1 Decree No. 393 the Legislative Assembly of the Republic of EL SALVADOR, considering: I.-that corresponds to the legislature empower the Executive to hire voluntary loans, within or outside the Republic, inter alia, to ensure obligations by State or municipal public interest and in the same way entities pursuant to article 148 of the Constitution, the legislative decree that authorizing the issuance or contracting of a loan, must be expressed clearly the purpose for which the funds from this, are used as well as the essential conditions for the operation.
II.-that the article 119 of the Constitution of the Republic, establishes that it is social housing and that the State shall ensure that as many Salvadoran families arrive to own their respective housing.
III. that housing is a fundamental need of the family, achieve your satisfaction is a vital element to build a society of peace, making it necessary to provide the country with social and financial instruments and mechanisms that facilitate access to housing to the poorest of the population classes.
IV.-that to fulfill the stated purpose in the recital that precedes and addressing in an integrated manner, support for the "Casa program for all", it is necessary to have an additional source of resources for longer, allowing you to fit the future flows of the referral program, with inflows of the commercialization of housing units.
V-that in view of the established in the previous recitals and to especially meet stipulated in recital that precedes, it is necessary to issue certificates of investment up to the amount of forty million dollars of the United States of America (US$ 40,000,000.00), which benefit from the guarantee of the State of El Salvador.
Therefore, in use of his constitutional powers and at the initiative of the President of the Republic, by the Minister of finance, DECREED the following: law of emission certificates of investment of the Fund national of housing POPULAR 2 article 1.-authorize the National Fund of Popular housing, which hereafter may be called "FONAVIPO", issue certificates of investment up to an amount of 40 million dollars of the United States of America (US$ 40,000,000.00) which shall be entitled to the guarantee of the State of El Salvador.
Article 2.-the certificate of investment issued in accordance with the provisions of the preceding article, shall have the following general characteristics: to) will be issued in dollars of the United States of America, registered and tradable, through the Bolsa de Valores de El Salvador.
(b) they shall accrue an interest rate which may be fixed or variable and which will be paid periodically on the balance of electronic annotations of values on account of each holder, during the entire duration of the emission, which shall be calculated based the calendar year.
(c) investment certificates may be issued for a term of 4 years and may be redeemed in full or partially in advance, starting from the second year of each tranche issued, to FONAVIPO option.
(d) the specific characteristics will be established by the Board of Directors of the FONAVIPO, on the basis of the best conditions in the market at the time of the broadcast.
Article 3.-them certified of investment that will be issued by the Fund national of housing Popular, may be object of offer public in the market national, without need of settle them in the record public stock that carries the Superintendence of the system financial, or of register to the FONAVIPO as emitter of values. The emission mentioned is exempt from the obligation of classification of risk. Pension funds institutions are empowered to invest in these certificates of investment resources of the pension funds that manage.
It will provide to the concerned issue the same way as the institutions referred to in article 3, first paragraph of the law of the stock market, with the legal exceptions listed in this article.
Article 4.-them certified of investment whose emission is authorizes, will be used by FONAVIPO in the catchment of them resources needed for the replacement of debt related to the program House for all that supports FONAVIPO.
If to the end the program House for all that supports FONAVIPO, exist obligations pending and originated by the emission of certificates of investment, these obligations will be covered by the State, in its quality of guarantor of it emission that protects the present Decree.
Article 5.-the Bank of development of El Salvador, will act as financial agent of FONAVIPO, at the request of the latter and will be in charge of the control of flows of the broadcast, in accordance with the characteristics listed in article 2 of this Decree and to authorize the Board of Directors of the FONAVIPO.

3 article 6.-FONAVIPO will sign the agreement with the financial agent which refers in this Decree, for the management and control of the issuance of certificates of investment flows, which does not imply costs for the issuer. This instrument will be which will regulate the relationship between the issuer and its financial agent.
Article 7.-the nominal value and yields of investment certificates that will be issued in accordance with this law, shall be exempt from all sorts of taxes, fees and contributions.
Article 8.-the proceeds from the issuance of certificates of investment must prove to a special account that will be administered by the financial agent, which will be defined in the agreement.
The availabilities in this account may be invested in: to) deposit banks, duly authorized by the Superintendence of the financial system, for passive operations.
(b) securities, stocks of public offering with a rating of at least "to (slv)", issued by a risk-rating agency authorized by the Superintendence of the financial system, with maturities of less than one year.
Also, them interests generated by this has will be used to cover the expenses and commissions Bank and others, during the term that last the emission.
Article 9.-this Decree shall enter into force eight days after its publication in the official journal.
GIVEN in the SALON blue of the Palace legislative: San Salvador, to the six days of the month of June of the year two thousand thirteen.
OTHON SIGFRIDO REYES MORALES, PRESIDENT.
ALBERTO ARMANDO ROMERO RODRÍGUEZ, GUILLERMO ANTONIO GALLEGOS NAVARRETE, SENIOR VICE PRESIDENT. SECOND VICE PRESIDENT.
DURAN JOSE FRANCISCO MERINO LÓPEZ, FRANCISCO ROBERTO LORENZANA, THIRD VICE PRESIDENT. FOURTH VICE PRESIDENT.
ROBERTO JOSE D'AUBUISSON, fifth Vice President.
LORRAINE GUADALUPE PENA MENDOZA, CARMEN ELENA CALDERÓN DE ESCALÓN, FIRST SECRETARY. SECOND SECRETARY.

4 SANDRA MARLENE SALGADO GARCÍA, JOSÉ RAFAEL MACHUCA ZELAYA, THIRD SECRETARY. FOURTH SECRETARY.
IRMA PALACIOS LOURDES VASQUEZ, MARGARITA ESCOBAR, FIFTH SECRETARY. SIXTH SECRETARIAT.
FRANCISCO JOSE ZABLAH SAFIE, REYNALDO ANTONIO LOPEZ CARDOZA, SEVENTH SECRETARY. EIGHTH SECRETARY.
Presidential House: San Salvador, thirteen days of the month of June of the year two thousand thirteen.
Publish, Carlos Mauricio Funes Cartagena, President of the Republic.
Juan Ramon Carlos Enrique Caceres Chavez, Minister of finance.
D. o. No. 108 took no. 399 date: June 13, 2013 SV/adar 17-07-2013 legislative index