Read the untranslated law here: http://www.asamblea.gob.sv/eparlamento/indice-legislativo/buscador-de-documentos-legislativos/reformase-la-ley-del-fondo-de-conservacion-vial-fovial-1/archivo_documento_legislativo
1 index Legislative Decree No. 110 LA Legislative Assembly of the Republic of EL SALVADOR, considering: I.-that by Legislative Decree No. 208 of date of November 30, 2000, published in the official newspaper Nº 237, volume no. 349 of December 18 of the same year, aired the Fund Law of conservation Vial (formulation), which aims to establish the legal framework for the financing and management of the conservation of the network priority national road maintainable.
II.-that the global growth, emerges to the country in a dilemma which cannot resign, situation which leads to boost its economy, to adopting financial and legal instruments enabling it to expand the horizon of investment and to ensure this.
III. that, in that sense, the Fund conservation Vial (formulation), has within its main objectives ensuring their financial sustainability; promote management conservation road characterized by its proactivity, transparency, quality of service, whose resources are insufficient to meet those objectives.
IV.-that nonetheless be obligation of Governments ensure the financing of the Fund, the global economic situation that our country is no exception, obliges is to temporarily seek legal mechanisms that guarantee the financing of projects which are essential to the development of the country.
V being the securitization a legal mechanism, through which resources are available to guarantee the conservation of the national road network management and allow also the sustainability of investments, and those that are projected to do in the future, is needed to issue provisions enabling the formulation to ensure its financing.
Therefore, in use of his constitutional powers and at the initiative of the President of the Republic, through the Deputy Minister of public works, responsible for the firm, DECREES: article 1.-authorized to fund conservation Vial (formulation) authorities, for through securitisation to issue securities values, secured with future flows of the contribution of road conservation that the institution perceives.
In accordance with the provisions of this Decree, the formulation may commit up to twenty percent (20%) of their annual income, to ensure the payment of the debt service.
2 legislative index funds obtained in accordance with this Decree, shall be used for the improvement of priority national roads and maintainable, and to fulfill other responsibilities and objectives of the formulation.
Article 2.-this Decree shall enter into force from the day of its publication in the official journal, and its effects will be of three years.
GIVEN in the blue room of the Legislative Palace: San Salvador, twenty-four days after the month of August of the year two thousand twelve.
OTHON SIGFRIDO REYES MORALES, PRESIDENT.
ALBERTO ARMANDO ROMERO RODRÍGUEZ, GUILLERMO ANTONIO GALLEGOS NAVARRETE, FIRST VICE PRESIDENT. SECOND VICE PRESIDENT.
JOSE FRANCISCO MERINO LÓPEZ, FRANCISCO ROBERTO LORENZANA DURÁN, THIRD VICE PRESIDENT. FOURTH VICE PRESIDENT.
ROBERTO JOSÉ 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.
RODRIGO SAMAYOA RIVAS, REYNALDO ANTONIO LÓPEZ CARDOZA, SEVENTH SECRETARY. EIGHTH SECRETARY.
Presidential House: San Salvador, to the four days of the month of September in the year two thousand twelve.
PUBLISH, CARLOS MAURICIO FUNES CARTAGENA, PRESIDENT OF THE REPUBLIC.
3 LEGISLATIVE INDEX GERSON MARTÍNEZ, MINISTER OF PUBLIC WORKS, TRANSPORT AND HOUSING AND URBAN DEVELOPMENT.
D. OR. No. 164 Tome. No. 396 date: 5 September 2012 SV/geg 20-09-2012
Search Translated Laws of El Salvador