It Establishes Powers In Matters Financial For State Universities

Original Language Title: ESTABLECE FACULTADES EN MATERIAS FINANCIERAS PARA LAS UNIVERSIDADES ESTATALES

Subscribe to a Global-Regulation Premium Membership Today!

Key Benefits:

Subscribe Now for only USD$20 per month, or Get a Day Pass for only USD$4.99.
"Article 1.-empower State universities, for a period of two years from the date of entry into force of this law, to contract one or more loans, or other financial obligations, in order to restructure their liabilities financial, existing at December 31, 2004." The amount of such liabilities shall be determined in a decree of the Ministry of education, which also will carry the signature of the Minister of finance.

The debt service arising from loans that are authorized to contract by this law, shall be charged to the heritage of the respective University, and may not exceed the term of 20 years.

This authorization will not compromise either directly or indirectly the credit or financial liability of the State Treasury.

Universities must call public proposal to select the or financial institutions that grant them the loans.