LAW OF THE REPUBLIC OF ARMENIA

of June 11, 2005 No. ZR-103

About modification and amendments in the Law of the Republic of Armenia "About local self-government"

Accepted by National Assembly of the Republic of Armenia on May 20, 2005

Article 1. In article 56 of the Law of the Republic of Armenia "About local self-government" (on May 7, 2002, ZR-337):

a) three after the words "and also" to add the paragraph with the words "from privatization of the state participation in the authorized capital of legal entities";

b) five to state the paragraph in the following edition:

"In the budget of municipality approved for this fiscal year:

a) the amount of deficit (shortage) of administrative part cannot exceed the amount of means of free remaining balance for the beginning of year of administrative part of the budget of municipality for this year which is subject to financing from administrative part in the budget year preceding (come to the end) to this year, however directed to financing of the available obligations in the area of not financed expenses;

b) the amount of deficit (shortage) of share part (without the state participation in the authorized capital of legal entities, the means from alienation of the real estate which is considered as state-owned property, deducted in this year in the budget of municipality, and also the expenses performed at the expense of means of free remaining balance for the beginning of year of this year) cannot exceed annual average 30 percent from the income (without the amounts of official transfers and the funds transferred from the reserve fund provided by administrative part of the budget of municipality, of share part) which is actually received in share part of the budget of municipality of the second and third fiscal years preceding this year.".

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