P.R. Laws tit. 12, § 1256
In carrying out any project under the provisions of this chapter, the Authority shall be guided by and shall observe the following criteria and requirements; Provided, That the determination of the Authority as to its compliance with such criteria and requirements shall be final and conclusive:
(a) No financing agreement with respect to a project shall be subscribed if the debtor, together with his guarantor, is not financially responsible, fully capable, and willing to fulfill his obligations under the financing agreement, including the obligation to make payments in the amounts and on the dates required, to operate, repair, and maintain the project on his own account and expense, to pay the costs incurred by the Authority in connection with the project, and to comply with the purposes of this chapter and to fulfill such other responsibilities as may be imposed under the terms of the financing agreement.
(b) Adequate provisions shall be made for the payment of the principal of and the interest on the bonds, and to create and maintain the reserves required therefor, if any, as the Authority may determine, and for paying the costs incurred by the Authority in connection with the project.
(c) In the projects for medical facilities a determination by the Secretary of Health and/or the Secretary of the Family will be required in accordance with the applicability of said departments over the project, that there is a need for the proposed medical facilities in the area in which the project is to be located and the project will alleviate or satisfy said need. In the cases of facilities for alcohol or drug detoxification or mental health a similar determination by the Administrator of the Mental Health and Addiction Services administrator shall also be required. Such determinations shall be made pursuant to § 1257 of this title.
History —June 27, 1977, No. 121, p. 310, § 6; June 12, 1978, No. 48 § 6; Sept. 10, 1993, No. 79, § 4; Aug. 11, 1994, No. 61, § 2.