P.R. Laws tit. 21, § 6028
(a) Notwithstanding any other provision of this chapter, regulations, ordinance or resolution to the contrary, the Government Bank shall be the fiscal agent of the municipalities with the responsibility for ensuring faithful compliance with this chapter and the sound administration of the loan activity of the municipality. No municipality may incur an obligation evidenced by bonds, notes or any other instruments under the provisions of this chapter without the previous approval of the Government Bank.
(b) The Government Bank shall establish, pursuant to the provisions of this chapter, through regulations, all the procedures, rules, norms and measures needed for its implementation and operation. These regulations shall provide, to the extent possible, a uniform, feasible and speedy procedure for the authorization, handling, disbursement and supervision of the municipal obligations authorized by this chapter. Until the promulgation of these regulations, the Government Bank shall take the provisional measures it deems necessary for the implementation and operation of this chapter.
History —July 3, 1996, No. 64, § 29, renumbered as § 31 and amended on Aug. 12, 1997, No. 75, § 31.