P.R. Laws tit. 23, § 111d
(a) The bonds to be issued from time to time under the provisions of this chapter, as well as any other details pertaining to these, shall be authorized through a resolution or resolutions to be adopted by the Secretary of the Treasury and approved by the Governor. Said bonds shall be designated as “Public Improvement Bonds for Government Electronic Information Systems and Infrastructure”.
(b) The bonds whose issue is authorized under the provisions of this chapter shall be dated, and shall mature on a date or dates which shall not exceed ten (10) years from their date or dates or average useful life as accepted in issues of this type, whichever is less; and they shall accrue interest at a rate or rates not to exceed the rate legally authorized at the moment said bonds are issued, and, at the discretion of the Secretary of the Treasury, may be redeemed before their maturity, may be sold with or without a premium, shall be of the denomination and in such a form, with interest coupons or registered or both, and shall be payable in those places in or outside of the Commonwealth of Puerto Rico and shall contain all those other terms or conditions authorized pursuant to § 111a of this title and the authorizing resolution or resolutions.
(c) The bonds authorized by this chapter may be sold all at once, or from time to time, at a public or private sale, and for such price or prices not below that legally established at the moment of their issue, as determined by the Secretary of the Treasury with the approval of the Governor which are most convenient for the best interests of the Commonwealth of Puerto Rico.
(d) When any official whose signature or facsimile thereof appears on any bond or coupon authorized by this chapter is no longer in office before the delivery of said bonds, said signature or facsimile thereof shall, nevertheless, be deemed valid and sufficient for all purposes as if the official had remained in office until said delivery. Furthermore, any bond or coupon may bear the signature or facsimile of those persons who at the moment of executing said bond are the officials who are properly qualified to sign it, but who, on the date of the bond issue, are not in office.
(e) Bonds issued according to the provisions of this chapter shall be deemed as negotiable instruments under the laws of the Commonwealth of Puerto Rico.
(f) Those bonds authorized by this chapter may be issued in the form of coupons or as registered bonds, or both, as determined in the authorizing resolution or resolutions, and provisions may be made for the registration of any bonds or coupons with regard to only the principal, and also regarding principal and interest, as well as for the reconversion of coupons into bonds of any of the bonds registered with regard to principal and interest.
History —Dec. 29, 1995, No. 259, § 5.