P.R. Laws tit. 22, § 907a
The Government of Puerto Rico hereby guarantees the payment of the principal of and interest on outstanding bonds at any given time, for a total principal amount that shall not exceed four billion seven hundred twenty-one million dollars ($4,721,000,000), issued from time to time by the Public Buildings Authority for any of its purposes authorized by §§ 901 et seq. of this title. The bonds covered by this warranty shall be those specified by the Authority, with the consent and approval of the Government Development Bank for Puerto Rico, including, but not limited to, Qualified School Construction Bonds or other bonds, including federal tax credit bonds under Section 54A of the U.S. Internal Revenue Code of 1986, as amended, or other applicable section, and a statement of such warranty shall be placed on the face of such bonds. If at any time the revenues or income and any other monies of the Authority, pledged for the payment of the principal of and interest on such bonds, are not sufficient for the payment of such principal and interest at their maturity date nor to maintain the reserve fund for the bonds that the Authority has pledged to maintain, the Secretary of the Treasury shall withdraw from any available funds in the Treasury of Puerto Rico, such sums as may be necessary to cover the deficit in the amount required for the payment of such principal and interest, and to repay said reserve fund and restore it to the required maximum agreed by the Authority; and shall direct that the sums thus withdrawn be applied to such payment and purpose.
For purposes of this section, it shall not be deemed as outstanding those bonds that have been redeemed, voided and/or refinanced and for which payment has been reserved for its maturity or redemption date through a special reserve, a guaranteed investment contract or other acceptable collateral. To make the payments described in the above paragraph, the full faith, credit, and the taxing power of the Government of Puerto Rico are hereby pledged.
History —Apr. 11, 1968, No. 17, p. 27; May 30, 1970, No. 89, p. 238, § 2; June 23, 1971, No. 72, p. 214, § 2; May 1, 1973, No. 13, p. 49; Aug. 9, 1974, No. 19, Part 2, p. 639, § 2; Mar. 19, 1979, No. 27, p. 63, § 2; May 27, 1981, No. 1, p. 71, § 2; July 3, 1986, No. 69, p. 231, § 2; July 14, 1989, No. 21, p. 80, § 2; July 12, 1993, No. 23, § 2; July 25, 1996, No. 75, § 2; Mar. 13, 2003, No. 86, §§ 1, 2; Dec. 28, 2003, No. 321, § 2; May 16, 2006, No. 97, § 8; July 26, 2010, No. 95, § 1; July 12, 2011, No. 128, § 1; July 2, 2012, No. 131, § 1.