EXHIBIT 8A 

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EXHIBIT 8B 

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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-2016-018

EXECUTIVE ORDER OF THE GOVERNOR OF THE COMMONWEALTH OF 

PUERTO RICO, HON. ALEJANDRO J. GARCIA PADILLA, UNDER 

ARTICLES 201 AND 202 OF LAW 21-2016, KNOWN AS THE “PUERTO RICO 

EMERGENCY MORATORIUM AND FINANCIAL REHABILITATION ACT,” 

TO DECLARE A STATE OF EMERGENCY FOR THE PUERTO RICO 

HIGHWAYS AND TRANSPORTATION AUTHORITY (THE “HTA”) UNTIL 

JUNE 30, 2016, SUSPENDING THE OBLIGATION OF THE ACT TO 

TRANSFER OR DEPOSIT IN FINANCIAL INSTITUTIONS OR ANY OTHER 

ENTITY ACTING AS A FISCAL AGENT ANY REVENUE FROM TOLLS OR 

ANY OTHER REVENUE RECEIVED, AND AUTHORIZES THE 

IMPLEMENTATION OF ANY OTHER REASONABLE AND NECESSARY 

MEASURES FOR THE CONTINUED PROVISION OF ESSENTIAL SERVICES 

TO PROTECT THE HEALTH, SAFETY, AND WELL-BEING OF THE 

RESIDENTS OF THE COMMONWEALTH OF PUERTO RICO. 

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

Emergency Moratorium and Financial Rehabilitation Act” (the “Law”). 

The terms that are capitalized in this Executive Order but are not defined 

herein shall have the meaning assigned to such terms in the Law. 

WHEREAS: Article 108 of the Law establishes that during the Covered Period the 

Governor shall prioritize the essential services over the payment of debt 

not only to provide for the health, security, and well-being of the residents 

of the Commonwealth of Puerto Rico (the “Commonwealth”) but also to 

avoid further economic contraction and additional fiscal and humanitarian 

crises which would materially worsen the repayment of Puerto Rico’s 

bondholders. 

WHEREAS: On April 8, 2016, pursuant to Articles 201 and 203 of the Law, I approved 

Administrative Bulletin No. OE-2016-10 ( “OE-2016-10”) to declare a 

State of Emergency for the Government Development Bank (the “GDB”), 

stabilize restrictions on withdrawals from the GDB and implement other 

reasonable and necessary measures to allow GDB to continue carrying on 

its business operations. On April 30, 2016, under Article 201 and

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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.

202 of the Law, I approved Administrative Bulletin No. OE-2016-14 ( 

“OE-2016-14”) to declare a moratorium on the payment of certain 

obligations of the GDB and to implement other reasonable and necessary 

measures to continue essential lending services to protect the health, 

security, and well-being of the residents of the Commonwealth, among 

other things. 

WHEREAS: The fiscal crisis of the Commonwealth has substantially affected various 

public entities and instrumentalities, including, but not limited to the 

Puerto Rico Highways and Transportation Authority (the “HTA”).

WHEREAS: Historically, the HTA has relied on different sources of revenue and 

liquidity for the provision of essential services to the residents of the 

Commonwealth, which includes the maintenance and operation of the 

roads, bridges, and highways of the Commonwealth. The reference 

revenue and liquidity principally consists of: (1) revenue derived from 

tolls and other charges imposed by the HTA for the use of its transit 

facilities (in English traffic facilities) (the “Toll Revenues” and in English 

Toll Revenues); (2) revenue received from the gasoline tax earmarked for 

the HTA under Law Number 75 of June 23, 1965; (3) revenue received 

from certain gasoline taxes, gas oil and diesel oil that is earmarked for the 

HTA pursuant to Law 223 of November 30, 1995; (4) revenue received 

from a special annual fee on motor vehicle licenses earmarked for the 

ACT pursuant to Law 9 of August 12, 1982, as amended; (5) revenue 

received from taxes imposed on crude oil earmarked for the HTA under 

Law 34 of July 16, 1997(the revenue referred to in section (1) through (5) 

under this Clause, collectively referred to as, the “Revenue from 

Resolutions 68/98”); (6) revenue derived from taxes imposed on 

cigarettes, fees on vehicle licenses, and surpluses from petroleum taxes 

earmarked for the HTA pursuant to Laws 30 and 31, both passed on June 

25, 2013 (collectively referred to as, the “Revenue from Laws 30-31”); (7) 

liquidity from an agreement with the GDB according to which the GDB 

issues loans to the HTA; (8) funds received by the HTA from the federal 

Government for conducting federal highway assistance programs under 

Title 23 of the United States Code (the “Federal Highway Revenue”); and 

(9) funds received by the HTA from the federal Government for 

conducting transit assistance programs 

2

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Exhibit Executive Bulletin OE-2016-18 (8A Spanish 8B English) Page 11 of 16
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.

under Title 23 of the United State Code (the “Federal Transit Funds”). As 

a result of the Commonwealth’s fiscal crisis, the availability of this 

revenue, funds and liquidity has significantly diminished in the past six (6) 

months. 

