P.R. Laws tit. 18, § 1164

2019-02-20 00:00:00+00
§ 1164. Creation, purpose and source of funds

A special revolving fund which shall be designated as “Theatrical Opera Corporation, Inc., Special Fund” is created hereby in the books of the Department of the Treasury of Puerto Rico, which shall be deposited as a special fund attached to the Musical Arts Corporation to be governed according to the rules and regulations that it adopts pursuant to the provisions in force for the administration of similar funds. This fund shall be kept separate from other public funds in its custody. Said fund shall consist of the following items, which shall be used by the corporation, Theatrical Opera, Inc. ( Teatro de la Opera, Inc. ) to establish a permanent opera season that will allow the presentation of not less than two (2) operas per year. Said fund shall be nourished from:

(a) Appropriations of funds provided by this subchapter, and those destined by the Legislature in the future to the Special Fund created herein.

(b) Net proceeds received by the corporation Theatrical Opera, Inc. (Teatro de la Opera, Inc.) for each opera production from admission fees, commercial advertisements, donations and others.

These items shall be deposited by the Executive Director of the Musical Arts Corporation and by the corporation, respectively, in said special revolving fund and shall be used for the purposes provided herein without the unspent balance from legislative appropriations having to revert to the General Fund at the end of the year as provided in §§ 283—283o of Title 3.

History —June 1, 1982, No. 30, p. 64, § 1; May 29, 1986, No. 29, p. 69, § 1.