Attachment I Federal Forms ... For Information Only. To be submitted by consultant at contract close‐out. I
Facilities Plan Technical Memorandum No. TM-WW-6 Biosolids Facilities By Work Order No. 09-001 B&V Project 163509 ... TM-WW-6_final.doc i 9/29/2010 B&V PN 163509 Table of Contents ... 160 180 200 DAF Thermophilic digester (VS basis) Thermophilic dige
ATTACHMENT Pursuant to the PRE-NEED RETAIL INSTALLMENT CONTRACT Signed _____day of _____, _____ between the named day month year
Attachment “I” Required Federal Forms ... accordance with the cost principles of the Federal Acquisition ... and indirect cost rates have been disclosed as of the
sleep-disturbed people and the associated health and sound isolation costs ... This memorandum is limited to documenting the ... cyclists and pedestrians) in the
have any questions about the content of this memorandum, please see Larry ... • Slosson Intelligence Test ... understood to be a standardized test of intelligence
MEMORANDUM FROM: Erik Dahl ... as well as RPD values outside of control limits for field duplicate analysis ... mass calibration and mass spectrometer resolution, window
Technical Memorandum and Program Plan for the Project - Prepared by: SPG Staff, Signal Processing Group, Chandler, Arizona Introduction: After a fairly detailed discussion on the requirements of this project while
The purpose of this memorandum is to provide pertinent information regarding deviations ... Mass Spectrometry (ICPMS). ... organic carbon [TOC],
Memorandum To: Aaron Sage, Senior Planner ... Resources Water; Measures Notes . CALGreen. Yes. ... Submeter or Dedicated Meter for Landscape Irrigation. 2. TBD. C11
1 ATTACHMENT I. HUNGARY: TECHNICAL MEMORANDUM OF UNDERSTANDING (TMU) November 4, 2008 1. This Technical Memorandum of Understanding (TMU) defines the variables subject to quantitative targets (performance criteria and indicative targets), specified in the Letter of Intent (LOI). It also describes the methods to be used in assessing the program performance and the information requirements to ensure adequate monitoring of the targets. As is standard under all Fund arrangements, we will consult with the Fund before modifying measures contained in this letter, or adopting new measures that would deviate from the goals of the program, and provide the Fund with the necessary information for program monitoring. 2. The exchange rates for the purposes of the program of the Hungarian forint (HUF) to the euro is set at HUF 243.17 = €1, to the U.S. dollar at HUF 169.15 = $1 , and to the Swiss franc at HUF 154.01 = CHF 1, the rates as shown on the Hungarian central bank’s (Magyar Nemzeti Bank, MNB) website as of September 30, 2008.1 Central Government System 3. Definition: The central government system (CGS) is defined to include the central government (state budget), extrabudgetary funds, and social security funds. In case the government establishes new extrabudgetary funds, they will be consolidated within the central government system. Quantitative Performance Criteria, Indicative Ceiling, and Continuous Performance Criteria: Definitions and Reporting Standards A. Floor on the Net International Reserves of the MNB (In millions of euros) Outstanding stock: End-September 2008 Floor on cumulative change in net international reserves from endSeptember 2008: End-December 2008 (performance critierion)
4. Net international reserves (NIR) of the central bank of Hungary (MNB) are defined as the euro value of gross foreign assets of the MNB minus gross foreign liabilities with maturity of less than one year. Non-euro denominated foreign assets and liabilities will be converted into euro at the program exchange rates. Data will be provided by the MNB to the Fund with a lag of not more than five days past the test date. 1
These exchange rates were derived from the file posted on the MNB website at http://english.mnb.hu/Resource.aspx?ResourceID=mnbarfolyamfile&f=0.
2 5. Gross foreign assets are defined consistently with SDDS as readily available claims on nonresidents denominated in foreign convertible currencies. They include the MNB’s holdings of monetary gold, SDRs, foreign currency cash, foreign currency securities, deposits abroad, and the country' s reserve position at the Fund. Excluded from reserve assets are any assets that are pledged, collateralized, or otherwise encumbered, claims on residents, claims in foreign exchange arising from derivatives in foreign currencies vis-à-vis domestic currency (such as futures, forwards, swaps, and options), precious metals other than gold, assets in nonconvertible currencies, and illiquid assets. 6. Gross foreign liabilities are defined consistently with SDDS as all foreign exchange liabilities to residents and nonresidents, including commitments to sell foreign exchange arising from derivatives (such as futures, forwards, swaps, and options), banks foreign currency deposits against reserve requirements, and all credit outstanding from the Fund. 7. NIR targets will also be adjusted upward (downward) by the surplus (shortfall) in program disbursements relative to the baseline projection. Program disbursements are defined as external disbursements from official creditors that are usable for the financing of the overall central government budget. External Program Disbursements (Baseline Projection) (In millions of euros) 2,000
B. Consultation Mechanism on the 12-month Rate of Inflation 8. The quarterly consultation bands for the 12-month rate of inflation in consumer prices (as measured by the headline consumer price index (CPI) published by the Hungarian Central Statistical Office), are specified below. Projected CPI for end-December 2008 and end-March 2009 are performance criteria, while those for end-June 2009 and endSeptember 2009 are indicative targets.
