reglab/statecodes huggingface dataset:
2023 Laws of Puerto Rico › TITLE THIRTEEN - Taxation and Finance (§§ 1 — 33423) › Subtitle 1 - Governmental Finances (§§ 1 — 155) › Chapter 8 - Puerto Rico Public Corporation Debt Enforcement and Recovery Act (§§ 111 — 113nn) › Subchapter III - Debt Enforcement (§§ 113 — 113nn) › § 113z - Unaffected debt

The following expenses and claims arising prior to filing of a petition under §§ 113-113nn of this title shall not constitute affected debt under the plan and shall be paid to the maximum extent practicable, without acceleration or other remedy arising from a default occurring prior to the effective date of a §§ 113-113nn of this title plan, according to the terms of the contracts pursuant to which the unaffected debt was incurred, and subject to applicable law:
(a) Allowed unsecured claims of individuals for wages, salaries, or commissions, vacation, severance, and sick leave pay, or other similar employee benefits, earned by an individual prior to the petition date in accordance with a petitioner’s employment policies or by applicable law, except to the extent that such claims arise out of a transaction that is avoidable under applicable law, including 111dd of this title;
(b) except as provided in subsection (c) of this section, claims for the provision of goods or services other than claims arising under a rejected contract or special trade debt; Provided, however, That any and all claims for provision of goods or services may be affected debt if the treatment of such claims as unaffected debt is a direct cause of other debt being substantially or severely impaired for purposes of the Commonwealth Constitution or the U.S. Constitution and such substantial or severe impairment is not remedied or otherwise justified pursuant to § 111aa of this title;
(c) notwithstanding subsection (b) of this section, critical vendor debt as determined by the petitioner;
(d) notwithstanding subsection (a) of this section, claims arising under a collective bargaining agreement or retirement or post-employment benefit plan, unless and until the claims arising under such collective bargaining agreement or retirement or post-employment benefit plan are scheduled as affected debt pursuant to subsection (a)(2) of § 113a of this title or such collective bargaining agreement or retirement or post-employment benefit plan is rejected;
(e) claims owed to another public corporation (but only to the extent such claims are for goods or services provided by such public corporation to the petitioner), or to the United States;
(f) claims of a Commonwealth entity for money loaned, or other financial support, to the petitioner during the sixty (60) days before the filing of the petition under §§ 113-113nn of this title, or claims of GDB for reimbursement pursuant to § 111gg of this title; and
(g) any credit incurred or debt issued by a public sector obligor between the commencement of the suspension period and the filing of a petition under §§ 113-113nn of this title, but only if such petition under §§ 113-113nn of this title is filed no more than six (6) months after the suspension period shall have elapsed.
History —June 28, 2014, No. 71, § 327.
2023 Laws of Puerto Rico › TITLE THIRTEEN - Taxation and Finance (§§ 1 — 33423) › Subtitle 1 - Governmental Finances (§§ 1 — 155) › Chapter 8 - Puerto Rico Public Corporation Debt Enforcement and Recovery Act (§§ 111 — 113nn) › Subchapter III - Debt Enforcement (§§ 113 — 113nn) › § 113aa - Goods and services delivered within thirty days before the petition is filed

All valid amounts payable for goods received by or services rendered to the petitioner within thirty (30) days before the filing of a petition under §§ 113-113nn of this title shall have the status of an administrative expense and shall be paid in full, and according to the terms of the contracts pursuant to which the goods were provided or services were rendered to the maximum extent practicable. To the extent there is any dispute as to the validity of such amounts payable, it shall be resolved pursuant to subsection (a) of § 113dd of this title.
History —June 28, 2014, No. 71, § 328.
2023 Laws of Puerto Rico › TITLE THIRTEEN - Taxation and Finance (§§ 1 — 33423) › Subtitle 1 - Governmental Finances (§§ 1 — 155) › Chapter 8 - Puerto Rico Public Corporation Debt Enforcement and Recovery Act (§§ 111 — 113nn) › Subchapter III - Debt Enforcement (§§ 113 — 113nn) › § 113bb - Assets backing retirement or post-employment benefit plans

All assets backing any pension plan, any retirement or post-employment benefit plan, and any other similar funded retiree or employee benefit shall be inviolable and shall not be considered in the calculation of the petitioner’s value to be distributed pursuant to a plan under §§ 113-113nn of this title or final allocation statement pursuant to § 113g of this title.
History —June 28, 2014, No. 71, § 329.
2023 Laws of Puerto Rico › TITLE THIRTEEN - Taxation and Finance (§§ 1 — 33423) › Subtitle 1 - Governmental Finances (§§ 1 — 155) › Chapter 8 - Puerto Rico Public Corporation Debt Enforcement and Recovery Act (§§ 111 — 113nn) › Subchapter III - Debt Enforcement (§§ 113 — 113nn) › § 113cc - Subordination

(a) A subordination agreement is enforceable in a case under §§ 113-113nn of this title to the same extent that such agreement is enforceable under other applicable law.
(b) For the purpose of distribution under §§ 113-113nn of this title, a claim arising from rescission of a purchase or sale of a security or note of the petitioner or of an affiliate of the petitioner, for damages arising from the purchase or sale of such a security or note, or for reimbursement or contribution allowed on account of such a claim, shall be subordinated to all claims senior to or equal to the claim represented by such security or note.
History —June 28, 2014, No. 71, § 330.
2023 Laws of Puerto Rico › TITLE THIRTEEN - Taxation and Finance (§§ 1 — 33423) › Subtitle 1 - Governmental Finances (§§ 1 — 155) › Chapter 8 - Puerto Rico Public Corporation Debt Enforcement and Recovery Act (§§ 111 — 113nn) › Subchapter III - Debt Enforcement (§§ 113 — 113nn) › § 113dd - Allowed claims

