Subscribe To Executive Body Authorize Loan Agreement With American Development Bank Idb For $ 50, 000,000.

Original Language Title: AUTORÍZASE AL ÓRGANO EJECUTIVO SUSCRIBIR CONTRATO DE PRÉSTAMO CON EL BANCO INTERAMERICANO DE DESARROLLO BID, POR $50, 000,000.

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Read the untranslated law here: http://www.asamblea.gob.sv/eparlamento/indice-legislativo/buscador-de-documentos-legislativos/autorizase-suscribir-contrato-de-prestamo-con-el-banco-interamericano-bid-por-50-000-000/archivo_documento_legislativo



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DECREE No. 406 THE LEGISLATURE OF THE REPUBLIC OF EL SALVADOR, CONSIDERING
:
I. The Government of the Republic of El Salvador has among its purposes, reducing vulnerability and improve the living conditions of families living in Urban Squatter Settlements (AUP), exposed to risks of floods and landslides in the Metropolitan area of ​​San Salvador (AMSS), by combining interventions neighborhood improvement, Local mitigation risks, investment in structural solutions for water management and access to social services.
II.- to achieve the above, has been managed with the Inter-American Development Bank (IDB), a Loan Agreement in the amount of up to FIFTY MILLION DOLLARS OF THE UNITED STATES OF AMERICA (US $ 50,000,000.00) which will be used to finance the program "Reduction of Vulnerability in Urban Squatter Settlements in the Metropolitan area of ​​San Salvador".
III.- That attention to the above and based on the provisions of Art. 148 of the Constitution of the Republic, it is appropriate to authorize the Executive Body in the field of Finance, to sign the Loan Agreement to finance the said project.
THEREFORE,
in exercise of its constitutional powers and initiative of the President of the Republic, through the Minister of Finance. DECREES
:
Art. 1. Authorize the Executive Branch in the field of finance, so that by the owner or official designee, subscribe on behalf of the State and Government of the Republic of El Salvador, a Loan Agreement with the IDB development Bank (IDB) to finance the program "Reduction of Vulnerability in urban slums in the Metropolitan area of ​​San Salvador" loan is subject to the following conditions and stipulations:
lOAN AMOUNT: Up to FIFTY MILLION DOLLARS THE UNITED STATES OF AMERICA (US $ 50,000,000.00).
TERM LOAN: Twenty-five (25) years from the date of signing of the Loan Agreement.
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GRACE PERIOD: Five (5) years and six (6) months from the effective date of the Loan Agreement.
INTERESTS: variable interest rate based on three-month LIBOR for loans from the Single Currency Facility of Ordinary Capital applies. These are payable semiannually, beginning six (6) months from the effective date of the Agreement.
COMMISSION OF CREDIT: a commission on the undisbursed balance of the Financing of Ordinary Capital, equivalent to a percentage to be established by the IDB periodically as a result of its review of financial charges, in accordance with the applicable provisions will be paid Bank policy on methodology for calculating charges for loans from Ordinary Capital, without, in no case may exceed 0.75% per year.
INSPECTION AND SURVEILLANCE: Established in accordance with the applicable provisions of Bank policy on methodology for calculating charges for Ordinary Capital loans. In no case you may charge for this purpose in a given semester more than that would result from applying 1% to the loan amount divided by the number of semesters included in the original disbursement period.
PAYMENT: By semiannual, consecutive and equal installments possible until full settlement of the loan.
DESTINATION: Financing program execution "Vulnerability Reduction in Urban Squatter Settlements in the Metropolitan Area of ​​San Salvador".
Art. 2. The Loan Agreement entered into by the Government of the Republic of El Salvador with the Inter-American Development Bank (IDB), in accordance with this decree must be approved by the Legislature for its validity.
Art. 3. This decree comes into force from the day of its publication in the Official Journal.
GIVEN IN THE BLUE ROOM OF THE LEGISLATIVE PALACE: San Salvador, this twenty-sixth day of June in the year two thousand and thirteen.
OTHON Sigfrido Reyes Morales, president.
ALBERTO ROMERO ARMANDO RODRIGUEZ, GUILLERMO ANTONIO NAVARRETE GALLEGOS, FIRST VICE. SECOND VICE PRESIDENT.
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MERINO JOSE FRANCISCO LOPEZ, FRANCISCO ROBERTO DURAN LORENZANA, THIRD VICE. FOURTH VICE.
ROBERTO JOSE d'Aubuisson MUNGUIA, FIFTH VICE.
PEÑA LORENA GUADALUPE MENDOZA, CARMEN ELENA CALDERON SOL DE ESCALON, First Secretary. Second Secretary.
SALGADO SANDRA MARLENE GARCIA, JOSE RAFAEL MACHUCA Zelaya, Third Secretary. Fourth secretary.
IRMA VASQUEZ PALACIOS LOURDES, MARGARITA ESCOBAR, FIFTH SECRETARY. SIXTH Secretariat.
JOSE FRANCISCO
ZABLAH SAFIE, REYNALDO ANTONIO LOPEZ Cardoza seventh Secretary. EIGHTH SECRETARY.
Casa Presidencial: San Salvador, on the twenty eighth day of June in the year two thousand and thirteen.
Published, Carlos Mauricio Funes Cartagena
, President of the Republic.
Juan Ramon Caceres Carlos Enrique Chavez, Minister of Finance.
Tomo OJ No. 120 No. 400 Date: July 2, 2013
FMN / geg 07/25/2013
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