P.R. Laws tit. 21, § 4208
In the case of ordinances and resolutions authorizing borrowings under Act Oct. 28, 1954, No. 7, known as “Municipal Loan Act”, and Act Aug. 29, 1990, No. 71, known as “Revenue Bond Act of 1990”, the certification of the Government Development Bank shall be required as to the fact that the municipality has a sufficient margin of credit to meet said obligation. This certification shall be issued within sixty (60) days from the date the Government Development Bank receives the municipality’s request. If it is not issued within the prescribed term, the municipality shall resort to the Court to procure a mandamus against the Bank. The municipality may execute the loan with any government entity or other source of financing and invest its funds, pursuant to subsections (h) and (j) of § 4051 of this title. In addition to the certification, the Government Development Bank shall issue a report on the viability of the financing once it is presented by the municipality, and shall have forty-five (45) days to issue said report. If the report is not issued within said term, it shall be deemed that the financing is viable.
History —Aug. 30, 1991, No. 81, § 5.008; Aug. 11, 1994, No. 57, § 4.