I get to know that the Federal Senate has approved, and I, Renan Calheiros, President, in the terms of art. 48, inciso XXVIII, of the Rules of Procedure, promulgated the following

R E S O L U Ç Ã ° 27, DE 2013

Authorizes the State of Sergipe to hire external credit operation, with guarantee of the Federative Republic of Brazil, worth up to US$ 5,788,000.00 (five million, seven hundred and eighty-eight thousand U.S. dollars).

The Federal Senate resolves:

Art. 1º It is the State of Sergipe authorized to hire external credit operation, with Union guarantee, with the Inter-American Development Bank (BID), worth up to US$ 5,788,000.00 (five million, seven hundred and eighty-eight thousand dollars Americans).

Single paragraph. The proceeds of the operation are intended for the "Fazed Modernization Project of the State of Sergipe".

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

I-debtor: State of Sergipe;

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

III-guarantor: Federative Republic of Brazil;

IV-value: up to US$ 5,788,000.00 (five million, seven hundred and eighty-eight thousand U.S. dollars);

V-modality: loan from the Unimonetary Engine with rate-based interest rate of reference from the London interbank market (Libor);

VI-amortization: semi-annual installments, consecutive and to the extent possible equals, paid on June 15 and on December 15 of each year, winning the first after transcurring 5 (five) years, and the last one, before transcurring 20 (twenty) years, both counted from the contract signing date;

VII-interest: required semester on the same repayment terms of amortization and calculated on the periodic debtor balance of the loan, at an annual rate for each quarter determined by the BID and made up of the interest rate Libor quarterly to U.S. dollar plus or minus a cost margin related to the loans from the BID that finance the loans of the Unimonetary Engine with interest rate based on Libor and plus the margin for loans of the ordinary capital prevailing on the date of determination of the interest rate for each quarter expressed in terms of an annual percentage;

VIII-credit commission: to be set up periodically by the BID, calculated on the undisbursed balance of the financing and required together with the interest, entering into force 60 (sixty) days after the signing of the contract, but never exceeding the percent of 0.75% a.a. (seventy-five hundreth percent a year);

IX-expenses: periodically the BID will notify the borrower a value due in a given semester, which cannot be more than 1% (one percent) of the divided funding by the number of semesters understood in the original disbursement term;

X-option of interest rate fixation: with the consent of the guarantor, through the National Treasury Board Secretariat, the borrower may request the BID:

a) conversion to a fixed interest rate of part or of the totality of the debtor balances subject to the interest rate based on Libor;

b) a new conversion of part or totality of the balances debtors of the loan calculated at a fixed interest rate for interest rate based on Libor.

§ 1º In relation to the inciso X of the caput, in the case of the application of fixed interest rate to the debtor balances of the loan, each conversion can only be carried out at a minimum value equivalent to 25% (twenty five percent) of the approved net amount of the financing or US$ 3,000,000.00 (three million U.S. dollars), whatever is greater, save if the conversion is by the outstanding balance of the loan of the Unimonetary Engine subject to the Libor-based interest rate, in which case, with the approval of the BID, the amount of the conversion may be lower.

§ 2º The dates of payment of the principal, the financial charges and the planned disbursements will be able to be changed depending on the date of signing of the loan agreement.

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

Single paragraph. The authorisation provided for in the caput is conditioned to that:

I-the State of Sergipe concludes contract with the Union for the granting of countermeasures, in the form of linking the quotas or plots of the state's participation in the fundraising of the Union in the form of the provisions of the art. 159, inciso I, paragraph "a", and inciso II of the Federal Constitution, or resulting from those quotas or transferable parcels, as well as of the own revenues to which the arts are referred. 155 and 157, also of the Federal Constitution;

II-be proven the situation of the addedness of all the obligations of the direct administration of the Sergipe State to the Union and its controlled entities;

III-be proven the fulfillment of the preconditions for the first disbursement.

Art. 4º The maximum period for the exercise of this authorization shall be 540 (five hundred and forty) days, counted from the duration of this Resolution.

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

Federal Senate, on July 10, 2013.

Senator RENAN CALHEIROS

President of the Federal Senate