404a

To reimburse the municipalities for the uncollected property taxes resulting from the tax exemption provided by former § 402 of this title, there is hereby appropriated, from unencumbered funds in the Treasury of Puerto Rico, for the year 1962—63 and each succeeding fiscal year, a sum equal to the uncollected amount resulting from the aforesaid exemption. The Secretary of the Treasury shall, from the aforesaid appropriation, remit periodically to each municipality, a sum equivalent to the uncollected amount of its basic tax and shall transfer to the corresponding funds a sum equivalent to the uncollected amount of the tax levied, for the repayment of municipal loans. History —June 8, 1962, No. 24, p. 41, § 3.