reglab/statecodes huggingface dataset:
2023 Laws of Puerto Rico › TITLE THIRTEEN - Taxation and Finance (§§ 1 — 33423) › Subtitle 1 - Governmental Finances (§§ 1 — 155) › Chapter 3 - Government Bonds (§§ 31-34 — 64) › § 38 - Redemption or purchase of government bonds from available surpluses—Borrowing as advance of taxes for payment of principal and interest of public debt; certificates of indebtedness; repayment

The Secretary of the Treasury of Puerto Rico is hereby empowered and authorized to borrow, with the approval of the Governor of Puerto Rico, as an advance of taxes, such amounts as in his judgment may be necessary for the payment of the principal of and the interest on the Commonwealth or municipal public debt under the terms and conditions, rate of interest, and amortization instalments, as the Secretary of the Treasury of Puerto Rico may determine, and he is likewise empowered and authorized hereby to issue certificates of indebtedness as proof of said loans, at not less than their par value and in such form or forms and in such denominations as he may determine. Both the principal and the interest earned on the amounts borrowed by the Secretary of the Treasury of Puerto Rico by virtue of §§ 35—43 of this title shall be paid from the proceeds of the taxes whose collection is anticipated, and if the amounts thus collected should not be sufficient to pay any instalment of the principal of, and the interest on, the certificates of indebtedness the issuance of which has been authorized, the Secretary of the Treasury of Puerto Rico is empowered and authorized to pay, and he is hereby directed to pay, said obligations from any available funds in the Commonwealth Treasury, which funds are hereby appropriated. The preceding provision in regard to the payment of the principal of, and the interest on, said debts and the certificates of indebtedness which are issued as proof thereof shall have the nature of a continuous appropriation and shall constitute sufficient authorization so that the Secretary of the Treasury of Puerto Rico may make said payments without its being necessary that new appropriations be made for that purpose.
History —Dec. 7, 1942, No. 33, p. 174, § 4, eff. 90 days after Dec. 7, 1942.
2023 Laws of Puerto Rico › TITLE THIRTEEN - Taxation and Finance (§§ 1 — 33423) › Subtitle 1 - Governmental Finances (§§ 1 — 155) › Chapter 3 - Government Bonds (§§ 31-34 — 64) › § 39 - Redemption or purchase of government bonds from available surpluses—Sale of, and borrowing of money on security of, investments

The Secretary of the Treasury of Puerto Rico is empowered and authorized to sell, with the approval of the Governor of Puerto Rico and when he believes it most advisable for the interests of the Commonwealth of Puerto Rico or necessary in order to obtain funds, any investment that he may have in his possession belonging to “Regular Funds,” “Commonwealth Emergency Fund,” “Special Funds”, and “Trust Funds. ” When it may be necessary and he believes it advisable, he may likewise borrow money on the security of said investments. The Secretary of the Treasury of Puerto Rico shall make the necessary entries in his account books in order to record the corresponding operations.
History —Dec. 7, 1942, No. 33, p. 174, § 5, eff. 90 days after Dec. 7, 1942.
2023 Laws of Puerto Rico › TITLE THIRTEEN - Taxation and Finance (§§ 1 — 33423) › Subtitle 1 - Governmental Finances (§§ 1 — 155) › Chapter 3 - Government Bonds (§§ 31-34 — 64) › § 40 - Redemption or purchase of government bonds from available surpluses—Principal and interest, form and place of payment; tax exemption

Both the principal and the interest earned by the bonds or certificates of indebtedness issued by the Secretary of the Treasury of Puerto Rico in accordance with the provisions of §§ 35—43 of this title shall be paid in currency of the United States of America, at the place that the Secretary of the Treasury of Puerto Rico may have previously designated, and they shall be exempt from the payment of all kinds of taxes, including income taxes.
History —Dec. 7, 1942, No. 33, p. 174, § 6, eff. 90 days after Dec. 7, 1942.
2023 Laws of Puerto Rico › TITLE THIRTEEN - Taxation and Finance (§§ 1 — 33423) › Subtitle 1 - Governmental Finances (§§ 1 — 155) › Chapter 3 - Government Bonds (§§ 31-34 — 64) › § 41 - Redemption or purchase of government bonds from available surpluses—Resources for payment of bonds and certificates of indebtedness

The good faith of the Commonwealth of Puerto Rico is hereby irrevocably pledged for the payment of the principal of, and the interest on, the bonds or certificates of indebtedness of the Commonwealth Government which, in accordance with the provisions of §§ 35—43 of this title, the Secretary of the Treasury of Puerto Rico may issue; which bonds or certificates of indebtedness shall be and shall have the nature of general obligations of the Commonwealth Government of Puerto Rico and shall be paid with the resources and taxes authorized in the original acts authorizing the contracting of the loans which have been the object of payment, consolidation, conversion, or refinancing; or with any available funds in the Commonwealth Treasury, which funds are appropriated as continuous appropriations without its being necessary to make new appropriations for said purpose. The bonds or certificates of indebtedness that the Secretary of the Treasury of Puerto Rico may issue in accordance with the provisions of §§ 35—43 of this title for the payment, consolidation, conversion, or refinancing of the municipal debt shall constitute obligations of the municipalities and shall be paid with the resources and taxes authorized by the original acts or ordinances approved, authorizing the contracting of the loans which are to be the object of payment, consolidation, conversion, or refinancing, or from any funds belonging to said municipalities.
History —Dec. 7, 1942, No. 33, p. 174, § 7, eff. 90 days after Dec. 7, 1942.
2023 Laws of Puerto Rico › TITLE THIRTEEN - Taxation and Finance (§§ 1 — 33423) › Subtitle 1 - Governmental Finances (§§ 1 — 155) › Chapter 3 - Government Bonds (§§ 31-34 — 64) › § 42 - Redemption or purchase of government bonds from available surpluses—Rights and obligations not impaired; sufficient funds required

