P.R. Laws tit. 23, § 5058
At the Corporation’s discretion, any bonds issued under the provisions of this chapter may be guaranteed by a trust contract by and between the Corporation and a corporate trustee, which may be a Trust Corporation (trust company) or a banking institution with the faculties of a Trust Corporation (trust company) within or outside of the Commonwealth of Puerto Rico.
It shall be legal for any banking institution or trust corporation incorporated under the laws of the Commonwealth of Puerto Rico, the United States of America or any state of the United States of America to act as depositary of the proceeds of the bonds, income or other monies to execute indemnity bonds or to offer as guarantee the securities required by the Corporation. In addition to the above, the trust contract may contain all the provisions that the Corporation deems reasonable and appropriate for the security of the bondholders.
History —Sept. 24, 2004, No. 489, § 29.