P.R. Laws tit. 27, § 2613
The Bank is hereby authorized to design and implement any mechanism, method or instrument as the Bank may deem pertinent and appropriate, including, but not limited to, total or partial sureties, letters of assurance, letters of credit, and others to ensure compliance by the partnering government entity of its contract and financial obligations under the partnering contract. Any mechanism, method or instrument that the Bank may decide to implement in connection with a partnering contract, shall be subject to such terms and conditions that the Board of Directors of the Bank may determine and shall be previously recommended by the Director of the Office of Management and Budget and approved by the Governor or the executive official on whom he/she delegates. Amounts disbursed by the Bank under any such mechanism, method or instrument shall be annually repaid with the moneys available, if any, in the fund created for such purpose in § 2616 of this title. Insofar as such funds are not sufficient to repay all amounts paid or advanced by the Bank, the Director of the Office of Management and Budget shall include in the operating budgets of the Commonwealth of Puerto Rico submitted each year by the Governor to the Legislature, beginning in the fiscal year following the date on which the Bank made a disbursement under any mechanism, method or instrument and the moneys available in the fund created by § 2616(d) of this title have been depleted, such amounts as necessary to enable the Bank to recover principal and interest, except for public corporations or municipal entities, which shall respond with their own resources.
History —June 8, 2009, No. 29, § 14.