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United States Senate Resolution No. 59, Of 11 December 2013

Original Language Title: Resolução do Senado Federal nº 59, de 11 de dezembro de 2013

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I get to know that the Federal Senate has approved, and I, Renan Calheiros, President, in the terms of art. 48, inciso XXVIII, of the Rules of Procedure, promulgated the following

R E S O L U Ç Ã ° 59, DE 2013

Authorizes the State of the Ceará to hire external credit operation, with guarantee of the Union, with the Bank Inter-American Development (BID), worth up to US$ 400,000,000.00 (four hundred million U.S. dollars).

The Federal Senate resolves:

Art. 1º It is the State of Ceará authorized to hire external credit operation, with a guarantee of the Union, with the Inter-American Development Bank (BID), worth up to US$ 400,000,000.00 (four hundred million U.S. dollars).

Paragraph single. The features of this credit operation are intended to partially finance the "Viary Integration and Logistics-Ceará IV Program".

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

I-debtor: State of Ceará;

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

III-guarantor: Federative Republic of the Brazil;

IV-value: up to US$ 400,000,000.00 (four hundred million U.S. dollars);

V-term of disbursement: up to 5 (five) years, counted from the duration of the loan agreement;

VI-amortization: in semi-annual and consecutive installments, of preferentially equal values, winning the first one within the period of up to 66 (sixty-six) months, on February 15 or on August 15, and the last one by up to 25 (twenty five) years, both deadlines counted from the contract signing date;

VII-interest: required semiannual and calculated on the daily debtor balances of the loan based on the quarterly interest rate Libor the U.S. dollar, more or less the cost of capping the bank, plus a margin (spread) applicable for loans from the ordinary capital;

VIII-commission of commitment: from up to 0.75% a.a. (seventy-five hundred percent a year) on the undisbursed balance of the loan, to be set up periodically by the BID, coming into force 60 (sixty) days after the signing of the contract;

IX-expenses of inspection and supervision: as periodic review of the creditor's policies, may occur in a given semester, with the due value being not likely to be greater than 1% (one percent) of the financing, divided by the number of semesters understood at the original time of disbursements.

§ 1º The payment dates of the principal, the financial charges and the expected disbursements may be changed depending on the date of signing of the loan agreement.

§ 2º Is allowed to the debtor, already duly authorized by this Resolution, with the consent of the guarantor, observed the minimum deadlines and amounts required in the loan agreement, exercise the option of conversion to a rate of fixed interest, part or all of the debtor balances subject to the interest rate based on Libor, or any other interest rate conversion option accepted by the creditor, as well as the conversion of currency to a disbursement or to the full or a portion of the debtor balance, for the currency of a non-borrower country or a local currency, that the creditor can efficiently intermediate.

§ 3º For the exercise of the option referred to in § 2º, the collection of costs is authorised incurred by the BID in its realization.

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

§ 1º The exercise of the authorization provided for in the caput is conditional on that the State of the Ceará will conclude contract with the Union for the granting of countermeasures, in the form of linking the proceeds of which they treat the arts. 155, 157 and 159, in the form of § 4º of the art. 167, all from the Federal Constitution, and from other guarantees in admitted law, and the Federal Government may apply for the transfers of resources necessary for coverage of the commitments honored directly from the centralizing accounts of the fundraising of the State or federal transfers.

§ 2º Previously to the signing of the contract, the Ministry of Finance shall verify and attest the addedness of the State of Ceará as to the payments and benefits of accounts of which it treats the art. 10 of the Federal Senate Resolution No. 48, of 2007, as well as the fulfilment of the preconditions to the first disbursement.

Art. 4º The maximum period for the exercise of this authorization shall be 540 (five hundred and forty) days, counted from the duration of this Resolution.

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

Federal Senate, on December 11, 2013

Senator RENAN CALHEIROS

President of the Federal Senate