(a) No creditor (affected or unaffected) needs to file a proof of claim to be entitled to payments on its claims. To the extent there are disputes between the petitioner and creditors as to the amounts of their claims, such disputes shall be resolved using the same procedures applicable if there were no case under §§ 113-113nn of this title; Provided, however, That claim objections pursuant to §§ 113cc, 113ee and 113ff of this title and rejection damage claims shall be determined only by the Court, subject to its power to abstain when the determination is not required prior to deciding whether a plan should be confirmed.
(b) A claim shall be an allowed claim if valid under applicable law to the extent:
(1) It does not include unmatured interest as of the petition date, and
(2) is not disallowed under another provision of this chapter.
(c) The assertion of a claim in a §§ 113-113nn of this title case shall not constitute a legal proceeding subject to the disclosure requirement for government vendors and contractors pursuant to any applicable law. The existence of a claim under §§ 113-113nn of this title shall not constitute the basis for disqualification from any procurement process or for not entering into a contract with the petitioner.
(d) Nothing in this chapter shall grant recourse status to non-recourse claims.
History —June 28, 2014, No. 71, § 331.
2023 Laws of Puerto Rico › TITLE THIRTEEN - Taxation and Finance (§§ 1 — 33423) › Subtitle 1 - Governmental Finances (§§ 1 — 155) › Chapter 8 - Puerto Rico Public Corporation Debt Enforcement and Recovery Act (§§ 111 — 113nn) › Subchapter III - Debt Enforcement (§§ 113 — 113nn) › § 113ee - Claims for reimbursement, contribution, indemnification, and subrogation

(a) Claims for reimbursement, contribution, or indemnification shall not be allowed to the extent their allowance causes a petitioner to have liability to pay the same underlying debt more than once. To the extent such claims relate to debts in existence prior to the filing of a petition under §§ 113-113nn of this title, such claims shall not be deemed administrative claims.
(b) The Court shall subordinate to the claim of an affected creditor and for the benefit of such creditor an allowed subrogation claim of an entity that is liable with the petitioner on, or that has secured, such creditor’s claim, until such creditor’s claim is paid in full, either through payments under §§ 113-113nn of this title or otherwise.
History —June 28, 2014, No. 71, § 332.
2023 Laws of Puerto Rico › TITLE THIRTEEN - Taxation and Finance (§§ 1 — 33423) › Subtitle 1 - Governmental Finances (§§ 1 — 155) › Chapter 8 - Puerto Rico Public Corporation Debt Enforcement and Recovery Act (§§ 111 — 113nn) › Subchapter III - Debt Enforcement (§§ 113 — 113nn) › § 113ff - Payment of Administrative Expenses Pending Plan Confirmation

(a) A petitioner timely shall pay in full and in cash all administrative expenses incurred in connection with its operations and its case, including wages, salaries, commissions for services, trade debt, and monthly requests for reasonable fees and reimbursement of expenses incurred by the professionals retained by the petitioner (or retained by GDB on behalf of the petitioner, as provided by § 113(b) of this title) and the creditors’ committee(s), and the noticing agent.
(b) To the extent that a petitioner or GDB believes fees and expenses of a retained professional are unreasonable, it shall advise the applicant of its objection and the petitioner shall pay the undisputed portion. If the petitioner or GDB, as applicable, and the applicant are unable to reach an agreement about the disputed portion, either party may request the Court to rule on the reasonableness of such disputed fees and expenses. The petitioner or GDB, as applicable, may object to any applicant’s fees as unreasonable for any legitimate reason.
(c) A petitioner or GDB may, in its sole discretion, retain an entity to serve as a fee examiner to review all fees and disbursements of all professionals for the petitioner and the creditors’ committee(s). To the extent any professional requests payments in excess of those recommended by the fee examiner, the professional must procure a Court order allowing such additional amounts.
History —June 28, 2014, No. 71, § 333.
2023 Laws of Puerto Rico › TITLE THIRTEEN - Taxation and Finance (§§ 1 — 33423) › Subtitle 1 - Governmental Finances (§§ 1 — 155) › Chapter 8 - Puerto Rico Public Corporation Debt Enforcement and Recovery Act (§§ 111 — 113nn) › Subchapter III - Debt Enforcement (§§ 113 — 113nn) › § 113gg - Custodian

(a) A custodian with knowledge of the filing of a petition under §§ 113-113nn of this title concerning the petitioner may not make any disbursement from, or take any action in the administration of, property of the petitioner, proceeds, product, offspring, rents, or profits of such property, or property of the petitioner, in the possession, custody, or control of such custodian, except such action as is necessary to preserve such property.
(b) A custodian shall:
(1) Deliver to the petitioner any property of the petitioner held by or transferred to such custodian, or proceeds, product, offspring, rents, or profits of such property, that is in such custodian’s possession, custody, or control on the date that such custodian acquires knowledge of the filing of the petition; and
(2) file an accounting of any property of the petitioner, or proceeds, product, offspring, rents, or profits of such property that, at any time, came into the possession, custody, or control of such custodian.
(c) The Court, after notice and a hearing, shall:
(1) Protect all entities to which a custodian has become obligated with respect to such property or proceeds, product, offspring, rents, or profits of such property;
(2) provide for the payment of reasonable compensation for services rendered and costs and expenses incurred by such custodian; and
(3) surcharge such custodian for any improper or excessive disbursement, other than a disbursement that has been made in accordance with any applicable law, or that has been approved, after notice and a hearing, by a court of competent jurisdiction before the filing of the petition.
History —June 28, 2014, No. 71, § 334.
2023 Laws of Puerto Rico › TITLE THIRTEEN - Taxation and Finance (§§ 1 — 33423) › Subtitle 1 - Governmental Finances (§§ 1 — 155) › Chapter 8 - Puerto Rico Public Corporation Debt Enforcement and Recovery Act (§§ 111 — 113nn) › Subchapter III - Debt Enforcement (§§ 113 — 113nn) › § 113hh - Turnover