Nothing contained in §§ 35—43 of this title shall be interpreted in the sense of impairing the rights, obligations, or other commitments contracted upon the creation individually of the Commonwealth Emergency Fund and special or trust funds, and the Secretary of the Treasury of Puerto Rico shall see that at all times there are on hand sufficient funds to immediately meet the authorized disbursements that are to be made against said funds.
History —Dec. 7, 1942, No. 33, p. 174, § 8, eff. 90 days after Dec. 7, 1942.
2023 Laws of Puerto Rico › TITLE THIRTEEN - Taxation and Finance (§§ 1 — 33423) › Subtitle 1 - Governmental Finances (§§ 1 — 155) › Chapter 3 - Government Bonds (§§ 31-34 — 64) › § 43 - Redemption or purchase of government bonds from available surpluses—Presidential approval

If the presidential approval is necessary for the effectiveness or validity of any part or provision of §§ 35—43 of this title, the Secretary of the Treasury of Puerto Rico is empowered to request said approval of the President of the United States of America.
History —Dec. 7, 1942, No. 33, p. 174, § 9, eff. 90 days after Dec. 7, 1942.
2023 Laws of Puerto Rico › TITLE THIRTEEN - Taxation and Finance (§§ 1 — 33423) › Subtitle 1 - Governmental Finances (§§ 1 — 155) › Chapter 3 - Government Bonds (§§ 31-34 — 64) › § 44 - Redemption or purchase of government bonds from available surpluses—Annual transfer from Interest on Investments Fund to general funds

It is hereby directed that ninety-five percent (95%) of the balance available as of June 30 of each fiscal year be transferred to the general funds of the Commonwealth Treasury, from the special fund known as “Interest on Investments”, created by §§ 35—43 of this title.
History —May 3, 1950, No. 168, p. 454, § 1.
2023 Laws of Puerto Rico › TITLE THIRTEEN - Taxation and Finance (§§ 1 — 33423) › Subtitle 1 - Governmental Finances (§§ 1 — 155) › Chapter 3 - Government Bonds (§§ 31-34 — 64) › § 45 - Validation of bonds and notes issued prior to April 25, 1949

All the bonds and promissory notes heretofore issued by The People of Puerto Rico and the municipalities thereof for any of the purposes for which bonds of The People of Puerto Rico and the municipalities thereof may be issued, including the refunding of outstanding bonds and promissory notes, and all the proceedings heretofore had for the authorization, issuance and sale of said bonds and promissory notes, and the execution, sale, exchange and delivery thereof are hereby validated, ratified, approved and confirmed, notwithstanding any absence of power (with the exception of constitutional power) of The People of Puerto Rico or any of its said municipalities, or of its body, board, or government boards, or members thereof to authorize and issue said bonds or promissory notes or to execute, sell, exchange or deliver the same, and notwithstanding any deficiency in form and substance in said proceedings or in said execution, sale, exchange, or delivery, and the said bonds and promissory notes are and shall, as indicated in this section, be binding, legal, valid and demandable indebtedness in accordance with the terms thereof.
History —Apr. 25, 1949, No. 95, p. 238, § 1.
2023 Laws of Puerto Rico › TITLE THIRTEEN - Taxation and Finance (§§ 1 — 33423) › Subtitle 1 - Governmental Finances (§§ 1 — 155) › Chapter 3 - Government Bonds (§§ 31-34 — 64) › § 46 - Lost, destroyed, or defaced securities—Issuance of duplicate securities

There is hereby authorized the issuance of duplicates of securities of the Commonwealth of Puerto Rico, of the municipalities of Puerto Rico, and of the dependencies, entities, public corporations, and political subdivisions of the Government of Puerto Rico, when the original securities have been lost, stolen, destroyed, disfigured, defaced or erased in whole or in part to such extent that they have been rendered void, their value has been altered or their negotiability affected.
History —May 22, 1956, No. 20, p. 48, § 1.
2023 Laws of Puerto Rico › TITLE THIRTEEN - Taxation and Finance (§§ 1 — 33423) › Subtitle 1 - Governmental Finances (§§ 1 — 155) › Chapter 3 - Government Bonds (§§ 31-34 — 64) › § 47 - Lost, destroyed, or defaced securities—Definitions

The term “security” as used in §§ 46—54 of this title shall mean any direct debenture of the Commonwealth of Puerto Rico, of the municipalities of Puerto Rico, or of the dependencies, entities, public corporations, and political subdivisions of the Government of Puerto Rico entailing payment to the holder thereof of principal, interest or any other benefit. Said term includes bonds, notes, certificates of indebtedness, interim certificates, coupon bonds, and any other instrument of a like nature.
History —May 22, 1956, No. 20, p. 48, § 2.
2023 Laws of Puerto Rico › TITLE THIRTEEN - Taxation and Finance (§§ 1 — 33423) › Subtitle 1 - Governmental Finances (§§ 1 — 155) › Chapter 3 - Government Bonds (§§ 31-34 — 64) › § 48 - Lost, destroyed, or defaced securities—Requirements for issuance of duplicate securities

