P.R. Laws tit. 12, § 1421

2019-02-20 00:00:00+00
§ 1421. Creation of the Fund

(1) The Fund for the Acquisition and Conservation of Land in Puerto Rico is created in the books of the Department of the Treasury, which shall be administered by the Department of Natural and Environmental Resources. The Secretary of the Treasury shall, in turn, open an account with the Government Development Bank for Puerto Rico, for the investment of this fund’s monies for the Acquisition, Management and Preservation of Lands. The monies contributed to the fund shall be accounted for separately from any other funds under the custody of the Secretary of Treasury. It is hereby provided that the income of such Fund shall not be taken into account when determining the total annual income of the Government General Fund of the Commonwealth of Puerto Rico, and that the monies not used by this Fund in one Fiscal Year shall not revert to the General Fund. Provided, That, as an exception, for Fiscal Year 2015-2016, the sum of four million dollars ($4,000,000) in account number 0500000-281-081-2004, or in any other created for the same purposes in the Department of the Treasury’s accounting system shall be transferred from this Fund to the “2015-2016 Legal Liability Fund”.

History —Sept. 5, 2003, No. 268, § 3; July 2, 2015, No. 105, § 9.