EXHIBIT 9A 

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EXHIBIT 9B 

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CERTIFIED TRANSLATION

I, Juan E. Segarra, USCCI #06-067/translator, certify that the foregoing is a true and accurate

translation, to the best of my abilities, of the document in Spanish which I have seen.

COMMONWEALTH OF PUERTO RICO

LA FORTALEZA

SAN JUAN PUERTO RICO

Administrative Bulletin No. OE-2016-027

EXECUTIVE ORDER OF THE GOVERNOR OF THE COMMONWEALTH OF 

PUERTO RICO, HON.ALEJANDRO J. GARCÍA PADILLA, PURSUANT TO 

ACT NO. 21-2016, AS AMENDED, KNOWN AS THE “PUERTO RICO 

EMERGENCY AND FINANCIAL REHABILITATION MORATORIUM ACT”,

TO ORDER THE IMPLEMENTATION OF MEASURES RELATING TO THE 

PUERTO RICO INFRASTRUCTURE FINANCING AUTHORITY OF THE OF 

THE COMMONWEALTH OF PUERTO RICO WHICH ARE REASONABLE 

AND NECESSARY FOR THE CONTINUATION OF THE PROVISION OF 

ESSENTIAL SERVICES TO PROTECT HEALTH, SAFETY. THE EDUCATION 

AND WELFARE OF THE RESIDENTS OF THE COMMONWEALTH OF

PUERTO RICO.

WHEREAS: On April 6, 2016, I signed Law 21-2016, known as the “Emergency 

Moratorium and Financial Rehabilitation Act of Puerto Rico” (the “Act”), 

and on April 30, 2016, I approved Administrative Bulletin No. OE-2016-

14 (OE-2016-14) to declare, among other measures, an Emergency Period 

at the Puerto Rico Infrastructure Financing Authority (“PRIFA”). The 

terms that begin in capital letters in this Executive Order and which are 

not defined herein will have the meanings provided to them in the Act or 

in OE-2016-14, as applicable.

WHEREAS: Over the past few weeks, the fiscal and liquidity crisis faced by the 

Commonwealth of Puerto Rico (the “Commonwealth”) and its 

instrumentalities, including but not limited to PRIFA, has worsened, 

requiring the imposition of additional measures under the Act to continue 

the provision of essential services to protect the health, education and 

well-being of residents in the Commonwealth, among others, through the 

valid exercise of its Police Power.

WHEREFORE: I, ALEJANDRO J. GARCIA PADILLA, Governor of the Commonwealth

of Puerto Rico, by virtue of the powers inherent to my office and the 

authority conferred upon me by the Constitution of the Commonwealth of 

Puerto Rico, hereby provide as follows:

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CERTIFIED TRANSLATION

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I, Juan E. Segarra, USCCI #06-067/translator, certify that the foregoing is a true and accurate

translation, to the best of my abilities, of the document in Spanish which I have seen.

FIRST: OE-2016-14 will continue in force regarding its application to PRIFA, 

provided that, after the date of this Executive Order, the obligations 

related to the “Puerto Rico Infrastructure Financing Authority, Dedicated 

Tax Fund Revenue Bond Anticipation Notes Series 2015A” notes are 

declared Covered Obligations for all purposes contemplated in the Act. In 

addition, any obligation to transfer funds to PRIFA or by PRIFA, with

respect to such Covered Obligations, is designated as a Listed Obligation

and such transfer is ordered suspended, including the obligation to transfer 

any income from taxes pursuant to Section 3060.11A of the Puerto Rico 

Internal Revenue Code of 2011 and Section 34 of Act No. 44 of June 12, 

1988, as amended.

SECOND: Pursuant to Section 201(b) of the Act, no action shall be taken, and no 

claim or proceeding shall be commenced or continued in any court of any 

jurisdiction with respect to any action brought in relation to the FIRST 

paragraph of this Executive Order.

THIRD: SEPARABILITY. This Executive Order shall be interpreted in such a way 

as to maintain its validity, as far as possible, in accordance with the 

Constitution of the Commonwealth of Puerto Rico and the Constitution of 

the United States. If any clause, paragraph, sub-paragraph, provision or 

part of this Executive Order is declared unconstitutional by a court with 

jurisdiction, the order issued by said court for such purposes shall not 

affect or invalidate the remainder of this Executive Order. The effect of 

such order shall be limited to the clause, paragraph, sub-paragraph, 

provision or part of this Executive Order declared unconstitutional and 

only with respect to the application thereof to the particular obligation 

subject to said controversy.

FOURTH: RATIFICATION OF OE-2016-10 and OE-2016-14. Administrative 

Bulletin No. OE-2016-10 (“OE-2016-10”), as amended by OE-2016-14, is 

hereby ratified and confirmed, in all aspects not amended by this 

Executive Order.

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CERTIFIED TRANSLATION

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I, Juan E. Segarra, USCCI #06-067/translator, certify that the foregoing is a true and accurate

translation, to the best of my abilities, of the document in Spanish which I have seen.

FIFTH: REPEAL. Any other Executive Order that, in whole or in part, which is 

inconsistent with this one, is rendered null and void, to the extent of such 

inconsistency.

SIXTH: EFFECTIVENESS AND PUBLICATION. This Executive Order shall 

come into force immediately and shall remain in force until (i) the end of 

the Emergency Period or (ii) the date on which it is revoked in writing by 

the Governor, whichever occurs first. Its widest publication and 

dissemination is hereby ordered.

IN WITNESS WHEREOF, I hereby issue this Executive Order under my 

signature and cause it to be stamped with the Great Seal of the 

Commonwealth of Puerto Rico, in San Juan, Puerto Rico, on June 24, 

2016.

 /s/ Alejandro J. García Padilla

ALEJANDRO GARCÍA PADILLA

GOBERNOR

Promulgated in accordance with the law, on June 24, 2016.

 /s/ Víctor A. Suárez Meléndez

VÍCTOR A. SUÁREZ MELÉNDEZ

DESIGNATED SECRETARY OF STATE

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