2023 Laws of Puerto Rico › TITLE TWENTY-ONE - Municipalities (§§ 1-4 — 6756) › Subtitle 7 - Municipal Property Tax (§§ 5001 — 6756) › PART III (§§ 5901 — 6756) › Chapter 261 - Municipal Financing Act of 1996 (§§ 6001 — 6029) › § 6006 - Ordinance authorizing the issue of obligations evidenced by bonds

(a) The obligations evidenced by municipal general obligation bonds, special obligation bonds, revenue bonds, and refinancing bonds, shall be authorized through an ordinance approved by the Legislature with the affirmative vote of at least two thirds (⅔) of its members, and the approval of the mayor.
(b) The ordinance may be approved in a regular session of the Legislature or in a special session called by the mayor for this purpose. The Secretary of the Legislature shall notify each member of the Legislature by certified mail, at least seventy-two (72) hours in advance of the date, hour, place and purpose of the session, or shall otherwise serve said notice personally to each of the members at least twenty-four (24) hours before the session is to be held.
(c) Except in case of emergency, as provided in § 6027 of this title, the Legislature shall hold a public hearing before considering any ordinance for the purposes of this chapter; said public hearing may be called by the mayor or by resolution of the Legislature. At least ten (10) days prior to the public hearing, the municipality shall publish a notice of public hearing in a newspaper of general circulation in Puerto Rico, at least once, and shall place said notice in at least two places accessible to the public in the municipality.
(d) The notice of public hearing shall include the date, hour and place of the public hearing, a brief description of the purpose or purposes of the bonds, and the amount to be borrowed for each purpose. The contents of the notice of public hearing shall be substantially similar to the form indicated below:
NOTICE OF PUBLIC HEARING The Municipal Legislature of ____________, Puerto Rico, proposes to adopt an ordinance entitle “Ordinance to Authorize the Issue of $________, in (General Obligation) (Special Obligation) (Revenue) (Refinancing) Bonds of 19__, of the Municipality, of ____________, Puerto Rico, and the issue of $______, in Notes in Advance of Bonds, and providing for the payment of principal and interest on said bonds (and notes in advance of bonds). A Public Hearing shall be held on ________, 19 ___, in the __________, Puerto Rico, at _____ (AM) (PM), in the __________, Hall, prior to the consideration of said ordinance. Any taxpayer or any other interest person may attend said public hearing and be heard. The purposes to be financed and the amount to be appropriated for each purpose are the following: PURPOSE AND AMOUNT OF THE BONDS (OR NOTES IN ADVANCE OF BONDS) A copy of the the bill ordinance Bill has been filed with the Office of the Secretary of the Legislature of the Municipality of __________, Puerto Rico. By order of the (Mayor) (Municipal By order Legislature) of the Municipality of __________, Puerto Rico. Secretary of the Municipal Legislature ____________________ Secretary of the Municipality Municipality of __________, Puerto Rico
History —July 3, 1996, No. 64, § 7, renumbered as § 8 and amended on Aug. 12, 1997, No. 75, § 7.