Strategic Infrastructure Program (Law N. 443/2001)-Pedemontana Lombarda: Motorway Link Dalmine-Como-Varese-Gaggiolo And Pass Works Related Thereto (Cupf11B06000270007). Tax Exemption Measures, Accrual If ...

Original Language Title: Programma delle infrastrutture strategiche (legge n. 443/2001) -Pedemontana lombarda: collegamento autostradale Dalmine - Como -Varese - Valico del Gaggiolo ed opere ad esso connesse (CUPF11B06000270007). Attribuzione misure di defiscalizzazione, ai se...

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The INTERMINISTERIAL COMMITTEE FOR ECONOMIC PLANNING having regard to act December 21, 2001, n. 443, which, under art. 1, ruled that the public and private infrastructure and strategic settlements and pre-eminent national interest, to be carried out for the modernization and development of the country, are identified by the Government through a program (hereafter the «strategic infrastructure Program) formulated in accordance with the criteria and procedural instructions contained in the same article, leaving this Committee to approve in the first application of the law, the above program by December 31, 2001 '; Having regard to Act 1° agosto 2002, n. 166, which under art. 13 brings changes to the mentioned art. 1 of law No 443/2001; Having regard to act January 16, 2003, n. 3 establishing a legal system in the field of public administration "provisions which, under art. 11, provides that, with effect from 1 January 2003, all public investment project must have a unique project (CUP); Having regard to the Legislative Decree of April 12, 2006, n. 163, establishing a "code of public contracts for works, services and supplies in implementation of directives 2004/17/EC and 2004/18/EC, and subsequent amendments and additions, and visas, in particular: part II, title III, chapter IV, concerning ' work on strategic infrastructure and production facilities» and specifically art. 163, which confirms the responsibility of the investigation and the helper function in the activities of this Committee at the Ministry of infrastructure and transport, which can, in this respect, make use of a special "technical mission", which is charged with the responsibility of ensuring consistency between the contents of the preliminary report and its supporting documentation;
the art. 256, which repealed Decree August 20, 2002, # 190, concerning "the implementation of law No. 443/2001 for the construction of infrastructure and production facilities and strategic national interest», as supplemented and amended by the Legislative Decree of August 17, 2005, # 189; Having regard to the Decree-Law October 3, 2006, n. 262, converted, with amendments, by law November 24, 2006, n. 286, and, in particular, article. 2, paragraph 83, as amended by art. 1, comma 1, letter b) 1030 points and December 27, 2006, 2, of law No. 296; Having regard to law no August 13, 2010. 136, as amended by Decree-Law No 187, converted by law November 12, 2010 December 17, 2010, # 217, which bears a special plan against the mafia, as well as delegates to the Government on anti-mafia legislation and that, among other things, defines the penalties applicable in the event of failure to comply with the obligations provided by law, including failure to affix the CUP on payment instruments; Visto l'art. 18 November 12, 2011, law n. 183 (law of stability 2012) and subsequent amendments and additions, which introduced tax exemption measures in order to promote the construction of new infrastructure, including in plans and programmes of Government provided for in the legislation in force and be implemented with public private partnership contracts under art. 3, paragraph 15-ter of the code of public contracts, and involves the use of the measures for strategic infrastructure already entrusted or ongoing public private partnership contracts with similar custody, in case you need to restore the balance of economic and financial plan (PEF), delegating specific duties in this Committee, that decision after consulting the core advice for the implementation of the guidelines for the regulation of public utilities services (NARS) established by resolution of May 8, 1996 (Official Gazette No. 138/1996) and that the purpose is integrated with two further components designated respectively by the Minister of economy and finance and by the Minister of infrastructure and transportation; Having regard to the Decree-Law January 24, 2012, n. 1, converted by law No 27 March 24, 2012, which among other things in art. 36, paragraph 1, to change the art. December 6, 2011, 37 of Decree-Law n. 201, converted, with amendments, by law December 22, 2011, n. 214, confirming the competence of this Committee concerning agreements with particular reference to the profiles of public finance; Visto l'art. June 24, 2014, 36 of Decree-Law n. 90, extending to all strategic infrastructure control of cash flows in accordance with art. 176, paragraph 3, of the code of public contracts, recalling in this regard the modalities set out in resolution May 5, 2011, # 45, and foreseeing the adoption of further directives to be part of this Committee; Having regard to the order of the Minister of public works April 15, 1997, # 125, issued in