P.R. Laws tit. 23, § 695d
(a) A fund to be known as the Puerto Rico Science, Technology and Research Trust Fund is hereby created within and under the custody of the Government Development Bank for Puerto Rico. The Fund shall be nourished by:
(1) Twenty percent (20%) of the moneys covered into the Economic Development Special Fund administered by the Puerto Rico Industrial Development Company, revenues collected annually by virtue of § 10115(c) of Title 13. The Executive Director of the Puerto Rico Industrial Development Company is hereby directed to have said funds transferred to the Puerto Rico Science, Technology and Research Trust Fund. The transfer shall begin as of fiscal year 2004-2005.
(2) The funds that have not been disbursed by the Industrial Development Company to the University of Puerto Rico by the date of effectiveness of this act, pursuant to Resolution Number 2003-18 of June 18, 2003, for the “Centenary of the University of Puerto Rico Scientific Research Fund”.
(3) A special appropriation of five million dollars ($5,000,000) from the Public Improvements Fund for fiscal year 2004-2005, as consigned in legislation to that effect. Those resources shall be accounted for and maintained in an account separate from all other resources.
(4) Five million dollars ($5,000,000) per year beginning in fiscal year 2005-2006, proceeding from the balance of the moneys collected on account of the federal excise taxes sent to the Department of the Treasury of Puerto Rico each fiscal year, according to Section 7652(a)(3) of the United States Internal Revenue Code of 1986, as amended, available after the Department of the Treasury has complied with the transfer of the first moneys collected on account of said excise taxes to the Authority for the Financing of the Infrastructure of Puerto Rico pursuant to §§ 1914 of Title 3. In case there should not be any surplus funds from that distribution, the revenues needed for the Puerto Rico Science, Technology and Research Trust Fund shall proceed directly from the General Fund.
(5) Private donations, government funds, legislative appropriations, federal concessions or grants and gifts.
On or before ninety (90) days after the close of every fiscal year of the Commonwealth of Puerto Rico, the Secretary of the Treasury shall render a report to the Board of Trustees concerning the revenues transferred to the Fund pursuant to this chapter.
(b) The Council of Trustees may create within said Fund any accounts the Council may deem necessary. These shall be deposited on credit to the Fund, in those accounts as determined by the Council of Trustees, all contributions received by the Trust and all income received from the investments made with the moneys covered into the Fund.
(c) The moneys covered into the Fund may be invested in any obligation or instrument approved by the Bank pursuant to §§ 1261—1263 of Title 7. The Bank shall ensure that the investments authorized in this act generate the highest yield allowed by market conditions while at the same time ensuring that the invested principal is protected and shall annually render a report of the activities to the Council of Trustees.
(d) The moneys covered into the Fund shall be used to fulfill the purposes of this chapter. The disbursements of the moneys covered into the Fund shall be made according to the provisions of this chapter, to regulations and the budgets approved by the Council of Trustees and with any legal practices that govern the use of public funds.
History —Aug. 18, 2004, No. 214, § 6.