WHEREAS: The HTA previously issued bonds under Puerto Rico Highway and 

Transportation Authority Resolution No. 68-18, passed on June 13, 1968 

(which authorizes and guarantees the HTA’s Highways Revenue Bonds) 

and Resolution of the HTA Number 98-06, approved February 26, 1998 

(which authorizes and guarantees the HTA’s Transportation Revenue 

Bonds) (collectively, “Resolutions 68/98”). On November 30, 2015, 

under Section 8 of Article VI of the Constitution of the Commonwealth, I 

approved Administrative Bulletin No. OE-2015-046 ( “OE-2015-046”), 

through which, among other things, the Secretary of the Treasury of 

Puerto Rico was ordered to retain the revenues assigned to the HTA and 

reallocate them to the payment of the Commonwealth’s public debt and to 

guaranteeing essential services for the residents of the Commonwealth 

(the “HTA’s Retained Funds.”) The principal and interest of the bonds 

issued under the 68/98 Resolutions are guaranteed in part and are paid in 

part from the HTA’s Retained Funds. The Toll Revenues, which are not 

retained funds subject to OE-2015-046, also guarantee part of the payment 

of the debt issued under Resolutions 68/98. In accordance with the 68/98 

Resolutions, whatever excess related to the HTA’s Retained Funds and the 

Toll Revenues after the required deposits and the repayment of services of 

the debt shall be returned to the HTA for the payment of its expenses and 

operations. After the approval of OE-2015-046, which orders the 

retention of the HTA’s Retained Funds, the HTA experimented with a 

significant decrease in its liquidity, which was exacerbated by the fact that 

the HTA, in complying with Resolutions 68/98, continued to remit the 

entirety of the Toll Revenues to the bond trustee for the servicing of the 

debt issued under Resolutions 68/98. 

WHEREAS: The HTA and the GDB are parties to that certain Loan Agreement, dated 

August 28, 2013, through which the HTA obtained a revolving line of 

credit from the GDB (the “GDB Loan”). As a condition of the GDB 

Loan, the HTA and the GDB granted certain Assignment and Security 

Agreement, agree the same day, through which the HTA transferred to the 

GDB its 

3

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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.

rights to receive the Revenue from Laws 30-31 as a way to guarantee the 

repayment of the GDB Loan and other amounts owed to the GDB. In its 

attempts to deal with the liquidity crisis of the HTA and to guarantee the 

continued provision of the essential services of the HTA to protect the 

health, security and the wellbeing of the residents of the Commonwealth, 

the GDB and the HTA entered into an agreement through which the GDB 

has promised to transfer to the HTA certain funds to cover the operational 

costs and expenses of the HTA. On April 1, 2016, the GDB informed the 

HTA that it did not have the financial capacity to continue to transfer said 

funds, thus creating a major liquidity problem for the HTA, threatening 

the continued provision of the essential services to protect the health, 

security and the wellbeing of the residents of the State and placing under 

risk the HTA’s ability to receive the Federal Highway Revenue and the 

Federal Transit Funds.

WHEREAS: On April 19, 2016, the HTA amended its Highway Alliance Contracts PR22 and PR-5 with Autopistas Metropolitanas de Puerto Rico, LLC (the 

“Concessionaire”) to assign certain rights to the Concessionaire. In 

exchange for those rights, the Concessionaire made an initial $100 million 

(the “Initial Payment”) and will make a $15 million deferred payment 

upon the implementation of certain multidirectional lanes or on June 30, 

2017, whichever occurs first. In accordance with Article 17 of Law 29-

2009, as amended (“APP Law), the Financial Advisory Authority and Tax 

Agency of Puerto Rico (the “AAFAF”), after consulting with the Office of 

Management and Budget (the “OGP”), submitted for consideration by the 

Governor a missive list of recommendations for the use of the Initial 

Payment. The GDB also made a recommendation regarding the potential 

uses of these funds. On May 9, 2016, after thoroughly evaluating the 

recommendations of the OGP, the GDB and the AAFAF, considering the 

complicated situation regarding liquidity facing the Commonwealth, the 

GDB and other government entities, by virtue of the power granted under 

Articles 9(g)(iv) and 17 of the APP Laws, the Governor authorized that 

the funds be used for the payment of essential services, as proposed by the 

AAFAF and the OGP. 

