Advanced Search

Suburban Public Transport Passengers. Fund Financing. Creation.

Original Language Title: Transporte Colectivo Suburbano Pasajeros. Fondo Financiamiento. Creacion.

Subscribe to a Global-Regulation Premium Membership Today!

Key Benefits:

Subscribe Now for only USD$40 per month.
Legislative Power/ Eastern Republic of Uruguay
Published D.O. 11 Jan/012-NAº 28389

Act NAº 18.878

PASSENGER BUS FINANCING FUND
SUBURBAN PASSENGER

TRUST IN TRUST RA%GIMEN

The Senate and the CA of Representatives of the Eastern Republic of Uruguay, meeting in General Assembly,

DECREE:


ArtAculoA 1Aº. -A Crase the Passenger Suburban Collective Transport Financing Fund, as a separate and independent affectation heritage to:

1) Cancel Liabilities financial of transport companies.

2) Financing investment performance necessary for the provision of services by transport companies.

3) Cancel debts that were contracted by the Fund to meet the above objectives.

ArtAculoA 2Aº. The Fund set up by the preceding Article shall be financed by means of a contribution from the undertakings and concessionaires of suburban collective transport services of passengers who decide to participate in the Fund in accordance with the This is the case for a total gross collection of the same, from the sale of tickets for the services of suburban collective transport of passengers, and the amounts corresponding to the subsidies paid by the National Administration of Public Education, by the Ministry of Transport and Public Works, by the Management Trust of the Boleto created in compliance with Decree No 347/006 of 28 September 2006, by the Ministry of Economic and Finance originating in the Law No. 18180, of 5 October 2007, as from any other system of subsidy or similar compensation that could be established in the future.

The Executive Branch will determine in the regulation that such effects will be dictated, the percentage of contribution to be applied to the total collection of the companies, which will not be able to exceed that set in this article.

The companies will be obliged to make such contribution from the date determined by the Executive Branch in the regulation that will dictate these effects.

3Aº. -A required to do the contribution set in the previous article:

A) All companies that initially participate in the Fund and currently have the permission or the respective concession by the Ministry of Transport and Public Works for the exploitation of the suburban collective passenger transport services.

B) All those that obtain such permission or concession in the future

The Ministry of Transportation and Public Works will notify of this obligation to the new permisariums or concessionaires of suburban collective transportation services, at the time of awarding the permits or concessions corresponding.

ArtAculoA 4Aº. -A The contributions created by the article 2Aº of this law will be in Uruguayan pesos and should be poured by the suburban collective transport companies of passengers in a special account With the name Ministry of Transport and Public Works/Financing Fund of the Suburban Collective Transport of Passengers, it will be opened in the Bank of the Eastern Republic of Uruguay.

The contributions should be deposited by the companies that are obliged to pay them, within the period of twenty-five days after the end of each month.

In case of cessation, affection in garantAa or securitization of the assets of the Fund, the Ministry of Transportation and Public Works, as administrator of the Fund, will indicate to the companies the account of the financial institution that indicates the assignee or beneficiary of such assets transferred, in which the contributions are to be deposited.

ArtAculoA 5Aº. -A Entitlement and the administration of the Fund will correspond to the Ministry of Transport and Public Works, who may act with a statement to it, in accordance with the provisions of this Law and the regulatory standards that will be dictated in the future.

ArtAculoA 6Aº. -A For the purposes of meeting the Fund's objectives, the Ministry of Transport and Public Works, as the Fund's administrator, may yield, offer in garantAa or securitize the Fund's assets, in the Terms and conditions and with the guarantees you consider appropriate.

If the assets of the Fund have been transferred, affected in garantAa or securitised in whole or in part, the contributions shall be applied until all the obligations of the Fund have been fulfilled for the operations performed. The obligation to make the contributions shall cease at the moment the Ministry of Transport and Public Works has verified the full fulfilment of the obligations assumed by the Fund, with the consent of the transferee or beneficiary of the the assets and notify in such a sense to the companies that are obliged to pay the contribution.

ArtAculoA 7Aº. -A In case the Fund's assets are ceded, securitised or affected in garantAa, the State guarantees under its responsibility the stability of all legal and regulatory rules that have an impact on the Fund. on the revenue or funds concerned and their corresponding guarantees and which are in force at the time of the subscription of the respective contracts.

ArtAculo 8Aº. -A Contributions created by this law will be inembargable.

ArtAculoA 9Aº. -A Controller integrated by a representative of the Ministry of Transport and Public Works and a representative of each of the companies participating in the Fund, which will be appointed by the Ministry of Transport and Public Works on the proposal of each of the companies.

Upon this Commission, the comptroller to ensure that the objectives and obligations of the present are met and the recommendation for the application of the sanctions set forth below.

The Commission should report to all interested parties, the state of the Fund's situation.

arculo 10. -A recipient of the Fund:

A) Companies that currently are permisariats or concessionaires of suburban collective passenger transport services.

B) Companies that agree to participate in the Fund shall establish what they establish the regulation that is dictated to such effects

The amounts received by the Fund's transport companies will be considered an untaxed property increase for the purposes of the Tax on the Income of Economic Activities.

ArtAculo 11. -A If the assets of the Fund were transferred or securitised, the funds to be obtained, after deducting the expenses and costs incurred by that operative, will be distributed among the companies beneficiaries, to meet the objectives set out in this law.

The Ministry of Transport and Public Works will not be able to dispose of these funds for any other purpose than that indicated in the article 1Aº of this law.

ArtAculoA 12. -A In case the Fund's assets or revenues are ceded or securitised in favor of a financial trust created for such purposes, such trust will be exempt from all national taxes created or created, receiving the securities issued by the escrow, the same tax treatment as the public debt securities.

