P.R. Laws tit. 13, § 63b
The Secretary of the Treasury is hereby authorized to negotiate and execute with any bank, investment firm or other financial institution, pursuant to the resolution or resolutions adopted by the same Secretary and approved by the Governor, such contracts, purchase agreements or other financing agreements as may be required for the sale of notes, under such terms and conditions as the Secretary of the Treasury, with the advice and recommendations of the Government Development Bank for Puerto Rico as fiscal agent, may determine to be most convenient, in the best interests of the Commonwealth of Puerto Rico.
For purposes of the notes issued during Fiscal Years 2014-2015, 2015-2016, and 2016-2017, exclusively, the Secretary of the Treasury is further authorized to include in the resolution or resolutions and in any contracts, purchase agreements, or other financing agreements related to the notes authorized under this Act, up to a maximum of one billion two hundred million dollars ($1,200,000,000), such terms and conditions as he/she may deem necessary and convenient for the sale of such notes, including to consent on behalf of the Commonwealth of Puerto Rico, with the written consent of the Secretary of Justice, to: (i) have the notes and any contract, note purchase agreement or other financing agreement subject to the laws of New York; (ii) be subject to the jurisdiction of any state or federal court located in the Borough of Manhattan, New York City, New York, in the event that a lawsuit may arise in connection with such notes or any agreement related thereto; and (iii) waive the Commonwealth’s sovereign immunity from any lawsuit or other legal proceeding related thereto. Notwithstanding the foregoing, the Commonwealth of Puerto Rico may not waive its sovereign immunity with respect to any attachment or execution of government property located in the Commonwealth of Puerto Rico, except with regard to the monies deposited in the “Special Tax and Revenue Anticipation Notes Redemption Fund” referred to in Section 4 of this Act. Any waiver of its sovereign immunity with respect to the notes issued under the provisions of this Act or any agreement related thereto shall be expressly limited to legal proceedings related to such notes or any agreement related thereto, and, in no case, shall such waiver constitute: (i) a general waiver of the Commonwealth of Puerto Rico of its sovereign immunity, or (ii) a waiver of its sovereign immunity with respect to legal proceedings not related to the notes issued in accordance with the provisions of this Act or any agreement related thereto.
History —June 26, 1987, No. 1, p. 591, § 3; Oct. 7, 2014, No. 172, § 1; July 2, 2015, No. 102, § 5; July 4, 2016, No. 69, § 5.