P.R. Laws tit. 24, § 3376
The Center is hereby authorized to issue, from time to time, bonds to achieve the purposes of this chapter. The bonds of each issue shall show the date, shall mature within a term or terms not to exceed forty (40) years as of their respective dates and shall accrue interest in time that shall not exceed the maximum type of interest established by law and for the sale of bonds of the Government of the Commonwealth of Puerto Rico, as determined by the Center, and may be redeemed before their maturity, at the option of the Center, at that price or prices or under those terms or conditions that may be determined by the Center prior to the bond issue. The Center shall determine the form and manner in which the bonds shall be executed and the place or places where the principal and the interest on these shall be paid. Notwithstanding any other provision of this chapter or the language in any bonds issued pursuant to the provisions thereof, said bonds shall be deemed negotiable instruments under the laws of the Government of the Commonwealth of Puerto Rico. The bonds may be issued as coupon bonds or as registered bonds, or in both ways, as determined by the Center, and it may be provided for the registration of any coupon bonds regarding their principal and interest. The product of each bond issue shall be exclusively used for the purpose for which said bonds have been authorized and disbursements shall be made in such a manner and under such restrictions as the Center may provide in the resolution authorizing the issue of such bonds or in the trust contract that secures the bonds, if any.
The resolution providing for the bond issue and any trust contract that secures the same may contain those limitations the Center may determine regarding the issue of additional bonds.
The bonds issued pursuant to the provisions of this chapter may, at the discretion of the Center, be secured by a trust contract between the Center and a corporate trustee which may be any trust company or bank with the powers of a trust company, in or outside of the Government of the Commonwealth of Puerto Rico.
All bonds issued pursuant to the provisions of this chapter and the interest accrued by the same shall, at all times, be exempt from the imposition of any type of taxation.
History —Aug. 26, 2004, No. 230, § 13; renumbered as § 14 on July 13, 2011, No. 141, § 3.