585

The Bank shall be and is hereby appointed and authorized to act as a Financial Advisory and Reporting Agency to the Council of Secretaries of Puerto Rico and to the Secretary of the Treasury of Puerto Rico. The Bank is hereby directed to prepare and submit to the Council of Secretaries of Puerto Rico and to the Secretary of the Treasury of Puerto Rico, prior to the issuance, sale or exchange by any municipality of Puerto Rico or by the Secretary of the Treasury of Puerto Rico on the behalf of any municipality, of any bonds, notes, or other evidences of indebtedness, issued pursuant to the provisions of any law, authorizing the issuance, sale or exchange of such bonds, notes or other evidences of indebtedness by the municipalities of Puerto Rico, or by the Secretary of the Treasury of Puerto Rico, on behalf of the municipalities of Puerto Rico, a report as to the feasibility of such financing procedure, including the Bank’s recommendation as to maximum interest rate, redemption privileges and premiums therefor, maturity schedule, proper sale procedure and other relevant information. History —May 15, 1945, No. 272, p. 952, §§ 5, 15.