Resolution CMN No. 3122 — Provides for Financing Contracted under the Japanese-Brazilian Cooperation Program for the Development of the Cerrados - 3rd Phase (Prodecer III)

RESOLUTION NO. 003122

Provides for Financing Contracted under the Japanese-Brazilian Cooperation Program for the Development of the Cerrados - 3rd Phase (Prodecer III).

The CENTRAL BANK OF BRAZIL, in accordance with Article 9 of Law No. 4,595 of December 31, 1964, makes public that the MONETARY NATIONAL COUNCIL, in a session held on September 25, 2003, considering the provisions of Article 4, item VI, of the aforementioned law, Articles 4 and 14 of Law No. 4,829 of November 5, 1965, and Article 5 of Law No. 10,186 of February 12, 2001,

RESOLVES:

Article 1. Admit that the balances of operations originally contracted under the aegis of the Japanese-Brazilian Cooperation Program for the Development of the Cerrados - 3rd Phase (Prodecer III), intended for the financing of enterprises located in the Municipality of Pedro Afonso (TO), excluding default charges, shall, in the next twelve months, be backed by Mandatory Resources (MCR 6-2), up to the value of R$ 55,000,000.00 (fifty-five million reais).

§ 1. The financial agent must obtain from borrowers a manifestation of interest in the restructuring of their debts, under the conditions established in this resolution.

§ 2. Amortizations and settlements, including values effectively paid by the State Government of Tocantins, must be deducted from the ceiling referred to in the caput.

§ 3. Operations transferred to the exigibility of applications in rural credit (MCR 6-2) are subject to the general provisions of the Rural Credit Manual (MCR) and not to the specific rules of MCR 8-3.

§ 4. In the conduct of the Colonization Project of Pedro Afonso (TO), the obligation to observe the provisions regarding Prodecer, contained in the Project Agreement and the Loan Agreement, remains, except with regard to the backing of the resources to be used in the restructuring of debts.

Article 2. The granting of a replacement period for the credits referred to in Article 1 is authorized for up to fifteen annual harvests, counted from the date of repactuation.

Article 3. The observation of the current limits for credits under the support of controlled resources is dispensed with, for the classification of the respective operations under the conditions of MCR 6-2.

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

Brasília, September 25, 2003.

Henrique de Campos Meirelles
President