P.R. Laws tit. 17, § 45a
The Commonwealth of Puerto Rico hereby guarantees payment of the principal of and interest on bonds in an aggregate principal amount not exceeding $325,000,000 issued or to be issued by the Urban Renewal and Housing Corporation for any of the authorized purposes vested in it by law. The Corporation is hereby authorized to provide the Housing Bank and Finance Agency or to its successor or successors with that part of these funds it deems necessary and advisable to carry out such purposes. The bonds covered by this guaranty shall be those specified by the Corporation and a statement of such guaranty shall be set forth on the face thereof. It shall be construed that said guaranty extends to bonds that may be issued in the future to consolidate, merge or refund any bonds issued by the Corporation in accordance herewith, including payment of any premium that is paid in relation to such consolidation, merger or refunding, or accrued interest, if any, on the date of such consolidation, merger or refunding. If at any time the revenues, income or any other moneys of said Corporation pledged for the payment of the principal of and interest on such bonds are not sufficient to pay such principal and interest as the same fall due, nor to maintain the reserve fund for bonds the Corporation has pledged to keep, the Secretary of the Treasury shall withdraw from the Redemption Fund established by former Act No. 269 of May 11, 1949, or from any available funds in the Treasury of Puerto Rico such sums as may be necessary to cover the deficiency in the amount required for the payment of such principal and interest and to compensate the amount used from such reserve fund and shall direct that the sums so withdrawn be applied to such payment and purpose. The good faith and credit of the Commonwealth of Puerto Rico are hereby pledged for such payments.
Notwithstanding the provisions included in this section, the Puerto Rico Housing Secretary may, from time to time, direct, through written notice to the Secretary of the Treasury, that the warranty herein authorized be transferred to the payment of the principal of and interest on the bonds issued or to be issued by the Puerto Rico Housing Bank and Finance Agency for any of its purposes authorized by Act No. 146, approved June 30, 1961; Provided, however, That said warranty shall remain in effect for any of the bonds theretofore issued by the Corporation and the bonds issued by the Corporation to refinance any of said bonds. The other provisions of this section shall fully apply to the bonds issued by the Bank and the Puerto Rico Housing Bank and Finance Agency.
History —May 7, 1964, No. 18, p. 57, § 1; June 18, 1965, No. 51, p. 92, § 2; June 13, 1967, No. 131, p. 419, § 2; Apr. 11, 1968, No. 20, p. 34, § 2; June 9, 1969, No. 30, p. 45, § 2; Apr. 28, 1970, No. 22, p. 44, § 2; May 29, 1973, No. 50, p. 128, § 2; July 23, 1974, No. 217, Part 2, p. 128; June 22, 1975, No. 65, p. 151.