P.R. Laws tit. 29, § 711b
(a) Creation.— A special fund is hereby created which shall constitute the Fund for the Payment of Interest on Loans. This fund shall be used exclusively to pay the interest due on the advances of funds requested pursuant to the provisions of § 1202 of Title XII of the Social Security Act. Said fund shall consist of:
(1) All moneys collected as provided in subsection (b) of this section;
(2) all interest accrued on any money in the Fund;
(3) all moneys for losses collected by the Fund, and
(4) all money received by the Fund from any other source.
(b) Computation and notice.— Every employer shall contribute an amount to the Fund that shall be computed by multiplying the wages paid by him to his employees times the percentage to be determined by dividing the amount of interest that shall be paid, by the total wages paid by all employers in Puerto Rico during the next to the last calendar year.
This contribution shall be remitted as part of the unemployment compensation tax starting with the quarter immediately after the quarter in which the advance of funds is requested, and shall be subject to the imposition of interest, penalties and surcharges applicable to said tax. The Secretary of Labor and Human Resources shall determine by administrative order the employers’ quarterly contribution to the Fund created hereunder. Said administrative order shall be given full disclosure.
(c) Disbursements from the Fund.— All moneys in this Fund shall be deposited, administered, and disbursed in the same manner and under the same conditions and requirements provided by law with respect to other special funds in the Treasury of the Commonwealth of Puerto Rico. The Secretary of the Treasury shall be the Treasurer and ex officio custodian of the Fund. He shall be liable under this official bond for the faithful compliance with his duties with regard to the Fund. This responsibility shall be effective as soon as this law is enacted, and shall endure in addition to any other liability under any other separate bond in existence as of the date of approval of this act, or that may be given subsequently. The moneys in this Fund shall be available to the Secretary for:
(1) The payment of interest on the advances of funds received on or after April 1, 1982, and
(2) the payment of any other reimbursement that must be paid from this same Fund.
History —June 21, 1956, No. 74, p. 328, added as § 12A on May 25, 1985, No. 15, p. 46, § 3.