consultation with the Secretary of the Treasury, budget and economic planning and PEF schema to be taken by the motorway concessionaires companies; Having regard to resolution December 21, 2001, # 121 (G.U. n. 51/2002 S.O.), with which this Committee within the meaning of the said art. 1 of law No. 443/2001, approved the 1 St program of strategic works, that annex 1 includes, among the ' road and highway Systems», «the multimodal transport corridor foothills and Piedmont Road Po-Lombardy-Venetia "and annex 2, in the relevant part of the Lombardy region, between the highway and road corridors, the system includes Piedmont and complementary works"; Having regard to resolution December 27, 2002, # 143 (G.U. n. 87/2003, errata in Official Gazette No. 140/2003), in which this Committee defined the system for the allocation of the CUP; Having regard to resolution July 25, 2003, # 63 (O.j. n. 248/2003), with which this Committee has formulated, inter alia, procedural guidelines regarding activities that support the Ministry of infrastructures and transport and is expected to perform for the purposes of supervision on the implementation of the interventions included in the programme of strategic infrastructure; Having regard to resolution No. 24 September 29, 2004 (Official Gazette No. 276/2004), with which this Committee has determined that the CUP must be marked on all administrative and accounting documents, paper and computer, public investment projects, and should be used in the databases of the various information systems, anyway interested in these projects; Having regard to the resolution March 29, 2006, n. 77 (O.j. 219/2006), which found that the system is included in the general framework agreement stipulated Foothills between the Government and the region of Lombardy the April 11, 2003, this Committee approves, with prescriptions, the preliminary draft of the motorway link Dalmine-Como-Varese-Gaggiolo pass and associated works, fixing in euros 4,665,504,453 spending limits of the intervention;
Noting that the awarding authority of the intervention was ANAS, incorporated in joint stock company in accordance with the Decree-Law of July 8, 2002, # 138, converted into law of August 8, 2002, # 178; Having regard to resolution April 6, 2006, # 130 (Official Gazette No. 199/2006), with which this Committee, in revisiting the strategic infrastructure Program 1° as expanded by resolution of March 18, 2005, # 3 (O.j. # 207/2005), confirmed in the context of road and motorway systems multimode transport corridor Padano voice motorway Piedmont (Piedmont-Lombardy-Venetia); Having regard to resolution June 15, 2007, # 39 (O.j. # 197/2007), dictating criteria for economic regulation motorway sector; Having regard to resolution October 4, 2007, # 108 (O.j. n. 255/2007), with which this Committee has delivered a favourable opinion, with requirements concerning the scheme of ' Single Convention signed on 1 August 2007 ' between Lombard S.p.A. motorway concessions (CAL, successor to ANAS S.p.A. in 979 lessor under subsection subject to art. 1 December 27, 2006 law n. 296), and Highway Pedemontana Lombarda S.p.A., which was then approved by the Ministerial Decree February 12, 2008, # 1667; Having regard to the Decree of the President of the Council of Ministers of October 22, 2008 (Official Gazette No. 277/2008), which has included, in Annex B, the highway Pedemontana Lombarda among related works of EXPO 2015; Having regard to the Decree of the President of the Council of Ministers November 25, 2008 and subsequent amendments and additions, with which he proceeded to the reorganization of NARS; Having regard to the resolution of this Committee November 6, 2009, n. 97 (Official Gazette No. 40/2010), with whom: it was approved with prescriptions and recommendations within the meaning and for the purposes of art. 166 of Legislative Decree No. 163/2006, the final draft of the speech "motorway link between Dalmine, Como, Varese, Valico del Gaggiolo and associated works", except for the 2° lot of the bypass of Como and 2° lot of the bypass of Varese, and excluding the part concerning the release of Saronno Sud/Uboldo, excerpted from the project;
It was approved with prescriptions and recommendations within the meaning and for the purposes of art. 167, paragraph 5, of the Legislative Decree 163/2006, the final design of the interventions: variant of the work connected TRVA06; Variant of Lozza of 1° lot of the bypass of Varese; work related TRCO11; is B2 and its associated works; work related TRMI10; associated works TRMI12 and TRMI14; Variant of interconnectedness of D with the A4 motorway; work related TRMI17;
It was prepared in accordance with art. 167, paragraph 6, of the Legislative Decree 163/2006, the design variant of the exit Gazzada (Varese-lotto 1 bypass);