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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.

WHEREAS: This situation has provoked a state of public emergency that warrants the 

declaration, under Article 201 of the Law, for a state of emergency for the 

HTA and suspending certain obligations of the HTA to guarantee the 

benefit of essential services related to the health, safety, and well-being of 

the residents of the Commonwealth. This state of emergency shall have a 

brief duration stated herein and shall not affect the collection rights of any 

creditor of the HTA, as the trustee of the bonds issued under Resolutions 

68/98 has received and has at its disposal sufficient funds to pay its debts 

until next year. 

WHEREFORE: I, ALEJANDRO J. GARCIA PADILLA, Governor of this 

Commonwealth, under the powers inherent to my position and the 

authority vested in me by the Constitution of the Commonwealth, hereby 

provide for the following:

ONE: In accordance with Article 201 of the Law, I hereby declare a state of 

emergency for the HTA and state an Emergency Period for the HTA until 

June 30, 2016, so as to protect the health, security, and well-being of the 

residents of the Commonwealth. 

TWO: This Executive Order does not declare an Emergency Period for any 

Government Entity except the HTA and does not impose a moratorium on 

any obligation of the HTA. This Executive Order does not authorize any 

Government Entity to utilize funds that have been deposited prior to the 

date of this Executive Order with a trustee or other custodian for the 

payment of the Covered Obligation nor does it pretend to prevent the use 

of said funds already deposited for the payment of said Covered 

Obligation. 

THREE: Pursuant to Article 201 (d) of the Law, I hereby order the suspension of all 

obligations of the HTA to transfer to, or deposit with, any financial 

institution or authority acting as a fiscal agent under any resolution by way 

of which any bonds of the HTA in circulation have been issued, the Toll 

Revenues, and any other revenue assigned or received by the HTA. The 

foregoing includes Toll Revenues corresponding to the bonds issued under 

Resolutions 68/98, without regard to when said funds were collected. 

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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.

I hereby authorize the HTA to utilize the Toll Revenues and whatever 

other revenue assigned or received by the HTA for the continuation of 

provision of the essential services for the protection of the health, security, 

and well-being of the residents of the Commonwealth. This Executive 

Order does not affect the funds necessary for the payment of the stated 

obligations in this paragraph that have been transferred or deposited by the 

HTA to the pertinent trustees to account for the outstanding payments 

until next year. 

FOUR: Pursuant to Article 201(b) of the Law, no actions shall be commenced and 

no claims or proceedings shall be initiated or continued in any court of any 

jurisdiction that is related to or arises under a Covered Obligation of the 

HTA, including actions or proceedings related to the obligations stated in 

the paragraph THREE of this Executive Order. 

FIVE: The Executive Director of the HTA is ordered to submit a weekly report to 

the Governor itemizing the cash flow of the entity. 

SIX: SEVERABILITY. This Executive Order shall be interpreted in such a 

way so as to maintain its validity, to the extent possible, in accordance 

with the Constitution of the Commonwealth and the Constitution of the 

United States. If any clause, paragraph, subparagraph, provision, or part of 

this Executive Order is declared unconstitutional by any court or 

jurisdiction, the order issued by said court to that effect shall not affect or 

invalidate the remainder of this Executive Order. The effect of said order 

shall be limited to the clause, paragraph, subparagraph, disposition, or part 

of this Executive Order declared unconstitutional and only with respect to 

the application of the same to the obligation subject to said dispute. 

SEVEN: RATIFICATION OF OE-2016-10 AND OE-2016-14. OE-2016-10, as 

amended by the OE-2016-14 and the OE-2016-14 is hereby ratified and 

confirmed in all aspects, as modified by this Executive Order, and it is 

hereby provided that both shall expire at end of the Covered Period. 

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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.

EIGHT: REPEAL. Any other Executive Order that is fully or partially 

incompatible with this order is hereby repealed to the extent to which such 

incompatibility exists. 

NINE: EXPIRATION AND PUBLICATION. This Executive Order shall enter 

into force immediately and shall remain in force until (i) June 30, 2016 or 

(ii) the date upon which this order shall be revoked in writing by the 

Governor, whichever occurs first. It is ordered that this shall be published 

and disseminated as broadly as possible. 

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

signature and stamp in this Great Seal of the Commonwealth of Puerto 

Rico, San Juan, Puerto Rico, today, May 17, 2016. 

[affixed seal] [signature]

ALEJANDRO J. GARCÍA PADILLA

GOVERNOR

Promulgated pursuant to the law, today May 17, 2016. 

[signature]

VÍCTOR A. SUÁREZ MELÉNDEZ

DESIGNATED SECRETARY OF STATE

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