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Decree-Law 6 of 1998.

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  • TypeDecree-Law
  • 6
  • DateFebruary 10, 1998

Summary.

The decree law approves the contract between the State and the City of Knowledge Foundation to create, promote, and develop the City of Knowledge. The contract sets out obligations, property transfers, tax benefits, and grounds for termination.

What it covers.

  • The creation and development of the City of Knowledge.
  • The obligations of the State and the City of Knowledge Foundation.
  • The transfer and use of property assigned to the project.
  • Tax benefits and grounds for terminating the contract.

Who it applies to.

  • The State.
  • The City of Knowledge Foundation (Fundación Ciudad del Saber).
  • Entities established for the purposes of the City of Knowledge.
  • Foreign personnel connected with the project.

Key points.

  1. The State approves the contract with the City of Knowledge Foundation (Fundación Ciudad del Saber) to create, promote, and develop the project, which includes research centers, knowledge transfer, and higher education.Art. 1
  2. The Foundation undertakes the planning, promotion, and implementation of the project, submits audited financial statements to the Office of the Comptroller General (Contraloría General de la República), and directs annual net proceeds to public higher and postsecondary education after covering operating and investment needs.Art. 1
  3. The State transfers to the Foundation, free of charge, the property in Fort Clayton described in the contract; the Foundation must use and maintain it for the project.Art. 1
  4. The contract grants tax benefits to the Foundation and entities established for the purposes of the City of Knowledge for 25 years, renewable for successive periods of equal duration, subject to the Foundation’s compliance with its contractual obligations.Art. 1
  5. The State grants special visas to foreign personnel connected with the project and the family members identified in the contract, subject to its conditions.Art. 1
  6. The contract lists grounds for administrative termination, including failure to begin the project within 2 years, use of property for purposes outside the project, and the Foundation’s bankruptcy.Art. 1