Act 533 1999

Original Language Title: LEY 533 de 1999

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ACT 533 OF 1999
(November 11)
Official Journal No 43779 of 12 November 1999 COLOMBIA CONGRESS

Whereby the authorizations granted to the national government expands to hold public credit operations external and internal and similar to previous operations, and to ensure payment obligations of other state entities and other provisions. Summary

Term Notes DECREES
:
ARTICLE 1o. Elaborate on in twelve billion dollars (US $ 12 billion) of the United States of America or its equivalent in other currencies, the authorizations granted to the national government by Articles 1o. and 4o. Act 185 of 1995 and previous laws, different from those authorized by other rules, to enter into transactions external public credit operations internal public credit, or both, and assimilated to the above operations, intended to finance budgetary appropriations and programs and projects of economic and social development. Effective Notes

Article 2.
. Elaborate on in four thousand five hundred million dollars (US $ 4.5 billion) of the United States of America or its equivalent in other currencies, the authorizations granted to the Government by Article 38 of Law 344 of 1996, different from those expressly authorized by other standards, to ensure payment obligations of other state entities under the law.

ARTICLE 3o. The Ministry of Finance and Public Credit Directorate-General of Public Credit, will affect the authorizations granted by Articles 1. and 2nd. of this Act on the date on which the respective minutes of contract by the Directorate General of Public Credit is approved. However, in the case of issuance and placement of public debt, the authorizations conferred affect on the date of placement of them.

CHAPTER II Investment Fund for Peace
ARTICLE 4.
. Authorize the Nation to celebrate external public credit operations, internal public credit operations, or both, and assimilated to the above up to the amount of two billion dollars (US $ 2 billion) to finance operations Fund programs Investment for Peace.
The contracts signed in the development of this authorization required for its conclusion and improvement of the same requirements as required by the applicable rules for contracting operations taking place in development of the authorizations granted by the first and second articles this law. CHAPTER III


General provisions
The 5th ARTICLE. The National Government will inform the Congress, through the Interparliamentary Commission of Public Credit, in the months of September and March on the use of the authorizations granted by this law during the months from January to June and July to December respectively.
ARTICLE 6.
., Public credit operations deemed to be equivalent celebrate the nation or granting guarantees, with a term exceeding one year, as well as debt management operations that do not affect the quotas of the authorizations granted. In any case, the public credit operations deemed to be equivalent celebrate the Nation or the guarantees granted, initially with term exceeding one year and for any reason be extended to a longer period, affect quotas debt or guarantee authorized.

Article 7. Authorizations of indebtedness and guarantee conferred by law to the Nation shall be construed out once used. However, the amounts that are affected and not contracted or to be contracted and canceled for non-use, as well as repaid in the normal course of operation, increased by the same amount the availability of the relevant legal quota and, for reuse will be subject to the provisions of this Act and Decree 2681 of 1993 and other regulations.
When states of emergency that treat the Articles 212, 213 and 215 of the Constitution, the Government change the destination of loans contracted developing the authorizations granted by this law, you must report redirection of the respective loans to the Interparliamentary Commission of Public Credit.

ARTICLE 8.
. The public credit operations and similar operations held by the Nation and guarantees granted by developing the authorizations granted by the first and second articles of this law, only be required for its conclusion, validity and improvement of compliance requirements set out in Decree 2681 of 1993, Law 185 of 1995 and 344 of 1996 other relevant standards.

Article 9. Article 13 of Law 185 of 1995, shall be as follows:
"Article 13. Amendments or amendatory contract agreements that deal with public credit operations and assimilated, debt management operations and related to the above are governed by the law in force at the time of signature.
"the amendments to the contracts relating to public credit operations, assimilated, debt management and related to the above, held by state agencies and have been approved and / or authorized by the Ministry of Finance and Public Credit, require the approval of the Directorate General of Public Credit.
"In any case, modifications involving additions to the contract amount shall be processed in accordance with the legal regulations for hiring new operations".

