P.R. Laws tit. 13, § 82a
The duty of the Commonwealth of making the required payments and complying with its obligations under a qualified interest rate exchange agreement constitutes a continuous contractual obligation of the Commonwealth collectable according to the laws of the Commonwealth applicable to compliance with the contractual obligations of the Commonwealth. The Secretary of the Treasury may expressly limit (in any of said agreements) the obligations of the Commonwealth under a qualified interest rate exchange agreement to a designated property, to a designated source of income or to designated sources of income or collections of the Commonwealth. If the Commonwealth executes a qualified interest rate exchange agreement in relation to the obligations secured by a type of designated guarantee then, subject to the terms of a resolution, trust agreement, installment agreement, financial lease agreement or purchase or a similar instrument under which the obligations have been issued or incurred, the Commonwealth may pledge, mortgage or execute a guarantee on the income of the public service enterprise, program, collections, property or similar agreement that secures the obligations to guarantee payment of and compliance with its obligations under the qualified interest rate exchange agreement. Any pledge of assets, income or collections to guarantee the obligations of the Commonwealth under a qualified interest rate exchange agreement must become effective in the same manner and within the same scope as the pledge of those assets, income or collections that guarantee the obligations to which the qualified interest rate exchange agreement is related and it shall not be necessary to file any instrument to perfect or in any other manner make effective said pledge.
The Secretary of the Treasury is also authorized to pledge collateral acceptable as security under a qualified interest rate exchange agreement under the terms and conditions determined by the Secretary of the Treasury.
History —Aug. 1, 2005, No. 39, art. 3, § 2.