P.R. Laws tit. 21, § 6741
(a) A Special Fund, to be known as the “Municipal Administration Fund” (“MAF”), is hereby created to be administered by and under the custody of the Government Development Bank for Puerto Rico (“GDB”). Except for the transitory period between February 1, 2014, and June 30, 2014, the revenues of the State IVU received every fiscal year by the Commonwealth of Puerto Rico (“Commonwealth”) shall be deposited into said special fund, once the Fixed Income is deposited in the Dedicated Sales Tax Fund, as required under §§ 11a-16 of Title 13, as amended, known as the “Dedicated Sales Tax Fund Act”. The amount to be deposited every fiscal year in said special fund shall be the product of the amount of the State IVU collected during the current fiscal year multiplied by a fraction whose numerator shall be zero point five percent (0.5%) and whose denominator shall be the rate of such tax during such fiscal year (the “required annual deposit”). Deposits to this special fund shall be made: (1) after an amount which bears the same ratio to the required annual deposit accumulated once the fixed income has been deposited in the Dedicated Sales Tax Fund, as required under §§ 11a-16 of Title 13, is deposited from the first revenues of the State IVU; and (2) after such amount is deposited, periodically every month, by the financial institution acting as custodian of the revenues of the State IVU imposed by the Commonwealth. If the Commonwealth fails to comply with the provisions of this paragraph, it shall pay the MAF an interest equal to the interest established in § 32126(e) of Title 13.
(b) During the transitory period between February 1, 2014, and June 30, 2014, the Commonwealth shall deposit (from the funds of the State IVU, including the transfer of the municipal zero point five percent (0.5%) to the Commonwealth established under this chapter) the sum of forty-three million four hundred forty thousand one hundred eighty-four dollars ($43,440,184). Provided, That such amount shall be distributed among the funds as provided in §§ 32127—32129 of Title 13, and to municipalities in the same proportion as during the period between February 1, 2013, and June 30, 2013. The Commonwealth shall make the monthly deposits to the funds established in §§ 32127—32129 of Title 13, in the same proportion that such municipal funds were deposited during the period between February 1, 2013, and June 30, 2013. The municipalities shall have no obligation whatsoever to return the funds to be deposited by the Commonwealth under this subsection.
History —Jan. 24, 2014, No. 18, § 1.2, eff. Feb. 1, 2014.