Reforming The Law Of Budget, Incorporating $40,000,000 To Finance Election Events.

Original Language Title: REFÓRMASE LA LEY DE PRESUPUESTO, INCORPORANDO $40,000,000 PARA FINANCIAR LOS EVENTOS ELECTORALES.

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Read the untranslated law here: http://www.asamblea.gob.sv/eparlamento/indice-legislativo/buscador-de-documentos-legislativos/aurorizace-al-ramo-de-hacienda-distribuya-40-000-000-para-financiar-los-eventos-electorales-2014./archivo_documento_legislativo

1. Decree No. 340, the Legislative Assembly of the Republic of EL SALVADOR: I.-authorizing by Decree legislative Nr. 164, dated October 18, 2012, published in the Diario official No. 196, volume no. 397 of the 19th of the same month and year, to the Executive Body in the field of finance, issue securities up to the amount of eight hundred million of dollars of United States of AMERICA (US$ 800,000,000.00) , in order to cover the contingency of early redemption (right of the holder to exercise the put) that includes the issuance of El Salvador Eurobonds maturing in 2023.
II.-that the securities before referred to by value of eight hundred million of dollars of United States of AMERICA (US$ 800,000,000.00), they were placed in the international stock market November 28, 2012, and the proceeds of the sale was placed in the special account opened in the Bank Central Reserve for this purpose, on 05 December of the same year.
III.-that in accordance with article 5, literally i), Legislative Decree No. 164 before designated, the funds collected by the issuance of securities values, must be used with priority over any destination to meet the demand for early redemption of Eurobonds of El Salvador with maturities in 2023 and up to an amount of eight hundred million of dollars of United States of AMERICA (US$ 800,000,000.00).
IV.-that the date of expiry of the deadline for early redemption, did not show any fork Eurobonds referred, so that according to the authorisation established in literal ii) of the same article 5, proceeded to use of such funds for the payment of LLETS up to an amount of four hundred millions of dollars of United States of AMERICA (US$ 400,000,000.00) , leaving a remnant of four hundred millions of dollars of United States of AMERICA (US$ 400,000,000.00).
V.-that in accordance with article 5, literal iii) and Art 6 of the legislative decree quoted above, to reorient the funds not used as set out in the literal i) and ii), in locations other than those determined in the Decree, must be authorized by the legislature and should be in accordance to the provisions of article 148 of the Constitution of the Republic.
VI.-that there is currently the priority need to finance the extraordinary special budgets for the Electoral event 2014, residential voting and voting from abroad, so it is essential to reorient the destination of the resources remaining from the placement of the securities of 2 credit in the amount of four hundred millions of dollars of United States of AMERICA (US$ 400,000,000.00) , incorporating in section II - revenue from the existing budget law passed by Decree legislative No. 182 dated November 8, 2012, published in Official Journal No. 228, volume no. 397 on December 5 of the same year, up to the amount of forty million of dollars of United States of AMERICA (US$ 40,000,000.00); and section III costs, increases the part corresponding to the field of finance with an amount of forty million of dollars of United States of AMERICA (US$ 40,000,000.00).
Therefore, in use of his constitutional powers and at the initiative of the President of the Republic through the Minister of finance, DECREES: article 1. The law's current budget, section "General budget of the State", introduces the following modifications: a. section II - revenue, item 31 borrowing public, has 312 placements of securities values in the external market, increase the specified source 31201 State bonds with a value of US$ 40,000, 000.00.
B. in paragraph III - expenses, in the part corresponding to the field of finance, at the numerals 3 - relationship purposes with assigned resources and 4 - budgetary allocation by group category, source of funding and economic destiny, incorporate the following modifications: 0700 bouquet of Hacienda is added the budget unit 24 Provision for transferring resources to the extraordinary special budgets for the 2014 election event for the residential vote, and to vote from abroad, and the line of work 01 financing of special budgets extraordinary for the Electoral event 2014, residential voting and voting from abroad, as well: 3 3. Related purposes resources assigned budgetary unit and line of work purpose cost 24 Provision for transferring resources to the extraordinary special budgets for the Electoral event 2014, residential voting and voting from abroad. 40,000,000 01 financing of the extraordinary special budgets for the Electoral event 2014, residential voting and voting from abroad.
Transfer of resources to the extraordinary special budgets to finance the Electoral event 2014, residential voting and voting from abroad. 40,000,000 Total 40,000,000 4. Budget allocation by group category, source of funding and budgetary unit economic destiny and encryption budgetary line of work 56 transfers current Total 24 Provision for transferring resources to the WH you special extraordinary for the Electoral event 2014, residential voting and voting from abroad. 40,000,000 40,000,000 2013-0700-1-24-01-21-1 General Fund financing to the extraordinary special budgets for the Electoral event 2014, residential voting and voting from abroad. 40,000,000 40,000,000 Total 40,000,000 40,000,000 Art. 2. This Decree shall enter into force following its publication in the journal official given in the blue room of the Legislative Palace. San Salvador, on the twentieth day of the month of March 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.

4 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 SOL STEP, FIRST SECRETARY. SECOND SECRETARY.
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, at twenty-one days of the month of March 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. OR. Lol 57 vol. No. 398 date: March 22, 2013 FNM/geg 22-04-2013 legislative index