RESOLUTION OF THE CABINET OF MINISTERS OF THE REPUBLIC OF UZBEKISTAN

of May 13, 2019 No. 396

About approval of the Regulations on procedure for issue of areas (cities) of guarantees by khokimiyats and compensations of overdue debt on the bank loans attracted by partnerships of private homeowners

According to the resolution of the President of the Republic of Uzbekistan of December 21, 2018 "About measures for ensuring financial stability, increase in efficiency of activities and enhancement of credit policy of commercial banks" the Cabinet of Ministers decides No. PP-4071:

1. Approve Regulations on procedure for issue of areas (cities) of guarantees by khokimiyats and compensations of overdue debt on the bank loans attracted by partnerships of private homeowners according to appendix.

2. To Central Bank, the Ministry of housing-and-municipal servicing of the Republic of Uzbekistan together with the interested ministries and departments, and also executive bodies on places to bring the regulatory legal acts adopted by them into accord with this resolution.

3. To impose control of execution of this resolution on the deputy prime minister - the Minister of Finance of the Republic of Uzbekistan D. A. Kuchkarov, the chairman of the Central bank of the Republic of Uzbekistan M. B. Nurmuratov and the minister of housing-and-municipal servicing of the Republic of Uzbekistan M. H. Saliyev.

Appendix

to the Resolution of the Cabinet of Ministers of the Republic of Uzbekistan of May 13, 2019 No. 396

Regulations on procedure for issue of areas (cities) of guarantees by khokimiyats and compensations of overdue debt on the bank loans attracted by partnerships of private homeowners

Chapter 1. General provisions

1. This Provision determines procedure for issue of areas (cities) of guarantees by khokimiyats and compensations of overdue debt by the bank loans attracted by partnerships of private homeowners (further - partnership).

2. The guarantee is issued by khokimiyats of areas (cities) on the loans attracted by partnerships.

3. Khokimiyats of areas (cities) in case of issue of guarantee (further - guarantee) assume liability to commercial bank to extinguish at the expense of means of the non-budgetary sources which are not forbidden by the legislation (further - extrabudgetary funds) overdue debt on the loans attracted by partnership in case of failure to pay the receivable amount of the terms established in credit agreements by them.

4. Payment (remuneration) for issue of guarantee is not levied.

Chapter 2. Registration and issue of guarantees

5. The guarantee is issued based on solutions of hokim of the respective areas (cities) according to the scheme according to appendix No. 1 to this Provision.

The guarantee is issued on condition of introduction by partnerships of reasonable materials (payment) under the projects (actions) offered to realization and availability on them the positive conclusions of department of housing-and-municipal servicing and finance division.

6. For receipt of guarantee the partnership represents to khokimiyat of the respective area (city):

the request for issue of guarantee in form according to appendix No. 2 to this Provision;

data on the project (action) which implementation is planned at the expense of bank loan;

drafts of the credit agreement and the repayment schedule of the attracted loans;

supporting documents on all sources of financing of the project (action);

working documentation (the design estimates and the conclusion of state examination) on the carried-out amounts of works within offered to projects implementation;

information on financial results of activities for the last 2 years, including about financial flows;

certificates of lack of overdue debt on the loans which are earlier attracted by partnership;

the decision of general meeting of copartners on attraction of bank loan, and also on consent with condition on compensation for the account of property of partnership of the collected overdue debt on the attracted loans which is drawn up in accordance with the established procedure;

the inventory of structure of property of partnership with copies of documents of title.

7. Khokimiyats of areas (cities) within one working day send the documents specified in Item 6 of this provision to department of housing-and-municipal servicing and finance division. Department of housing-and-municipal servicing and finance division within five working days from receipt date of documents:

in the presence of notes and offers - send them to khokimiyats of the respective areas (cities) in writing, having specified the specific causes of failure and terms sufficient in order that partnerships, having removed the specified causes, could submit documents for de novo review;

in the absence of notes - issue to khokimiyats of areas (cities) of the conclusion with the recommendation of feasibility of further projects implementation (actions).

De novo review of documents after elimination by partnerships of notes and offers of department of housing-and-municipal servicing and finance division is performed within five working days from the date of receipt of the statement of partnership with all necessary documents.

8. Khokimiyats of areas (cities) within five working days:

make the relevant decision on issue of guarantee to partnership on the bank loans attracted by it taking into account the signed credit agreements and repayment schedules, availability and the forecast of receipts for the declared sources of extrabudgetary funds;

sign the contract with partnership, having provided in it is mute conditions about compensation for the account of property of partnership of the collected overdue debt on the allocated credits.

The guarantee is signed hokimy, in its absence - the authorized officer, the acting as hokim.

The guarantee shall contain:

the name of the guarantor - khokimiyat of the area (city);

date of issue, number of accounting, effective period and amount of guarantee;

name of partnership (principal);

the bank name - the receiver of guarantee (beneficiary);

date, number and amount of the credit agreement;

payment terms of obligations on guarantees and other provisions according to the legislation.

The guarantee is drawn up on the letterhead of khokimiyat of the area (city). Account of guarantees is kept in separate register.

Register of guarantees shall be numbered, strung together, ratified the authorized officer and official stamp of khokimiyat of the area (city).

The guarantee becomes effective from the date of its signing.

9. The guarantee cannot be issued to partnerships:

having overdue debt on the bank loans and payments which are earlier attracted by them in budgets of appropriate levels of the budget system of the Republic of Uzbekistan;

with negative financial results of activities.

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