Post by account_disabled on Mar 7, 2024 4:25:11 GMT
Reverse auctions” were established through Constitutional Amendment of December which introduced article into the Transitional Constitutional Provisions Act ADCT. The paragraphs of article of the ADCT regulate how they should be pay their precatório debt the States the Federal District and the Municipalities that opt for the special payment regime.
To pay off their outstanding and pending court orders under the special regime the States and the Federal District must deposit monthly in a special account created for this purpose th of the value calculated as a percentage of the respective net current revenues RCL calculated in the second month prior to the payment month . This percentage will be determined at the time of opting for the regime and will be kept fixed as long as the value of the court orders owed is greater than the value of the linked resources or for a fixed period of up to years in the case of opting for the annual payment regime under the terms of the which provides for paragraph II of article of the ADCT.
Under the terms of EC therefore at least half of the BTC Number Data resources of each federative entity must be allocated to the payment of court orders in chronological order of presentation respecting the preferences provided for in Law. The application of the other half of the resources will depend on the option to be exercised by the debtor entity through an act of the Executive Branch. In this way the federative entity may choose to pay court orders through an auction or by payment in cash for unpaid court orders in chronological order or by payment by direct agreement with creditors in the manner established by the Federal Law itself. debtor entity which is authorized to create a conciliation chamber.
States and municipalities may choose to pay off their court orders in years or deposit a minimum percentage of net current revenue RCL monthly to pay the bonds varying between and . In the case of the State of São Paulo this rate is . If the option made is to deposit the monthly RCL percentage the debtor must deposit amounts in two accounts. One is to pay court orders in chronological order. The other must be allocated to reverse auctions through which the creditor who accepts the biggest discount on the payment and reconciliation amounts will receive first.
The auctions are scheduled to be carried out through an electronic system managed by an entity authorized by the Securities and Exchange Commission or the Central Bank of Brazil through a public offer to all creditors authorized by the respective debtor federative entity. They will occur in the discount modality associated with the largest volume offered combined or not with the highest percentage of discount with a maximum value being able to be fixed by creditor or by other criteria to be defined in the notice.
To pay off their outstanding and pending court orders under the special regime the States and the Federal District must deposit monthly in a special account created for this purpose th of the value calculated as a percentage of the respective net current revenues RCL calculated in the second month prior to the payment month . This percentage will be determined at the time of opting for the regime and will be kept fixed as long as the value of the court orders owed is greater than the value of the linked resources or for a fixed period of up to years in the case of opting for the annual payment regime under the terms of the which provides for paragraph II of article of the ADCT.
Under the terms of EC therefore at least half of the BTC Number Data resources of each federative entity must be allocated to the payment of court orders in chronological order of presentation respecting the preferences provided for in Law. The application of the other half of the resources will depend on the option to be exercised by the debtor entity through an act of the Executive Branch. In this way the federative entity may choose to pay court orders through an auction or by payment in cash for unpaid court orders in chronological order or by payment by direct agreement with creditors in the manner established by the Federal Law itself. debtor entity which is authorized to create a conciliation chamber.
States and municipalities may choose to pay off their court orders in years or deposit a minimum percentage of net current revenue RCL monthly to pay the bonds varying between and . In the case of the State of São Paulo this rate is . If the option made is to deposit the monthly RCL percentage the debtor must deposit amounts in two accounts. One is to pay court orders in chronological order. The other must be allocated to reverse auctions through which the creditor who accepts the biggest discount on the payment and reconciliation amounts will receive first.
The auctions are scheduled to be carried out through an electronic system managed by an entity authorized by the Securities and Exchange Commission or the Central Bank of Brazil through a public offer to all creditors authorized by the respective debtor federative entity. They will occur in the discount modality associated with the largest volume offered combined or not with the highest percentage of discount with a maximum value being able to be fixed by creditor or by other criteria to be defined in the notice.