P.R. Laws tit. 21, § 6011
(a) The bonds and notes authorized under the provisions of this chapter shall be of such nature, whether they are registered, with coupons, or electronic entry registry; shall be dated; shall accrue interest at such rate or rates or shall provide the formula or formulas to determine such rate or rates of interest; shall be payable on such date or dates; shall be of such denomination or denominations; may be subject to prior redemption on said date or dates and prices; their principal and interest shall be payable in such place or places, that may be located in or outside the Commonwealth of Puerto Rico; may be countersigned by that countersigning agent that may be located in or outside of the Commonwealth of Puerto Rico; and shall be payable in legal tender of the United States of America, which upon said date is used for the payment of public and private debts, as provided in the ordinance or resolution that authorizes the bonds or notes or in a subsequent resolution of the Legislature. The Legislature is empowered to delegate, through ordinance or resolution, on the mayor or on the Government Bank, the authority to establish the terms of the bonds or notes including, without being limited to, the determination of the rate or rates of interest or the formula or formulas to determine the rate or rates of interest and the dates of maturity of the principal and interest on bonds or notes to be issued.
(b) The other credit instruments authorized pursuant to the provisions of this chapter, shall be in the nature and under the terms and conditions established by the Legislature in the ordinance or resolution that authorizes said instruments or in a subsequent resolution; or in the nature and under the terms and conditions established by the person(s) on whom the Legislature delegates the contracting of said instrument through an ordinance or resolution to such effects which shall contain the instructions for said delegation. In the case of delegation, the actions of the agent shall be ratified by the Legislature with the approval of the mayor.
History —July 3, 1996, No. 64, § 12, renumbered as § 15 and amended on Aug. 12, 1997, No. 75, § 14.