P.R. Laws tit. 13, § 122
The bonds whose issuance is hereby authorized may be payable to the bearer, or to order, or in behalf of the designated beneficiary; shall be dated at the time of their sale and shall fall due on a date or dates that shall not exceed ten (10) years from the date or dates of sale; shall bear interest at such rate or rates not to exceed that legally authorized at the time of sale; may be made redeemable before their maturity at the option of the holder thereof, and may contain other terms and conditions as may be provided in the resolution authorizing each particular issue. The Secretary of the Treasury, with the approval of the Governor, shall determine in said resolution or resolutions, the form of the bonds, how they shall be executed, and shall fix the denomination or denominations of the bonds and the place or places where the principal of and accrued interest on them shall be paid, which may be in any bank or trust company within the Commonwealth. When any official whose signature or facsimile thereof appears on any bond ceases in office before the delivery of said bonds, such signature or facsimile shall nevertheless be valid and sufficient, it being considered for all purposes as if such official has remained in his office until said delivery. The bonds issued pursuant to the provisions of this chapter shall be considered negotiable instruments under the laws of the Commonwealth of Puerto Rico. The bonds may be issued in the form the Secretary of the Treasury may determine with the Governor’s approval. The Secretary of the Treasury, with the approval of the Governor, may sell said bonds at a time or from time to time at public or private sale, as he may determine most convenient to the best interests of the Commonwealth, and for such price or prices not lower than that legally established at the time of sale.
History —May 28, 1976, No. 69, p. 190, § 2.