Key Benefits:
LEGISLATIVE ASSEMBLY-REPUBLIC OF EL SALVADOR ____________________________________________________________________
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DECREE No. 677
THE LEGISLATIVE ASSEMBLY OF THE REPUBLIC OF EL SALVADOR,
CONSIDERING:
I.-That the Fund for Sanitation and Financial Strengthening, hereinafter FOSAFFI, received from the Bank CREDISA liquidated, credits from the FOCAC Line; these credits for different reasons showed problems of late payment, which led FOSAFFI to bring legal proceedings against these debtors,
II.-That the benefits that forest crops have for the environment is of paramount importance, not only for the area where the buildings are located, but for the entire country. Therefore, it is necessary to support all the people who acquired credits for forest crops, coming from the FOCAC Line, by the Donation Convention 519-0307; so that, in this way they can recover their properties through new credit lines.
III.-That it is necessary to issue a decree establishing credit facilities for the persons mentioned in the previous recital, having the possibility of opting for quotas and preferential interest rates, due to the purpose of their forest crop conservation services.
BY TANTO:
in use of his Constitutional powers and at the initiative of Deputies and Diputados Othon Sigfrido Reyes Morales, Orestes Fredesman Ortez Andrade, David Rodriguez Rivera, Audelia Guadalupe Lopez de Kleutgens, Irma Lourdes Palacios Vásquez, and Alvaro Cornejo.
DECRETA the following:
SPECIAL AND TRANSITIONAL PROVISIONS FOR THE GRANTING OF CREDITS BY THE FOSAFFI TO PERSONS WHO LOST THEIR PROPERTIES USED FOR FOREST CROPS
Art. 1.-The Fund for Sanitation and Financial Strengthening, FOSAFFI, is empowered to sell the buildings to the debtors of forest credits that were transferred to that institution from the CREDISA Bank, and that due to court proceedings they lost their property, and wish to recover them, provided they have not passed into the hands of third parties and there are rights to respect; such sale will be made for the amount disbursed as Forest Credit, credits that were granted by the AID Convention AID No. 519-0307.
In order to qualify as a beneficiary, no litigation pending against FOSAFFI should exist on the part of the debtor or, failing that, check the FOSAFFI which has abandoned the relevant legal action. The time limit for accessing the benefits granted in this Decree shall be a maximum year, counted from the entry into force of this Decree.
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LEGISLATIVE ASSEMBLY-REPUBLIC OF EL SALVADOR ____________________________________________________
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provisions that the General Directorate of Forest Management Watersheds and Riego of the Ministry of Agriculture and Livestock issue for the conservation of the forest vocation of the building, without it being able to change the vocation of the same at least in ten years from the acquisition of the property.
Art. 2.-For the sale of these buildings, FOSAFFI is empowered to grant preferential loans, with interest that does not exceed 1.5% per year, with quotas not greater than thirty dollars per month and according to the payment capacity of each debtor.
Art. 3. This Decree is of a special nature and the FOSAFFI may develop the procedure or procedures to enable it to apply it effectively.
Art. 4.-This Decree shall enter into force on the day of its publication in the Official Journal.
GIVEN IN THE BLUE HALL OF THE LEGISLATIVE PALACE: San Salvador, at eight days of the month of May of the year two thousand fourteen.
OTHON SIGFRIDO REYES MORALES, PRESIDENT.
ENRIQUE ALBERTO LUIS VALDEZ SOTO, GUILLERMO ANTONIO GALLEGOS NAVARRETE, FIRST VICE PRESIDENT. SECOND VICE-PRESIDENT.
JOSÉ FRANCISCO MERINO LÓPEZ, FRANCISCO ROBERTO LORENZANA DURAN, THIRD VICE PRESIDENT. FOURTH VICE-PRESIDENT.
CARLOS ARMANDO REYES RAMOS, FIFTH VICE PRESIDENT.
LORENA GUADALUPE PEÑA MENDOZA, MANUEL VICENTE MENJÍVAR ESQUIVEL, FIRST SECRETARY. SECOND SECRETARY.
SANDRA MARLENE SALGADO GARCÍA, JOSÉ RAFAEL MACHUCA ZELAYA, THIRD SECRETARY. FOURTH SECRETARY.
IRMA LOURDES PALACIOS VÁSQUEZ, ERNESTO ANTONIO ANGULO MILLA, FIFTH SECRETARY. SIXTH SECRETARY.
FRANCISCO JOSE ZABLAH SAFIE, JOSE SERAFIN ORANTES RODRIGUEZ, SEVENTH SECRETARY. EIGHTH SECRETARY.
PRESIDENTIAL HOUSE: San Salvador, at the twenty-two days of May of the year two thousand fourteen.
PUBESLOSE,
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ASSEMBLY-REPUBLIC OF EL SALVADOR ____________________________________________________________________
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Carlos Mauricio Funes Cartagena, President of the Republic.
José Armando Flores Alemán Minister of Economy.
D. O. No. 96 Took Nº 403 Date: May 28, 2014
JQ/geg 03-07-2014
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