United States Senate Resolution No. 29, 03 September 2014

Original Language Title: Resolução do Senado Federal nº 29, de 03 de setembro de 2014

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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 resolution No. 29, 2014 Authorizes the State of Pará to hire external credit operation, with guarantee of the Federative Republic of Brazil, with the Inter-American Development Bank (IDB), worth up to $ 26,400,000.00 (twenty six million and 400,000 u.s. dollars).
The Senate resolves: Art. first is the Pará State authorized to hire external credit operation, with guarantee of the Federative Republic of Brazil, with the Inter-American Development Bank (IDB), worth up to $ 26,400,000.00 (twenty six million and 400,000 u.s. dollars).
Sole paragraph. The resources of the operation are intended for partial funding of "sustainable tourism development program in the State of Pará (Prodetur/PA).
Art. 2 the credit operation referred to in art. 1st should be conducted under the following conditions: (I)-debtor: State of Pará;
II-creditor: Inter-American Development Bank (IDB);
III-guarantor: Federative Republic of Brazil;
IV-value: up to $ 26,400,000.00 (twenty six million and us $ 400,000);
V-mode: flexible funding mechanism;
VI-disbursement: in 5 (five) years from the period of the contract;
VII-depreciation: semi-annual installments, consecutively and, whenever possible, the same, winning the first 66 (66) months after the date of signature of the contract, and the last until 25 (twenty-five) years thereafter;
VIII-interest: required on the daily debit balances to an annual fixed interest rate for each quarter based on Libor, more or less the cost of Bank funding, plus the applicable margin for loans from the IDB's ordinary capital, while the loan has not been the subject of conversion;
IX-conversion: the borrower may request conversion of currency and interest rate at any time during the term of the contract, as provided contractually;
X-credit Commission: up to 0.75% p.a. (75 cents per 100 a year) on the balance not paid the loan, from 60 (60) days from the date of signing of the contract; and XI-inspection and supervision: expenditure in a given semester, up 1% (1%) of the loan amount divided by the number of semesters understood within original disbursement schedule.
Sole paragraph. The dates of payment of the principal, the financial charges and disbursements referred to can be changed depending on the date of signature of the loan contract.
Art. third is the Federative Republic of Brazil shall be authorized to grant to the State of Pará warranty on external credit operation referred to in this resolution.
Sole paragraph. The authorization referred to in the caput is disabled: I-the conclusion of concession agreement of guarantees between the State of Pará and the Union, in the form of binding State participation quotas in the storeroom of the Union, according to the provisions of art. 157 and subheadings I, subparagraph a, and II art. 159 of the Constitution, as well as own State revenues referred to in art. 155, also of the Federal Constitution;
II-the proof of the State bonds defaulting again by the Union and its controlled entities; and III-the fulfilment of the preconditions to the first disbursement.
Art. 4 the maximum time limit for the exercise of this authorization shall not exceed 540 (540) days, counted from the validity of this resolution. (Deadline extended for 540 days by resolution No. 3, 2016)
Art. 5 this decision shall enter into force on the date of its publication.
Senate, on 3 September 2014 Senator Senate President RENAN CALHEIROS attachment (s)

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