P.R. Laws tit. 21, § 5835
The MRCC Governing Board is hereby authorized to negotiate and formalize the loan contract with the Bank authorized by §§ 5832–5841 of this title on those grounds relative to §§ 5921 et seq. of this title, which authorized the sale by the MRCC of tax debts and §§ 5821–5831 of this title, under the following terms and conditions:
(a) The loan term shall not exceed thirty (30) years, divided as stated in § 5832 of this title; Provided, That said term could be granted for a lesser period if the fiscal situation of the municipalities so allow or in those cases in which the eligible municipalities with sufficient payment capacity so request.
(b) The payments of principal and interest for amortizing the loan, pursuant to the provided structures, up to its final payment, are the responsibility of the affected municipalities that have agreed to avail themselves to the loan provided for in §§ 5832–5841 of this title. Said payments shall be proportional to the amount of the loan corresponding to each municipality.
(c) The interest rate yielded by the loan shall be determined by the Bank pursuant to its fiscal criteria and [attuned] with §§ 5832–5841 of this title.
(d) The debenture to be subscribed shall be formalized between the MRCC Executive Director and the President of the Government Development Bank, with the attachments whose formalization is necessary, to evince the debt financed, accepted and [approved] by each municipality.
History —Oct. 11, 2001, No. 146, § 4.