P.R. Laws tit. 3, § 8754
The use of debts, loans or any other financing mechanism to cover operating expenses and to balance the General Budget of Expenses of the Government of Puerto Rico is hereby prohibited. Savings resulting from refinancing shall not be used to cover operating expenses and/or to balance the budget of expenses, unless otherwise provided by a Joint Resolution. This prohibition shall not include those refinancing measures that have the effect of reducing the debt cost, without increasing the original amount nor the debt approved by the Legislative Assembly prior to the effectiveness of this act. This section shall not apply to instruments issued pursuant to §§ 63—63h of Title 13, known as the “Act to Issue Notes in Advance of Income Taxes of the Commonwealth of Puerto Rico”. The provisions of this section are hereby suspended as of the date of approval of this act through June 30, 2015. The Legislative Assembly may extend this suspension for an additional period through legislation to such effect if it determines that said extension is necessary to continue the efforts directed to achieving a balanced budget.
History —May 25, 2006, No. 103, § 5; Jan. 14, 2009, No. 2, § 1; June 16, 2011, No. 95, § 1; July 2, 2012, No. 130, § 2; June 30, 2013, No. 44, § 1.