P.R. Laws tit. 21, § 6004
Every municipality is authorized to incur obligations evidenced by notes in advance of bonds. The notes shall be designated as “notes in advance of bonds” and shall contain a statement of the fact that they are in advance of a bond issue, and a general description of the purposes that the notes are intended to finance. The notes may be authorized in the same ordinance as the bonds, or in a separate resolution. In both cases, the original notes shall be authorized by the affirmative vote of at least two thirds (⅔) of the members of the legislature and with the mayor’s approval. The notes may be issued at any time after the ordinance that authorizes the bonds has become effective. These notes, including any renewal thereof, shall mature not later than ten (10) years after the date of the original note. The renewal of the notes may be made through new notes or in any other way, as provided by the ordinance or resolution that authorized the original notes, or by a separate resolution for the renewal of the notes. The renewals shall be carried out under those terms and conditions and at the rate or rates of interest established by the Legislature. The Legislature may delegate authority on the mayor to carry out these renewals. It shall not be necessary to hold public hearings prior to the approval of a resolution authorizing notes in advance of bonds, but if the municipality decides to hold a public hearing, it shall follow the procedure established in § 6006 of this title.
History —July 3, 1996, No. 64, § 5, renumbered as § 6 and amended on Aug. 12, 1997, No. 75, § 5.