ArtAculoA 13. -A Regulation that dictates the Executive Branch will establish the participation of each recipient company in the Fund's benefits and the obligations to be assumed by each of the companies beneficiaries with the payment of the sums they receive from the Fund, in terms of the participation of each company in the total of the collection of all the companies participating in the Fund.

ArtAculoA 14. -A Executive Branch will regulate how such funds will be distributed and intended for the purposes set forth in this law's Article 1Aº and will control compliance by the beneficiary companies in the investment of funds received from the Fund for the purposes set out.

ArtAculoA 15. -A In case any company required to pay, will not pay the contributions to which it is obliged, the Ministry of Transport and Public Works:

1) Communicating That Circumstance to the Trust of the Management Trust of the Boleto created in compliance with the Decree No. 347/006 of 28 September 2006, in order that it will deduce the contributions not paid by that company more the fines and interest of the amount of the amounts that the Trustee has to pay to the said company for that concept.

2) Identifying the beneficiary or transferee of the assets of the Fund and indicate to the Trust of the Management Trust of the Boleto that it pays the amounts deducted to that beneficiary or transferee, in the same way that the contributions not paid by that company had to be paid.

The default in the payment will be generated with the non-presentation to the Ministry of Transport and Public Works, of the voucher of payment of the contribution.

ArtAculoA 16. -A Suburban passenger transport companies must submit to the Ministry of Transport and Public Works, as the Fund's Administrator, before or within the first three days. For each month, the proof of payment of the contributions paid the previous month, together with the affidavit of the total collection carried out by said company for the sale of tickets in the previous month.

This declaration should be complemented with the opinion of the independent external auditors acceptable to the Ministry of Transport and Public Works, which should be presented within twenty days of the same month that be treated.

ArtAculoA 17. -A violations of this regulation by the companies required to pay the contribution created by this law will be considered as follows:

I) Lack of payment on date of contributions to the Fund.

II) The differences between amounts received per concept of ticket collection and those declared to the Fund.

III) The omission, falsehood, backwardness, or lack of correspondence of the information or statements that the companies are required to make or requested by the Ministry of Transport and Public Works or the Comptroller's Office

The reiteration or recidivism in the conduct that will give the application of any sanction, will be considered aggravating of the same.

ArtAculoA 18. -A companies that are required to pay the contribution created by this law and who incur any of the violations provided for in numerals I) and II) of the previous article, shall be sanctioned by the Ministry of Transport and Public Works in an automatic manner with a fine of 10% (ten per cent) and default interest for non-payment on a date calculated at a rate of 50% (50%) at the last average rate of the quarter before the infractions published by the Central Bank of Uruguay for Bank loans in national currency to companies and for shorter periods of time to a year.

Such a fine and interest will be calculated on the amounts impaid since they were payable and until their actual cancellation by the companies.

Companies that incur some of the non-compliances provided for in the third paragraph of the previous article, will be sanctioned by the Ministry of Transport and Public Works, with a fine of 10% (ten percent) calculated on the average of the monthly contributions which had to be made by that undertaking in the preceding year, or in the case of failure, in the month in which the fine was applied.

The Ministry of Transport and Public Works may exonerate the application of fines and surcharges by regulatory vAa, where the non-compliance would have become inevitable due to objective and non-beneficial causes.

In case the Fund's assets are transferred, affected by guarantee or securitised, the fine and surcharges will be paid directly to the transferee or beneficiary of such assets and affected to the corresponding repayment, owing to the company You must credit your payment to the Ministry of Transport and Public Works.

ArtAculoA 19.-In case of default or default in the payment on the date of the corresponding contribution by a company for more than six consecutive months or in case the guarantee is established in the 4Aº of this law is not sufficient to cover the contributions not paid by said company, the Ministry of Transport and Public Works will suspend in an automatic way the 5% (five percent) of the permits or concessions granted to This company for the exploitation of the public service of suburban collective transport passengers, for each month of delay in the payment of the contributions, until such an undertaking has the total payment of all the contributions, fines and interest of arrears owed to the Fund.

Once the defaults have been generated in the previous incident, the Ministry of Transport and Public Works will notify immediately of the suspension of the permits or concessions to the company in question and will implement all the measures that are necessary for the effective application of that suspension.

The Ministry of Transport and Public Works will be able to temporarily grant suspended permits to another company, for the duration of the suspended suspension and until the sanctioned company demonstrates the full payment of the contributions, fines and interest on arrears owed to the Fund.

The company that takes over such permits on a temporary basis will also be required to make payment of the contributions for the Fund, in the percentage determined by the Executive Branch.

In the event of non-compliance with the payment of the contributions for the Fund by a company for a period of more than twelve months, the Ministry of Transport and Public Works will permanently revoke all permits or concessions granted to that undertaking for the exploitation of the public passenger bus service.

ArtAculoA 20. -A Executive Power will regulate this law within thirty days of its enactment, establishing the necessary mechanisms for the implementation of the Fund.

A A A A A A Sala de Sessions de la CA ¡ mara de Senators, in Montevideo, on December 27, 2011.

DANILO ASTORI,
President.
Hugo RodrAguez Filippini,
Secretary.

MINISTRY OF TRANSPORT AND WORKS PASBLICAS
TO MINISTRY OF ECONOMICS AND FINANCE

Montevideo, December 29, 2011.

Cúmplase, acorsese recibo, comunaquese, publáquese e insáltese en el Registro Nacional de Leitos y Decretos, la Ley por la que se crea el Fondo de Financión del Transporte Colectivo Suburimano de Pasiteros.

JOSA% MUJICA.
ENRIQUE PAINTED.
FERNANDO LORENZO.

image

Línea del pie de página
Montevideo, Uruguay. Legislative Power.