It was set the spending limit of euro 4,166,464,079. Having regard to the aforementioned resolution May 5, 2011, # 45 (O.j. # 234/2011; Corrigendum official journal # 281/2011), with which this Committee took note of the findings of the trial of financial monitoring pursuant to art. 176, paragraph 3, letter e) of Legislative Decree No. 163/2006 and subsequent modifications and integrations-start with deliberations March 27, 2008, n. 50 (O.j. # 183/2008, suppl. ord. # 186), and December 18, 2008, n. 107 (O.j. # 61/2009) – and adopted guidelines for the continuation of the trial within the project C.A.P.A.C.I. ("Creating Automated Procedures Against Criminal Infiltration in public contracts '), prepared on the basis of the results of that trial and admitted to co-financing by the European Commission; Having regard to resolution No 1, February 18, 2013 (O.j. n. 206/2013), with which this Committee has approved specific "guidelines for the application of measures of tax advantages provided for by art. 18 of law no 183/2011», which provide specific forecasts for the works of strategic interest already entrusted those in relation to which, as in the case in question, "the date of entry into force of law No. conversion of Decree-Law No 221/2012. 179/2012 has been approved the concession Convention»; Having regard to resolution December 21, 2012, # 136 (G.U. n. 103/2013 S.O.), with which this Committee has delivered a favourable opinion with regard to the strategic infrastructure program referred to 10° Annex infrastructures at the economic and financial document (DEF) 2012, which includes, in table 0 ' strategic infrastructure Program», «Axis Piedmont Piedmont, Lombardy, Veneto ', which includes the action: Dalmine Como Varese pass Gaggiolo and miscellaneous works related»; Having regard to resolution No 30 July 19, 2013 (Official Gazette No. 297/2013), with which this Committee approved the technical document entitled ' Integration of resolution No. 39/2007 on the motorway sector economic regulation: financial solidity requirements '; Having regard to resolution July 19, 2013, n. 31 (O.j. # 298/2013) concerning additional acts to its unique conventions entered into by ANAS S.p.A. with the ATIVA motorway concessionaires; Asti-Cuneo, Milan Serravalle-Milano Tangenziali, SATAP A21 and A4, SATAP requirements financial solidity; Having regard to the resolution of November 8, 2013, # 72 (O.j. # 135/2014), with which this Committee has clarified and interpreted 5.1 and 5.2 of the mentioned points of resolution # # 1/2013; Having regard to the Act-on # 1 to the single Convention entered into on May 8, 2010, following approval of the final draft by this Committee, between CAL S.p.A. and the dealer for the adoption of PEF and its explanatory report and the identification of financial solidity requirements, and having regard to the Act supplementary additional Act entered into between the parties on March 2, 2011 said to incorporate some guidelines formulated by the Ministry of economy and finance Finance pending the adoption of the Ministerial Decree of approval of the Act-in itself; Having regard to the note of December 6, 2013, n. 41693, whereby the Ministry of infrastructure and transport-to illustrate the proposed rebalancing of PEF advanced by CAL S.p.A. -gave rein to request, on behalf of this Committee, of the measures of tax exemption under art. 18 of law no 183/2011, apply in accordance with guidelines approved by the resolution # 1/2013, and, for the purpose of acquiring the opinion of NARS in view of subsequent submission to this Committee, forwarded additional Act No scheme. 2 and its documentation, then integrated at a call made by NARS to the outcome of the appraisal meeting February 21, 2014; Having regard to opinion No. 2 made at its meeting of April 18, 2014 by NARS in order to mention additional Act scheme n. 2 and its annexes, subject to certain provisions in favour of, which-in accordance with the mandate entrusted to this Committee at the Ministry of industry in its meeting held on the same day-the parties would have had to adapt the Act in question and its attachments, by subjecting the Act itself, once signed, this same Committee for delivery of the opinion of competence and for the allocation of tax exemption measures; Having regard to the note May 7, 2014 by which CAL has stated that, in implementing the guidance of this Committee and based on the comments contained in the mentioned opinion NARS n. 2/2014, had shared with the dealership a new additional Act "consistent with the conditions for financing and continuity of works», attaching a copy of the Act, financial plans, financial regulators, study plans and traffic schedule; Having regard to the note May 19, 2014, # 19074, whereby the Ministry of infrastructure and transport-noted that the preparatory meeting of May 14, NARS took over as the new regulations for the Act were to adopt additional proposals and contained new provisions that, in fact, constituted a hypothesis of conventional discipline other than that set out in the original scheme-sent further additional Act version (additional Act scheme # 2 REV) , specifying that, if shared, the same could be the subject of the opinion that the nucleus was called to adopt; Having regard to the opinion May 28, 2014, # 4, with whom the NARS has delivered a favourable opinion on the draft of the additional Act scheme # 2 REV sent recently by the Ministry of industry, proposing certain provisions in that draft and the annexes thereto, and formulating proposals for inclusion in the single Convention; Took note of the findings of the investigation, which is apparent from the cited documentation