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Federal Senate Resolution No. 27, Of November 8, 2001

Original Language Title: Resolução do Senado Federal nº 27, de 08 de novembro de 2001

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I get to know that the Federal Senate has approved, and I, Ramez Tebet, President, in the terms of art. 48, item 28, of the Rules of Procedure, promulgated the following

R E S O L U Ç O-No. 27, DE 2001

Authorizes the Union to hire external credit operation with the Inter-American Development Bank-BID, in the value equivalent to US$ 57,000,000.00 (fifty and seven million U.S. dollars), of principal, intended for the partial financing of the Modernization Support Program of the Brazilian Previdentiary System-Proprev-Phase 1.

The Federal Senate resolves:

Art. 1º It is the Federative Republic of Brazil authorized, in the terms of art. 52, V, of the Federal Constitution and Resolution No. 96, of 1989, of the Federal Senate, to hire external credit operation, with the Inter-American Development Bank-BID, at the equivalent value of US$ 57,000,000.00 (fifty-seven million U.S. dollars), of principal.

Single paragraph. The resources referred to in the caput will be earmarked for the partial financing of the Modernization Program for Modernization of the Brazilian Previdentiary System-Proprev-Phase 1.

Art. 2º As a precondition to the contracting of the operation of credit that it treats this Resolution, the following conditions should be met, including upon written manifestation of the BID:

I-minuta approved by the BID of legal instrument containing:

a) composition of the Programs Coordination Unit-UCP; and

b) creation of the Local-UEL Enforcement Units of the National Social Insurance Institution-INSS and the Welfare Registry-SPS with the necessary personal correspondent at the beginning of its functioning;

II-implantation of an accounting and financial and internal control system for the Program;

III-administrative act for the creation of the Technology Management Unit of the Information of the INSS, with the necessary personal correspondent at the beginning of its operation;

IV-minuta approved by the BID of legal instrument regulating the administrative and financial management of the implementation of the Programme between the Ministry of Welfare and Social Care and the INSS;

V-minuta approved by the BID of legal instrument governing the relationship between the INSS and the Dataprev;

VI-minuta approved by the Convium BID of Participation of Municipalities in the implementation of the Reform Support Component and Management of Municipal Social Security;

VII-minuta approved by the BID of the Operative Regulation.

Art. 3º The operation of credit mentioned in the art. 1º presents the following financial characteristics:

I-debtor: Ministry of Welfare and Social Assistance;

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

III -intended value: equivalent to US$ 57,000,000.00 (fifty and seven million U.S. dollars);

IV-term: 240 (two hundred and forty) months;

V-modality of the loan: single currency-dollar american;

VI-deficiency: 36 (thirty-six) months;

VII-amortization: in 35 (thirty-five) semi-annual plots, consecutive and, as far as possible, equal, winning the first 6 (six) months from the target date of the final disbursement and the last no later than November 15, 2021;

VIII-interest: required semester, calculated on the basis of the Bank's catchment cost for Unimonetary Loans Quantified ascertained during the 6 (six) months prior to the respective maturities, plus reasonable margin defined for all debtors, expressed in terms of an annual percentage;

IX-commission of commitment: required semiannual on the same interest payment dates and calculated on the basis of the 0.75% a.a. rate. (seventy-five hundred percent a year) on the undisbursed balance of the loan, going into effect 60 (sixty) days after the signing of the contract;

X-general expenses: 1% (one percent) of the value of the loan, disbursed in quarterly installments, as much as possible, equal.

Art. 4º The authorization granted by this Resolution is to be exercised within 540 (five hundred and forty) days counted from the date of its publication.

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

Federal Senate, on November 8, 2001

Senator RAMEZ TEBET

President of the Federal Senate