Any person requesting issuance of a duplicate security shall fulfill the following requirements:
(a) The making of an affidavit before the Secretary of the Treasury or before the director, head or administrator of the corresponding dependency, entity, public corporation or political subdivision of the Government of Puerto Rico which has issued the security, clearly and precisely setting forth his status of legitimate owner of the security and the circumstances under which said security was stolen, destroyed, disfigured, defaced or erased in whole or in part.
(b) Except where any of the circumstances described in § 49 of this title attend, the giving of an understanding in the form and for the amount determined by the Secretary of the Treasury or by the director, head or administrator of the corresponding dependency, entity, public corporation or political subdivision of the Government of Puerto Rico which has issued the security.
History —May 22, 1956, No. 20, p. 48, § 3.
2023 Laws of Puerto Rico › TITLE THIRTEEN - Taxation and Finance (§§ 1 — 33423) › Subtitle 1 - Governmental Finances (§§ 1 — 155) › Chapter 3 - Government Bonds (§§ 31-34 — 64) › § 49 - Lost, destroyed, or defaced securities—When giving of undertaking for issuance of duplicate security may be dispensed with

The giving of an undertaking may be dispensed with in the following cases:
(a) Where the loss, stealing, destroying, disfiguring, defacing or erasure in whole or in part has occurred while the security was under the custody or control of a natural or artificial person acting as a legitimate representative of the Commonwealth of Puerto Rico, of its dependencies, entities or public corporations, of a municipality, or of a political subdivision of Puerto Rico.
(b) Where surrender is made of a security or an essential fragment thereof, and the Secretary of the Treasury, or the director, head or administrator of the corresponding dependency, entity, public corporation or political subdivision of the Government of Puerto Rico which has issued the security is satisfied of its identity and that any missing portion thereof is not sufficient ground for a valid claim against the Commonwealth of Puerto Rico or any organization or public dependency issuing the security.
(c) Where the owner or holder of the security is the Commonwealth of Puerto Rico or an officer thereof acting in his official capacity, or the Government of the United States, any state of the Union, the District of Columbia, or a territory or possession of the United States, or a municipal corporation or political subdivision of any of said governments or entities, or a corporation whose aggregate capital stock is owned by the Government of the United States, by the Commonwealth of Puerto Rico, or by both, or by a foreign government, or by a fiscal agent of the Commonwealth of Puerto Rico, or by a banking institution depository of funds of the Commonwealth of Puerto Rico, or by a Federal Reserve Bank.
(d) Where by provision of law the security is not negotiable, or where by the terms of the issuance the security is transferable only through legal action, and the claim is made by its owner or his lawful heir or heirs, or by a representative legally authorized by the owner or his lawful heir or heirs.
The foregoing provisions of this section notwithstanding, the undertaking may be required in any case in which it is deemed necessary for the protection of the interests of the Commonwealth of Puerto Rico or of the organization or public dependency which has issued the security.
History —May 22, 1956, No. 20, p. 48, § 4.
2023 Laws of Puerto Rico › TITLE THIRTEEN - Taxation and Finance (§§ 1 — 33423) › Subtitle 1 - Governmental Finances (§§ 1 — 155) › Chapter 3 - Government Bonds (§§ 31-34 — 64) › § 50 - Lost, destroyed, or defaced securities—When duplicate securities shall not be issued

No duplicates of securities lost, stolen, destroyed, disfigured or erased in whole or in part shall be issued in the case of securities due or called in for redemption but still unpaid. In such case payment to the owner of the security may be authorized taking into consideration the principal and interest earned up to the moment the security became due or was called in for redemption, provided proof is submitted and the undertaking required in §§ 46—54 of this title for the issuance of duplicates of said securities is given.
History —May 22, 1956, No. 20, p. 48, § 5.
2023 Laws of Puerto Rico › TITLE THIRTEEN - Taxation and Finance (§§ 1 — 33423) › Subtitle 1 - Governmental Finances (§§ 1 — 155) › Chapter 3 - Government Bonds (§§ 31-34 — 64) › § 51 - Lost, destroyed, or defaced securities—Form of duplicate securities

Duplicate securities shall be marked as such, and the text, serial number, date of maturity and interest rate drawn by each shall be identical with those of the original security. These duplicates shall be signed by the competent officials in office on the date the duplicates are issued.
History —May 22, 1956, No. 20, p. 48, § 6.
2023 Laws of Puerto Rico › TITLE THIRTEEN - Taxation and Finance (§§ 1 — 33423) › Subtitle 1 - Governmental Finances (§§ 1 — 155) › Chapter 3 - Government Bonds (§§ 31-34 — 64) › § 52 - Lost, destroyed, or defaced securities—Expenses incurred in issuance of duplicates

The expenses incurred in the reproduction and issuance of duplicate securities shall be paid by the person requesting same.
History —May 22, 1956, No. 20, p. 48, § 7.
2023 Laws of Puerto Rico › TITLE THIRTEEN - Taxation and Finance (§§ 1 — 33423) › Subtitle 1 - Governmental Finances (§§ 1 — 155) › Chapter 3 - Government Bonds (§§ 31-34 — 64) › § 53 - Lost, destroyed, or defaced securities—Processing applications for issuance of duplicate securities

Applications for the issuance of duplicates of the securities to which §§ 46—54 of this title refer shall be submitted to and processed with the Secretary of the Treasury, or the director, head or administrator of the corresponding dependency, entity, public corporation or political subdivision of the Government of Puerto Rico which has issued the securities.
History —May 22, 1956, No. 20, p. 48, § 8.
2023 Laws of Puerto Rico › TITLE THIRTEEN - Taxation and Finance (§§ 1 — 33423) › Subtitle 1 - Governmental Finances (§§ 1 — 155) › Chapter 3 - Government Bonds (§§ 31-34 — 64) › § 54 - Lost, destroyed, or defaced securities—Promulgation of rules and regulations

