P.R. Laws tit. 21, § 5821
The Center is hereby empowered to arrange for and obtain a special loan from the Government Development Bank for Puerto Rico or any other financial institution selected by it, in the form of a line of credit up to the sum of two hundred million dollars ($200,000,000) to attend to the following indebtedness:
(a) The debt accrued by the municipalities up to June 30, 1999, and that accrued up to June 30 of the year 2000, for excess remittances received by said municipalities, according to the final liquidations prepared by the Center, audited and certified by the independent auditors of said body, and
(b) to provide for the increment of forty-eight hundredths of a percent (0.48%) that results from the net increase in the subsidy of the General Fund to the municipalities, as provided § 5815 of this title, shall be assigned for the payment of principal and interest of said loan by those municipalities that participate in the financing until it is fully paid up; Provided, That those municipalities that do not participate [in] said loan shall benefit from the increase in the subsidy as provided in the § 5815 of this title.
History —Jan. 26, 2000, No. 42, § 1.