I do know that the Federal Senate has approved, and I, Marta Suplicy, First Vice President, in the exercise of the Presidency, in the terms of art. 48, inciso XXVIII, of the Internal Rules, promulgated the following

R E S O L U Ç Ã ¨ O 12, FROM 2012

Authorizes the State of the Piauí to hire external credit operation, with a guarantee from the Union, with the International Bank for Reconstruction and Development (Bird), worth up to US$ 350,000,000.00 (three hundred and fifty million dollars Americans).

The Federal Senate resolves:

Art. 1º Is the State of the Piauí authorized to hire external credit operation, with a guarantee from the Union, with the International Bank for Reconstruction and Development (Bird), worth up to US$ 350,000,000.00 (three hundred and fifty million dollars northeAmericans).

Single paragraph. The proceeds from that credit operation are intended to finance the "Piauí Sustainable Development Programme".

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

I-debtor: State of the Piauí;

II-creditor: International Bank for Reconstruction and Development (Bird);

III-guarantor: Federative Republic of Brazil;

IV-value: up to US$ 350,000,000.00 (three hundred and fifty million U.S. dollars);

V-modality: fixed margin (fixed spread loan);

VI-amortization: in 27 (twenty seven) semestral plots, successive and, where possible, equal, paid in 15 of August and on February 15 each year, winning the first on August 15, 2017 and the last on February 15, 2030, being that the first 26 (twenty six) plots will correspond to 3.70% (three hundred and seventy hundrths per cent) of the value total loan, and the last instalment will correspond to 3.80% (three hundred and eighty hundres per cent) of the total value;

VII-commission in sight (front-end fee): 0.25% (twenty five hundrst cent) on the value of the loan, to be debited on the date on which the contract enters effectiveness;

VIII-applicable interest: required semestally on the same payment dates of the amortization and calculated on the periodic debtor balance of the loan, at a rate comprised of the interest rate Libor semiannual to U.S. dollar increased from a spread to be determined by the Bird to each fiscal year and fixed in the date of signing of the contract;

IX-interest of mora: 0.50% a.a. (fifty hundred percent a year), plus interest due and not yet paid, due 30 (thirty) days after the target date for payment of the interest, being the arrears being applied as per the provisions of Section 3.2 (d) of the General Standards.

Art. 3º It is the Union authorized to provide assurance to the State of the Piauí in the contracting of the external credit operation referred to in this Resolution.

Paragraph single. The exercise of the authorization provided for in the caput is conditional on that, prior to the formalization of the contractual instruments, the following requirements are met:

I-be verified the adimplence of the State with the Union, including as to the fulfillment of the provisions of the inciso VI of the art. 21 of Resolution No. 43, 2001, of the Federal Senate;

II-be formalized the respective contragarantia contract; and

III-the ballot is exceptionalized by the Minister of the Farmhouse, pursuant to the MF Portaria No. 276, of October 23, 1997.

Art. 4º The maximum period 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 effect on the date of its publication.

Federal Senate, on April 25, 2012.

Senator MARTA SUPLICY

First Vice President of the Federal Senate, in the exercise of the Presidency