P.R. Laws tit. 23, § 6445
The Authority is hereby authorized to issue refunding bonds with the purpose of refunding those bonds that are outstanding and pending payment at that time, or to refund any outstanding obligations issued for the purposes of the Authority. The refunding bonds may be sold or exchanged for outstanding bonds issued under this chapter, and for other outstanding obligations, and if sold, the proceeds of said sale may be applied, in addition to any authorized purpose, to the purchase, redemption, payment or defeasance of said outstanding bonds or obligations in effect, and may be invested pending such application. The refunding bonds may be issued at the discretion of the Board, at any time on or before their date or dates of maturity, or the date selected for the redemption of the bonds or obligations that are being refunded.
History —Sept. 2, 2000, No. 351, § 5.05; Oct. 4, 2001, No. 142, § 22.