(a) Except for collateral secured and perfected by possession, and except as provided in subsection (c) or (d) of this section, an entity, other than a custodian, in possession, custody, or control, during the case, of property that the petitioner may use or transfer pursuant to §§ 113f and 113v of this title, shall deliver to the petitioner, and account for, such property or the value of such property, unless such property is of inconsequential value or benefit to the petitioner.
(b) Except as provided in this section, an entity that owes a debt to the petitioner that is matured, payable on demand, or payable on order, shall pay such debt to, or on the order of, the petitioner, except to the extent that such debt may be offset against a claim against the petitioner.
(c) Except as provided in subsection (a)(5) of § 113c of this title, an entity that has neither actual notice nor actual knowledge of the filing of the petition concerning the petitioner, may transfer property of the petitioner, or pay a debt owing to the petitioner, to an entity other than the petitioner, with the same effect as to the entity making such transfer or payment as if the case under §§ 113-113nn of this title concerning the petitioner had not been commenced.
(d) Subject to any applicable privilege, after notice and a hearing, the Court may order an attorney, accountant, or other entity that holds recorded information, including books, documents, records, and papers, relating to the petitioner’s property or financial affairs, to turn over or disclose such recorded information to the petitioner.
History —June 28, 2014, No. 71, § 335.
2023 Laws of Puerto Rico › TITLE THIRTEEN - Taxation and Finance (§§ 1 — 33423) › Subtitle 1 - Governmental Finances (§§ 1 — 155) › Chapter 8 - Puerto Rico Public Corporation Debt Enforcement and Recovery Act (§§ 111 — 113nn) › Subchapter III - Debt Enforcement (§§ 113 — 113nn) › § 113ii - Surrender of securities

If a plan requires presentment or surrender of a security or the performance of any other act as a condition to participation in distribution under the plan, such action shall be taken not later than five (5) years after the date of the entry of the confirmation order or as otherwise provided under the plan. Any entity that has not within such time presented or surrendered such entity’s security or taken any such other action that the plan requires may not participate in any distribution under the plan.
History —June 28, 2014, No. 71, § 336.
2023 Laws of Puerto Rico › TITLE THIRTEEN - Taxation and Finance (§§ 1 — 33423) › Subtitle 1 - Governmental Finances (§§ 1 — 155) › Chapter 8 - Puerto Rico Public Corporation Debt Enforcement and Recovery Act (§§ 111 — 113nn) › Subchapter III - Debt Enforcement (§§ 113 — 113nn) › § 113kk - Special notices

(a) In addition to all other notices required hereunder, a petitioner shall provide special notices of (1) the filing of a petition, (2) the hearing on a petitioner’s request for entry of an order determining the petitioner is eligible for relief under §§ 113-113nn of this title, (3) the hearing on a transfer pursuant to § 113f of this title, and (4) the hearing on confirmation of the proposed plan. Such notice shall be posted on the website for its case under chapter 3 of this Act and published in accordance with subsection (c)(2) of § 111o of this title.
(b) Notice shall be transmitted to
(1) All parties in interest (except for holders of claims not scheduled pursuant to subsection (a)(2) of § 113a of this title) for whom a petitioner has readily accessible internal electronic records of mailing addresses or email addresses,
(2) all entities that file notices of appearance, and
(3) in accordance with subsection (c) below, holders of claims not scheduled pursuant to subsection (a)(2) of § 113a of this title.
(c) Notwithstanding any contractual provision or applicable law to the contrary, notice of the events set forth in subsection (a) of this section to holders of claims not scheduled pursuant to subsection (a)(2) of § 113a of this title shall be proper and reasonable if publication notice thereof is made in accordance with subsection (c)(2) of § 111o of this title.
History —June 28, 2014, No. 71, § 338.
2023 Laws of Puerto Rico › TITLE THIRTEEN - Taxation and Finance (§§ 1 — 33423) › Subtitle 1 - Governmental Finances (§§ 1 — 155) › Chapter 8 - Puerto Rico Public Corporation Debt Enforcement and Recovery Act (§§ 111 — 113nn) › Subchapter III - Debt Enforcement (§§ 113 — 113nn) › § 113ll - Dismissal of case

(a) After notice and a hearing, the Court may dismiss a case under §§ 113-113nn of this title) a legislative determination that the state of fiscal emergency underlying the need for §§ 113-113nn of this title has ended; or
(1) a determination by the Court, or by a federal court whose judgment is final and unappealable, that the petitioner is eligible to prosecute a case under title 11 of the United States Code.
(b) The Court shall dismiss a case under §§ 113-113nn of this title, and may condition such dismissal on such terms as are just, if the petition is withdrawn pursuant to § 111k of this title.
History —June 28, 2014, No. 71, § 339.
2023 Laws of Puerto Rico › TITLE THIRTEEN - Taxation and Finance (§§ 1 — 33423) › Subtitle 1 - Governmental Finances (§§ 1 — 155) › Chapter 8 - Puerto Rico Public Corporation Debt Enforcement and Recovery Act (§§ 111 — 113nn) › Subchapter III - Debt Enforcement (§§ 113 — 113nn) › § 113mm - Closing of case

(a) After a plan is confirmed and effective, and all disputed claims are resolved, the Court shall close the case.
(b) A case may be reopened in the Court in which such case was closed to enforce the plan, to accord relief to the petitioner, or for other cause.
History —June 28, 2014, No. 71, § 340.
2023 Laws of Puerto Rico › TITLE THIRTEEN - Taxation and Finance (§§ 1 — 33423) › Subtitle 1 - Governmental Finances (§§ 1 — 155) › Chapter 8 - Puerto Rico Public Corporation Debt Enforcement and Recovery Act (§§ 111 — 113nn) › Subchapter III - Debt Enforcement (§§ 113 — 113nn) › § 113nn - Escheat rules

