P.R. Laws tit. 21, § 4451
The municipality’s assets shall be constituted by the bulk of the assets, rights and shares it owns. The municipality’s patrimony shall be made up of public property and capital assets.
The municipality’s public assets shall be those destined to a public use or service such as the town squares, streets, avenues, lanes and general service public works defrayed by the municipality with public funds. These public assets are inalienable, and not attachable, and are not subject to taxation.
The municipality’s capital assets shall not be subject to taxation, shall be governed by the corresponding provisions of Title 31. Their sale, exchange, lease and encumbrance shall only be executed with the prior approval of the Legislature by an ordinance or resolution to such effects, except in cases otherwise provided for in this subtitle.
The changing or altering of the juridical classification of municipal assets may be carried out as prescribed by law, and in every case, with the prior justification of the public need or convenience for such changing or altering, except for natural resources, archaeological and historical patrimony and those of architectural interest, whose classification may be altered on a case-by-case basis through legislation to such effects.
History —Aug. 30, 1991, No. 81, § 10.001, renumbered as § 9.001 on Jan. 10, 1999, No. 30.