P.R. Laws tit. 13, § 404b
Nothing contained in §§ 404a—404c of this title shall be understood to modify any action previously taken according to law pledging the good faith, credit and taxing power of the Commonwealth or any municipality for the payment of the principal of and interest on any bonds or notes of the Commonwealth or of any municipality, nor impairs the guarantee of commitments of such nature hereafter made according to law. If in any fiscal year the Legislature should discontinue the appropriations provided in §§ 404a and 404c of this title and the available revenues of the Commonwealth or of any municipality, as the case may be, should not be sufficient for the payment of principal of and interest on any bonds or notes of the Commonwealth or any municipality, as they fall due, the exemption granted by §§ 404a—404c of this title from the payment of property taxes levied by the Commonwealth or by such municipality, as the case may be, shall be suspended for said fiscal year, this provision constituting a compact between the holders from time to time of bonds and notes for the payment of which the taxing power of the Commonwealth or of any municipality may have been pledged.
History —June 8, 1962, No. 24, p. 41, § 4.