P.R. Laws tit. 21, § 6021
(a) The bonds or notes issued under the provisions of this chapter may be sold as established hereinbelow:
(1) In case the Legislature decides to sell bonds or notes in a public sale, the Legislature shall delegate on the Bidding Board the holding of the public sale. The Legislature shall fix the sales price or delegate on the Bidding Board the fixing of the sales price. Each bidder who appears at a public sale shall deliver, together with his/her bid, a certified check drawn to the order of the municipality, for an amount of not less than two percent (2%) of the principal of the bonds or notes he/she intends to buy, in order to compensate the municipality for any loss that could be caused by noncompliance with the terms and conditions of this bid. This deposit shall not be required when the bidder is the Government Bank, the Commonwealth of Puerto Rico, the Government of the United States of America, or any of the agencies or instrumentalities of the latter two. The Bidding Board shall adjudicate the bonds or notes to the highest bidder who meets the terms and conditions of the sale. The Bidding Board may, however, reject all bids submitted for its consideration. The actions of the Bidding Board, including the fixing of the sales price in those cases in which the adjudication of the bonds or notes is delegated on it, shall be ratified through a resolution adopted by the Legislature and approved by the mayor.
(2) In case the Legislature decides to sell the bonds or notes in a private sale, the Legislature may authorize the sale directly or delegate on the Bidding Board or on the mayor the adjudication of the private sale. Those actions of the mayor or of the Bidding Board shall be ratified through a resolution adopted by the Legislature. Each intended buyer in a private sale shall deliver, together with the purchase offer, a certified check drawn to the order of the municipality, for an amount of not less than two percent (2%) of the principal of the bonds, notes or instruments he/she intends to buy, in order to compensate the municipality for any loss that could be caused by noncompliance with the terms and conditions of the offer. This deposit shall not be required when the bonds or notes are to be sold in a private sale to the Government Bank, the Commonwealth of Puerto Rico, the Government of the United States of America, or any of the agencies or instrumentalities of the latter two.
(b) In the case of special obligations and notes or instruments in advance of taxes and revenues, the Legislature may authorize the private contracting or negotiation thereof and may delegate on the mayor its contracting or negotiations. The actions of the mayor shall be ratified through a resolution of the Legislature.
History —July 3, 1996, No. 64, § 22, renumbered as § 25 and amended on Aug. 12, 1997, No. 75, § 24.