Any security, money, or other property remaining unclaimed at the expiration of the time allowed in a case under §§ 113-113nn of this title for the presentation of a security or the performance of any other act as a condition to participation in the distribution under any final statement of allocation or any plan confirmed under §§ 113-113nn of this title, or remaining unclaimed after the expiration of a time limit for claiming distribution under such final statement of allocation or such plan, as the case may be, becomes the property of the petitioner or of the entity acquiring the assets of the petitioner under the plan, as the case may be.
History —June 28, 2014, No. 71, § 341.
2023 Laws of Puerto Rico › TITLE THIRTEEN - Taxation and Finance (§§ 1 — 33423) › Subtitle 1 - Governmental Finances (§§ 1 — 155) › Chapter 9 - Savings Bonds for Public Improvements (§§ 121 — 135) › § 121 - Authorization to issue and sell bonds

The Secretary of the Treasury is hereby authorized to issue and sell, at a time or from time to time, upon resolution to this effect and with the approval of the Governor, Savings Bonds of the Commonwealth and to issue them under bond issues for capital improvements already authorized and not sold or that may be authorized in the future.
History —May 28, 1976, No. 69, p. 190, § 1.
2023 Laws of Puerto Rico › TITLE THIRTEEN - Taxation and Finance (§§ 1 — 33423) › Subtitle 1 - Governmental Finances (§§ 1 — 155) › Chapter 9 - Savings Bonds for Public Improvements (§§ 121 — 135) › § 122 - Form and date of payment; maturity; denominations; negotiable instruments; price

The bonds whose issuance is hereby authorized may be payable to the bearer, or to order, or in behalf of the designated beneficiary; shall be dated at the time of their sale and shall fall due on a date or dates that shall not exceed ten (10) years from the date or dates of sale; shall bear interest at such rate or rates not to exceed that legally authorized at the time of sale; may be made redeemable before their maturity at the option of the holder thereof, and may contain other terms and conditions as may be provided in the resolution authorizing each particular issue. The Secretary of the Treasury, with the approval of the Governor, shall determine in said resolution or resolutions, the form of the bonds, how they shall be executed, and shall fix the denomination or denominations of the bonds and the place or places where the principal of and accrued interest on them shall be paid, which may be in any bank or trust company within the Commonwealth. When any official whose signature or facsimile thereof appears on any bond ceases in office before the delivery of said bonds, such signature or facsimile shall nevertheless be valid and sufficient, it being considered for all purposes as if such official has remained in his office until said delivery. The bonds issued pursuant to the provisions of this chapter shall be considered negotiable instruments under the laws of the Commonwealth of Puerto Rico. The bonds may be issued in the form the Secretary of the Treasury may determine with the Governor’s approval. The Secretary of the Treasury, with the approval of the Governor, may sell said bonds at a time or from time to time at public or private sale, as he may determine most convenient to the best interests of the Commonwealth, and for such price or prices not lower than that legally established at the time of sale.
History —May 28, 1976, No. 69, p. 190, § 2.
2023 Laws of Puerto Rico › TITLE THIRTEEN - Taxation and Finance (§§ 1 — 33423) › Subtitle 1 - Governmental Finances (§§ 1 — 155) › Chapter 9 - Savings Bonds for Public Improvements (§§ 121 — 135) › § 123 - Payment of principal and interest—Date; rate of interest

The principal of and interest on the savings bonds authorized by this chapter shall be paid upon maturity or on the date of redemption if they are presented for payment before maturity. Interest shall accrue on the basis of compound interest until maturity or up to the date of redemption, if redeemed before maturity, at a rate or rates not to exceed the maximum rate of interest authorized at the time of the sale.
History —May 28, 1976, No. 69, p. 190, § 3.
2023 Laws of Puerto Rico › TITLE THIRTEEN - Taxation and Finance (§§ 1 — 33423) › Subtitle 1 - Governmental Finances (§§ 1 — 155) › Chapter 9 - Savings Bonds for Public Improvements (§§ 121 — 135) › § 124 - Payment of principal and interest—Prompt payment; available funds; continuous appropriation; transfer of funds

The good faith, credit and taxing power of the Commonwealth of Puerto Rico are hereby irrevocably pledged for the punctual payment of the principal of and accrued interest on the bonds issued under the provisions of this chapter. The Secretary of the Treasury is hereby authorized and directed to pay the principal of and accrued interest on said bonds as the same fall due from any funds available for such purpose in the Commonwealth Treasury during the fiscal year in which said payment is required, and the provisions contained in this chapter relative to the payment of the principal of and accrued interest on said bonds shall be considered a continuous appropriation for the Secretary of the Treasury to make such payments even if specific appropriations are not made for such purpose. Said payments shall be made in conformity with the provisions of the laws of the Commonwealth regulating disbursement of public funds.
In addition, the Secretary of the Treasury is hereby authorized to transfer, from time to time, to the fund known as “Special Fund for the Amortization and Redemption of General Obligations Evidenced by Bonds and Notes”, from any tax revenues of the General Fund, a sufficient amount to meet the payment of principal of and accrued interest on the savings bonds authorized by this chapter, plus a reasonable amount as reserve to redeem the savings bonds that may be presented for payment before maturity.
History —May 28, 1976, No. 69, p. 190, § 4.
2023 Laws of Puerto Rico › TITLE THIRTEEN - Taxation and Finance (§§ 1 — 33423) › Subtitle 1 - Governmental Finances (§§ 1 — 155) › Chapter 9 - Savings Bonds for Public Improvements (§§ 121 — 135) › § 125 - Disposition of proceeds from sale of bonds; application of surplus money

