P.R. Laws tit. 21, § 690
Any municipality may issue bonds or municipal notes on bond anticipation for sale and delivery to the Agency bearing interest at such rate or rates of interest and at such interest cost as the Agency and the municipality agree upon and the municipality may contract with the Agency to pay interest on or an interest cost per annum for money borrowed from the Agency and evidenced by the municipal bonds of the municipality or bond anticipation notes purchased by the Agency, which contract may include such other provisions respecting such loan or purchase and contain such terms, conditions and provisions, consistent with this chapter, as the Agency and the municipality shall agree upon, including payment by the municipality to the Agency of fees and charges for the services rendered to the municipality by the Agency. Notwithstanding the provisions of Act Oct. 28, 1954, No. 7 or of any other law applicable to or constituting any limitation on the sale of municipal bonds or municipal notes on bond anticipation, any municipality may sell such municipal bonds or municipal notes on bond anticipation to the Agency without limitations as to denomination and such bonds may be fully registered, registrable as to principal alone, or in bearer form, may bear interest at a rate or rates in accordance with this section, may be evidenced in such manner and may contain other provisions not inconsistent with this chapter, and be sold to the Agency without advertisement at a price not below that authorized by law and accrued interest, all as provided in the proceedings of the municipal legislature of the municipality, and under which such bonds or notes were issued.
History —June 30, 1972, No. 29, p. 432, § 10; June 7, 1973, No. 115, p. 467, § 5; July 23, 1974, No. 213, Part 2, p. 121.