Empowers The President Of The Republic To Grant A State Guarantee Obligations Indicate, Has The Signature Of Convention Programming With The Enterprise System And Amends Act No. 19.767

Original Language Title: FACULTA AL PRESIDENTE DE LA REPUBLICA PARA OTORGAR LA GARANTIA DEL ESTADO A LAS OBLIGACIONES QUE INDICA, DISPONE LA SUSCRIPCION DE CONVENIO DE PROGRAMACION CON EL SISTEMA DE EMPRESAS Y MODIFICA LA LEY Nº 19.767

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"Article 1.-authorize the President of the Republic to grant the guarantee of the State appropriations that contract or bonds issued the public sector companies, including entities referred to in article 11 of law No. 18.196, up to the amount of US$ 1.500.000.000 (a 1.5 billion dollars of the United States of America)" , or its equivalent in other foreign currencies or in national currency.
The authorization granted to the President of the Republic, shall be exercised by one or more Supreme Decree issued through the Ministry of finance, in which the specific destination of the obligations by contract, shall be identified indicating the sources of the resources to which the debt service should be.
Guarantees granted by the State in accordance with this article, be extended to capital, readjustments and interests accrued credits and bonds mentioned above, commitments, contracts of exchange of currencies and other expenses that irrigated until the effective payment of these obligations. Any disbursement carrying the State in respect of any such warranties will be deducted, where appropriate, the credit against the tax which, by application of the second paragraph of article 29 of Decree Law No. 1.263 of 1975, the respective company has recorded in its accounting.