P.R. Laws tit. 22, § 814
Prior to creating any new electric power or water and/or sewer service subsidy, credit, or grant, the Legislative Assembly shall assess the need for and convenience of the proposed subsidy or grant, taking into account existing subsidies and grants, the impact of the subsidy or grant on the finances of the public corporation concerned and on the General Fund of the Commonwealth of Puerto Rico, and the number of customers that shall benefit from the credit, subsidy, or grant.
In the specific case of a new electric power or water and/or sewer service credit, subsidy, or grant, whose purpose is to promote economic development, the law or resolution authorizing it shall also include a detailed statement of the need for and the convenience of the subsidy, measureable factors and performance standards to evaluate its success, the number of jobs created, the requirement imposed on the beneficiary to render annual reports on said measurable factors, performance standards and job creation, as well as the maximum amount of funds to be awarded. Every credit, subsidy, or grant legislated after the approval of this act shall be limited to a term that shall not exceed five (5) years.
No law or resolution authorizing the granting of an electric power or water and/or sewer service credit, subsidy, or grant shall be approved without first obtaining the certifications of the Office of Management and Budget and the Department of the Treasury, attesting to the availability of the funds to finance the same, as of the date it is signed, and expressly identifying the maximum amount to be allocated and the source of the funds. The funds used to finance said subsidies shall not be derived from the revenues generated by PREPA or PRASA. In the case of a recurring credit, subsidy, or grant, the certifications of the Office of Management and Budget and the Department of the Treasury shall attest, in turn, to the availability of recurring funds. The certification of the Office of Management and Budget shall be required only in those cases where the source of financing for such subsidies derives from the General Fund.
History —Apr. 7, 2016, No. 22, § 2.4.