They enacted law to royalty of cabildos

Executive authority yesterday the Act authorizing the Reserve Bank to finance up to one amount no greater Rd $1 billion for the Paschal royalty payments to the employees of the institutions of the State, decentralized and autonomous financial and non, as well as local councils.

The Law 360-11 also includes municipal districts boards and to the Dominican Municipal League (LMD).

According to the document, the loan has a term of funding for 11 months and an equal number of monthly and consecutive to pay dues, which will include principal and interest.

The law stresses that the interest rate is preferential for the public sector, and in what it has to do with the source of I repayment, budgetary allocations are allocated in the budget for each institution for the 2012.

"Entities of the State decentralized, autonomous, as well as the municipalities of the country, municipal boards of the country, the" u000a"LMD in order to honor the payment of the salary of its employees Christmas, are obliged to negotiate financing with Bank reserves in order to fulfil these purposes", explained in one of its recitals.

Similarly, stresses that in accordance with paragraph 3 of article 3 of the law 6-06, the above-mentioned entities not may borrow with the national financial system without the approval of Congress, where the expiration of that indebtedness exceeds the annual budgetary exercise.

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