P.R. Laws tit. 21, § 682
It is hereby declared to be the public policy of the Commonwealth of Puerto Rico to promote by all reasonable means the creation of an adequate capital market and facilities in order that the municipalities of the Commonwealth may finance more effectively their public improvement programs with the proceeds of bonds or bond anticipation notes issued by said municipalities, and to assist those municipalities in meeting their needs for said improvements by borrowing money, and to the extent possible, to reduce the cost of such borrowing by municipalities for the benefit of the taxpayers and citizens of the Commonwealth and to encourage continued investor interest in the purchase of bonds or bond anticipation notes of municipalities as sound and preferred securities. It is in the public interest and is the policy of the Commonwealth of Puerto Rico to encourage its municipalities to continue the independent undertaking of their public improvement programs and the financing thereof and to help them obtain funds at the lowest possible interest cost for the orderly financing of public improvements, particularly for those municipalities not in a position to borrow money at reasonable rates for those purposes. It is further declared to be the intent and purpose of the Legislature of Puerto Rico that the Commonwealth shall exercise its power in the interest of its municipalities in furthering and implementing those public policies by creating a finance agency as an instrumentality of the Commonwealth, authorizing such agency to borrow money and issue its bonds and bond anticipation notes for making funds available at the lowest possible rates and on more favorable terms to municipalities through the purchase by such agency of the bonds or bond anticipation notes of municipalities and by granting broad powers to such agency to accomplish and to carry out the aforesaid public policies of the Commonwealth. It is further declared to be in the public interest and is the public policy of the Commonwealth that the Commonwealth be authorized to apportion funds to set up reserves established pursuant to this chapter for the payment of the principal of and interest on bonds of such agency created pursuant to this chapter to provide adequate guaranty and security to the holders of such bonds.
History —June 30, 1972, No. 29, p. 432, § 2.