Ley 68-2016 sec. 16 — Ley para la Revitalización de la Autoridad de Acueductos y Alcantarillados de
Puerto Rico / Ley para la Revitalización de la Autorid / Sec. 16
Sección 16. Se enmienda el Artículo 203 en el idioma de inglés de la Ley 21-2016, para que lea como sigue: “SECTION 203.-EMERGENCY BANK MEASURES; DEPOSITS; PERMISSIBLE AND PROHIBITED WITHDRAWALS; SUSPENSION OF RE
Status: in_force

QUIREMENTS TO DEPOSIT FUNDS IN THE BANK (a) ... (b) For the purposes of this Section, actions that are “reasonable and necessary” shall include, but are not limited to, the following— i. ... ii. ... iii. suspending— A. the Bank’s obligation to pay under any guarantee; B. ... C. ... iv. ... v. ... (c) If any restriction is placed on disbursements by the Bank pursuant to Subsection (a) of this Section- (i) ... (ii) the Bank shall honor requests to withdraw or transfer any deposit, including by check or other means, of an agency, public corporation, or instrumentality of the Commonwealth (other than those listed in Subsection (c)(iii) of this Subsection) as may be authorized by the Governor, from time to time, and in making any such authorization, the Governor shall consider the availability of funds and the need to fund the provision of essential services by such depositor, which must be demonstrated by a joint certification from the Office of Management and Budget and the Secretary of the Treasury that honoring such request, with respect to such deposit, is necessary to fund the provision of specifically identified essential services by a government entity, provided, further, that when certifying such withdrawal requests, the Office of Management and Budget and the Secretary of the Treasury may reduce the amount of any request to an amount deemed necessary to fund essential services; (iii) subject to the availability of funds and the aggregate disbursements established by the Governor, the Bank shall honor any request to withdraw or transfer any deposit held by, or request to honor any check written by, a municipality or any of the Judicial Branch, UPR, Legislative Branch, Office of the Comptroller, Office of the Electoral Comptroller, State Elections Commission, Government Ethics Office, Independent Prosecutors Panel, provided, however, that an authorized officer of such municipality or listed entity certifies along with supporting documentation that such funds will be used for the payment of essential services; and Rev. 02 de octubre de 2020 www.ogp.pr.gov Página 24 de 87 “Ley para la Revitalización de la Autoridad de Acueductos y Alcantarillados de Puerto Rico” [Ley 68-2016] (iv) Any provision of any law that requires any entity, public or private, to deposit funds in the bank shall be suspended. (d) ... (e) Except as provided in Subsection (f) of this Section, to the extent that such creditor is secured by an interest in property, or to the extent that such creditor is entitled to setoff under otherwise applicable non-insolvency law if any restriction is placed on disbursements from the Bank pursuant to this Section, then any value disbursed to a creditor after such restriction is imposed shall be subtracted from the value of any distribution that such creditor is entitled to receive, as of the first date of the restriction, if the Bank is subsequently liquidated or placed into a receivership. Likewise, except as provided in Subsection (l) of this Section, which governs the use of the municipal redemption fund created pursuant to Act No. 64-1996 (other than with respect to surplus funds deposited therein), if any governmental entity assumes, discharges or otherwise satisfies any liability of the Bank prior to it being liquidated or placed into receivership, such governmental entity shall subrogate itself in place of the Bank’s creditor and have claim against the estate of the same rank and preference assigned to such obligation by law, equal to the amount assumed (provided the Bank is released from the assumed obligation), discharged or paid on behalf of the Bank and, if applicable, such claim shall be subtracted from any amount owed by such governmental entity to the estate in direct order of maturity. (f) ...”