P.R. Laws tit. 21, § 971h
(a) The trust shall be initially nourished from a contribution of five hundred million dollars ($500,000,000) from the Bank, and contributions of the Commonwealth Treasury of the Commonwealth of Puerto Rico, authorized by law.
(b) The trust shall also be nourished, from time to time, by: (1) investments, reinvestments and contributions from private banking institutions, including mortgage banks, whether through loans, investments, or services, and in the case of commercial banks, from those loans, investments or services that are granted with priority in compliance with the Community Reinvestment Act, pursuant to the requirements and authorizations that said act provides; (2) contributions and any other type of assistance from the federal government for which it qualifies; (3) contributions and investments from private or public, local, national or international persons and entities; (4) contributions from the Legislature. Provided, That the administrative and operating expenses shall be defrayed from the resources of the trust. In this regard, the Board of Directors of the trust shall approve, by a majority of the votes, the operating budget of the trust prior to the beginning of each fiscal year.
(c) A fund in public trust, irrevocable and permanent, which shall be known as the Special Communities Trust Fund, is hereby created within and under the control and custody of the Bank.
(d) The Bank, with the approval of the Board of Directors, may create any accounts within said fund that are deemed necessary to achieve the purposes of this chapter.
(e) All contributions received by the trust and the total product of the investments made with the monies deposited in the trust fund shall be deposited to the credit of the trust fund, in those accounts within the trust fund to be determined by the Board of Directors.
(f) The funds deposited in the trust fund may be invested in any obligation or instrument approved by the Bank pursuant to §§ 1261–1263 of Title 7. The Bank shall be vigilant that the investments authorized by this chapter produce the maximum yield that the market conditions allow, while at the same time protecting the principal invested, and shall render a report of its activities to the Board of Directors each year.
(g) The disbursements of the trust funds shall be made pursuant to this chapter and to the regulations and budgets approved by the Board of Directors of the trust.
History —Nov. 21, 2002, No. 271, § 10.