2023 Laws of Puerto Rico › TITLE THREE - Executive (§§ 1 — 9311) › Chapter 67 - Puerto Rico Infrastructure Financing Authority Act (§§ 1901 — 1923) › § 1906 - General powers

The Authority shall have all the necessary and convenient powers to carry out and accomplish the purposes and provisions of this chapter, including but without being limited to the following:
(a) Adopt bylaws for the administration of its corporate affairs and business and adopt the regulations and standards needed to exercise its functions and duties.
(b) Adopt an official seal and alter it at will.
(c) Maintain one or more offices in the municipality of San Juan or in any other place within or without Puerto Rico as it may deem necessary.
(d) Sue and be sued in its own name, to implead and be impleaded.
(e) Receive and administer any gift, grant, loan or donation of any property or money, including but without being limited to those made by the Commonwealth and the federal government or any agency or instrumentality thereof, and lend or expend the proceeds thereof for any of its corporate purposes and comply with all such conditions and requirements with respect thereto, including those for the administration of the Revolving Fund, under the Federal Clean Water Act, created by § 1915 of this title, and under the Federal Drinking Water Act, created by § 1915a of this title, and to take all steps to meet those conditions and otherwise exercise such powers as may be needed to obtain the benefits of the programs established pursuant to the Federal Clean Water Act and the Federal Drinking Water Act, or any other similar or related federal legislation or regulations, for the Commonwealth.
(f) Provide any type of assistance to a benefited entity which is consistent with the purposes of this chapter, such as (but without being limited to):
(1) Provide funds in the form of loans, grants or assignments, interest subsidies, credit backing, reserves for losses or transfer of financial resources.
(2) Pay or provide for the payment (all at once or from time to time) of any debt of the benefited entity, in full or in part.
(3) Assume all or part of the obligations of the benefited entity.
(4) Guarantee the payment of any debt of the benefited entity.
(5) Execute lease, sublease, loan or financing contracts with a benefited entity.
(6) Provide the assistance deemed necessary to obtain financial backing or letters of credit or similar credit backing.
(g) Make and execute, with any person, contracts, leases, subleases and all such other necessary or convenient instruments and agreements to exercise the powers and functions conferred on the Authority by this chapter and negotiate and execute assistance contracts with benefited entities.
(h) Acquire in any lawful manner, including but not limited to, by purchase, eminent domain, lease, donation, or other legal means, real or personal property, improved or unimproved, encumbered or unencumbered, and property rights of land, as necessary or convenient, to exercise the powers and functions conferred on the Authority under this chapter.
(i) Sell, lease, assign, transfer, convey, exchange, mortgage, or otherwise dispose of or encumber any property. The Authority may also lease, reacquire or otherwise obtain title to, or hold any property which it has previously sold, leased or otherwise conveyed, transferred or disposed of.
(j) Grant options for the purchase of any property or the renewal of any lease granted by it in connection with any of its properties, under such terms and conditions as it may deem advisable.
(k) Pledge or assign any moneys, income, fees or any other revenues, as well as the proceeds from the sale of properties, and compensation under the provisions of insurance policies or condemnation awards.
(l) Borrow money and issue bonds of the Authority for any of its corporate purposes, including, but not limited to, financing the construction, rehabilitation, purchase, repair, conservation and replacement of portions of the infrastructure of the Commonwealth, and for lending or otherwise providing funds to any benefited entity, including, without it being a limitation, for the payment of all or any part of any indebtedness of such benefited entity or for any other purposes authorized by this chapter.
(m) Mortgage or pledge any property for the payment of the principal of and interest on any bonds issued by the Authority, or bonds issued by a benefited entity, and pledge all or a portion of such revenues as the Authority may receive including, but not limited to, and subject to the provisions of § 8 of Article VI of the Constitution of the Commonwealth of Puerto Rico, all or any portion of the federal excise taxes or other funds which should have been transferred by the Commonwealth to the Authority.
(n) Commence any legal action, including, but not limited to, proceedings for writs of mandamus and injunctions, to protect or enforce any right conferred upon it by any law, contract or other agreement and, notwithstanding any provision of law to the contrary, exercise any remedy provided for breach under any contract or other agreement, as provided by such contract or agreement.
