P.R. Laws tit. 23, § 111h
The good faith, credit and the taxing power of the Commonwealth of Puerto Rico are irrevocably committed for the timely payment of interest on any notes issued under the provisions of this chapter. The Secretary of the Treasury is hereby authorized and directed to pay interest on said notes as they fall due, from any funds available in the Treasury of the Commonwealth of Puerto Rico for such a purpose, in the fiscal year in which said payment is required. The provisions contained in this chapter with regard to the payment of interest on said notes in advance of the bond issue shall be deemed as a continuing appropriation for the Secretary of the Treasury to make said payments regardless of whether specific appropriations are made for such purposes.
Pursuant to the provisions of this chapter, the Secretary of the Treasury shall issue bonds sufficiently in advance, and in the amount needed to provide the funds required to pay the principal of the notes as they fall due and become payable, and shall apply the proceeds of the bond issue to the payment of said notes.
Any payments made with regard to the notes in advance of the bond issue shall be made according to the provisions of the laws of the Commonwealth of Puerto Rico which regulate the disbursement of public funds.
History —Dec. 29, 1995, No. 259, § 9.