P.R. Laws tit. 21, § 5813
For the purposes provided in § 5803(j) of this title, and upon approval of the Board, the Center may make loans and issue notes in advance of the collection of estimated taxes and revenues to be received during the current fiscal year period to pay budgeted expenses to be incurred during said fiscal period and pay the expenses related to the sale and issuing of said notes. The outstanding principal of the outstanding notes in any fiscal period shall not exceed eighty percent (80%) of the estimated taxes and revenues for the current fiscal period or the maximum estimate of cash deficiency from the date of issuance of the notes, until the closing of said fiscal period, whichever of two is less. The Center shall authorize the issuance of notes through a resolution adopted by the Board, under the terms and conditions that the Center, with the advise of the Government Bank, deems shall be the most convenient to the municipalities. The notes issued by the Center by virtue of this section, shall not constitute a debt of the Commonwealth of Puerto Rico, the municipalities or any other political subdivision of the Government of Puerto Rico. The provisions of §§ 581 et seq. of Title 7 shall be applicable to the Center.
History —Aug. 30, 1991, No. 80, § 14.