P.R. Laws tit. 9, § 2022
Given the Fiscal Emergency declared in §§ 9101 et seq. of Title 3, and the key role that public transportation plays in the economic and social development of the Island, this Legislative Assembly has determined that the HTA and the ITA are undergoing a fiscal and operational emergency that directly affects the general welfare of our people. For such reason, it is of utmost importance to restructure the administration and operation of the HTA and the ITA to ensure that the people of Puerto Rico receives public transportation services and to meet all obligations to debt holders. Sections 2022-2034 of this title shall apply exclusively to the HTA and the ITA given the particular economic situation these corporations are undergoing. By December 31, 2012, the HTA’s debt with the GDB exceeded $2.2 billion and lacked a source of repayment. Such debt is the result of the former practice of financing the operating deficits of the HTA and the need for capital investments through lines of credit with the GDB without a clear source of repayment to meet such obligations. This Legislative Assembly hereby determines and declares that the authority granted in Sections 2022-2034 of this title serves the best interests of the people of Puerto Rico.
History —Jan. 15, 2015, No. 1, § 3.01.