P.R. Laws tit. 21, § 685
In order to enable the Agency to carry out the purposes for which it is established, the Agency is vested with the powers inherent in a corporation, including, but without limitation, the power to sue and be sued, to make contracts, and to adopt and use a corporate seal and to alter the same, and is authorized and empowered:
(a) To collect, or to authorize the trustee under any trust indenture or resolution securing any bonds of the Agency to collect, as the same shall become due, the principal of and the interest on all municipal bonds purchased by the Agency.
(b) To appoint, employ, or contract for the services of officers, employees, agents, financial or professional advisers and attorneys and to pay such compensation for their services as the Agency may determine.
(c) To borrow money and to issue bonds of the Agency as authorized by this chapter, and to redeem such bonds.
(d) To purchase, hold, sell, exchange or otherwise dispose of municipal bonds and municipal notes on bond anticipation upon such terms, for such prices and in such manner as the Agency shall determine.
(e) To fix and revise from time to time and charge and collect fees and charges for the use of its services or facilities.
(f) To enter into and enforce all contracts necessary or convenient for the purposes of the Agency or pertaining to any loan to a municipality or any purchase or sale of municipal bonds or municipal notes on bond anticipation or other investments or for the performance of its duties.
(g) To invest any funds or moneys of the Agency not then required for making loans to municipalities and for the purchase of municipal bonds or municipal notes on bond anticipation, in the same manner as permitted for investment of funds belonging to the Commonwealth or held in the treasury.
(h) To lease or acquire property for its corporate purposes by grant, purchase or by any other means, and to exercise the rights of ownership of and to dispose of the same without limitation.
(i) To prescribe forms or procedures required of municipalities for loans or for the purchase of municipal bonds or municipal notes on bond anticipation, and to fix the terms and conditions of such loans or to purchase and to enter into agreements with municipalities with respect to any loan or purchase.
(j) To do any and all other acts and things necessary, appropriate or incidental in carrying out the purposes of this chapter.
History —June 30, 1972, No. 29, p. 432, § 5; June 7, 1973, No. 115, p. 467, § 1.