P.R. Laws tit. 12, § 1267

2019-02-20 00:00:00+00
§ 1267. Covenant of Commonwealth with bondholders

The Commonwealth of Puerto Rico does hereby pledge to and agree with the holders of any bonds issued under this chapter, and with those persons or entities who may enter into contracts with the Authority, pursuant to the provisions hereof, that it shall not limit or alter the rights hereby vested in the Authority until such bonds and the interest thereon are fully met and discharged and such contracts are fully performed and fulfilled on the part of the Authority; Provided, however, That nothing herein contained shall affect or alter such limitation if adequate measures are provided by law for the protection of said holders of the bonds of the Authority or of those who have entered into such contracts with the Authority. The Authority, as agent for the Commonwealth of Puerto Rico, is hereby authorized to include this pledge in behalf of the Commonwealth in such bonds or contracts.

History —June 27, 1977, No. 121, p. 310, § 16, renumbered as § 17 and amended on June 12, 1978, No. 48, p. 162, § 17.