P.R. Laws tit. 12, § 1320g-1
Financial assistance with regard to the implementation of the public policy on recycling shall be provided to the municipalities, community enterprises and other private entities, as follows:
(a) Upon recommendation by the Authority the Government Development Bank shall provide loans to the municipalities for the purchase of equipment used in the collection, storage, processing or transportation of recyclable material. Within six (6) months from the effective date of this act, the Government Development Bank, in coordination with the Authority, shall develop guidelines, regulations and procedures for the applications and the forms to be used to implement this measure. The maximum amounts of loans, interest rates, repayment schedules and other qualification criteria shall be determined as provided in the Regulations of the Government Development Bank.
(b) The Authority shall provide the equipment that is to be used in the collection, storage, processing or transportation of recyclable material to the municipalities or other agencies or private entities, including community businesses, through a lease, or a lease with an option to purchase. In the case of municipalities and agencies, the Authority is hereby empowered to sell or lease the equipment to them below cost, including the assignment thereof. Within six (6) months from the date of effectiveness of this act, the Authority shall develop guidelines, regulations and procedures for the applications and the forms to be used to implement this measure, including the equipment to be purchased for use in the leasing program and the repayment schedules for the lease.
(c) The Economic Development Bank shall provide loans by the Authority’s recommendation to private entities of the recycling industry for the purchase of equipment to be used in the collection, storage, processing or transportation of recyclable material, or for the construction of recycling facilities. The Authority shall provide collateral for the loans granted by the Economic Development Bank or by private banking entities for the same purposes. Within six (6) months from the effective date of this act, the Authority, in coordination with the Economic Development Bank, shall develop guidelines, regulations and procedures for the applications and the forms to be used for the implementation of this measure. The maximum amounts of the loans, interest rates, repayment schedules and other qualification criteria shall be determined as provided in the regulations of the Economic Development Bank or the participating banking entities.
(d) Upon recommendation of the Authority, the Economic Development Bank shall provide loans to community enterprises for the purchase of equipment used in the collection, storage, processing or transportation of recyclable material or for the construction of recycling facilities. The Authority shall provide collateral for the loans granted by the Economic Development Bank or by private banking entities, for the same purposes. The Authority shall provide loans to community enterprises for the abovementioned purposes. Within six (6) months from the effective date of this act, the Authority, in coordination with the Economic Development Bank, shall develop guidelines, regulations and procedures for the applications and the forms to be used for the implementation of these provisions. The maximum amounts of the loans, interest rates, repayment schedules and other qualification criteria shall be determined as provided in the regulations of the Economic Development Bank, the participating banking entities, and the Authority, respectively.
(e) The Authority shall provide appropriations or grants of funds to the community enterprises, municipalities, or municipal trusts created to carry out the purposes of this or any other act, government agencies and private nonprofit entities for educational programs, activities or projects of said entities which promote or propitiate the development of recycling in Puerto Rico. Within six (6) months from the effective date of this act, the Solid Waste Authority shall develop guidelines, regulations and procedures to request such grants, as well as the forms to be used for the implementation of these provisions.
History —Sept. 18, 1992, No. 70, added as § 10 on Jan. 20, 1995, No. 13, § 8; May 15, 1996 No. 39, § 2.