I get to know that the Federal Senate has approved, and I, Garibaldi Alves Filho, President, in the terms of the art. 48, inciso XXVIII, of the Internal Rules, promulgated the following

R E S O L U Ç Ã ° 4, DE 2008

Authorizes the State of Rio de Janeiro to hire external credit operation, with guarantee from the Union, together with the International Bank for Reconstruction and Development (Bird), in the value of up to US$ 44,000,000.00 (forty-four million U.S. dollars), of principal, for funding from the State Transportation Program-PET (Rio de Janeiro Mass Transit Project-PET).

The Federal Senate resolves:

Art. 1º It is the State of Rio de Janeiro authorized to hire external credit operation, with guarantee from the Union, with the International Bank for Reconstruction and Development (Bird), worth up to US$ 44,000,000.00 (forty and four million U.S. dollars).

Paragraph single. The advent resources of the external credit operation referred to in the caput are intended for financing of the State Transportation Program-PET (Rio de January Mass Transit Project - PET), upon additive to the Contract of Loan # 4,291-BR (Rio de Janeiro Mass Transit Project-PET, Loan 4291-BR, Additional Loan 4291-1-BR, Amendment to the Loan and Guarantee Agreements).

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

I-debtor: State of Rio de Janeiro;

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

III-guarantor: Federative Republic of Brazil;

IV-value: of up to US$ 44,000,000.00 (forty-four million U.S. dollars);

V-modality: Fixed Spread Loan (Fixed Margin);

VI-deadline of disbursement: 2 (two) years;

VII-amortization: in 20 (twenty) semester plots, consecutive ones, due to each April 15 and October 15 between April 15, 2013 and October 15, 2022;

VIII-interest: required semestally, in 15 of April and October 15, calculated on the periodic debtor balance of the loan, at an annual rate composed by the Semestral Libor to U.S. dollar, plus a spread to be determined by Bird at each fiscal year and fixed on the date of signing of the contract;

IX-commission of commitment: 0.75% a.a. (seventy-five hundred percent a year) on the undisbursed debtor balances, required semiannually, on the same interest payment dates, entering into force 60 (sixty) days after the signing of the contract;

X-commission in sight (front-end fee): 0.25% (twenty five hundred percent) on the value of the loan, to be debited on the date the contract enters into effectivity.

§ 1º To the intended funding is provided with the conversion of interest rate applicable to the partial or total amount of the loan, from float to fixed and vice-versa; the establishment of ceilings and bands for interest rate fluctuation; the change of the reference currency of the operation of credit for amount already disbursed; and the change in the reference currency of the credit operation for amount to be disbursed.

§ 2º The exercise of the options referred to in § 1º implies the collection of costs eventually incurred by the Bird in the realization of the options, and of transaction commission (transaction fee), which ranges from 0.125% (one hundred and twenty-five thousandths per cent) to 0.25% (twenty-five hundred per cent).

Art. 3º It is the Union authorized to grant guarantee to the State of Rio de Janeiro in the external credit operation referred to in this Resolution.

Single paragraph. The permit provided in the caput is conditional on the State of Rio de Janeiro to conclude contract with the Union for the granting of countermeasures, in the form of linking the rights and credits relating to quotas and tax revenues predicted in the arts. 155, 157 and 159, combined with the art. 167, § 4º, all of the Federal Constitution, and other guarantees in law admitted, and the Federal Government may withhold the necessary resources for coverage of the honorable commitments, directly from constitutional transfers or accounts centralizers of the state's fundraising.

Art. 4º The authorization granted by this Resolution should be exercised within the maximum period of 540 (five hundred and forty) days, counted from its publication.

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

Federal Senate, on March 6, 2008.

Senator Garibaldi Alves Filho

President of the Federal Senate