The Secretary of the Treasury shall promulgate the necessary rules and regulations for the execution of §§ 46—54 of this title. Said rules and regulations shall, upon promulgation, have the force of law.
History —May 22, 1956, No. 20, p. 48, § 9.
2023 Laws of Puerto Rico › TITLE THIRTEEN - Taxation and Finance (§§ 1 — 33423) › Subtitle 1 - Governmental Finances (§§ 1 — 155) › Chapter 3 - Government Bonds (§§ 31-34 — 64) › § 56 - Maximum interest and minimum price

The bonds, notes and other obligations to be issued by the Commonwealth of Puerto Rico, the municipalities of Puerto Rico, the political subdivisions and instrumentalities of the Commonwealth of Puerto Rico may be issued at an effective interest rate which, when computed on an actuarial base, does not exceed twelve percent (12%) per annum. The net cost of interest of any bonds, notes or other obligations shall be equal to the interest rate used to discount future payments made by the issuer in relation to such bonds, notes and other obligations, including the payment of principal and interest and any premium required in their mandatory redemption, but excluding any voluntary redemption which matches the sum of the present worth of these payments to the proceeds of such bonds, notes and other obligations to the issuer. It is presumed that the interest will be compounded semiannually. The proceeds of the issue of bonds, notes and other obligations shall be the amount received by the issuer less payments made by him for the underwriting and placement of such bonds, notes and other obligations.
Provided, That the annual amortization requirements established by Act No. 269 of May 11, 1949, which creates the Redemption Fund for the Public Improvements Debt, and by Act No. 39 of May 13, 1976, establishing the Special Fund for the Amortization and Redemption of General Obligations Evidenced by Bonds and Notes shall apply to all issues of bonds and notes of the Commonwealth of Puerto Rico issued under the provisions of this section.
History —Apr. 17, 1972, No. 14, p. 26, § 1; Dec. 10, 1974, No. 1, Part 2, p. 733, § 1; Nov. 11, 1975, No. 3, p. 925, § 1; Feb. 14, 1977, No. 1, p. 3, § 1; Mar. 21, 1978, No. 4, p. 21; June 3, 1980, No. 83, p. 232, § 1; June 8, 1981, No. 5, p. 81, § 1; Aug. 13, 1982, No. 10, p. 238, § 1; Oct. 10, 1985, No. 3, p. 855, § 1.
2023 Laws of Puerto Rico › TITLE THIRTEEN - Taxation and Finance (§§ 1 — 33423) › Subtitle 1 - Governmental Finances (§§ 1 — 155) › Chapter 3 - Government Bonds (§§ 31-34 — 64) › § 62 - Guaranty of payment of principal and interest

The Commonwealth of Puerto Rico hereby guarantees the payment of principal of and interest on notes, debentures, bonds, or other obligations for money taken on loan by the Government Development Bank for Puerto Rico and those of other government instrumentalities guaranteed by the Bank in a total amount not exceeding two billion dollars ($2,000,000,000) of such notes, debentures, bonds, or other obligations or guarantees outstanding at any time, and to be issued, from time to time, for any of their authorized purposes, whose maturity date shall not be later than thirty (30) years from their date or dates of issue. The notes, debentures, bonds, or other obligations and guarantees covered under this Commonwealth guarantee shall be those specified by the Secretary of the Treasury and the Government Development Bank for Puerto Rico, and such notes, debentures, bonds, or other obligations or guarantees, shall bear on its face a statement of the Commonwealth’s guarantee. Beginning on September 1st, 2014, the guarantee of the Commonwealth shall not be extended to any note, debenture, bond, or other additional obligation that after such date is guaranteed by the Government Development Bank for Puerto Rico in favor of other government instrumentalities.
The Secretary of the Treasury, with the advice of the Government Development Bank for Puerto Rico, is hereby authorized to establish, in particular cases, special terms and conditions, whereby the holder of an obligation guaranteed under this section is entitled to make a claim under the guarantee of the Commonwealth of Puerto Rico. If the Secretary of the Treasury prescribes such special terms and conditions, the same shall be included in a guarantee executed by the Secretary of the Treasury.
Subject to the special terms and conditions, if any, negotiated by the Secretary of the Treasury in relation to the guarantee of the Commonwealth of Puerto Rico that are contained in the guarantee executed by the Secretary of the Treasury, if at any time the revenues or income and any other monies of the Bank or any public instrumentality whose notes, debentures, bonds, or other obligations are guaranteed by the Bank in accordance with this section, that are pledged to the payment of the principal of and interest on such notes or obligations, are not sufficient to pay such principal and interest as the same become due, the Secretary of the Treasury shall withdraw from any unencumbered funds in the Treasury of Puerto Rico such sums as may be necessary to cover the deficiency in the amount required for the payment of such principal and interest, and shall direct that the sums so withdrawn be applied to such payment. The full faith and credit of the Commonwealth of Puerto Rico are hereby pledged to such payment.
History —May 9, 1975, No. 12, p. 26, § 1; May 13, 1976, No. 40, p. 109, § 1; July 12, 1986, No. 127, p. 401, § 2; Feb. 13, 2014, No. 24, § 8.
2023 Laws of Puerto Rico › TITLE THIRTEEN - Taxation and Finance (§§ 1 — 33423) › Subtitle 1 - Governmental Finances (§§ 1 — 155) › Chapter 3 - Government Bonds (§§ 31-34 — 64) › § 63 - Notes in advance of taxes and revenues—Authorized

