P.R. Laws tit. 3, § 1908
The Authority is hereby authorized to issue refunding bonds of the Authority for the purpose of refunding those bonds in effect and outstanding at that time, which have been issued under the provisions of this chapter, including the payment of any redemption premium thereon and any interest accrued or accruing as of the redemption or maturity date of such bonds and, if deemed advisable by the Authority, for any of the purposes for which it may issue bonds. The issuance of such bonds, the maturities and other pertinent details, the rights of the bondholders, and the rights, duties and obligations of the Authority with regard thereto shall be governed by the provisions of this chapter concerning the issuance of bonds insofar as such provisions shall be applicable.
Refunding bonds issued under this section may be sold or exchanged for outstanding bonds issued under this chapter, and, if sold, the proceeds thereof may be applied, in addition to any other authorized purpose, to the purchase, redemption or payment of such outstanding bonds in effect, and may be invested pending such application. Refunding bonds may be issued, at the Authority’s discretion at any time on or before the date of maturity or maturities, or the date selected for the redemption of the bonds being refunded.
History —June 21, 1988, No. 44, § 9, renumbered as § 19 on June 24, 1998, No. 92, § 16.