2023 Laws of Puerto Rico › TITLE THREE - Executive (§§ 1 — 9311) › Chapter 120 - Puerto Rico Emergency Moratorium and Rehabilitation Act (§§ 9281 — 9311) › Subchapter II - Moratorium for Government Entities (§§ 9291 — 9296) › § 9292 - Conditions of emergency period; payment or accrual of interest

(a) If provided for in an executive order, as may be amended from time to time, issued pursuant to § 9291(a) of this title, during the emergency period for any government entity created by this subchapter:
(1) Holders of a covered obligation of such government entity:
(A) That constitutes public debt and is a principal obligation or an interest obligation shall receive at least the minimum public debt payment;
(B) that does not constitute public debt but is an interest obligation shall be entitled to have the unpaid portion of the interest obligation accrue interest at a rate equal to the contract rate of interest, which shall be paid at the end of the covered period to the extent permitted by otherwise applicable law; and
(C) that is a principal obligation shall be entitled to have the unpaid portion of the principal obligation accrue interest at a rate equal to the contract rate of interest, which unpaid principal and accrued and unpaid interest shall be paid at the end of the covered period to the extent permitted by otherwise applicable law;
(2) interest shall accrue on an enumerated obligation as provided in any applicable agreement or contract.
(b) Notwithstanding any other provision of this section, no holder of a covered obligation that is not public debt shall receive payment as otherwise required by this section from available resources if any portion of an obligation that is public debt remains due, outstanding, and unpaid.
(c) Unless provided in the executive order, as may be amended from time to time, issued pursuant to § 9291(a) of this title, or unless otherwise paid prior to the end of the covered period, any payments due in respect of any covered obligation of any government entity that comes due before or during the covered period for which an emergency period has been declared, including accrued interest, or arising or resulting from, or related to, the failure to pay such obligation (whether arising or resulting from a guarantee, reimbursement, indemnity or other obligation of, or undertaking by any government entity), shall, unless otherwise provided for under this chapter, be paid on the last day of the covered period to the extent permitted by otherwise applicable law.
(d) The requirements to pay interest pursuant to subsections (a) and (c) of this section shall not apply to the payment of any portion of a covered obligation that is not public debt the payment of which is-
(1) Subject to appropriation of funds for the purpose of making such payment by the Legislative Assembly; and
(2) made solely from available resources that have been diverted pursuant to an executive order or applicable law towards the payment of public debt, if any portion of any obligation that constitutes public debt is due and owing and remains unpaid.
(e) Notwithstanding any other provision of this chapter, a holder of any covered obligation may make an application to the Court of First Instance of the Commonwealth, San Juan Part, upon thirty days” written notice to the government entity seeking an order enforcing the provisions of this section unless such order would unreasonably endanger the health, safety and welfare of the residents of the Commonwealth.
History —Apr. 6, 2016, No. 21, § 202; July 12, 2016, No. 68, sec. 1.15.