The Secretary of the Treasury is hereby empowered to issue notes in advance of taxes and revenues of the Commonwealth of Puerto Rico from time to time, including notes issued to renew other notes issued under the provisions of §§ 63—63h of this title, to pay the budgetary appropriations made for the current fiscal year in advance of the receipt of taxes and revenues to be collected in cash during such fiscal year according to the budget estimates of the Commonwealth of Puerto Rico, and to pay the expenses related to the sale and issue of such notes.
History —June 26, 1987, No. 1, p. 591, § 1.
2023 Laws of Puerto Rico › TITLE THIRTEEN - Taxation and Finance (§§ 1 — 33423) › Subtitle 1 - Governmental Finances (§§ 1 — 155) › Chapter 3 - Government Bonds (§§ 31-34 — 64) › § 63b - Note purchase and financing agreements

The Secretary of the Treasury is hereby authorized to negotiate and execute with any bank, investment firm or other financial institution, pursuant to the resolution or resolutions adopted by the same Secretary and approved by the Governor, such contracts, purchase agreements or other financing agreements as may be required for the sale of notes, under such terms and conditions as the Secretary of the Treasury, with the advice and recommendations of the Government Development Bank for Puerto Rico as fiscal agent, may determine to be most convenient, in the best interests of the Commonwealth of Puerto Rico.
For purposes of the notes issued during Fiscal Years 2014-2015, 2015-2016, and 2016-2017, exclusively, the Secretary of the Treasury is further authorized to include in the resolution or resolutions and in any contracts, purchase agreements, or other financing agreements related to the notes authorized under this Act, up to a maximum of one billion two hundred million dollars ($1,200,000,000), such terms and conditions as he/she may deem necessary and convenient for the sale of such notes, including to consent on behalf of the Commonwealth of Puerto Rico, with the written consent of the Secretary of Justice, to: (i) have the notes and any contract, note purchase agreement or other financing agreement subject to the laws of New York; (ii) be subject to the jurisdiction of any state or federal court located in the Borough of Manhattan, New York City, New York, in the event that a lawsuit may arise in connection with such notes or any agreement related thereto; and (iii) waive the Commonwealth’s sovereign immunity from any lawsuit or other legal proceeding related thereto. Notwithstanding the foregoing, the Commonwealth of Puerto Rico may not waive its sovereign immunity with respect to any attachment or execution of government property located in the Commonwealth of Puerto Rico, except with regard to the monies deposited in the “Special Tax and Revenue Anticipation Notes Redemption Fund” referred to in Section 4 of this Act. Any waiver of its sovereign immunity with respect to the notes issued under the provisions of this Act or any agreement related thereto shall be expressly limited to legal proceedings related to such notes or any agreement related thereto, and, in no case, shall such waiver constitute: (i) a general waiver of the Commonwealth of Puerto Rico of its sovereign immunity, or (ii) a waiver of its sovereign immunity with respect to legal proceedings not related to the notes issued in accordance with the provisions of this Act or any agreement related thereto.
History —June 26, 1987, No. 1, p. 591, § 3; Oct. 7, 2014, No. 172, § 1; July 2, 2015, No. 102, § 5; July 4, 2016, No. 69, § 5.
2023 Laws of Puerto Rico › TITLE THIRTEEN - Taxation and Finance (§§ 1 — 33423) › Subtitle 1 - Governmental Finances (§§ 1 — 155) › Chapter 3 - Government Bonds (§§ 31-34 — 64) › § 63d - Notes in advance of taxes and revenues—Not subject to constitutional debt limit

The notes issued under the provisions of §§ 63—63h of this title shall not be considered direct obligations of the Commonwealth of Puerto Rico for the payment of which the good faith, credit and taxing power of the Commonwealth of Puerto Rico are committed for the purpose of determining the debt limit established in § 2 of Article VI of the Constitution of the Commonwealth of Puerto Rico.
History —June 26, 1987, No. 1, p. 591, § 5.
2023 Laws of Puerto Rico › TITLE THIRTEEN - Taxation and Finance (§§ 1 — 33423) › Subtitle 1 - Governmental Finances (§§ 1 — 155) › Chapter 3 - Government Bonds (§§ 31-34 — 64) › § 63e - Notes in advance of taxes and revenues—Use of proceeds

The proceeds of the sale of notes issued under the provisions of §§ 63—63h of this title (excluding accrued interest, but including any premium) shall be deposited in the General Fund and the proceeds of the sale of any renewal notes shall be used to pay the notes that are being renewed. An amount not to exceed two percent (2%) of the principal of any issue of notes, which [sic] shall be set aside for the payment of expenses incurred with regard to the issue and sale of said notes. The accrued interest received in the delivery of and the payment for any note issued under the provisions of §§ 63—63h of this title shall be deposited in the Special Fund established in § 63c of this title.
History —June 26, 1987, No. 1, p. 591, § 6.
2023 Laws of Puerto Rico › TITLE THIRTEEN - Taxation and Finance (§§ 1 — 33423) › Subtitle 1 - Governmental Finances (§§ 1 — 155) › Chapter 3 - Government Bonds (§§ 31-34 — 64) › § 63f - Notes in advance of taxes and revenues—Tax exemption

All notes issued under the provisions of §§ 63—63h of this title, as well as the interest accrued on said notes, shall be exempted from the payment of any tax imposed by the Commonwealth of Puerto Rico and its municipalities.
History —June 26, 1987, No. 1, p. 591, § 7.
2023 Laws of Puerto Rico › TITLE THIRTEEN - Taxation and Finance (§§ 1 — 33423) › Subtitle 1 - Governmental Finances (§§ 1 — 155) › Chapter 3 - Government Bonds (§§ 31-34 — 64) › § 63g - Notes in advance of taxes and revenues—Construction

