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Law Decree No 63 of April 15 2002 sets new provisions in connection with the financing of public works.

Pursuant to Article 8 of the new law a limited liability company to be called Infrastrutture SpA will be incorporated for the purpose of financing infrastructures and public works.

The new company must have an initial share capital of €1 million ($914,426) and will not be entitled to trade any financial instruments on behalf of third parties. It will operate in accordance with the guidelines set by the Ministry of Economy and Finance.

Infrastrutture SpA will fund itself by issuing securities and borrowing. Securities issued and the finance raised will benefit from a state guarantee.

Infrastrutture SpA will be entitled to direct its assets and rights under financings to the repayment of its financial obligations, and such assets and rights will be segregated from other assets of Infrastrutture SpA, pursuant to the operation of law.

Infrastrutture SpA will also be entitled to acquire real estate of public origin.

Law Decree No 63 will be converted into law within 60 days of April 15 2002 or the date of any amendments to the legislation.

Fine tuning of the Decree may be required but it should be a useful legislative tool for the structuring of transactions.

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