P.R. Laws tit. 13, § 83a
(a) The Commonwealth of Puerto Rico hereby guarantees the obligations of the Authority under the qualified interest rate exchange agreement of the Authority (the guarantee). These obligations under qualified interest rate exchange agreements of the Authority include the payment of the obligations, the programmed periodic payments and any payment for termination or any other payment payable under any qualified interest rate exchange agreement of the Authority executed under the provisions of this chapter. The qualified interest rate exchange agreement of the Authority to which the guarantee shall be applied shall be those specified by the Authority and according to the provisions of this chapter. It at any time the revenues or income or any other monies of the Authority that are pledged for paying the obligations of the Authority under the qualified interest rate exchange agreements of the Authority are not sufficient for paying said obligations, the Secretary of the Treasury shall withdraw from any other funds available in the Treasury of Puerto Rico, those sums that may be necessary to cover the deficiency in the sum required for the payment of said obligations and shall order that the sums thus withdrawn be applied for such a payment and purpose.
(b) Unless the Executive Director expressly limits the obligations of the Authority of a qualified interest rate exchange agreement of the Authority, pursuant to the provisions of § 83b of this title, the good faith, the credit and the power to impose taxes of the Commonwealth of Puerto Rico are pledged to make the payments described in subsection (a) under the guarantee.
(c) Subject to the provisions of § 83b of this title, the Executive Director is hereby authorized and directed to indicate in each qualified interest rate exchange agreement of the Authority that has the benefit of the guarantee that the good faith, the credit and the power to impose taxes of the Commonwealth are pledged to pay the amounts payable by the Commonwealth under the guarantee.
History —Aug. 1, 2005, No. 39, art. 4, § 2.