P.R. Laws tit. 13, § 83b
The duty of the Authority to make the payments required and meet its obligations under a qualified interest rate exchange agreement of the Authority, constitutes a continuous contractual obligation of the Authority exigible according to the laws of the Commonwealth applicable to the compliance of the contractual obligations of the Authority. The Executive Director may expressly limit (in any such agreement) the obligations of the Authority under a qualified interest rate exchange agreement of the Authority or a designated property or a designated source of revenues, including, but not limited to, the rent payments received by the Authority as income under the lease agreements in effect. Any assets or income pledged to guarantee the obligations of the Authority under a qualified interest rate exchange agreement of the Authority shall take effect in the same manner and within the same scope that the pledging of those assets or income that guarantee the obligations to which said qualified interest rate exchange agreement of the Authority is related and it shall not be necessary to file any instrument to perfect or otherwise make effective said pledge.
Furthermore, the Executive Director is hereby authorized to pledge acceptable collateral as guarantee under a qualified interest rate exchange agreement of the Authority, under the terms and conditions the Executive Director may determine.
History —Aug. 1, 2005, No. 39, art. 4, § 3.