ACT 781 OF 2002
Official Gazette No. 45041 of December 21, 2002 PUBLIC POWER
LEGISLATIVE BRANCH Whereby the authorizations granted to the national government to celebrate expand operations external and internal public credit and similar to the above and other provisions operations. Summary
The Congress of Colombia DECREES: CHAPTER I.
ARTICLE 1o. Elaborate on in sixteen thousand five hundred million dollars of the United States of America or its equivalent in other currencies (US $ 16.500.000.000.00), the authorizations granted to the national government by the first article of Law 533 of 1999 and previous laws, different to those expressly granted by other rules, to celebrate external public credit operations, internal public credit operations and assimilated to the above operations, for the financing of budget allocations and programs and projects of economic and social development.
The authorizations conferred by this article are different from those granted by article 2. Law 533 of 1999. Consequently, the exercise will not affect in any way in those granted by that provision. Effective Notes
PROVISIONS RELATING TO QUOTA OF INDEBTEDNESS.
. The Ministry of Finance and Public Credit Directorate-General of Public Credit will affect the authorizations granted by article 1. of this Act on the date on which the respective minutes of contract by the Directorate General of Public Credit is approved. In the case of issuance and placement of public debt, the authorizations conferred affect on the date of placement of them.
ARTICLE 3. Public credit operations or assimilated to hold the Nation term exceeding one year, as well as debt management operations that do not affect the quotas of the authorizations granted by this law. In any case, public credit operations deemed to be equivalent celebrate the nation with a term exceeding one year will affect the indebtedness quota authorized herein, when the term is extended to more than a year.
ARTICLE 4. Borrowing authorizations granted by the law to understand the Nation 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 their reuse is subject to the provisions herein, the Decree 2681 of 1993 and other applicable provisions.
OTHER PROVISIONS ON PUBLIC DEBT.
The 5th ITEM. Amendments to the acts and contracts relating to the operations of public credit, assimilated, debt management and related to the above, held by state entities and have been approved and / or authorized by the Ministry of Finance and Public Credit, they must be approved by the Directorate General of Public Credit. For this purpose, the borrowing entity shall submit a reasoned application, accompanied, as appropriate, of the authorization of the Departmental Assembly, City Council or organ respective direction. Notwithstanding the foregoing, the amendment contract shall be concluded based on the minutes approved by the Directorate.
The modifications involving additions to the contract amount shall be processed in accordance with the legal regulations for hiring new operations.
ARTICLE 6o. 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 standards by companies mixed officers and public services, as well as those with direct or indirect state superior to fifty percent of its capital participation shall be subject to the rules on public credit applicable to decentralized entities corresponding administrative order. Effective Notes
ARTICLE 7. Management and conduct of the acts and contracts dealing Decree 2681 of 1993 and other related rules by metropolitan areas and associations of municipalities are subject to the rules on public credit applicable to decentralized entities territorial order .
For the same purposes, the autonomous university authorities, autonomous, regional corporations and the National Television Commission be subject to the regulations applicable to decentralized national entities.
The National Government will establish the rules for determining the payment capacity of the entities mentioned in first and second paragraph of this article. To this end, the Government will consider among other criteria, the characteristics of each entity, the object of his own activities and the overall composition of your income and expenses.
Article 8. State entities, including state financial institutions must report monthly disbursement schedule for the next two years of his contract foreign loans and negotiation or programmed, in which participating or intending to participate as a direct borrower or as executor of credits nation, which should be monthly basis. In addition, and on a quarterly basis must be submitted with the previous programming, trimestralizado disbursement schedule for the next five (5) years.
Article 9. The national government will guide the public debt policy towards preserving fiscal stability.
The Government may define and classify new forms of debt and new types of complementary to public credit such as assimilated, and related debt management operations, so that it can use existing mechanisms on the market financial and capital markets.
ARTICLE 10. Be responsible fiscal and disciplinary legal representatives of state agencies when projects run by the same to be financed with credit resources not run for reasons not attributable to government authorities or third parties.
In order to facilitate the exercise of the DNP tracking function assigned to the legal rules applicable, the above entities must prepare a quarterly report where the state of the project appears and, if applicable, the reasons that have impeded its progress and measures taken by the executing respective obstacles to overcome.
The National Planning Department shall provide the Ministry of Finance and Public Credit Directorate-General for Public Credit and the Interparliamentary Commission on Public Credit reports obtained under the foregoing paragraph.
ARTICLE 11. The National Planning Department shall not give effect to the National Council for Economic and Social Policy, Conpes, credit operations to finance investment projects without verifying that the latter comply with the criteria fiscal policy outlined by the National Council for Fiscal Policy Confis, and / or when it has verified the existence of counterpart resources for execution, when they are required.
In the event that an investment project has the resources counterpart but lacks the authorization to invest within the period of execution, terms governing it must be adapted to provide the fiscal space that he was assigned.
ARTICLE 12. The Interparliamentary Commission of Public Credit convened by the National Government or by majority decision of its Members. also can the Commission quote the Cabinet ministers, directors of administrative departments and other government senior officials, to report on the status of implementation of public credit operations held by the respective entities with a view to facilitate control the corporation exerts on such operations.
