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Act 533 1999

Original Language Title: LEY 533 de 1999

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1999 ACT 533

(November 11)

Official Journal No 43,779 of 12 November 1999

CONGRESS COLOMBIA

By which the authorizations granted to the National Government are extended to hold external and internal public credit operations and operations assimilated to the previous ones, as well as to guarantee payment obligations for others. State entities and other provisions are dictated.

Vigency Notes Summary

DECRETA:

ARTICLE 1o. Amplify in 12 billion dollars (USD 12,000,000,000) of the United States of America or its equivalent in other currencies, the authorizations conferred on the National Government by the href="ley_0185_1995.html#1"> 1or. and 4or. of Act 185 of 1995 and previous laws, various to those expressly authorized by other rules, to conduct external public credit operations, domestic public credit operations, or both, as well as operations assimilated to the foregoing, to finance budget appropriations and programs and projects for economic and social development.

Vigency Notes
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ARTICLE 2o. Amplify in four thousand five hundred million dollars (US$4,500,000,000) of the United States of America or its equivalent in other currencies, the authorizations conferred on the National Government by the Article 38 of Law 344 of 1996, various to those expressly authorized by other rules, to guarantee obligations of payment of other state entities according to the law.

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ARTICLE 3o. The Ministry of Finance and Public Credit-Directorate General of Public Credit, will affect the authorizations conferred by the articles 1or. and 2or. of this law, on the date on which the respective minute of contract is approved by the General Directorate of Public Credit. However, in the case of issue and placement of debt securities, the authorisations granted shall be affected by the date of their placement.

CHAPTER II

Investment Fund for Peace

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ARTICLE 4. Authorize the Nation to conduct external public credit operations, internal public credit operations, or both, as well as operations treated as prior to the sum of two thousand. Millions of dollars (US$2,000,000,000) to finance the programs of the Investment Fund for Peace.

The contracts that are signed in development of this authorization shall require for their conclusion and improvement of the same requirements as the applicable rules for the contracting of the operations to be held in the development of the authorizations conferred by the first and second items of this law.

CHAPTER III

General provisions

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ARTICLE 5o. The National Government will report to the Congress of the Republic, through the Inter-Parliamentary Committee on Public Credit, in the months of September and March on the use of the authorisations granted by this law during the months of January to June and July to December, respectively.

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ARTICLE 6o., The public or assimilated credit operations held by the Nation or the guarantees it grants, with a term of less than or equal to one year, as well as the debt management operations it carries out, not affect the quotas of the authorisations granted. In any event, the public or similar credit operations held by the Nation or the guarantees it grants, initially with a term of less than or equal to one year and which for any reason are extended to a longer period, will affect the quotas of authorised debt or guarantee.

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ARTICLE 7o. The indebtedness and guarantee authorizations granted by law to the Nation shall be deemed to be exhausted once they have been used. However, the amounts that are affected and are not contracted or those that are contracted and cancelled for non-use, as well as those that are reimbursed in the normal course of the operation, will increase the availability of the legal quota affected and, for their new use, will be subject to the provisions of this Law and Decree 2681 of 1993 and other regulations.

When in the exception states that treat 212, 213 , and 215 Political Constitution, the National Government changes the destination of the contracted borrowings in development of the authorizations conferred by this law, it must inform on the redirection of the respective borrowings to the Commission Interparliamentary of Public Credit.

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ARTICLE 8o. The public credit operations and the assimilated operations held by the Nation, as well as the guarantees it grants in the development of the authorizations conferred by the href="ley_0533_1999.html#1"> first and second of this law, will only require for their celebration, validity, and improvement of compliance with the requirements set forth in Decree 2681 of 1993, the Laws 185 of 1995 and 344 of 1996 other relevant rules.

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ARTICLE 9o. Article 13 of Act 185 of 1995, will remain as follows:

" Article 13. The modifications or modifications of contracts that deal with public credit operations and their assimilated, debt management operations and related to the former are governed by the law in force at the time of their signature.

" Amendments to contracts relating to public credit operations, assimilated, debt management and related to the previous ones, held by the State entities and which have been approved and/or authorized by the Ministry of Hacienda y Crédito Público, will require the approval of the General Directorate of Public Credit.

"In any event, modifications that imply additions to the contracted amount must be processed in accordance with the provisions of the applicable legal rules for the hiring of new operations."