sent by the Ministry of infrastructure and transport and the recalled opinions of NARS, and pointed out, inter alia, as follows: in the aspect of conventional discipline with additional Act scheme # 2 REV the parties agree to adopt the schedule for implementation of the entire functional lots which mode ' motorway connection in relation to the timing estimated for the acquisition of financial supply in the medium and long term by the dealer and also agree to adopt, among other things, the economic picture updated, together with its explanatory report, tax exempt PEF PEF basic regulatory and tax exempt, the annex on financial solidity requirements as well as the Disciplinary and criminal sanctions enforcement «»; the Act implements some of the provisions proposed by NARS in its opinion No 2/2014 and in particular the indications on the need that measures of tax exemption are phased realization of batches and consistent with the ratio of public contribution and present value of the cost of the work, as reiterated in resolution No. 1/2013 and on the need to regulate, by inserting the appropriate article, the use of the measures; that the Act in question, in its version 2 REV, provides for the postponement of the start of construction of the Terminal (D) in 2019, resulting in the signing of two separate loan agreements, one to be concluded by the second half of 2015 and the other concerning the aforementioned is D, to be concluded by the second half of 2018; that such deferral determines a shift of the date of entry into operation of the work and that the expiry of the concession remains confirmed to the thirtieth year after that date; that there will be a separate discipline for the hypothesis of no stipulation of 1° loan agreement within the period specified and the failure to reach agreement on a new PEF in 6 months compared to the hypothesis that the lack of conclusion and the failure to reach agreement on a new PEF cover 2° loan agreement; the parties agree that the predicted even a few changes to the single Convention on the subject, inter alia, the adaptation of the system of guarantees to the new schedule for functional lots, discipline penalties and discipline of compensation in the event of early repayment of the concession relationship; the annex on financial solidity requirements is similar to that adopted in the past by other dealerships are holders of the single Convention, does not reflect the regulatory discipline model approved by this Committee with resolution No. 30/2013 and therefore requires some corrective in progressive adaptation logic conventions in force's new regulations outlined in resolution No. 31/2013; Under the financial aspect that the investment cost of the work should be inferred from the statement, net of the supposed decline of auction for compensatory works and other investments not yet assigned, amounted to 4,118,354,680.58 euro and presents a decrease of 48.1 million compared to the cost of investment of the resulting work from the final plan approved by the Committee by resolution # 97/2009; that the new economic and financial balance of the project, which seeks to restore the values of the current Tir shareholders and to increase Debt levels PEF service coverage ratio (DSCR) at required levels by the market is achieved using the cd. measures of tax exemption provided for in art. 18 of law no 183/2011, implemented in accordance with the guidelines approved by the Committee by resolution No 1 February 18, 2013; that the main basic assumptions given in the explanatory report accompanying the PEF are a) install "closed" type system on the whole work; b) resetting the value of takeover totaled 1,290 million in PEF 2009; c) weighted average tariff initial invariance in real terms than the PEF 2007; d) hiring a provisional value of K parameter equal to 0.75 per cent for the period 2016-2021; and taking an estimated value) of parameter X equal to-0.75 per cent for the period 2022-2051; f) use of traffic data up to date at 2013 (-14 per cent of the expected traffic in 2035 than PEF 2009); g) opening to traffic pedaggiato of trafficking, of the first lots of tangential Como and Varese and trafficking route in April 2015, B2 and B1 C D in July 2018 and trafficking in July 2021; that, according to the content of the exam, the PEF rebalanced PEF provides government grants in investment account for 1,245 million euros, with a deadline for delivery is expected by December 31, 2015 in line with the applicable approved disbursements by line ministries; that, in accordance with the ministerial resolutions relating to the tax treatment to be accorded to the contributions paid from ANAS S.p.A. for the construction of motorway works, it has been suggested that they should not be subject to VAT; financial regulatory plan (PEF/PFR) specifically provides 2 tranches of financing and in particular: i. the total amount of the first tranche of senior Debt is equal to about 1.7 billion euros. The financial closing is expected to occur within the second half of 2015;
