P.R. Laws tit. 21, § 5901
The Department of the Treasury is hereby authorized to obtain financing from the Government Development Bank or other financing institutions, for an amount which shall not exceed two hundred fifteen million dollars ($215,000,000). The financing authorized by this chapter shall include the payment of interest at an annual rate which shall not exceed eight percent (8%). In the event that the financing is placed with the private sector, the Secretary of the Treasury may advance, from any available funds, those moneys needed to cover those expenses incidental to the sale of notes or other obligations to evidence the financing, as well as to advance funds to cover the interests thereon. The financing shall be subject to the provisions of § 5903 of this title and shall be used for the payment of the debt to the municipalities of Puerto Rico for the review of the property tax registries of the Department of the Treasury, as provided by § 5801 of this title, known as the “Municipal Revenues Collection Act”.
History —Aug. 11, 1995, No. 163, § 1, retroactive to July 1, 1995.