Outer band (upper limit) Inner band (upper limit) Central point Inner band (lower limit) Outer band (lower limit)
7.1 6.1 5.1 4.1 3.1
6.8 5.8 4.8 3.8 2.8
6.5 5.5 4.5 3.5 2.5
6.3 5.3 4.3 3.3 2.3
9. Projected CPI inflation will be an important part of each review under the arrangement. In line with our accountability principles, we are committed to report to the
3 public the reasons for any breach of the outer bands, and our policy response. In this vein, should the observed year-on-year rate of CPI inflation fall outside the outer bands specified above, the authorities will complete a consultation with the Fund on their proposed policy response before requesting further purchases under the program. In addition, the MNB will conduct discussions with the Fund staff should the observed year-on-year rate of CPI inflation fall outside the inner bands specified for the end of each quarter in the table above. C. Floor on the Cash Primary Balance of the Central Government System (In billions of forints) End-of-the-year primary balance: End-December 2008 (performance criterion) Cumulative primary balance from January 1, 2009: End-March 2009 (performance criterion)
End-June 2009 (indicative target)
End-September 2009 (indicative target)
10. The primary balance of a budgetary institution is defined as the difference between total revenues and non-interest expenditures of that institution. 11. The floor on the primary balance of the CGS will be monitored from above the line on a cash basis. It is understood that transfers among entities of the CGS are mutually consistent; hence, the difference between the simple sum of revenues and the simple sum of primary expenditures across all CGS entities yields the consolidated CGS balance. Should discrepancies arise, reconcilialition between reported transfers and reported revenues from other CGS entities will be required before compliance with the CGS primary balance ceiling can be assessed. 12. For the purpose of the program, the primary expenditure of the CGS excludes any cash payment related to bank recapitalization (to establish the Capital Enhancement Fund) and to transfers to the Bank Guarantee Fund. 13. Net lending of any component of the CGS will be considered as a non-interest expenditure item, whereas negative net lending of any component of the CGS will be considered as a revenue item. D. Indicative Ceiling on Overall Stock of Debt of the Central Government System 14. The ceiling on the overall stock of the debt, as outlined below, shall apply to the HUF value of total stock of debt contracted by the central government system. Excluded from this indicative ceiling are credits from the IMF, external program financing, normal trade-related credits, reserve and long-term liabilities of the MNB, and mark-to-market deposits at or
4 placed by the Hungarian Debt Management Agency (ÁKK).2 Liabilities related to the bank support package are not included. All stated benchmarks of ÁKK in terms of public debt management will be maintained as much as possible, depending on market conditions and the possible use of IMF credit. Outstanding stock:
(In billions of forints)
End-September 2008 (actual)
End-December 2008 (indicative ceiling)
End-March 2009 (indicative ceiling)
End-June 2009 (indicative ceiling)
End-September 2009 (indicative ceiling)
15. Data on the total stock of debt of the central government system will be provided to the IMF by ÁKK on a quarterly basis within two weeks of the end of each quarter. 16.
The program exchange rate will apply to all non-HUF denominated debt.
17. The indicative ceiling will also be adjusted upward (downward) by the shortfall (surplus) in net EU transfers relative to the baseline projection which forms the basis of the government budget and financing plans. Net EU Transfers (Baseline Projection) Baseline projections: End-December 2008 (program projection)
(In billions of forints) -269.32
End-March 2009 (program projection)
End-June 2009 (program projection)
End-September 2009 program projection)
18. The indicative ceiling will also be adjusted upward (downward) for an increase (decrease) of the ÁKK’s cash reserves (built for liquidity management purposes) in the Single Treasury Account held at the MNB relative to the baseline projection. Cash reserves at the Single Treasury Account (Baseline Projection) Baseline projections: End-December 2008 (program projection)
(In billions of forints) 162.00
According to ÁKK’s benchmarks, foreign currency debt should be kept wholly in euro denomination and the interest rate composition is also fixed. To meet this benchmark while issuing debt in non-euro currency—such as the U.S. dollar, Japanese Yen, and the Pound Sterling—ÁKK uses cross-currency and interest rate swaps. To limit counterparty risks in such transactions, ÁKK places (or accepts) cash deposits as collaterals. Any such deposit thus increases public debt for reasons autonomous to the government’s financing plans. For this reason, these mark-to-market operations are excluded from the indicative ceiling.
5 End-March 2009 (program projection)
End-June 2009 (program projection)
End-September 2009 program projection)
E. Continuous Performance Criteria on Non-accumulation of External Debt Payments Arrears by the Central Government System 19. The central government system will accumulate no new external debt arrears during the program period. For the purposes of this performance criterion, an external debt payment arrear will be defined as a payment by the central government system, which has not been made within seven days after falling due. 20. The stock of external arrears of the central government system will be calculated based on the schedule of external payments obligations reported by the ÁKK. Data on external arrears will be reconciled with the relevant creditors, and any necessary adjustments will be incorporated in these targets as they occur. 21. The performance criterion will apply on a continuous basis. The ÁKK will provide the final data on the stock of the central government system external arrears to the Fund, with a lag of not more than seven days after the test date. This performance criterion does not cover trade credits.