P.R. Laws tit. 7, § 590
The Bank shall be and is hereby authorized and appointed as agent for each unit for the purpose of creating by and between the Bank and each unit, a proceeding or fiscal agency purchase and sales contract for the issuance, purchase, sale and exchange of all bonds, notes or other evidence of indebtedness, on such terms as to payment of fees and expenses as may be agreed on by and between the Bank and each unit; Provided, That such contract shall authorize and empower the Bank to determine the form of the issue including maturity schedule, redemption privileges and premiums therefor, maximum interest rate or rates, method of sale and all other factors which the Bank may in its discretion determine as being essential for the protection of each unit and of the Commonwealth Government and for proper sale procedure. No unit shall select any investment banker, bank, trust company, individual, corporation, association, partnership, or combination thereof, for the purpose of this section, unless the Bank shall, by resolution of its Board of Directors determine not to act as such agent, for such unit, in such instance, then in such event the selection of an agent, for the purposes of this section, for such unit, shall be at the election of the Bank; Provided, further, That no such contract shall impair the appointment, authorization, powers, duties or obligations of the Bank to act under any other section or §§ 581—595 of this title, singly or severally, as may be determined by resolution of its Board of Directors.
History —May 15, 1945, No. 272, p. 952, §§ 10, 15.