Municipalities are hereby authorized to take money on loan, to be secured and taking as base the product of the income or resources derived from the municipal retail sales and use tax, as defined in this chapter. Payment of these loans by the municipalities shall be chargeable to funds received on account of the municipal retail sales and use tax. Loans authorized under this section shall not be subject to the limitations on borrowing capacity contained as part of this chapter. History —July 3, 1996, No. 64, added as § 29a on July 29, 2007, No. 81, § 3; May 28, 2009, No. 19, § 1.
Puerto Rico Legal Code