P.R. Laws tit. 22, § 234
After the properties of the Hydroelectric System are conveyed to the Authority as provided in § 233 of this title, beginning with the fiscal year commencing July 1, 1955, and in each fiscal year thereafter until the principal of and the interest on all of the present outstanding bonded indebtedness incurred by the Commonwealth of Puerto Rico for the account of the Isabela Irrigation Service shall have been paid or until provision for the payment thereof shall have been made, the Authority shall:
(a) Set aside from its gross revenues, as an item of Current Operating Expenses of the Authority, the sum of one hundred and twenty-five thousand dollars ($125,000); and the Authority is hereby authorized and directed to allocate;
(b) from the sum representing the five percent (5%) of its gross revenues deriving from the sale of electricity to consumers during each fiscal year and set aside pursuant to the provisions of § 212(b) of this title after setting aside the sums provided in Act No. 2 of May 31, 1950, as amended, Act No. 200 of May 14, 1948, as amended by Act No. 74 of 1954, and in §§ 228—231 of this title:
(1) The sum of forty-five thousand dollars ($45,000), and
(2) when and insofar as necessary, such additional sum as, jointly with the sums provided in subsections (a) and (b)(1) of this section, plus the revenues deriving from the sale of water and the assessment at present levied on the lands included in the Irrigation District pursuant to the provisions of Act No. 178, approved May 14, 1941, as amended by Act No. 431, approved May 14, 1951, will be sufficient for paying the principal and interest and for establishing adequate sinking fund reserves for the outstanding bonded indebtedness incurred by the Commonwealth of Puerto Rico for the account of the Isabela Irrigation Service, and for paying the expenses of operation, maintenance, improvement and expansion of the Isabela Irrigation System; and the Authority shall cover the total of said sums into the Irrigation Fund established by §§ 301—315 of this title, to be applied in the manner provided therein.
History —June 20, 1955, No. 84, p. 326, § 3, eff. July 1, 1955.