P.R. Laws tit. 22, § 314
If the amount in the Isabela Irrigation Fund be insufficient to pay the principal, interest or other charges payable out of the said fund, or if this fund shall at any time become temporarily exhausted, and in case the Legislature has not provided means for remedying such condition, then the Secretary of the Treasury of Puerto Rico may, in anticipation of the collection of assessments from either the temporary or the permanent irrigation district, or in anticipation of the sale of bonds which shall have been previously authorized by legislative enactment on account of the irrigation system provided herein, pay such charges out of any funds in the Treasury not otherwise appropriated, charging the same to the Isabela Irrigation Fund, or by borrowing from the banks for such time as may be necessary and at the most advantageous rate of interest obtainable, which in no case shall exceed six percent (6%) a year and repaying the same out of said fund when there is a sufficient amount therefor, together with interest at three percent (3%) per annum, as regards advances made by the Commonwealth Treasury, and at such rate of interest as may have been agreed upon in cases of bank loans; Provided, however, That interest shall not be charged on advances made by the Treasury, as before provided, until such time as the Legislature may so determine.
The amounts appropriated by the Legislature from year to year, as provided in § 306 of this title, for the purpose of making provision for the amortization of the principal of the bonds maturing in any fiscal year, the payment of the interest, the operation and maintenance, and the deficit, of the preceding year, shall be in the form of loans; and for the purpose of reimbursing to the Commonwealth Government, wholly or partly, the said amounts plus interest thereon as hereinafter provided, the Legislature shall extend, whenever it deems it advisable, the period during which the maximum assessment of fifteen ($15) dollars an acre a year, as provided in § 306 of this title, is to continue in force, or shall make provision therefor in such other manner or form as it may consider justified for such purpose.
The aforesaid loans shall bear interest at the rate of three percent (3%) a year, which interest shall begin to run on such date as the Legislature may determine in the future.
History —June 19, 1919, No. 63, p. 348, § 39; Apr. 21, 1928, No. 29, p. 178, § 2; May 15, 1931, No. 96, p. 578, § 1.