II. the total amount of the second tranche of senior Debt is equal to about 800 million. The financial closing is expected to occur within the second half of 2018. the theoretical contribution additional grants to restore balance and financial review, it is approximately 393 million as result of the preliminary documentation; PEF measurements in tax-free repayable theoretical contribution compensation amounted to about 800 million euros in absolute value and about 349.5 million in discounted values in relation to the period of application 2016-2027 and that, in particular, it is planned: for the period 2016 to 2027, the tax exemption for IRES-IRAP with a nominal value of about 376 million;
for the period from 2019 to 2027, clearing debt incl. due pursuant to art. 27 of the Decree of the President of the Republic # 633/1972 and subsequent modifications and integrations with a nominal value of about 424 million; the discount rate used is the weighted average cost of capital (WACC) of 11.71 percent, while the ratio between investment and measures, taking account of the abovementioned public contribution, is equal to about 40 percent; that the rate of return expected in PEF/PFR tax exempt presents an additional component, or 1.53 percent, which is covering the period of application of the measures of tax exemption; the PEF/PFR foresees the recruitment of a «loss» on revenues equal to three percent a year and its estimated bypass for supervisory purposes for the application of exaction ' free flow '; Given that entries that are similar to the above component is present, albeit with different name, in fields other than motorways-such as energy-and that the "recommendation # 2010 September 20, 2010 community/572/EU», on «the regulated access to next generation access networks (NGA)», is to include a fee, where warranted, for the investment period in the calculation of the weighted average cost of capital (WACC) currently performed to fix the price of access copper unbundled network '; Considering that: a technical document approved by this Committee with resolution No 39/2007 only establishes that between the costs allowed must be considered including return on invested capital, stating that for new investments that determination must be made according to the methodology of the weighted average cost of capital, and does not establish the extent of that parameter or define methods to quantify it;
that resolution No. 1/2013 does not define the methodology to quantify the WACC nor determines the measure, aiming for this only to ensure, as far as possible, the immutabilita is the value offered in the tender;
the resolution March 21, 2013, n. 27, which for the first time establishes for the motorway sector the methodology to estimate the value of the WACC and fixed at 4 percent the size of risk premium (ERP), it applies only during revision of PEF at the end of each five-year regulatory period; Considered in relation to the above circumstances the NARS-already in November 6, 2013 opinion n. 7 on the «corridor of highway roads Central Ridge Civitavecchia-Orte-Mestre: E45-E55 (connection Orte-Mestre)-had deemed to express themselves positively on the introduction of the component in question provided that the measurement and the method of application of the component are closely related and proportionate to the opera and to the public interest is friendly to its realization and, pending a more complete definition of criteria based on the analysis of expected benefits , had given some indications for the implementation phase of the new mechanism; Considering that, in the same vein, the NARS, in its opinion No 2/2014 has formulated observations on the prediction of the voice in speech in PEF on the motorway in question, stressing that it is the duty of the Ministry of industry state that the work meets the requirements identified in the mentioned opinion No 7/2013; Given that in its opinion No 4/2014 on NARS has acknowledged that the Ministry has provided the call is opera friendly insurance and that indeed the same Ministry highlighted the fundamentals public interests underlying the implementation of the Pedemontana lombarda, referring to goals such as:-expansion of the East-West axis along the TEN-T Corridor 5; -relief of the current Milan's ring road; -integration of the network of large regional roads in relation to interconnection of large radials for Milan; -reorganization of the entire Foothill road system with moving important shares of traffic and consequent reduction of current crises of ordinary roads; -improvement of the delicate relationship between infrastructure and environment, with positive effects in terms of landscape and noise and air pollution, especially near urban areas; Considered that ultimately the voice in speech contributes to the financing of the project, given that the implementation requires a public contribution and measures shall take effect from the date of entry into operation of the work and therefore, unlike the granting of capital grants, assume that the dealer is cater credit market resources to accomplish the work itself; Found that the above entry, applied in the terms suggested in PEF, is consistent with the guidelines set out in opinion No 7/2013 where you expect NARS modulation measures to investment categories and, in particular, discover an incentive category refers to investments in excess of 2,000 million euros and for which