United States Senate Resolution No. 22 Of 14 July 2010

Original Language Title: Resolução do Senado Federal nº 22, de 14 de julho de 2010

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Do I know that the Senate approved, and I, Jose Sarney, President, pursuant to art. 48, paragraph XXVIII, the internal regulations, enact the following R E S O L U t I O N° 22, 2010 Authorizes the State to hire external credit operation, with guarantee of the Union with the International Bank for reconstruction and development (IBRD), worth up to $650,400,000.00 (us $650,400,000).
The Senate resolves: Art. first is the State of São Paulo authorized to hire external credit operation, with guarantee of the Union with the International Bank for reconstruction and development (IBRD), worth up to $650,400,000.00 (us $650,400,000).
Sole paragraph. The features of credit operation are intended to finance partially the? Expansion of the programme 5-lilac of Metrô de São Paulo, Largo Treze Section-Chácara Klabin?.
Art. 2 the credit operation referred to in art. 1st should be conducted under the following conditions: (I)-debtor: State of São Paulo;
II-creditor: International Bank for reconstruction and development (IBRD);
III-guarantor: Federative Republic of Brazil;
IV-value: up to $650,400,000.00 (us $650,400,000);
V-mode: variable margin;
VI-disbursement period: until 30 June 2014;
VII-depreciation of balance due: every disbursement must be paid in 50 (50) and consecutive semi-annual installments, on February 15 and August 15 of each year, winning the first on August 15 2015 and the last in February 2040 15, being that the values of each parcel will be equivalent to 1/50 of each disbursement except the last which will be equivalent to the remaining value;
VIII-applicable interest: required semi-annually on the same dates of payment and amortization calculated on the outstanding balance of the loan, the journal a composite rate for the six-month Libor interest rate for us dollar, plus a spread being determined by the Bird every fiscal year;
IX-interest: 0.50% (50 cents for 100) plus the interest due and not yet paid. Losers 30 (thirty) days after the due date for payment of interest will be the borrower in arrears, by applying the provisions of Section 3.2 (d) of the General rules;
X-Commission in sight (front-end fee): 0.25% (twenty-five cents per 100) on the value of the loan, to be debited on the date on which the contract enters into effectiveness;
XI-option loan mode change: the hiring in margin variable mode allows your change to hiring in margin fixed by formal request to the creditor (section 2.07 of the loan contract).
§ 1 the fixed margin allows the borrower to use the following financial instruments: I-converting the interest rate applicable to partial or total amount of the loan, of floating to fixed or vice versa;
II-amendment the reference currency of credit operation for the sum already paid;
III-change the reference currency of the operation of credit for the amount payable.
(2) the exercise of the options mentioned above implies the collection of charges incurred by Bird in carrying out the options and a transaction Commission (transaction fee).
Art. third is the Union authorized to grant guarantee to the State of São Paulo in the hiring of external credit operation referred to in this resolution.
Sole paragraph. The authorization referred to in the caput is conditioned to checking by the Ministry of finance, before the signature of the contractual instruments, of meeting the following requirements: I-signature and entry into force of the Covenant for execution between the borrower and the Companhia do Metropolitano de São Paulo – Metrô;
II-the condition of the defaulting again direct administration of the State of São Paulo with the Union and its controlled entities;
III-formalising the contract of reinsurance.
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.
Art. 5 this decision shall enter into force on the date of your publication.
Senate, on 14 July 2010.

Senator José Sarney, President of the Senate

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