Sections 63—63h of this title shall not be construed as repealing or amending any other former Act of the Legislature of Puerto Rico authorizing the issuing of notes of the Commonwealth of Puerto Rico. The authorization granted by §§ 63—63h of this title shall be in addition to and separate from any other authorizations to issue other notes of the Commonwealth of Puerto Rico that have been granted previously.
History —June 26, 1987, No. 1, p. 591, § 8.
2023 Laws of Puerto Rico › TITLE THIRTEEN - Taxation and Finance (§§ 1 — 33423) › Subtitle 1 - Governmental Finances (§§ 1 — 155) › Chapter 3 - Government Bonds (§§ 31-34 — 64) › § 63h - Notes in advance of taxes and revenues—Reports

The Secretary of the Treasury shall submit to the Governor and the Legislature on or before the beginning of each Regular Session a detailed report of the amount and number of issues of notes, rates of interest and the maturity dates thereof, and the total of the principal of the outstanding notes, executed during the previous fiscal year pursuant to the provisions of §§ 63—63h of this title.
History —June 26, 1987, No. 1, p. 591, § 9.
2023 Laws of Puerto Rico › TITLE THIRTEEN - Taxation and Finance (§§ 1 — 33423) › Subtitle 1 - Governmental Finances (§§ 1 — 155) › Chapter 5 - Bonds as Legal Investments and Deposits (§§ 71 — 72) › § 71 - Bonds of housing authorities as legal investments and guarantees

(a) The Commonwealth of Puerto Rico and all public officials, municipal corporations, political subdivisions, and public entities; all banks, bankers, deposit banks, savings banks and institutions, investment companies, insurance companies and associations, and other persons engaged in the banking or insurance business; and all executors, administrators, guardians, cestui que trusts and other trustees, may lawfully invest any amortization funds, moneys or other funds owned by them or under their management, in any bonds or other obligations issued by a housing authority created by, or in conformity with, the Housing Authorities Act of Puerto Rico, §§ 31—55 of Title 17, or issued by any public housing authority or agency in the United States, when such bonds or other obligations are secured under promise of annual contributions to be paid by the Government of the United States or any agency thereof, and said bonds shall be fully negotiable in Puerto Rico; it being the purpose of this section to authorize any of the above-mentioned entities to use any funds owned by them or under their administration, including (but not limited to) amortization, insurance, investment, retirement, compensation, pension, and trust funds, and funds in deposit, for the purchase of any such bonds or any other obligations; Provided, however, That nothing contained in this section shall be understood to relieve any person, commercial concern, or corporation of any duty to make a reasonably careful selection of the titles.
(b) The provisions of this section shall be applicable regardless of any restrictions on investments contained in other laws.
History —May 9, 1947, No. 104, p. 242, §§ 1, 2.
2023 Laws of Puerto Rico › TITLE THIRTEEN - Taxation and Finance (§§ 1 — 33423) › Subtitle 1 - Governmental Finances (§§ 1 — 155) › Chapter 5 - Bonds as Legal Investments and Deposits (§§ 71 — 72) › § 72 - Municipal and school bonds as deposits

Whenever by any law the Secretary of the Treasury of Puerto Rico, or any other officer, is authorized to accept bonds or other specified securities of Puerto Rico, as a deposit for any purpose, similar authority is hereby conferred upon said officer or officers to accept bonds of the municipal corporations and school boards of Puerto Rico, issued according to law.
History —Apr. 12, 1917, No. 21, p. 142, § 1.
2023 Laws of Puerto Rico › TITLE THIRTEEN - Taxation and Finance (§§ 1 — 33423) › Subtitle 1 - Governmental Finances (§§ 1 — 155) › Chapter 6 - Interest Rate Exchange Agreements (§§ 81 — 85) › § 82a - Qualified agreements for the Commonwealth—Duties; use of collateral

The duty of the Commonwealth of making the required payments and complying with its obligations under a qualified interest rate exchange agreement constitutes a continuous contractual obligation of the Commonwealth collectable according to the laws of the Commonwealth applicable to compliance with the contractual obligations of the Commonwealth. The Secretary of the Treasury may expressly limit (in any of said agreements) the obligations of the Commonwealth under a qualified interest rate exchange agreement to a designated property, to a designated source of income or to designated sources of income or collections of the Commonwealth. If the Commonwealth executes a qualified interest rate exchange agreement in relation to the obligations secured by a type of designated guarantee then, subject to the terms of a resolution, trust agreement, installment agreement, financial lease agreement or purchase or a similar instrument under which the obligations have been issued or incurred, the Commonwealth may pledge, mortgage or execute a guarantee on the income of the public service enterprise, program, collections, property or similar agreement that secures the obligations to guarantee payment of and compliance with its obligations under the qualified interest rate exchange agreement. Any pledge of assets, income or collections to guarantee the obligations of the Commonwealth under a qualified interest rate exchange agreement must become effective in the same manner and within the same scope as the pledge of those assets, income or collections that guarantee the obligations to which the qualified interest rate exchange agreement is related and it shall not be necessary to file any instrument to perfect or in any other manner make effective said pledge.
The Secretary of the Treasury is also authorized to pledge collateral acceptable as security under a qualified interest rate exchange agreement under the terms and conditions determined by the Secretary of the Treasury.
History —Aug. 1, 2005, No. 39, art. 3, § 2.
2023 Laws of Puerto Rico › TITLE THIRTEEN - Taxation and Finance (§§ 1 — 33423) › Subtitle 1 - Governmental Finances (§§ 1 — 155) › Chapter 6 - Interest Rate Exchange Agreements (§§ 81 — 85) › § 82c - Qualified agreements for the Commonwealth—Use of the fixed rate

