The Economic Development Bank of Puerto Rico, at its discretion, may grant financing for eligible projects involving substantial rehabilitation, improvements or new construction to be developed in Santurce, upon request. The Economic Development Bank may insure the financing granted by means of insurance. The funds to increase the insurance shall be provided from the collection of a fee of five (5%) percent of the value of the commercial financing secured by mortgages, granted in Santurce, and financed by the Economic Development Bank. The Economic Development Bank shall submit a special annual report to the Legislature, to the Governor, the Mayor and the Municipal Legislature of San Juan, with an evaluation of its role in the granting of the financing authorized by this section, including an account of the applications received, as well as its findings regarding the same. History —Aug. 4, 1988, No. 148, p. 618, § 8, renumbered as § 7 and amended on Apr. 17, 2003, No. 110, §§ 2, 3.
Puerto Rico Legal Code