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RESOLUTION OF THE PRESIDENT OF THE REPUBLIC OF UZBEKISTAN

of January 3, 2007 No. PP-553

About measures for implementation of the investment project "Equipment of Housing Stock of the Republic of Uzbekistan Metering Devices of Cold and Hot Water"

For the purpose of implementation of the investment project "Equipment of Housing Stock of the Republic of Uzbekistan Metering Devices of Cold and Hot Water" with use of soft credit of the Government of the People's Republic of China (PRC) provided for SCO countries:

1. Take into consideration that:

The government of People's Republic of China allocated to the Republic of Uzbekistan the preferential credit line provided for SCO countries for the amount 17 293 502, 35 US dollars for a period of 20 years, including five-year grace period, for project implementation "Equipment of housing stock of the Republic of Uzbekistan metering devices of cold and hot water" on a turnkey basis (the first stage);

The Uzbek agency "Uzkommunkhizmat" on the basis of the competitive selection made in accordance with the established procedure signed the contract with the Chinese corporation "China National Machinery Import & Export Corporation (CMC)" (People's Republic of China) in consortium with overseas enterprise II YAN LLC on execution of works on equipment of housing stock of the Republic of Uzbekistan as metering devices of cold and hot water on a turnkey basis on the amount 17 293 502, of 35 US dollars;

The Chinese corporation "China National Machinery Import & Export Corporation" in consortium with overseas enterprise II YAN LLC provides guarantee and field service established under the specified contract of metering devices of cold and hot water.

2. Determine that financing of the contract will be performed for the credit account of joint commercial mortgage bank "Ipoteka-bank" by refinancing of borrowed funds of Eximbank of the People's Republic of China in the amount 17 293 502, of 35 US dollars.

3. Approve:

the main technical and economic indicators of the "Equipment of Housing Stock of the Republic of Uzbekistan Metering Devices of Cold and Hot Water" project on a turnkey basis (the first stage), according to the appendix N1;

the forecast repayment schedule of the credit of the People's Republic of China on the "Equipment of Housing Stock of the Republic of Uzbekistan Metering Devices of Cold and Hot Water" project on a turnkey basis (the first stage), according to the appendix N2;

Regulations on procedure for acquisition, installation and operation of metering stations of cold and hot water in apartment and individual apartment houses within project implementation "Equipment of housing stock of the Republic of Uzbekistan metering devices of cold and hot water", according to the appendix N3;

the standard agreement on installation, maintenance and operation of metering station of cold (hot) water, according to the appendix N4.

4. Determine that:

the executive agencies responsible for target and effective use of borrowing facilities and timely project implementation, the Uzbek agency "Uzkommunkhizmat" and the territorial companies of water supply and heat supply of Council of Ministers of the Republic of Karakalpakstan, khokimiyats of areas and Tashkent are;

repayment of principal debt, interest payment, the commissions and other expenses on servicing of the credit will be performed at the expense of means of the consumers of cold and hot water accumulated on the special target accounts opened by the territorial companies of water supply, heat supply and the Uzbek agency "Uzkommunkhizmat" in regional branches of joint commercial mortgage bank "Ipoteka-bank";

the special accounts opened by the territorial companies of water supply of heat supply and the Uzbek agency "Uzkommunkhizmat" in regional branches of joint commercial mortgage bank "Ipoteka-bank" are target and can be used only for implementation of transactions within this project. Use of the means which are on these accounts in other purposes is strictly forbidden.

5. To joint commercial mortgage bank "Ipoteka-bank" for financing of the project on the basis of the specified contract to conclude:

the individual loan agreement with Eximbank of the People's Republic of China;

the loan agreement on refinancing of the credit of Eximbank of the People's Republic of China with the Uzbek agency "Uzkommunkhizmat" and the territorial companies of water supply and heat supply of Council of Ministers of the Republic of Karakalpakstan, khokimiyats of areas and Tashkent.

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