(a) In order to comply with the limitation of the interest rate established in § 56 of this title, the effective rate of interest corresponding to the obligations, or any portion thereof, of the Commonwealth, that provide for the payment of interest at a non-fixed rate for the term of said obligations or portions thereof, in relation to which a qualified interest rate exchange agreement is in effect that provides for the payment of a fixed rate by the Commonwealth, shall be the interest rate specified in said agreement.
(b) In order to comply with the limitation of the interest rate established in § 56 of this title, the effective rate of interest corresponding to the obligations, or any portion thereof, of the Commonwealth, that provide for the payment of interest at a fixed rate for the term of said obligations or portions thereof, in relation to which a qualified interest rate exchange agreement is in effect that provides for the payment of a non-fixed rate by the Commonwealth, shall be computed according to the rules indicated in said § 56.
History —Aug. 1, 2005, No. 39, art. 3, § 4.
2023 Laws of Puerto Rico › TITLE THIRTEEN - Taxation and Finance (§§ 1 — 33423) › Subtitle 1 - Governmental Finances (§§ 1 — 155) › Chapter 6 - Interest Rate Exchange Agreements (§§ 81 — 85) › § 82d - Qualified agreements for the Commonwealth—Pledge of the good faith, credit and the power to levy taxes

Unless the Secretary of the Treasury expressly limits the obligations of the Commonwealth under a qualified interest rate exchange agreement pursuant to the provisions of Section 2 of Article 2 of this Act, the good faith, the credit and the power to levy taxes of the Commonwealth are hereby pledged for the payment of the programmed periodic payments and any payment for the termination thereof or any other payment payable under any qualified interest rate exchange agreement executed under the provisions of this chapter.
Subject to the provisions of § 82a of this title, the Secretary of the Treasury is hereby authorized and directed to indicate in each of said qualified interest rate exchange agreements, that the good faith, the credit and the power to levy taxes of the Commonwealth are hereby pledged for the payment of the amounts payable by the Commonwealth under said agreement.
History —Aug. 1, 2005, No. 39, art. 3, § 5.
2023 Laws of Puerto Rico › TITLE THIRTEEN - Taxation and Finance (§§ 1 — 33423) › Subtitle 1 - Governmental Finances (§§ 1 — 155) › Chapter 6 - Interest Rate Exchange Agreements (§§ 81 — 85) › § 82e - Qualified agreements for the Commonwealth—Causes for civil action

The Commonwealth may be sued before the Court of First Instance of Puerto Rico in civil causes for acts that arise from any qualified interest rate exchange agreements, without the application of the limitations established in § 3077(c) of Title 32.
History —Aug. 1, 2005, No. 39, art. 3, § 6.
2023 Laws of Puerto Rico › TITLE THIRTEEN - Taxation and Finance (§§ 1 — 33423) › Subtitle 1 - Governmental Finances (§§ 1 — 155) › Chapter 6 - Interest Rate Exchange Agreements (§§ 81 — 85) › § 82f - Qualified agreements for the Commonwealth—Additional method

This chapter provides an alternate and additional method for fulfilling its provisions and supplements the powers conferred through other laws. This chapter does not repeal any of the existing powers of the Commonwealth.
History —Aug. 1, 2005, No. 39, art. 3, § 7.
2023 Laws of Puerto Rico › TITLE THIRTEEN - Taxation and Finance (§§ 1 — 33423) › Subtitle 1 - Governmental Finances (§§ 1 — 155) › Chapter 6 - Interest Rate Exchange Agreements (§§ 81 — 85) › § 83a - Qualified agreements of the Authority—Guarantee

(a) The Commonwealth of Puerto Rico hereby guarantees the obligations of the Authority under the qualified interest rate exchange agreement of the Authority (the guarantee). These obligations under qualified interest rate exchange agreements of the Authority include the payment of the obligations, the programmed periodic payments and any payment for termination or any other payment payable under any qualified interest rate exchange agreement of the Authority executed under the provisions of this chapter. The qualified interest rate exchange agreement of the Authority to which the guarantee shall be applied shall be those specified by the Authority and according to the provisions of this chapter. It at any time the revenues or income or any other monies of the Authority that are pledged for paying the obligations of the Authority under the qualified interest rate exchange agreements of the Authority are not sufficient for paying said obligations, the Secretary of the Treasury shall withdraw from any other funds available in the Treasury of Puerto Rico, those sums that may be necessary to cover the deficiency in the sum required for the payment of said obligations and shall order that the sums thus withdrawn be applied for such a payment and purpose.
(b) Unless the Executive Director expressly limits the obligations of the Authority of a qualified interest rate exchange agreement of the Authority, pursuant to the provisions of § 83b of this title, the good faith, the credit and the power to impose taxes of the Commonwealth of Puerto Rico are pledged to make the payments described in subsection (a) under the guarantee.
(c) Subject to the provisions of § 83b of this title, the Executive Director is hereby authorized and directed to indicate in each qualified interest rate exchange agreement of the Authority that has the benefit of the guarantee that the good faith, the credit and the power to impose taxes of the Commonwealth are pledged to pay the amounts payable by the Commonwealth under the guarantee.
History —Aug. 1, 2005, No. 39, art. 4, § 2.
2023 Laws of Puerto Rico › TITLE THIRTEEN - Taxation and Finance (§§ 1 — 33423) › Subtitle 1 - Governmental Finances (§§ 1 — 155) › Chapter 6 - Interest Rate Exchange Agreements (§§ 81 — 85) › § 83b - Qualified agreements of the Authority—Duties; use of collateral

