Page:Constitution of the Bolivarian republic of Venezuela.djvu/109

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requirements for modifying the same and the terms for carrying out the same shall be established by law.

Any revenues generated by exploiting underground wealth and minerals, in general, shall be used to finance real productive investment, education and health.

The principles and provisions established for national economic and financial management shall also govern that of the States and Municipalities, to the extent applicable.

Article 312: Public debt limits shall be set by law in accordance with a prudent level in terms of the size of the economy, reproductive investment and the ability to generate revenues to cover public debt service. In order to be valid, public credit transactions shall require a special law authorizing them, with the exceptions established under the pertinent organic law. The special law shall indicate the modalities of the transactions and authorize the appropriate budget credits in the pertinent budget law.

The annual special indebtedness law shall be submitted to the National Assembly together with the budget law.

The State shall not recognize any obligations other than those assumed by lawful National Authority organs in accordance with law.

Article 313: The economic and financial management of the State shall be governed by a budget approved annually by law. The National Executive shall submit the draft Budget Act to the National Assembly, at the time prescribed by the organic act. If the Executive Power fails for any reason to submit the budget bill within the time limit established by law, or the bill is rejected, the budget for the current fiscal year shall remain in effect.

The National Assembly shall have the power to alter budget items, but shall not authorize measures leading to a decrease in public revenues or to expenses exceeding the estimated revenue amounts in the budget bill.

In submitting the multiyear budget framework, the special indebtedness law and the annual budget, the National Executive Branch