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Law No. 438 Of 18 July 2001

Original Language Title:  LEGE nr. 438 din 18 iulie 2001

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LEGE no. 438 438 of 18 July 2001 for the ratification of the Loan Agreement between Romania, the European Investment Bank and the Commercial Transport Company with the Bucharest Metro "Metrorex"-S.A. regarding the financing of the Bucharest Metro modernization project, stage II, signed in Bucharest on 6 November 2000
ISSUER PARLIAMENT
Published in OFFICIAL MONITOR no. 404 404 of 20 July 2001



The Romanian Parliament adopts this law + Article 1 The loan agreement between Romania, the European Investment Bank and the Commercial Transport Company with the Bucharest Metro "Metrorex" S.A. on the financing of the Bucharest Metro modernization project, stage II, signed in Bucharest on 6 November 2000, amounting to 115 million euro equivalent. + Article 2 Between the Ministry of Public Finance, as a borrower, on the one hand, and the Commercial Transport Company with the Bucharest Metro "Metrorex"-S.A., as the final beneficiary of the loan, on the other hand, an agreement is to be concluded on a subsidiary loan, on the basis of which the amounts borrowed by Romania from the European Investment Bank will underlend to the final beneficiary, on the terms and under the conditions set out in the loan agreement. The subsidiary loan agreement establishes the obligations of the parties, the way of carrying out the project, the payment of interest and other costs related to the loan, the conditions for granting the subloan and its reimbursement to the Ministry Public Finance. + Article 3 (1) The Government's contribution to the financing of the project, including the taxes and fees that will be paid on the territory of Romania according to the legislation in force will be ensured from the state budget within the limits of the amounts allocated annually budget approved for the Ministry of Public Works, Transport and Housing. (2) The payment of the external debt service, related to the loan-repayments of capital ratios, interest, commissions and other costs-will be ensured from the state budget within the limits of the amounts allocated annually with this destination through the approved budget for Ministry of Public Works, Transport and Housing. + Article 4 For the purposes of the project, it is approved that the Commercial Transport Company with the Bucharest Metro "Metrorex"-S.A. will make payments in foreign currency to residents, Romanian contractors/subcontractors in the framework of the awarded contracts. + Article 5 It is authorized the Romanian Government that, through the Ministry of Public Finance and in agreement with the European Investment Bank and the Commercial Transport Company with the Bucharest Metro "Metrorex"-S.A., to introduce during the use of the loan, in report with the conditions for carrying out the loan agreement referred to in art. 1, amendments to its content, which concern reallocations of funds, changes in the structure of the loan on components, changes of deadlines, as well as any other changes that are not likely to increase Romania's financial obligations to the European Investment Bank or to determine new economic conditionalities compared to those originally agreed between the parties. This law was adopted by the Chamber of Deputies at the meeting of May 28, 2001, in compliance with the provisions of 74 74 para. (2) of the Romanian Constitution. CHAMBER OF DEPUTIES PRESIDENT VALER DORNEANU This law was adopted by the Senate at the meeting of June 26, 2001, in compliance with the provisions of art 74 74 para. (2) of the Romanian Constitution. p. SENATE PRESIDENT, DORU IOAN TARACILA --------------