ARTICLE 13. The use of Fund resources Oil Savings and Stabilization, FAEP authorized by Article 133 of Law 633 of 2000, is subject to the following rules:
1. They may use the quota allocated producing local authorities and non-producing oil that have not already done under the terms of Decree 1939 of 2001 or when when they had used to have a surplus or has been verified a return of the same by the respective creditor.
2. The amount of usable resources FAEP for each territorial entity which is accounted by him as distributed by the National Planning Department following the methodology outlined in Decree 1939 of 2001.
3. Resources producing local authorities and non-producing oil can be diverted to pay the debts outstanding at the time of issuance of this law, arising from the purchase of energy destined for service users, whether this it has provided territorial entity directly or through their respective decentralized entity.
4. Authorized by Article 133 of Law 633 of 2000 resources they may be used by local authorities to pay the debts outstanding at the time of issuance of this law, contracted with third parties for electricity supplied to health facilities, education basic primary and secondary processing of drinking water and basic sanitation and for the debt that has the concept of public lighting.
5. Producing local authorities and non-producing oil may allocate authorized in this article refers to the payment of debts outstanding at the time of issuing this law to resources, in charge for workers' compensation, labor liabilities, passive prestacional and utility debts to different energy when they shall have been supplied to establishments dealt with in paragraph 4 above of this article.
6. It also may be destined for this standard resources for payment of the following debts mean:
a) Debt acquired with financial institutions supervised by the Banking Superintendency in force on 29 December 2000;
B) debt with the Nation in force at December 29, 2000;
C) Debt and Development Institutes existing Regional Development 29 December 2000;
D) Debt concept of subsidies recognized by energy distribution companies, effective December 29, 2000:
e) debt with suppliers under the terms defined in Decree 2681 of 1993, effective December 29,
2000. 7. The balance of resources proves after cancel all the debts that address the above numbers may be assigned to investment projects determined by the corresponding territorial entity, for which they must submit to the National the following Royalties Commission:
A) certification issued by the Ministry of Finance and Public Credit Directorate-General for Public Credit stating that there are remedies available under the provisions above;
B) Certification issued by the agency planning the respective territorial entity in which it is established that (the) project (s) to be financed with resources from FAEP are included in the respective Development Plan territorial entity ;
C) Certification to the effect issued by the National Planning Department stating that (the) project (s) to be financed with resources from FAEP are registered in the Bank of Investment Projects, BPIN. PARAGRAPH 1.
. The local authorities will determine the order of priority with which they must make the payments referred to paragraphs 3 to 6 of this provision, meeting the criterion of efficiency in the management of public resources. PARAGRAPH 2.
. In the event that the resources available FAEP in favor of the local authority are insufficient to cover the cost of the total project funding, the respective territorial entity shall ensure the full financing of the same, either with themselves or from resources other funding sources. For this purpose, must accompany the respective budget availability certificate attesting to the existence and commitment of the respective resources to the project. PARAGRAPH 3.
. If the local authority cometh to have space available to finance with resources FAEP investment projects, and although it should not have projects registered investment BPIN proceed to its presentation and exhausted in any case, the procedure established for this purpose .
PARÁGRAFO 4o. The National Royalties Commission shall regulate -before 30 June 2003- the way they should be rotated resources available under the terms established in this article.
ARTICLE 14. Debts in favor of the Nation paid and to be paid by local authorities producing and non-producing oil using the funds referred to Article 133 of Law 633 of 2000, shall be governed by financial conditions agreements and / or contracts signed or to be signed with debtor entities that have benefited or benefiting from the Laws 550 of 1999 and 617 of 2000.
In the event that the debtor entities in the preceding paragraph refers to not restructure or have not restructured their debts under the terms and conditions mentioned therein laws, the principal balance due on November 15, 2001 shall be restructured at a cost, measured in terms of the margin or spread over the base rate for calculating the interest- decrease by two hundred fifty (250) basis points.
Entities referred to in this article may allocate resources to which he refers to pay debts tuvieren with the nation, even if they were in arrears on 14 November 2001. In any case, such debts only cause default interest until that date and, from it, the currents in the terms established in the preceding paragraphs.
ARTICLE 15. In order to implement programs of institutional strengthening of territorial entities that have concluded an adjustment program under the terms of Law 617 of 2000 and / or which have benefited or benefiting from Law 550 1999, the National Government will allocate credit resources for the amount of USD16 million or its equivalent in other currencies.
The resources thus may be non-refundable delivered by local authorities when certifying the attainment of organizational goals, tax, financial and human resources management which has been the subject of strengthening the respective agreements. The Ministry of Finance and Public Credit, through the Fiscal Support, DAF, certify compliance with the agreed targets institutional strengthening for the respective territorial entity.
ARTICLE 16. This law repeals Article 13 of Law 185 of 1995 and 1o. Law 419 of 1997, amending all provisions that are contrary and governs from the date of its enactment.
The President of the honorable Senate of the Republic, Luis Alfredo Ramos Botero
The Secretary General of the honorable Senate, Ramon Emilio Otero
The President of the honorable House of Representatives, William Velez
The Secretary General of the honorable House of Representatives, Angelino Lizcano Rivera
REPUBLIC OF COLOMBIA - NATIONAL GOVERNMENT
published and execute.
Given in Bogotá, DC, 20 December 2002.
The Alvaro Uribe Minister of Finance and Public Credit, Roberto Junguito Bonnet