The Board of Directors of the Municipal Revenue Collection Center (CRIM, in Spanish) is hereby empowered to negotiate a loan agreement through its Executive Director with an authorized financing entity under the following terms and conditions:\n(a) The principal of the loan shall not exceed the sum of seventy-two million dollars ($72,000,000) and its proceeds shall be used to pay the balance of the debt contracted by CRIM for the payment of the contract for the digitalization and implementation of the real estate appraisal and return to the municipalities the amounts improperly withheld during the past three and one half (31/2) years, and to defray the expenses of the loan.\n(b) The loan shall have a minimum term of ten (10) years.\n(c) The payments of principal and interest for the amortization of the loan up to its final payment shall be made by CRIM through the withholding of monies payable to the municipalities. The portion to be paid by each municipality shall be determined by the Executive Director of CRIM, following the basic criteria that govern the loan in effect.\n(d) The Executive Director of CRIM shall have the power to negotiate and approve the terms and conditions of Executive Director of CRIM, following the basic criteria that govern the loan in effect.\n(d) The Executive Director of CRIM shall have the power to negotiate and approve the terms and conditions of the loan contract and related documents, subject to the provisions of this section.\n(e) The debenture to be subscribed shall be formalized between the MRCC Executive Director and a duly authorized official of the financial entity with any attachments whose formalization is necessary to evince the financed, accepted and approved debt.\nHistory —Oct. 11, 2001, No. 146, § 5; Nov. 16, 2001, No. 159, § 1.
Puerto Rico Legal Code