LAW OF UKRAINE

of July 7, 2011 No. 3614-VI

About modification of the Budget code of Ukraine and some other legal acts of Ukraine

The Verkhovna Rada of Ukraine decides:

I. Make changes to such legal acts of Ukraine:

1. In the Budget code of Ukraine (The sheet of the Verkhovna Rada of Ukraine, 2010, No. 5051, the Art. 572):

Shall be replaced with words 1) in part one of Article 1 of the word "and also questions of responsibility for violation of the budget legislation" "and questions of responsibility for violation of the budget legislation, and also legal principles of education and repayment of the public and local debt are determined";

2) in Article 2 part one:

in Items 16 and 17 of the word "received and outstanding" shall be replaced with words "return received and outstanding condition";

"debt" to add Item 41 after the word with the word of "warranty";

add with Items 12-1, 15-1, 26-1, 37-1, 41-1 and 49-1 of such content:

"12-1) debt obligation - the obligation of the borrower to the creditor on the credit (loan) which resulted from release and placement of debt securities and/or the conclusion of credit agreements";

"15-1) warranty obligation - the obligation of the guarantor fully or partially to fulfill debt obligations of the subject of managing - resident of Ukraine before the creditor in case of failure to carry out by such subject of its obligations on the credit (loan) attracted under the state or local guarantee";

"26-1) quasifiscal transactions - transactions of public authorities and local self-government, the National Bank of Ukraine, funds of obligatory national social and pension insurance, subjects of managing of the state and utility sectors of economy which are not displayed in budget indicators, but can lead to reduction of receipts of the budget and/or need additional expenses of the budget in the future";

"37-1) servicing of the public (local) debt - transaction concerning implementation of payment for use of the credit (loan), payment of the commissions, penalties and other payments connected with public administration (local) debt. Repayment of the public (local) debt does not belong to such transactions";

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