(o) Appoint officers and hire agents and employees and fix their powers and duties as the Authority may determine and, without being a limitation, contract consulting engineers, architects, superintendents, general contractors, managers, attorneys, accountants and other consultants and contractors as determined by the Authority and delegate such functions and powers to such persons as the Authority may designate, and fix and pay the corresponding remuneration from funds available to the Authority therefor. The directors, officers and employees of the Authority shall be subject to the provisions of §§ 1801 et seq. of this title, known as the “Ethics in Government Act of the Commonwealth of Puerto Rico”.
(p) Purchase insurance against loss in such amounts and from such insurers which it deems desirable which may include, without being limited to, civil liability insurance for directors, officers, agents and employees.
(q) Invest its funds as authorized by a resolution of the Board, subject to any restrictions in trust agreements or resolutions authorizing bond issues.
(r) Purchase bonds issued by the Authority, subject to the provisions of any contract with the holders of such bonds; and purchase any bonds or other obligations issued by municipalities, political subdivisions, public corporations and instrumentalities of the Commonwealth, and to sell without relation to cost such bonds or other obligations at such prices and in such manner as the Authority shall deem advisable.
(s) Construct, rehabilitate, repair, preserve, replace, extend, improve, renovate, furnish, equip, maintain and operate portions of the infrastructure and other property that are used or may be useful to provide portions of the infrastructure, or to cause them to be constructed, rehabilitated, repaired, preserved, replaced, extended, improved, renovated, furnished, equipped, maintained and operated and to pay all or any part of the costs thereof from the funds of the Authority available therefor, including those it may receive from any benefited entity.
The Authority shall be exempt from complying with any public auction and bidding requirement for the adjudication of construction, purchase, or any other types of contracts when it is deemed necessary and convenient to comply with the public purposes of this chapter and is so authorized by the Board in each particular case, by a resolution to such effect. Said resolution shall state the circumstances which justify that the Authority may be exempted from the public bidding requirements. A copy of said resolution shall be submitted to the Office of the Secretary of each Legislative Body within five (5) working days after the Board adopts said resolution.
(t) Fix, impose and collect rentals, fees, rates and other charges for the use of any of its properties, including portions of the infrastructure, and for its services, without being subject to any limitations that would be applicable if such property were owned or operated or such services were provided by any other persons. The Authority shall not bind any benefited entity to increase any rent, charge or fee for its services, without complying with the provisions of §§ 261 et seq. of Title 27, which provides a uniform procedure for the establishment of rates.
(u) Provide advisory, consulting, technical and administrative assistance to the municipalities, public corporations, political subdivisions and instrumentalities of the Commonwealth to enable them to provide, operate, maintain and improve the infrastructure.
(v) Propose to the Legislature the creation of companies, partnerships or subsidiary, affiliated or associated corporations, and acquire, hold, dispose of securities and shares, contracts, bonds, or other interests in other companies, entities or corporations and exercise each and every one of the powers and rights that such interest grants it, provided that in the judgment of the Board of Directors, said measure is necessary, proper or convenient to attain the purposes of the Authority or to exercise its powers, and sell, lease, cede, or otherwise transfer any property of the Authority, or to delegate or transfer any of its rights, powers, functions, or duties, except the power of eminent domain to any company, entity or corporation that may be under its entire or partial control; Provided, That the powers granted herein do not extend to the sale, lease, cession, or other form of transfer of the affiliates or subsidiaries to be created by this subsection but rather exclusively extend to the assets thereof. The affiliated or subsidiary corporations herein created shall render an annual report to the Legislature no later than February 28 of each year.
However, the Industrial Development Company and its Executive Director shall be responsible for evaluating, acquiring with title deed, selecting and developing the Transshipment Port Industrial Park and the added value industries and activities to be established in said area.
(w) Indemnify any of its directors, officers, agents or employees for any liability incurred in the performance of their duties and responsibilities as provided in § 1903 of this title.
(x) Exercise any additional powers and rights that have been granted or shall be legally bestowed on the benefited entities in the future.
(y) Exercise all the powers inherent to the functions, prerogatives and responsibilities conferred to it by this chapter and perform any act or activity which is necessary or convenient to carry out its purposes.
History —June 21, 1988, No. 44, § 7; July 7, 1997, No. 32, § 4; June 24, 1998, No. 92, § 4; Oct. 17, 2000, No. 421, § 1.