2023 Laws of Puerto Rico › TITLE TWENTY-FOUR - Health and Sanitation (§§ 1 — 15010) › PART I - Hospitals, Institutions, And Health Programs (§§ 1 — 343k) › Chapter 20B - Puerto Rico and Caribbean Cardiovascular Center Corporation (§§ 343 — 343k) › § 343k - Bonds

(a) The Puerto Rico and the Caribbean Cardiovascular Center Corporation is hereby empowered to issue bonds at any one time or from time to time for the purposes of this chapter. The bonds of each issue shall bear the date, shall mature in a term or terms that shall not exceed forty (40) years from their respective dates and shall accrue interest at a rate that shall not exceed the maximum interest rates established by law for the sale of bonds of the Commonwealth of Puerto Rico as determined by the Corporation, and may be redeemed before maturity at the Corporation’s option at such price or prices and under such terms and conditions that may be determined by the Corporation prior to the bond issue. The Corporation shall determine the form and manner of executing the bonds and the place or places where the interest thereon shall be paid. When a bond or coupon bears a signature or a facsimile, it shall, nevertheless, be valid and sufficient, and deemed for all purposes as if the official had remained in office until said delivery. Regardless of any other provision of this chapter, or the language on any bonds issued pursuant to the provisions hereunder, such bonds shall be deemed as negotiable instruments under the laws of the Commonwealth of Puerto Rico. The bonds may be issued as coupon bonds or registered bonds or both, as determined by the Corporation, and the registration of any coupon bonds may be provided with regard to principal and interest. The Corporation may sell such bonds in such a way, in public or private sale and for the price or prices which are not less than the percentage of their par value established by law for the sale of Commonwealth of Puerto Rico bonds which the Corporation deems most convenient for its interests. The yield of each bond issue shall be used exclusively for the purpose for which said bonds were authorized and shall be disbursed in such a form and under such restrictions, if any, that the Corporation may provide in the resolution authorizing said bond issue or in the trust agreement securing the bonds.
The resolution providing for the bond issue and any trust agreement to secure them may contain such limitations with regard to the bond issue as the Corporation may determine. Prior to the preparation of the definite bonds, the Corporation may issue interim receipts or temporary bonds, with or without coupons, that can be exchanged for the definite bonds when it has completed their preparation. The Corporation may provide for the replacement of any bonds that are mutilated, destroyed or lost.
(b) The bonds issued pursuant to the provisions of this chapter may be secured at the Corporation’s discretion by a trust agreement between the Corporation and a corporate trustee which may be any trust company or bank that has the powers of a trust company within or without the Commonwealth of Puerto Rico. The resolution authorizing the bond issue or trust agreement may pledge all or any part of the Corporation’s credits or other income, and may provide for the Corporation’s property to be mortgaged to secure the payment of the principal and interest of such bonds, and may include such other provisions for the protection and exercise of the rights and remedies of the bondholders, and any other provisions that the Corporation finds are reasonable and proper.
(c) All the bonds issued pursuant to the provisions of this chapter and the interest accrued thereby shall be exempted from taxes at all times.
History —June 30, 1986, No. 51, p. 170, § 12.