P.R. Laws tit. 23, § 6442
In addition to the improvement projects initiated by the Authority, any local agency or any person or entity may submit a proposal to the Authority for the financing, through the issue of bonds or otherwise, of a project or improvement within any of the private parcels, using the forms and following the instructions which may be prescribed by the Authority. Said proposal shall establish the type and location of the project or improvement and shall include any other information and data available to said person or agency that submits the proposal, and to the prospective debtor, if any. The Authority may conduct or cause such investigations, evaluations, studies, reports, and examinations to be conducted that may be necessary and desirable, in its judgment, to determine the feasibility and desirability of the project, the manner that the project will contribute to the safety, health and welfare of the District, and with respect to the prospective debtor, the experience, background, past and present financial situation, present and past debt service record, the integrity and capacity of the debtor and the debtor’s management team, the manner that the project of the prospective debtor satisfies the criteria and requirements of this subchapter, and any other factors that are deemed pertinent or convenient to ensure compliance with the purposes of this chapter.
For the purpose of approving the bond issue for the financing or any project or improvement on private parcels as provided in this section, the Authority shall be guided by and shall observe the following requirements and criteria; Provided, however, That the determination of the Authority regarding the compliance of these criteria and requirements shall be final and conclusive:
(a) The debtor, together with his guarantor, if any, of a project or improvements proposed under this section, are financially responsible, fully capable and willing to fulfill their obligations under the proposed bond issue of the District, including the obligation to make payments in the amounts and on the dates required; to operate, repair, and maintain the project or improvements on their own account, pay the costs incurred by the Corporation with regard to the project or improvements, comply with the purposes of this chapter and fulfill such other responsibilities that may be imposed pursuant to the applicable terms of the financing documents, and
(b) adequate provisions shall be made for the payment of the principal and interest on the bonds and the creation and maintenance of the reserves required for the payment thereof, if any, as the Authority may determine, and to pay the costs incurred by the Authority in connection with the project or improvements.
Upon the Authority’s approval of the bond issue for the financing of a project or improvements pursuant to this section, the Authority shall adopt a resolution to such effect that shall comply with all the other provisions of this subchapter, containing those other terms and conditions that are authorized in this subchapter. All bond issues under this section shall be subject to and shall be in accordance with the other sections in this subchapter.
History —Sept. 2, 2000, No. 351, § 5.02; Oct. 4, 2001, No. 142, § 19.