P.R. Laws tit. 17, § 45
An authority shall have power to issue bonds from time to time in its discretion, for any of its corporate purposes. An authority shall also have power to issue refunding bonds for the purpose of paying or retiring bonds previously issued by it. An authority may issue such types of bonds as it may determine, including, without limiting the generality of the foregoing, bonds, on which the principal and interest are payable:
(a) Exclusively from the income and revenues of the housing project financed with the proceeds of such bonds;
(b) exclusively from the income and revenues of certain designated housing projects whether or not they are financed in whole or in part with the proceeds of such bonds, or
(c) from its revenues generally. Any such bonds may be additionally secured by a pledge of any grant or contributions from the federal government or other source, or a pledge of any income or revenues of the authority, or a mortgage of any housing project, projects or other property of the authority.
Neither the commissioners of an authority nor any person executing the bonds shall be liable personally on the bonds by reason of the issuance thereof. The bonds and other obligations of an authority, and such bonds and obligations shall so state on their face, shall not be a debt of the municipality or the Government of Puerto Rico and neither the municipality nor the Government of Puerto Rico shall be liable thereon, nor in any event shall such bonds or obligations be payable out of any funds or properties other than those of said authority. The bonds shall not constitute a public indebtedness of the Government of Puerto Rico or any municipality thereof within the meaning of any limitations on indebtedness imposed by the Legislature of Puerto Rico or by the Congress of the United States. Bonds of an authority are declared to be issued for an essential public and governmental purpose and to be public instruments and, together with interest thereon and income therefrom, shall be exempt from taxes.
History —May 6, 1938, No. 126, p. 253, § 14.