5823

The information obtained as provided in § 5822 of this title, shall be [reported] to the mayor of each municipality that is eligible to participate [in] the loan, by the Executive Director of the Center, during the first ten (10) working days following the date of approval of the loan by the Board of Directors of the Center. The mayor and the municipal legislature of each eligible municipality shall have fifteen (15) working days from the date the notice issued by the Executive Director of the Center is received, to accept and approve their participation in the financing authorized by §§ 5821–5831 of this title, through a resolution of said legislature. Once the financing is approved, the mayor shall sign the documents needed to execute the financing pursuant to the terms and conditions authorized by §§ 5821–5831 of this title. In those cases that the mayor and the municipal legislature do not agree to participate in the loan, their debt with the Center shall be declared due and payable, whereby the municipality shall be bound to honor its immediate payment. In these cases, the municipality shall be bound to submit the corresponding adjustment to the Commissioner of Municipal

ayable, whereby the municipality shall be bound to honor its immediate payment. In these cases, the municipality shall be bound to submit the corresponding adjustment to the Commissioner of Municipal Affairs (the Commissioner) so that the Commissioner may issue the pertinent certificate regarding the propriety and the accuracy of said adjustment.\nHistory —Jan. 26, 2000, No. 42, § 3.