Be Authorized To The Field Of Finance, Financial Agreement With The Financial Institution (Ifi) Artigiancassa S.p.a., In The Amount Of Us$ 16,280, 400.60.

Original Language Title: AUTORÍZASE AL RAMO DE HACIENDA, SUSCRIBIR ACUERDO FINANCIERO CON LA INSTITUCIÓN FINANCIERA (IFI) ARTIGIANCASSA S.P.A., POR LA CANTIDAD DE US$16,280,400.60.

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Read the untranslated law here: http://www.asamblea.gob.sv/eparlamento/indice-legislativo/buscador-de-documentos-legislativos/autorizase-al-organo-ejecutivo-suscribir-un-acuerdo-financiero-con-artigiancassa-s.p.a.por-16-280-460.60/archivo_documento_legislativo

1 Decree No. 571 the Legislative Assembly of the Republic of EL SALVADOR, considering: I.-that the Government of the Republic of El Salvador, has among its purposes, contributing to social and economic recovery of the historical center of San Salvador, favouring return to residential use and reducing the housing deficit, through interventions articulated in this sector , with strengthening of the cooperative model.
II.-that to achieve the foregoing has managed with the institution financial Italiana (IFI) Artigiancassa S.p.A., appointed by the Government of the Republic of Italy, to the signing of the financial agreement for an amount of up to twelve million of EUROS (€12,000,000.00), equivalent approximately to SIXTEEN million two hundred eighty thousand four hundred 60/100 dollars of the United States of AMERICA (US$ 16,280.400.60) will be used to finance the project "Requalification Socio-economic and Cultural of the Center historic of San Salvador and of your function housing through the movement cooperative".
III. in view of the foregoing and on the basis of provisions of article 148 of the Constitution of the Republic, whereas authorized to the Executive Body in the field of finance, you sign the financial agreement to finance the project.
Therefore, use of his constitutional powers and at the initiative of the President of the Republic, by the Minister of finance.
Decree: Article 1.-authorize the Executive branch in the field of finance, for which by means of its holder or official he designated, signed on behalf of the State and Government of the Republic of El Salvador, a financial agreement with the institution financial Italiana (IFI) Artigiancassa S.p.A., for an amount of up to twelve million of EUROS (€12,000.000.00), equivalent to approximately SIXTEEN million two hundred eighty thousand four hundred 60/100 dollars from the United States of AMERICA (US$ 16,280.400.60) to finance the project "Requalification Socio-economic and Cultural of the Center historic of San Salvador and of your function housing through the movement cooperative", loan that will be subject to the following conditions and stipulations: 2 loan amount: up to twelve million of EUROS (€12,000,000.00), equivalent to approximately SIXTEEN million two hundred eighty thousand four hundred 60/100 dollars of the United States of AMERICA (US$ 16,280.400.60).
LOAN term: twenty-six (26) years.
INTERESTS: Zero point zero percent (0.0%).
AMORTIZATION schedule: The first instalment of the capital shall be paid to the sixteen (16) years, from the date on which the first disbursement of the loan is credited to the account. Fees will be paid Semiannually, consecutively and if possible, until the total cancellation the same loan.
DESTINATION: Finance the implementation of the project "Requalification Socio-economic and Cultural of the Center historic of San Salvador and of your function housing through the movement cooperative".
Article 2.-in the negotiation of this loan agreement, the Government of the Republic shall ensure to authorize disbursements, in the feasibility study to include specific plans and projects with their respective costs; You should also consider that, in regards to the intervention and recovery of public spaces, you must work in conjunction with the municipality of San Salvador and in the other items of the draft laws and municipal ordinances and establish it; make sure social housing at affordable costs, guaranteeing the participation of cooperatives that contributed in the development of the project, with emphasis on people residing in San Salvador.
Article 3.-the contract of loan, the Government of the Republic of El Salvador endorsed the Artigiancassa S.p.A., institution financial Italiana (IFI) in accordance with this Decree, shall submit to the approval of the Legislative Assembly to be valid.
Article 4.-the present Decree shall enter in force starting from the day of its publication in the daily official.
GIVEN in the blue room of the Legislative Palace: San Salvador, in the fifth day of the month December two thousand thirteen year.
OTHON SIGFRIDO REYES MORALES, PRESIDENT.
ENRIQUE ALBERTO LUIS VALDEZ SOTO, GUILLERMO ANTONIO GALLEGOS NAVARRETE, SENIOR VICE PRESIDENT. SECOND VICE PRESIDENT.

3 DURAN JOSE FRANCISCO MERINO LÓPEZ, FRANCISCO ROBERTO LORENZANA, THIRD VICE PRESIDENT. FOURTH VICE PRESIDENT.
CARLOS ARMANDO REYES RAMOS, FIFTH VICE PRESIDENT.
LORRAINE GUADALUPE PENA MENDOZA, MANUEL VICENTE MENJIVAR ESQUIVEL, FIRST SECRETARY. SECOND SECRETARY.
SANDRA MARLENE SALGADO GARCÍA, JOSÉ RAFAEL MACHUCA ZELAYA, THIRD SECRETARY. FOURTH SECRETARY.
IRMA PALACIOS LOURDES VASQUEZ, ERNESTO ANTONIO ANGLE MILE, FIFTH SECRETARY. SIXTH SECRETARY.
FRANCISCO JOSE ZABLAH SAFIE, JOSE SERAFIN RODRIGUEZ ORANTES, SEVENTH SECRETARY. EIGHTH SECRETARY.
Presidential House: San Salvador, on sixteenth day of the month of December of the year two thousand thirteen.
PUBLISHED, Carlos Mauricio Funes Cartagena, President of the Republic.
Juan Ramon Carlos Enrique Caceres Chavez, Minister of finance.
D. o. No. 236 volume no. 401 date: 16 December 2013 JBCHM/ielp 28-01-2014 legislative index