P.R. Laws tit. 21, § 6005
Each municipality is authorized to incur obligations evidenced by notes. The notes, including any renewal note, may mature on a term not greater than eight (8) years from the date of the original note. In cases of notes in advance of taxes and revenues, the notes, including any renewal note thereof, shall mature not later than ninety (90) days after the close of the fiscal year in advance of which taxes or revenues the notes were issued. The notes shall be authorized through a resolution with the affirmative vote of at least two thirds (⅔) of the members of the Legislature and the approval of the mayor. It shall not be necessary to hold a public hearing prior to the approval of the resolution authorizing these notes, but if the municipality decides to hold a public hearing, the procedure established in § 6006 of this title.
History —July 3, 1996, No. 64, § 6, renumbered as § 7 and amended on Aug. 12, 1997, No. 75, § 6.