(1) Prior to the issue of its bonds, the Authority shall request and obtain a resolution approving said issue from:\n(a) The Board of Directors of the Puerto Rico Tourism Company; and\n(b) the Board of Directors of the Government Development Bank for Puerto Rico, or\n(c) those committees that said Boards may designate for these purposes.\n(2) Board of Directors of the Government Development Bank for Puerto Rico, or that committee designated by it, shall consider the following factors for the approval of said issue:\n(a) Whether the Authority or the debtor, as pertinent, with its guarantor, if any, is financially responsible and is fully capable or willing to fulfill its obligations under the proposed bond issue, including its obligations to make payments in the amounts and on the dates required.\n(b) Whether adequate provisions shall be taken for the payment of principal and interest on the bonds, and to create and maintain the reserves required to such respect.\n(c) Whether, and to what extent, the bond issue will adversely affect bond issues or other pending obligations of the Government of the Commonwealth of Puerto Rico or any of its instrumentalities.\n(3) The Board of d to what extent, the bond issue will adversely affect bond issues or other pending obligations of the Government of the Commonwealth of Puerto Rico or any of its instrumentalities.\n(3) The Board of Directors of the Government Development Bank for Puerto Rico and the Board of Directors of the Puerto Rico Tourism Company shall establish, through regulations or a resolution, all the procedures and requirements that they deem are needed to authorize said issue.\nHistory —Sept. 2, 2000, No. 351, § 5.11; Oct. 4, 2001, No. 142, § 28.
Puerto Rico Legal Code