The duty of the Authority to make the payments required and meet its obligations under a qualified interest rate exchange agreement of the Authority, constitutes a continuous contractual obligation of the Authority exigible according to the laws of the Commonwealth applicable to the compliance of the contractual obligations of the Authority. The Executive Director may expressly limit (in any such agreement) the obligations of the Authority under a qualified interest rate exchange agreement of the Authority or a designated property or a designated source of revenues, including, but not limited to, the rent payments received by the Authority as income under the lease agreements in effect. Any assets or income pledged to guarantee the obligations of the Authority under a qualified interest rate exchange agreement of the Authority shall take effect in the same manner and within the same scope that the pledging of those assets or income that guarantee the obligations to which said qualified interest rate exchange agreement of the Authority is related and it shall not be necessary to file any instrument to perfect or otherwise make effective said pledge.
Furthermore, the Executive Director is hereby authorized to pledge acceptable collateral as guarantee under a qualified interest rate exchange agreement of the Authority, under the terms and conditions the Executive Director may determine.
History —Aug. 1, 2005, No. 39, art. 4, § 3.
2023 Laws of Puerto Rico › TITLE THIRTEEN - Taxation and Finance (§§ 1 — 33423) › Subtitle 1 - Governmental Finances (§§ 1 — 155) › Chapter 6 - Interest Rate Exchange Agreements (§§ 81 — 85) › § 83d - Qualified agreements of the Authority—Use of the fixed rate

(a) For the purpose of complying with the limitation of the interest rate established in § 56 of this title, the effective interest rate corresponding to the obligations of the Authority or any portion thereof that provide for the payment of interest at a non-fixed rate for the term of said obligations or portion thereof, in relation to which a qualified interest rate exchange agreement of the Authority is in effect which provides for the payment of a fixed rate by the Authority, shall be the fixed interest rate specified in said agreement.
(b) For the purpose of complying with the limitation of the interest rate established in § 56 of this title, the effective interest rate corresponding to the obligations of the Authority or any portion thereof that provide for the payment of interest at a fixed rate for the term of said obligations or portion thereof, in relation to which a qualified interest rate exchange agreement of the Authority is in effect which provides for the payment of a non-fixed rate by the Authority, shall be computed according to the rules indicated in said § 56 of this title.
History —Aug. 1, 2005, No. 39, art. 4, § 5.
2023 Laws of Puerto Rico › TITLE THIRTEEN - Taxation and Finance (§§ 1 — 33423) › Subtitle 1 - Governmental Finances (§§ 1 — 155) › Chapter 6 - Interest Rate Exchange Agreements (§§ 81 — 85) › § 83e - Qualified agreements of the Authority—Causes of civil action

The Commonwealth may be sued before the Court of First Instance of Puerto Rico in civil causes for acts that arise from the guarantee and from any qualified interest rate exchange agreement of the Authority that refers to the guarantee, without the application of the limitations established in § 3077(c) of Title 32.
History —Aug. 1, 2005, No. 39, art. 4, § 6.
2023 Laws of Puerto Rico › TITLE THIRTEEN - Taxation and Finance (§§ 1 — 33423) › Subtitle 1 - Governmental Finances (§§ 1 — 155) › Chapter 6 - Interest Rate Exchange Agreements (§§ 81 — 85) › § 83f - Qualified agreements of the Authority—Additional method

This chapter provides an alternate and additional method for fulfilling its provisions and supplements the powers conferred through other laws. This chapter does not repeal any of the existing powers of the Executive Director, of the Authority or of the Commonwealth.
History —Aug. 1, 2005, No. 39, art. 4, § 7.
2023 Laws of Puerto Rico › TITLE THIRTEEN - Taxation and Finance (§§ 1 — 33423) › Subtitle 1 - Governmental Finances (§§ 1 — 155) › Chapter 6 - Interest Rate Exchange Agreements (§§ 81 — 85) › § 84 - Jurisdiction and competence

The civil causes authorized in §§ 82e and 83e of this title, as well as any controversy on its implementation that requires the interpretation of any of its provisions, shall originally be of the competence of the Court of First Instance, San Juan Superior Part. The Court of First Instance shall expeditiously adjudicate those cases to which this section refers and give preference to the same in its calendar. Any party affected by a final decision issued by the Court of First Instance regarding those cases referred to in this section, may file a motion for appeal before the Supreme Court of Puerto Rico within the twenty (20) days following notice thereof. The interlocutory determinations of the Court of First Instance shall not be the object of [review] through a recourse independent from the motion for appeal herein authorized, except for determinations of the Court of First Instance that include an opinion on the constitutional validity of any part of this chapter, whose determinations shall be prone to revision by the Supreme Court of Puerto Rico just as if it were a final decision issued by the Court of First Instance.
History —Aug. 1, 2005, No. 39, art. 7.
2023 Laws of Puerto Rico › TITLE THIRTEEN - Taxation and Finance (§§ 1 — 33423) › Subtitle 1 - Governmental Finances (§§ 1 — 155) › Chapter 6 - Interest Rate Exchange Agreements (§§ 81 — 85) › § 85 - English text to prevail

It is hereby declared that the official text of this chapter is its version in the English language and if in the interpretation and application of this chapter any conflict should arise between the Spanish text and the English text of the same, the latter shall prevail over the former.
History —Aug. 1, 2005, No. 39, § 8.