CMN Resolution No. 2954 - Credit Contingency to the Public Sector and Limit Changes - Amendment to Article 9 of Resolution No. 2,827 of March 30, 2001

RESOLUTION NO. 002954

Credit Contingency to the Public Sector and Limit Changes - Amendment to Article 9 of Resolution No. 2,827 of March 30, 2001.

THE CENTRAL BANK OF BRAZIL, in accordance with Article 9 of Law No. 4,595 of December 31, 1964, makes public that the MONETARY COUNCIL, in a session held on April 25, 2002, considering the provisions of Article 4, items VI and VIII, of the aforementioned law, Laws No. 4,728 of July 14, 1965, and 6,385 of December 7, 1976, Decree-Laws No. 1,986 of December 28, 1982, and 2,285 of July 23, 1986, Articles 28 of Decree-Law No. 73 of November 21, 1966, 4 of Decree-Law No. 261 of February 28, 1967, and 15 and 40 of Law No. 6,435 of July 15, 1977,

RESOLVES:

Article 1. Define a new global limit for credit operations with the public sector and establish that credit operations carried out under the auspices of Resolution No. 2,827 of March 30, 2001, with the modifications introduced by Resolutions No. 2,909 of November 29, 2001, No. 2,920 of December 26, 2001, and No. 2,945 of March 27, 2002, contracted from this date, provided for in the State Fiscal Adjustment Programs, as an integral part of the refinancing contracts signed with the Union, under Law No. 9,496 of September 11, 1997, or those that replace them, as well as those contained in the refinancing contracts of municipal debts, signed under the auspices of Provisional Measure No. 2,185-35 of August 24, 2001, are not included in the aforementioned limit.

Article 2. The global value of credit operations contracted from this date, under the auspices of Resolution No. 2,827 of March 30, 2001, amended by Resolution No. 2,920 of December 26, 2001, shall be up to R$200,000,000.00 (two hundred million reais).

Article 3. Item VII is added to paragraph 1 of Article 9 of Resolution No. 2,827 of March 30, 2001, with the following wording:

"Paragraph 1. ...

VII - the operations contracted from this date, provided for in the State Fiscal Adjustment Programs, as an integral part of the refinancing contracts signed with the Union, under Law No. 9,496 of September 11, 1997, as well as those contained in the refinancing contracts of municipal debts, signed under the auspices of Provisional Measure No. 2,185-35 of August 24, 2001, or those that replace them, respecting the global amount of these operations.

......"

Article 4. This resolution enters into force on the date of its publication.

Brasilia, April 25, 2002

Arminio Fraga Neto
President