P.R. Laws tit. 7, § 591
Each unit shall be and is hereby authorized and directed to execute a contract with the Bank for the purposes of § 590 of this title. Such contract shall be a proceeding or fiscal agency purchase and sales contract for the issuance, purchase, sale and exchange of all bonds, notes or other evidences of indebtedness for such 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 such unit and of the Commonwealth Government and for proper sale procedure. The terms for payment of fees and expenses by each unit to the Bank for services rendered or to be rendered shall be agreed on by and between each unit and the Bank; Provided, That in the event such terms cannot be agreed upon by and between any unit and the Bank, such unit may appeal to the Governor of Puerto Rico for his judgment in the matter, and both, the unit and the Bank, shall accept the decision of the Governor as final. In the event that any unit shall contest the decision of the Bank as to terms for purchase, sale, issue or exchange of any bonds, notes, or other evidence of indebtedness of such unit, such unit may appeal to the Council of Secretaries for intervention, and, both the unit and the Bank, shall accept the decision of the Council of Secretaries as final.
History —May 15, 1945, No. 272, p. 952, §§ 11, 15.