1613

In case of default in the payment of the mortgage debt by the cooperative school, the Government Development Bank for Puerto Rico shall pay to the mortgagee the security herein authorized up to the limits agreed upon. For such purposes, the Bank shall, if necessary, issue bonds without collateral security, pledging the credit and good faith of the Commonwealth of Puerto Rico. Bonds without collateral security shall be issued for a term not longer than the time remaining to liquidate the mortgage debt of the cooperative school and at an annual interest not exceeding that authorized by law to be paid on bonds issued by the Commonwealth, its municipalities, authorities and public corporations and for a sum not greater than the unpaid amount of the mortgage debt and the incidental expenses of the issue.\nHistory —June 7, 1973, No. 111, p. 456, § 13.