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ARTICLE 10. Article 30 of Law 51 of 1990 will thus remain:

" Article 30. Debt securities are issued with documents and securities securities of credit content and with a time limit for their redemption issued by the state entities, as well as those entities with a state participation of more than fifty percent. independence of their nature and the order to which they belong.

" Non-debt securities are considered to be public debt securities and securities securities securities and securities securities securities issued by credit institutions, insurance companies and other financial institutions of a nature (a) State, corresponding to the ordinary turn of the activities of its social object, except those offered by such entities on the international capital markets with a period of more than one year, in which case they shall require the authorization of the Ministry of Finance and Public Credit for issuance, subscription and placement and may count on the guarantee of the Nation ".

PARAGRAFO. Without prejudice to compliance with the provisions of the Organic Statute of the General Budget of the Nation and its regulatory decrees, state entities may hold direct, individual or joint with other state entities contracts with entities subject to the supervision of the Banking Superintendence or the Superintendency of Securities for the correct handling, administration and execution of their portfolios of debt securities issued by the Nation or guaranteed by the Nation, through special or special funds securities, or any other similar form, being able to substitute such securities for shares in the aforementioned funds, which by their nature may be autonomous assets. The government will regulate the matter.

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ARTICLE 11. 1341 of 2009 > Without prejudice to the provisions of Articles 31 and 32 of Law 142 of 1994 for other acts and contracts, the management and conclusion of the acts and contracts covered by Decree 2681 of 1993 and other rules agreed by public service undertakings in the official and mixed houses, as well as those with direct participation or indirectly of the State of more than fifty percent in its share capital, shall be subject to rules on public credit applicable to the decentralised entities of the order to which they can be assimilated.

Vigency Notes
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ARTICLE 12. The conclusion of contracts related to public credit and securitization, by state entities, as well as by those entities with the participation of the State more than fifty percent in their share capital, regardless of their nature and the order to which they belong, which are not subject to the laws in force and in Decree 2681 of 1993 and other concordant rules, will require the authorization of the Ministry of Finance and Public Credit, which may be granted in form general or individual depending on the amount, modality of the operation and entity that celebrates it.

Effective Case-law
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ARTICLE 13. Article 16 of Act 185, 1995, will be as follows:

ARTICLE 16. They shall be included in the single database of the Ministry of Finance and Public Credit-Directorate General of Public Credit, public credit operations, their assimilated and debt management operations, which are held by state entities. with a term of more than one year, those contracted with a lower term and which, for the purposes of the conduct of management operations, exceed that period and, those which include derivatives, in the latter case regardless of the time limit.

" Information concerning balances and movements of such transactions shall be provided on a monthly basis within the first ten (10) calendar days of the month following the month that is reported, in accordance with the instructions for this purpose. provides the General Directorate of Public Credit.

" Without prejudice to the provisions of the above, in the case of domestic public credit operations of the decentralised entities of the national order, the territorial and its decentralised entities, the inclusion in the single database will be a requirement for the first disbursement ".

PARAGRAFO 1o. The provisions of this Article shall also apply to entities with a State participation of more than fifty percent in their share capital, regardless of their nature.

PARAGRAFO 2o. The inclusion in the single database of the Ministry of Finance and Public Credit-Directorate General of Public Credit, will be carried out in the form, deadlines and conditions that the National Government rules.

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ARTICLE 14. The Inter-Parliamentary Public Credit Commission will meet at the request of the National Government or the majority of its Members. He will be able to quote the Ministers of the Office, Directors of Administrative Departments, and also officials of the highest ranking of the state entities, to give them the reports on the state of the credits in their respective offices. dependencies, and thus be able to track them.

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ARTICLE 15. This law repeals and amends all provisions which are contrary to it and in particular Article 7o. of Law 51 of 1990 and governs from the date of its promulgation.

The President of the honorable Senate of the Republic,

MIGUEL PINEDO VIDAL.

The Secretary General of the honorable Senate of the Republic,

Manuel Enriquez Rosero.

The President of the honorable House of Representatives,

ARMANDO POMARICO RAMOS.

The Secretary General of the honorable House of Representatives,

GUSTAVO BUSTAMANTE MORATTO.

Republic of Colombia-National Government.

PUBLISH AND EXECUTE.

Dada en Santa Fe de Bogotá, D. C., on 11 November and 1999.

ANDRES PASTRANA ARANGO

The Minister of Finance and Public Credit,

JUAN CAMILO RESTREPO SALAZAR.

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