P.R. Laws tit. 21, § 6672
The associations are hereby authorized to issue refinancing bonds for the purpose of refinancing those bonds which are outstanding and in circulation at that time, and which have been issued under the provisions of this chapter, including the payment of any redemption premium related thereto and any interest accrued or to be accrued as of the date of redemption or maturity of said bonds, and should the associations may deem it advisable, for any of the purposes for which they may issue bonds. The issue of said bonds, their maturity and other details thereof, the rights of the holders of said bonds and the rights, duties and obligations of the associations with regard to said bonds, shall be governed by the provisions of this chapter related to the bond issue, provided said provisions are applicable.
The refinancing bonds issued under this section may be sold or exchanged for outstanding bonds issued under this chapter, and if sold, the proceeds of said sale may be used, in addition to any authorized purpose, for the purchase, redemption or payment of said outstanding bonds in circulation, and may be invested pending said application. The refinancing bonds may be issued, at the discretion of the corresponding association, at any time, on or before the date of maturity, or the date selected for the redemption of the bonds being refinanced.
History —Aug. 8, 1998, No. 207, § 4.002, eff. 60 days after Aug. 8, 1998.