P.R. Laws tit. 21, § 5004
The proceeds from the taxes levied by §§ 5001 and 5002 of this title shall be covered into the general trust established by the Collection Center and the Government Development Bank, pursuant to § 5803(c) of this title.
(a) The product of the surtax on property imposed by § 5002 of this title shall be entered, in turn, into a trust established by the Secretary of the Treasury with the Government Development Bank for Puerto Rico, known as the Commonwealth Debt Redemption Fund. The product of said surtax shall remain in said Fund and shall be applied by the Government Development Bank for Puerto Rico solely for the payment of the principal and interest on the existing and future general obligation of the Commonwealth of Puerto Rico evidenced by bonds or notes, or to the early redemption of said obligation, including the payment of any premium that is required for said early redemption.
(b) The Collection Center is bound to deposit in the Commonwealth Debt Redemption Fund the proceeds of the 1.03% property tax (0.103% for fiscal years 2009-2010, 2010-2011, and 2011-2012) in connection with real property taxes not later than the fifteenth working day after payment has been made by the taxpayer.
(c) The proceeds of the surtax on property authorized under § 5002 of this title, shall be entered, in turn, to a trust established by the Municipal Revenues Collection Center with the Government Development Bank for Puerto Rico, known as the Municipal Public Debt Redemption Fund. With the exception of the portion that constitutes “excess in the redemption fund”, the proceeds of these surtaxes shall remain in said fund and shall be applied by the Government Development Bank for Puerto Rico first and foremost for the payment of the principal and interest on the existing and future general obligations of the municipalities evidenced by bonds or notes or the early redemption of said obligations, including the payment of any premium required for said early redemption.
(d) The early redemption of the general obligation of the Commonwealth and of the municipalities evidenced by bonds and notes, shall be executed with the approval of the Government Development Bank for Puerto Rico.
History —Aug. 30, 1991, No. 83, § 2.04; July 3, 1996, No. 64, § 35; renumbered as § 37 on Aug. 12, 1997, No. 75, § 35; June 24, 1998, No. 95, § 2; May 4, 2001, No. 28, § 3; Mar. 9, 2009, No. 7, § 56; July 10, 2009, No. 37, § 26.