we assume a maximum increase of the WACC of 2.00 percent; Deemed to include, among the obligations of the concessionaire, to assure this Committee consistent content and constant flows of information, methods with the monitoring system of public investment in art. 1, paragraph 5, of the law May 17, 1999, n. 144; Given the proposal carried out under the existing regulation of this Committee (article 3 of resolution April 30, 2012, # 62); Having regard to the note 1° August 2014, no. 3227, prepared jointly by the Presidency of the Council of Ministers-Department for the planning and coordination of economic policy (DIPE) and the Ministry of economy and finance and post to base of today's sitting of the Committee, containing evaluations and prescriptions from bring in this resolution; On the proposal of the Minister of infrastructure and transportation; Acquired in the concert of the Minister of economy and finance;
Resolution: 1. determination of the public contribution repayable/facilitating measures under art. 18 of law no 183/2011. 1.1. In accordance with art. 18 December 12, 2011, law n. 183, public aid grants needed for rebalancing the PEF is determined in the amount of $393 million. 1.2. the amount of facilitating measures, to be recognized in accordance with art. 18 of the abovementioned law no 183/2011 and subsequent modifications and integrations to compensate the missing public contribution as determined in paragraph 1.1, and set one off and for the duration of the concession in 800 million euros in absolute terms. This amount represents the maximum recognizable that cannot be exceeded for the duration of the concession in accordance with point 2.1 of the abovementioned resolution No 1/2013. 1.3. the criteria and modalities for the restatement of the extent of the benefits in the event of an improvement in basic parameter people PEF are: i. Kd parameter reduction than the value entered in the WACC expected in PEF annexed to the Convention as a result of signing the loan agreement;
II. the final investment cost reduction compared to forecasts contained in PEF annexed to the Convention;
III. streamlining management operating costs compared with the forecasts contained in the PEF annexed to the Convention;
IV. the greater revenue from toll flushed resulting from higher levels of traffic compared with the forecasts contained in the PEF annex to the Convention or by a loss of revenues due to circumvention resulting from the application of the system «free flow» less than three percent. 2. Provisions concerning the 2° Additional Act and regulatory aspects. It is delivered a favourable opinion with regard to additional Act No. 2 REV the single Convention between motorway concessions Lombarde S.p.A. and Highway Pedemontana Lombarda S.p.A. on 1 August 2007 and in the annexes hereto, subject to the transposition of the requirements below and the additional requirements set out in the annex to this resolution, which forms an integral part: the additional component of WACC equal to 1.53 per cent, as per the indications referred to in opinion NARS n. 7/2013, must be recognized only for the duration of the repayment period;
If in the award of contracts still to be made to the final design and execution of works in granting reductions occur higher than the values given in PEF, these will have to be set aside in the sum available to the project economic picture under "contingencies" and will be used exclusively for jobs, while should be deleted the part of paragraph 4 of the report to the PEF/PFR (p. 7) which provides for the activation of procedures for the rebalancing of the plane itself, or the evaluation within the updating thereof, in the event of falls below the above values. 3. General provisions. 3.1. the Ministry of infrastructure and transport will ensure, on behalf of this Committee, the preservation of documents related to the resolution in paragraphs concerning the granting of tax exemption measures under art. 18 of law no 183/2011 and subsequent modifications and integrations and the opinion on the Act-on # 2 REV to the single Convention. 3.2. The aforementioned Ministry will verify, before proceeding to redaction of Decree approving the mentioned additional Act # 2 REV, which the writing on which this Committee it is expressed to be adjusted so as to incorporate all the requirements formulated in paragraph 2 and the annex to this decision. 3.3. That Ministry will provide also perform support activities designed to allow this Committee to carry out the tasks of supervising the execution of works assigned to it by the legislation cited above, taking into account the indications pursuant to resolution # 63/2003 above. 3.4. The concessionaire of the opera must assure this Committee constant flows of consistent information for content and method with public investment monitoring system referred to in art. 1 of law No 144/1999. 3.5. In accordance with resolution # 24/2004, the CUP awarded to the work will be highlighted throughout the administrative and accounting documentation regarding the work itself.
Rome, 1° August 2014 the President: Renzi Secretary: Lots Recorded the Court of Auditors the Audit Office January 13, 2015 acts Ministry of economy and finance, # 73