The proceeds of the sale of the bonds issued under the provisions of this chapter shall be covered into the “Public Improvement Fund” under whose authorization these bonds are issued and shall be disbursed in accordance with the statutory provisions regulating the disbursement of public funds and for the purposes provided.
The Secretary of the Treasury, in accordance with the findings of the Planning Board and with the approval of the Governor, is hereby authorized to apply any money remaining from the issuance and sale of savings bonds to the carrying out of any public capital improvement approved by the Legislature and pending execution.
History —May 28, 1976, No. 69, p. 190, § 5.
2023 Laws of Puerto Rico › TITLE THIRTEEN - Taxation and Finance (§§ 1 — 33423) › Subtitle 1 - Governmental Finances (§§ 1 — 155) › Chapter 9 - Savings Bonds for Public Improvements (§§ 121 — 135) › § 126 - Construction of public improvements

The construction of public improvements authorized to be financed from the proceeds of the sale of the bonds issued under the provisions of this chapter shall be carried out in accordance with the plans approved by the Planning Board under the provisions of Act No. 213, approved May 12, 1942, as amended, and subject to subsequent approval by the Governor of Puerto Rico.
History —May 28, 1976, No. 69, p. 190, § 6.
2023 Laws of Puerto Rico › TITLE THIRTEEN - Taxation and Finance (§§ 1 — 33423) › Subtitle 1 - Governmental Finances (§§ 1 — 155) › Chapter 9 - Savings Bonds for Public Improvements (§§ 121 — 135) › § 127 - Acquisition of lands and property for instrumentalities, authorization

The Secretary of Transportation and Public Works and the agencies and instrumentalities of the Commonwealth in charge of the programs to which the proceeds of the sale of the bonds issued under the provisions of this chapter are to be applied, are hereby authorized and empowered to acquire, on behalf of the Commonwealth of Puerto Rico or of said agency or instrumentality, as the case may be, by gift, purchase, or through the exercise of the right of eminent domain in accordance with the laws of the Commonwealth of Puerto Rico, any land or rights and shares therein, and to acquire such personal property as they may deem necessary for the carrying out of public improvements.
History —May 28, 1976, No. 69, p. 190, § 7.
2023 Laws of Puerto Rico › TITLE THIRTEEN - Taxation and Finance (§§ 1 — 33423) › Subtitle 1 - Governmental Finances (§§ 1 — 155) › Chapter 9 - Savings Bonds for Public Improvements (§§ 121 — 135) › § 128 - Payment of expenses incurred

The necessary amount to meet the expenses of the issuance and sale of said bonds is hereby appropriated from the proceeds of the sale of the bonds issued under the provisions of this chapter.
History —May 28, 1976, No. 69, p. 190, § 8.
2023 Laws of Puerto Rico › TITLE THIRTEEN - Taxation and Finance (§§ 1 — 33423) › Subtitle 1 - Governmental Finances (§§ 1 — 155) › Chapter 9 - Savings Bonds for Public Improvements (§§ 121 — 135) › § 129 - Tax exemption

All bonds issued under the provisions of this chapter, as well as interest thereon, shall be exempt from the payment of all taxes levied by the Commonwealth of Puerto Rico and its municipalities.
History —May 28, 1976, No. 69, p. 190, § 9.
2023 Laws of Puerto Rico › TITLE THIRTEEN - Taxation and Finance (§§ 1 — 33423) › Subtitle 1 - Governmental Finances (§§ 1 — 155) › Chapter 9 - Savings Bonds for Public Improvements (§§ 121 — 135) › § 130 - Deduction from salary for purchase of bonds

Employees may authorize their employer or official in writing, to regularly deduct from their salary or wages the amounts they may authorize to be used in the purchase of Savings Bonds of the Commonwealth of Puerto Rico. Said deducted amounts shall be applied by the employers or officials as the Secretary of the Treasury may establish through regulation.
History —May 28, 1976, No. 69, p. 190, § 10.
2023 Laws of Puerto Rico › TITLE THIRTEEN - Taxation and Finance (§§ 1 — 33423) › Subtitle 1 - Governmental Finances (§§ 1 — 155) › Chapter 9 - Savings Bonds for Public Improvements (§§ 121 — 135) › § 131 - Interim certificates

The Secretary of the Treasury of the Commonwealth of Puerto Rico is hereby empowered to issue interim certificates in representation of Savings Bonds which shall be delivered to the buyers of said bonds. Said certificates shall be issued pending the final version of the bonds in the amount corresponding to the denominations of each one of the bonds to be acquired or in total amounts, as requested by the buyers thereof. The bonds finally issued shall bear the effective date of the original issuance of each certificate, as well as the rate of interest and other authorized conditions as may have been established in said certificates.
History —May 28, 1976, No. 69, p. 190, § 11.
2023 Laws of Puerto Rico › TITLE THIRTEEN - Taxation and Finance (§§ 1 — 33423) › Subtitle 1 - Governmental Finances (§§ 1 — 155) › Chapter 9 - Savings Bonds for Public Improvements (§§ 121 — 135) › § 132 - Banks and other financial institutions, acquisition of bonds prohibited

The savings bonds issued under the provisions of this chapter shall not be acquired by any bank or other financial institution of a depository nature.
History —May 28, 1976, No. 69, p. 190, § 12.
2023 Laws of Puerto Rico › TITLE THIRTEEN - Taxation and Finance (§§ 1 — 33423) › Subtitle 1 - Governmental Finances (§§ 1 — 155) › Chapter 9 - Savings Bonds for Public Improvements (§§ 121 — 135) › § 133 - Regulations, penalties

