P.R. Laws tit. 21, § 688
The Agency is hereby authorized to issue bond anticipation notes for the purpose of borrowing money for any of the purposes permitted by this chapter. Each of said notes shall contain a recital that it is issued in anticipation of the issuance of bonds and shall describe in brief and general terms the purpose or purposes for the financing of which the note is issued. Such notes may be issued from time to time for periods not exceeding one year and may be renewed from time to time for periods not exceeding an additional year; Provided, however, That all of such notes, including any renewals, shall mature and be paid not later than five (5) years after the date on which the resolution authorizing such notes became effective. Any bond anticipation note issued hereunder may be renewed either by the issuance of a new bond anticipation note or notes or pursuant to a resolution or resolutions of the Agency and, subject to the foregoing provisions of this section, any such renewal may be on such terms and conditions and at such interest rate or rates as the Board shall provide.
History —June 30, 1972, No. 29, p. 432, § 8.