P.R. Laws tit. 23, § 111g
The Secretary of the Treasury, in advance of a bond issue, and through a Resolution approved by the Governor, is hereby authorized, at any moment, or from time to time, to borrow moneys and issue notes of the Commonwealth of Puerto Rico payable solely from the proceeds of said bonds. Said notes shall be designated as “Notes in Advance of Bonds of the Commonwealth of Puerto Rico for Electronic Information Systems and Infrastructure” and it shall be indicated thereon that they are issued in advance of the said bond issue.
Said notes, including any renewals or extensions thereof, shall be dated, may be issued from time to time with a due date not to exceed five (5) years from the date of first issue, shall accrue interest at a rate not to exceed that which is legally authorized at the time said notes are issued, may be made redeemable before their maturity at the discretion of the Secretary of the Treasury, shall be executed in such a manner and sold at a private or public sale or at such a price or prices not under the price established by law at the time of issue, and shall contain such other terms and conditions as provided by the authorizing resolution or resolutions adopted by the Secretary of the Treasury and approved by the Governor.
History —Dec. 29, 1995, No. 259, § 8.