P.R. Laws tit. 18, § 121
Any school director desiring to avail himself of the benefits of §§ 118—122 of this title shall make application therefor to the Council of Secretaries by proper ordinance which ordinance shall specify the number of schoolhouses and the number of rooms in each which it is proposed to construct, the material to be used in such construction and the maximum cost thereof. Such ordinance shall pledge the school director to acquire a suitable site approved by the Secretary of Education, with title of dominion. The said ordinance shall pledge the school director to the repayment of one-half (½) the cost of constructing the buildings, and shall authorize the Secretary of the Treasury to deduct the sum so pledged in equal annual installments from any moneys collected by the Commonwealth Government and due the school director, such deduction to begin in the fiscal year following the passage of the ordinance. The number of years during which such repayment is to be made shall not exceed ten (10). The ordinance shall also provide for the payment of interest at the rate of three (3) per centum [3%] per annum on all sums advanced upon the construction of the building and which by the terms of the ordinance are to be repaid to the Commonwealth Treasury, and for the retention of such interest by the Treasury of Puerto Rico. Said interest shall be computed on the entire sum to be repaid to the Commonwealth Treasury from the date of the draft representing the first payment on account of the work undertaken and all interest paid by the school director shall accrue to the School Building Fund. Provided, That on making such reimbursements by the school directors, the Secretary of the Treasury shall compute only the interest on the sums pending payment. Upon receipt of the ordinance, the Council of Secretaries shall examine whether the same is in accordance with the terms of the law, and if found defective or unsatisfactory in form shall return the same to the school director for revision and correction.
History —Mar. 14, 1907, p. 199, § 4; May 15, 1931, No. 98, p. 594, § 10.