Article 10. Article 30 of Law 51 of 1990 will read:
"Article 30. public debt securities documents and credit content and term for redemption emitting state entities as well as those entities with state participation exceeding fifty percent, regardless of their nature and the order to which they belong.
"not considered public debt securities documents and credit content and term for redemption casting credit institutions, insurance companies and other financial institutions at the state level, corresponding to the ordinary course of the characteristics of its corporate purpose, except those offering such entities in the international capital markets more term one year, in which case they require authorization from the Ministry of Finance and Public Credit for issuance, underwriting and placement and may have the guarantee of the Nation ".
PARAGRAFO. Subject to compliance with the provisions of the Organic Statute of the General Budget of the Nation and its implementing regulations, state entities may enter directly, individually or jointly with other state entities contracts with entities under the surveillance of the Banking Superintendency or of the securities for the proper management, administration and performance of their portfolios of government bonds issued by the Nation or guaranteed by it, through special mutual funds or securities, or any other similar form, can replace such securities for shares in such funds, which by their nature may be autonomous equities. The Government will regulate the matter.

ARTICLE 11. Notwithstanding the provisions of Articles 31 and 32 of Law 142 of 1994 for other acts and contracts, management and conduct of the acts and contracts dealing Decree 2681 of 1993 and other related rules by corporate officers and joint public services, as well as those with direct or indirect superior State to fifty percent of its share capital participation, shall be subject to the rules on public credit applicable to decentralized entities in order to which can assimilate. Effective Notes


Article 12. The conclusion of contracts relating to public credit and securitizations, by state entities, as well as by those entities with state participation exceeding fifty percent of its share capital, regardless of its nature and the order to which they belong, not having procedures laid down in the laws and Decree 2681 of 1993 and other related regulations, require the authorization of the Ministry of Finance and Public Credit, which may be granted generally or individually depending on the amount, mode of operation and the celebration entity. Effective Jurisprudence


Article 13. Article 16 of Law 185 of 1995, will read:
ARTICLE 16.
should be included in the single database of the Ministry of Finance and Public Credit Directorate-General of Public Credit, public credit operations, its assimilated and debt management operations, which held state entities with term exceeding one year, those contracted with shorter period and that for purposes of holding management operations exceed that period and those involving derivatives, in the latter case regardless of the term.
"The information regarding balances and movements of such operations must be provided monthly within the first ten (10) calendar month following that report, according to the instructions for that purpose to impart the Directorate days public Debt.
"Without prejudice to the provisions of the preceding paragraphs, in the case of operations of internal public credit decentralized national entities, territorial and decentralized, the inclusion in the single database will be required for the first disbursement. "
PARAGRAPH 1.. the provisions of this article also to entities with state participation exceeding fifty percent of its share capital, regardless of their nature shall apply. PARAGRAPH 2.
. the inclusion in the single database of the Ministry of Finance and Public Credit Directorate-General of Public Credit, shall be in the form, terms and conditions regulated by the Government.

Article 14. The Interparliamentary Commission of Public Credit convened by the National Government or the majority of its members. It may summon Cabinet ministers, directors of administrative departments and also officials of the highest rank of state agencies to hold them reports on the status of loans in their respective units, and power and track the same.

ARTICLE 15. This law repeals and amends all provisions that are contrary and in particular article 7. Law 51 of 1990 and is valid from the date of its enactment.
The President of the honorable Senate,
MIGUEL VIDAL PINEDO.
The Secretary General of the honorable Senate of the Republic, Manuel Enríquez Rosero
.
The President of the honorable House of Representatives,
ARMANDO RAMOS Pomarico.
The Secretary General of the honorable House of Representatives,
GUSTAVO BUSTAMANTE Moratto.
Republic of Colombia-Government National.
Published and executed.
Given in Santa Fe de Bogota, DC, on November 11 and 1999.

ARANGO ANDRES PASTRANA Minister of Finance and Public Credit, Juan Camilo Restrepo
SALAZAR.



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