The Secretary of the Treasury is hereby empowered to adopt in coordination with the Government Development Bank for Puerto Rico the necessary and convenient regulations for the best administration of this chapter, including those applicable to remittance of discounts hereby authorized. Any violation of the provisions of this chapter or of the promulgated regulations shall constitute a misdemeanor that shall entail a penalty of not less than fifty dollars ($50) nor more than five hundred dollars ($500), or imprisonment in jail for not more than six (6) months, or both penalties, [at] the discretion of the court.
History —May 28, 1976, No. 69, p. 190, § 13.
2023 Laws of Puerto Rico › TITLE THIRTEEN - Taxation and Finance (§§ 1 — 33423) › Subtitle 1 - Governmental Finances (§§ 1 — 155) › Chapter 9 - Savings Bonds for Public Improvements (§§ 121 — 135) › § 134 - Application to other laws

All provisions of law or laws authorizing the issuance of public improvement bonds of the Commonwealth of Puerto Rico under which the savings bonds hereby authorized may be issued shall be applicable to such savings bonds insofar as they are not inconsistent with the provisions of this chapter.
History —May 28, 1976, No. 69, p. 190, § 14.
2023 Laws of Puerto Rico › TITLE THIRTEEN - Taxation and Finance (§§ 1 — 33423) › Subtitle 1 - Governmental Finances (§§ 1 — 155) › Chapter 9 - Savings Bonds for Public Improvements (§§ 121 — 135) › § 135 - Interpretation with other laws

This chapter shall not be construed as repealing or amending any other previous law of the Legislature of Puerto Rico authorizing the issuance of bonds of the Commonwealth of Puerto Rico.
History —May 28, 1976, No. 69, p. 190, § 15.
2023 Laws of Puerto Rico › TITLE THIRTEEN - Taxation and Finance (§§ 1 — 33423) › Subtitle 1 - Governmental Finances (§§ 1 — 155) › Chapter 11 - Refinancing Bonds (§§ 141 — 141m) › § 141 - Authorization

The Secretary of the Treasury is hereby authorized to issue refinancing bonds of the Commonwealth of Puerto Rico for the purposes of refinancing all or any part of its outstanding bonds and to pay any costs related to the sale and issue of such refinancing bonds.
History —Oct. 10, 1985, No. 2, p. 848, § 1.
2023 Laws of Puerto Rico › TITLE THIRTEEN - Taxation and Finance (§§ 1 — 33423) › Subtitle 1 - Governmental Finances (§§ 1 — 155) › Chapter 11 - Refinancing Bonds (§§ 141 — 141m) › § 141a - Definitions

As used in this chapter the following terms shall mean:
(a) Outstanding bonds. — Shall mean any public improvement bonds of the Commonwealth of Puerto Rico and the interest coupons, if any, pertaining thereto, which have heretofore been issued or which are hereafter issued, which are obligations of the Commonwealth of Puerto Rico for which the good faith, credit and taxing power of the Commonwealth of Puerto Rico have been pledged for the prompt payment of the principal thereof and interest thereon.
(b) Government obligations. — Shall mean direct obligations of, or such obligations whose principal and interest thereon which are unconditionally guaranteed by the United States of America, and any certificates or any other evidences of a right to receive the payments of the principal or interest on such obligations.
(c) Refinancing. — Shall mean providing for the payment of any outstanding bonds at or prior to maturity or on its redemption date, as provided in this chapter.
(d) Refinancing bonds. — Shall mean the bonds of the Commonwealth of Puerto Rico issued under the provisions of this chapter.
History —Oct. 10, 1985, No. 2, p. 848, § 2.
2023 Laws of Puerto Rico › TITLE THIRTEEN - Taxation and Finance (§§ 1 — 33423) › Subtitle 1 - Governmental Finances (§§ 1 — 155) › Chapter 11 - Refinancing Bonds (§§ 141 — 141m) › § 141c - Financial agreement

The Secretary of the Treasury is hereby authorized to negotiate and execute with any bank, investment banking firm or other financial institution, with the approval of the Governor, such loan agreements, purchase agreements or other financing agreements as may be required for the sale of refinancing bonds, under such terms and conditions as the Secretary of the Treasury may determine to be in the best interests of the Commonwealth of Puerto Rico.
History —Oct. 10, 1985, No. 2, p. 848, § 4.
2023 Laws of Puerto Rico › TITLE THIRTEEN - Taxation and Finance (§§ 1 — 33423) › Subtitle 1 - Governmental Finances (§§ 1 — 155) › Chapter 11 - Refinancing Bonds (§§ 141 — 141m) › § 141d - Guarantee of Commonwealth

The good faith, credit and taxing power of the Commonwealth of Puerto Rico are hereby irrevocably pledged for the prompt payment of the principal and interest on the refinancing bonds issued under the provisions of this chapter. The Secretary of the Treasury is hereby authorized and directed to pay the principal and interest on such refinancing bonds as the same shall become due and payable from any funds available for such purpose in the Treasury of the Commonwealth of Puerto Rico during the fiscal year in which such payment is due. The provisions contained in this chapter regarding the payment of the principal and interest on such refinancing bonds shall be considered a continuous appropriation for the Secretary of the Treasury to make such payments, even though no specific appropriations are made for such purposes. Said payments shall be made pursuant to the provisions of the laws of the Commonwealth of Puerto Rico that regulate the disbursement of public funds.
The Secretary of the Treasury is hereby authorized and directed to state in the refinancing bonds that the good faith, credit and taxing power of the Commonwealth of Puerto Rico are pledged for the payment thereof.
History —Oct. 10, 1985, No. 2, p. 848, § 5.
2023 Laws of Puerto Rico › TITLE THIRTEEN - Taxation and Finance (§§ 1 — 33423) › Subtitle 1 - Governmental Finances (§§ 1 — 155) › Chapter 11 - Refinancing Bonds (§§ 141 — 141m) › § 141f - Special Fund

