United States Senate Resolution No. 48, 26 November 2013

Original Language Title: Resolução do Senado Federal nº 48, de 26 de novembro de 2013

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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 R E S O L U t I O N° 48, 2013 Authorizes the State of Rio de Janeiro to hire external credit operation, with guarantee of the Union with the International Bank for reconstruction and development (IBRD), worth up to $ 500,000,000.00 (500 million u.s. dollars).
The Senate resolves: Art. first is the State of Rio de Janeiro authorized to hire external credit operation, with guarantee of the Union with the International Bank for reconstruction and development (IBRD), worth up to $ 500,000,000.00 (500 million Americans).
Sole paragraph. The features of credit operation are intended for budget support to the programme to improve the quality and integration of Urban Mass Transport (Promit) ".
Art. 2 the credit operation referred to in art. 1st should be conducted under the following conditions: (I)-debtor: State of Rio de Janeiro;
II-creditor: International Bank for reconstruction and development (IBRD);
III-guarantor: Federative Republic of Brazil;
IV-value: up to $ 500,000,000.00 (500 million u.s. dollars);
V-amortization: in 32 (32) and successive semi-annual installments to be paid on February 15 and August 15 of each year, with the prediction that the first has 15 maturity of February 2024, and the last, on 15 August 2039;
I saw interest: required every six months along with depreciation and calculated on the basis of six-month Libor for USD, plus a variable margin (spread) to be determined by the Bird every fiscal year;
VII-Commission: up to 0.25% (twenty-five cents per 100) on the value of the loan, to be paid up to 60 (60) days after the date of effectiveness of the contract with the borrower's own resources;
VIII-interest: 0.50% p.a. (50 cents for 100 a year), plus the interest due and not yet paid up to 30 (thirty) days after the due date for your payment.
(1) 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.
§ 2 is allowed to the borrower, already duly authorized by this resolution, a formal request of the creditor, observed the time limits and minimum amounts required in the loan contract, exercise the option of converting to a fixed interest rate, some or all of the debt balances subject to interest rate based on Libor, and vice versa, and the currency of the amount already paid and payable to coins that the Bird can finance efficiently as well as hiring the establishment of ceilings and bands to the fluctuation of interest rates.
(3) For the exercise of the option referred to in paragraph 2, the State of Rio de Janeiro authorized to pay a transaction Commission to the Bird.
Art. third is the Union authorized to grant guarantee to the State of Rio de Janeiro in the hiring of external credit operation referred to in this resolution.
(1) the authorization referred to in the caput is conditioned to the State of Rio de Janeiro celebrates the Union contract for the grant against guarantees, in the form of binding that deal with the arts. 155, 157 and 159, pursuant to § 4 of art. 167, all of the Federal Constitution, and other guarantees in law permitted the Federal Government to require transfers of resources to cover the commitments honored directly towards centralization of the accounts of the State or federal transfers.
(2) prior to the signing of the contract, the Ministry of Finance shall verify and certify the defaulting again in the State of Rio de Janeiro as to payments and benefits of accounts contemplated in art. 10 the Federal Senate resolution No. 48, 2007.
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 its publication.
Senate, on 26 November 2013.
Senator RENAN CALHEIROS President of Senate

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