P.R. Laws tit. 22, § 907b
The Authority is hereby authorized to issue Authority refinancing bonds in order to (i) refinance, in whole or in part, any payment of principal or interest on its outstanding bonds and for the payment of any expenses related to the sale and [issuance] of said refinancing bonds, (ii) refinance those bonds in effect and outstanding at the time and which have been issued under the provisions of §§ 901—917 of this title, including the payment of any redemption premium with respect thereto, and any interest accrued or which is accrued as of the date of redemption or expiration of such bonds and, if the Authority deems it advisable, (iii) for any of the purposes for which it may issue bonds. The [issuance] of such bonds, the maturity and other details with respect thereof, the rights of the bondholders of said bonds, and the rights, duties and obligations of the Authority with respect thereto, shall be governed by the provisions of §§ 901—917 of this title regarding to the [issuance] of bonds, provided, said provisions are applicable.
Refinancing bonds issued pursuant to §§ 901—917 of this title may be sold or exchanged for bonds in effect issued under §§ 901—917 of this title, and if sold, the product of such a sale may be set aside, in addition to any authorized purpose, for the purchase, redemption or payment of such bonds in effect and outstanding, and may be invested pending such an application. Refinancing bonds may be issued at the discretion of the Authority, at any time on or before the date of payment or payments of the principal or interest of its bonds, the maturity thereof, or the date selected for the redemption of the bonds to be refinanced.
History —June 19, 1958, No. 56, p. 120, added as § 6B on May 16, 2006, No. 97, § 9; Mar. 9, 2009, No. 7, § 48.