 1999 financial year, they will be jus to the funding of which it treats this Provisional Measure, with effect from 1º May 1999, the demonstrably deprived students who have left to benefit from scholarships integrals or partial granted by the institutions referred to in art. 4º of Law No. 9,732, of 1998, in value corresponding to the exchange previously received.

Single paragraph. To the financing of which it treats the caput of this article does not apply to the provisions of the final part of the art. 1º and in § 1º of the art. 4º.

Art. 18. It shall be vetted, from the publication of this Interim Measage, the inclusion of new beneficiaries in the Educational Credit Program of which it treats Law No. 8,436, 1992.

Art. 19. They are convalidated the acts practiced on the basis of the Provisional Measure No. 2.094-22 of December 27, 2000.

Art. 20. This Interim Measure shall come into force on the date of its publication.

Brasilia, January 25, 2001; 180º of Independence and 113º of the Republic.

FERNANDO HENRIQUE CARDOSO

Silvano Gianni