The moneys received from accrued interest upon the delivery of and payment for any refinancing bonds shall be deposited in the fund known as “Special Fund for the Amortization and Redemption of General Obligations Evidenced by Bonds and Notes”.
History —Oct. 10, 1985, No. 2, p. 848, § 7.
2023 Laws of Puerto Rico › TITLE THIRTEEN - Taxation and Finance (§§ 1 — 33423) › Subtitle 1 - Governmental Finances (§§ 1 — 155) › Chapter 11 - Refinancing Bonds (§§ 141 — 141m) › § 141g - Refinanced bonds; public debt ceiling

Outstanding bonds which have been refinanced pursuant to this chapter and the proceeds of which have been used for the purposes established in § 141e of this title shall not be deemed to be outstanding for the purposes of determining the debt limitation established in § 2 of Article VI of the Constitution of Puerto Rico, preceding Title 1.
History —Oct. 10, 1985, No. 2, p. 848, § 8.
2023 Laws of Puerto Rico › TITLE THIRTEEN - Taxation and Finance (§§ 1 — 33423) › Subtitle 1 - Governmental Finances (§§ 1 — 155) › Chapter 11 - Refinancing Bonds (§§ 141 — 141m) › § 141h - Issue and sale expenses

An amount not to exceed two percent (2%) of the total principal of any issue of refinancing bonds is hereby appropriated from the proceeds of such bonds for the payment of the expenses incurred in relation to the issue and sale of such refinancing bonds.
History —Oct. 10, 1985, No. 2, p. 848, § 9.
2023 Laws of Puerto Rico › TITLE THIRTEEN - Taxation and Finance (§§ 1 — 33423) › Subtitle 1 - Governmental Finances (§§ 1 — 155) › Chapter 11 - Refinancing Bonds (§§ 141 — 141m) › § 141i - Exemptions

All refinancing bonds issued under the provisions of this chapter as well as the interest accrued thereon shall be exempt from the payment of all taxes levied by the Commonwealth of Puerto Rico and its municipalities.
History —Oct. 10, 1985, No. 2, p. 848, § 10.
2023 Laws of Puerto Rico › TITLE THIRTEEN - Taxation and Finance (§§ 1 — 33423) › Subtitle 1 - Governmental Finances (§§ 1 — 155) › Chapter 11 - Refinancing Bonds (§§ 141 — 141m) › § 141j - Secretary’s report

At the beginning of each Regular Session the Secretary of the Treasury shall submit to the Governor and the Legislature a detailed report of all transactions executed under the provisions of this chapter.
History —Oct. 10, 1985, No. 2, p. 848, § 11.
2023 Laws of Puerto Rico › TITLE THIRTEEN - Taxation and Finance (§§ 1 — 33423) › Subtitle 1 - Governmental Finances (§§ 1 — 155) › Chapter 11 - Refinancing Bonds (§§ 141 — 141m) › § 141k - Savings clause

This chapter shall not be construed as repealing or amending any other law of the Legislature of Puerto Rico authorizing the issuing of bonds of the Commonwealth of Puerto Rico. The refinancing bonds authorized under this chapter shall be in addition to any other previously authorized bonds of the Commonwealth of Puerto Rico.
History —Oct. 10, 1985, No. 2, p. 848, § 12.
2023 Laws of Puerto Rico › TITLE THIRTEEN - Taxation and Finance (§§ 1 — 33423) › Subtitle 1 - Governmental Finances (§§ 1 — 155) › Chapter 11 - Refinancing Bonds (§§ 141 — 141m) › § 141l - 1985—86 issue

The approval of this chapter constitutes sufficient authorization for the Secretary of the Treasury to issue refinancing bonds of the Commonwealth of Puerto Rico during fiscal year 1985—86. Any future issue in any subsequent years must be authorized by a joint resolution of the Legislature.
History —Oct. 10, 1985, No. 2, p. 848, § 13.
2023 Laws of Puerto Rico › TITLE THIRTEEN - Taxation and Finance (§§ 1 — 33423) › Subtitle 1 - Governmental Finances (§§ 1 — 155) › Chapter 11 - Refinancing Bonds (§§ 141 — 141m) › § 141m - Bonds for the payment of principal or interests of the public debt of the Commonwealth of Puerto Rico

The Secretary of the Treasury is hereby authorized to issue refinancing bond of the Commonwealth of Puerto Rico in order to refinance, in whole or in part, any payment of principal or interest of its outstanding bonds and to pay any expenses related with the sale or issue of said refinancing bonds. Any refinancing bond issued by the Secretary of the Treasury as empowered by this section shall comply with the provisions of this chapter, with the exception that it shall be exempted from compliance with the requirements of subsection (f)(3) of § 141b of this title. The refinancing bonds may be issued, at the discretion of the Secretary of the Treasury, at any time on or before the date of the payment or payments of the principal or interests of the bonds. The Secretary of the Treasury shall have the power provided by this section as of the date of approval of this act and up to June 30, 2012. The Legislature may extend the power granted to the Secretary of the Treasury in this section for an additional period by means of a joint resolution to such effects if it determines that said extension is necessary to continue with the efforts directed to achieving a balanced budget.
History —Oct. 10, 1985, No. 2, p. 848, added as § 14 on Mar. 9, 2009, No. 7, § 47.
2023 Laws of Puerto Rico › TITLE THIRTEEN - Taxation and Finance (§§ 1 — 33423) › Subtitle 1 - Governmental Finances (§§ 1 — 155) › Chapter 12 - Puerto Rican Economic Stimulus Plan Act (§§ 142 — 155) › § 142 - Creation and purpose

