(a) Income generated by a revenue generating project financed by obligations evidenced by revenue bonds shall be used in the order of priority and for the purposes indicated below:\n(1) To pay all operating and maintenance expenses of the revenue generating project;\n(2) to provide reserves for the operation and maintenance and the repair and replacement of the revenue generating project;\n(3) to pay the principal, and the premium, if any, and the interest on the revenue bonds for the payment of which the income of the revenue generating project has been committed or otherwise encumbered, and to provide for the corresponding reserves;\n(4) to pay the principal, the premium, if any, and the interest on any other obligation which is not backed by an encumbrance or other lien on the income of the revenue generating project, but was issued to provide resources to pay the cost of said project, and\n(5) any surplus from the income of the revenue generating project, after complying with the preceding items, may be transferred to the General Fund of the municipality and used for any other legal purpose of the municipality.\n(b) In case that the income generated by a revenue generating he preceding items, may be transferred to the General Fund of the municipality and used for any other legal purpose of the municipality.\n(b) In case that the income generated by a revenue generating project financed by obligations evidenced by revenue bonds are not sufficient, or for any other reason were not assigned for the payment of the principal, the premium, if any, and the interest on said revenue bonds, the Center shall withhold from the monthly income remittance to the municipalities the amounts needed to make said payments.\nHistory —July 3, 1996, No. 64, § 19, renumbered as § 22 and amended on Aug. 12, 1997, No. 75, § 21.
Puerto Rico Legal Code