The Puerto Rican Economic Stimulus Plan is hereby created with the purpose of stimulating the economy of Puerto Rico and restoring its fiscal health. The Plan shall be under the administration of the Government Development Bank for Puerto Rico (the “Bank”) and be implemented pursuant to the provisions of this chapter by utilizing the funds deposited into the Puerto Rico economic Stimulus Fund (the “Fund”) established under § 15 of this title. The Board of Directors of the Bank shall establish through regulations any requirements, terms, and conditions as it may deem necessary so that the disbursements made comply with the economic stimulus purposes pursued by this chapter, including the criteria and conditions to determine any surplus. Such criteria and conditions shall be consulted with the corresponding agencies. Any regulations adopted by the Bank to implement the Puerto Rican Economic Stimulus Plan shall be exempted from the provisions of §§ 2101 et seq. of Title 3; however, the Bank shall see to the dissemination and publicity thereof for the knowledge of the general public.
History —Mar. 9, 2009, No. 9, § 2; Nov. 19, 2009, No. 144, § 1.
2023 Laws of Puerto Rico › TITLE THIRTEEN - Taxation and Finance (§§ 1 — 33423) › Subtitle 1 - Governmental Finances (§§ 1 — 155) › Chapter 12 - Puerto Rican Economic Stimulus Plan Act (§§ 142 — 155) › § 143 - Relief aids for pensioners

The Bank shall assign to the Secretary of the Treasury such sum as necessary in order for the Department of the Treasury to grant a cash bonus in the amount of three hundred dollars ($300) to any persons receiving a pension or benefit under §§ 761 et seq. of Title 3, or under the pension plans superseded by the latter, or under any other law administered by the Administrator of the Puerto Rico Government Employee Retirement System, including any persons availing themselves of a pension or benefit under §§ 233 et seq. of Title 4; and §§ 376—387 of Title 25; Provided, That only those persons who have filed an income tax return for 2008 shall be eligible, as long as their income earned for 2008 is less than twenty thousand dollars ($20,000). Pensioners under the provisions of §§ 786-1 et seq. of Title 3, known as the “Retirement Savings Account Program”, shall not be eligible for this bonus. Any bonus not claimed on or before December 31, 2009, shall be reverted to the Puerto Rico Economic Stimulus Fund. Within thirty (30) days following the date of approval of this act, the Secretary of the Treasury shall file with the Bank, a plan for the disbursement of the funds required by the Department of the Treasury to grant the bonus authorized under this section. Disbursements shall be made pursuant to regulations that the Secretary of the Treasury may adopt for these purposes.
History —Mar. 9, 2009, No. 9, § 3.
2023 Laws of Puerto Rico › TITLE THIRTEEN - Taxation and Finance (§§ 1 — 33423) › Subtitle 1 - Governmental Finances (§§ 1 — 155) › Chapter 12 - Puerto Rican Economic Stimulus Plan Act (§§ 142 — 155) › § 144 - Mortgage relief aids for consumers

The Bank shall assign to the Puerto Rico Housing Financing Authority (the “Authority”) or deposit into the Secured Mortgage Reserve Fund created by virtue of §§ 261 et seq. of Title 7 (the “Reserve Fund”), the sum of thirty million dollars ($30,000,000), in order for the Authority to establish a program to restructure mortgages over eligible homes, whereby the Authority shall provide a surety equal to twenty-five percent (25%) of the principal of the mortgage for any of the following relief aids, or combination thereof, under the norms and rules established by the Authority:
(a) Allowing for a moratorium on the payment of their principal,
(b) allowing for an extension on the date of maturity of the principal,
(c) lowering monthly payments on principal and interest,
(d) lowering the interest rate, or
(e) partial or total elimination of late fees.
The Authority shall establish through regulations the eligibility criteria for participating in this program, as well as the procedures and mechanisms to be used for its implementation.
History —Mar. 9, 2009, No. 9, § 4.
2023 Laws of Puerto Rico › TITLE THIRTEEN - Taxation and Finance (§§ 1 — 33423) › Subtitle 1 - Governmental Finances (§§ 1 — 155) › Chapter 12 - Puerto Rican Economic Stimulus Plan Act (§§ 142 — 155) › § 145 - Homebuyer stimulus aid

The Bank shall assign to the Authority or deposit into the Reserve Fund, the sum of twenty-four million dollars ($24,000,000), in order for the Authority to establish a program to help eligible persons or families acquire a newly built or an existing home by means of a relief aid on the down payment required at the time of purchase. The relief aid shall be in the maximum amount of twenty-five thousand dollars ($25,000) for newly-built homes and ten thousand dollars ($10,000) for existing homes. This down-payment relief aid shall be obtained by placing a second mortgage for the authorized amount. Such second mortgage is not to become payable as to principal and interest for ten (10) years and shall be secured by the Authority under the provisions of §§ 261 et seq. of Title 7. The interest rate on such second mortgage shall be a fixed rate, as established by the Authority by regulation, but shall never be greater than the interest rate prevailing on the market, plus one-fourth (1 / 4 %) percent upon closing of sale. The Authority shall establish by regulation the criteria and procedures to be used to determine eligibility for participating in this program, the subsidy amount that the beneficiary shall receive from the Authority depending on the income of the person or family, and the amount, if any, to be put forth by the homebuyer, the developer, and the bank, cooperative association or financial institution for newly-built homes, or by the homebuyer and the seller for existing homes.
History —Mar. 9, 2009, No. 9, § 5; June 8, 2009, No. 28, § 1.
2023 Laws of Puerto Rico › TITLE THIRTEEN - Taxation and Finance (§§ 1 — 33423) › Subtitle 1 - Governmental Finances (§§ 1 — 155) › Chapter 12 - Puerto Rican Economic Stimulus Plan Act (§§ 142 — 155) › § 146 - Interim loan co-sharing program

The Bank shall assign to the Authority the sum of sixty-eight million dollars ($68,000,000), to be used in the program currently administered by the Administration for the co-sharing of interim loans to build affordable and low-cost housing. The Authority may establish through regulations the criteria and procedures to be utilized to determine eligibility for participating in this program.
History —Mar. 9, 2009, No. 9, § 6.