Ley 159 del 2001
Resumen
Esta ley enmienda la Ley Núm. 146 de 11 de octubre de 2001 para clarificar disposiciones relacionadas con la autorización al Centro de Recaudación de Ingresos Municipales (CRIM) para obtener un préstamo. Se detallan los términos y condiciones del préstamo, incluyendo el monto máximo, el uso de los fondos para pagar deudas y devolver cantidades retenidas indebidamente a los municipios, y la forma de pago mediante la retención de fondos municipales. También se establece que la garantía del préstamo constituye una obligación legal del CRIM y se asegura con el flujo de pagos de los municipios. Se aclara que el pago de estos préstamos no se considera para el cálculo del límite de servicio de deuda municipal y se faculta al Director Ejecutivo del CRIM a deducir los pagos de las remesas mensuales a los municipios. Finalmente, se añade una sección para preservar las facultades del Banco Gubernamental de Fomento como agente fiscal.
Contenido
(No. 159)
(Approved November 16, 2001)
AN ACT
To amend Sections 5, 6, 7 and 8 of Act No. 146 of October 11, 2001, add a new Section 10 and renumber the subsequent Section as Section 11, in order to clarify the text of the Act.
STATEMENT OF MOTIVES
These clarifying amendments are hereby submitted to Act No. 146 of October 11, 2001, which authorizes the Municipal Revenues Collection Center (CRIM, in Spanish) to obtain a loan for the advanced payment of the bonds issue, among other provisions.
BE IT ENACTED BY THE LEGISLATURE OF PUERTO RICO:
Section 1.- Subsection
(a) of Section 5 of Act No. 146 of October 11, 2001, is hereby amended to read as follows: "Section 5.- The Board of Directors of the Municipal Revenues 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:
(a) The Principal of the loan shall not exceed the sum of seventy-two (72) million dollars 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.
(b) ...
(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.
(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 5.
(e) ...'
Section 2.- Section 6 of Act No. 146 of October 11, 2001, is hereby amended to read as follows: "Any guarantee of payment contracted by CRIM pursuant to what is established above, shall constitute a legal obligation of said entity with the Bank and shall be secured with the flow of payments agreed upon with the corresponding municipalities. It shall so be stated in the financing documents signed for the granting of the loan. CRIM may guarantee the loan with the Bank and with the financing entity against the collection of the basic municipal tax which guarantee shall constitute a legal obligation of CRIM."
Section 3.- Section 7 of Act No. 146 of October 11, 2001, is hereby amended to read as follows:
"Section 7.- The payment of the two loans to be granted under this Act shall not be taken into account to calculate the maximum of the five (5) percent debt service established in subsection
(c) of Section 16 of Act No. 64 of July 3, 1996, as amended, known as the "Puerto Rico Municipal Financing Act." In the event that any municipality that avails itself of the terms of this Act has also obtained a loan under the terms of Act No. 42 of January 26, 2000, it may be restructured along with the current debt under the term set forth in subsection
(a) of Section 4."
Section 4.- Section 8 of Act No. 146 of October 11, 2001, is hereby amended to read as follows: "Section 8.- The Executive Director of CRIM is hereby empowered to deduct from the monthly payments to the corresponding municipalities, the amount equal to the payment of principal and interest of the debts authorized by this Act and remit them to the Bank or financing entity, as the case may be. The Director is also empowered to withhold from monthly remittances the amount owed area result of the sale of delinquent debts from the municipalities that do not avail themselves of the financing provided by this Act. The withholdings authorized herein shall not be considered to compute the limit established in Section 22 of Act No. 80 of August 30, 1991, as amended."
Section 5.- To add a Section 10 to Act No. 146 of October 11, 2001 and renumber the subsequent Section 10 as Section 11, to read as follows: "Section 10.- None of the provisions of this Act shall limit the powers, obligations and prerogatives of the Government Development Bank for Puerto Rico as fiscal agent, pursuant to Act No. 272 of May 15, 1945, as amended."
Section 11.- This Act shall take effect immediately after its approval.
CERTIFICATION
I hereby certify to the Secretary of State that the following Act No. 159 (H.B. 1831) of the $2^{ ext {nd }}$ Session of the $14^{ ext {th }}$ Legislature of Puerto Rico:
AN ACT to amend Sections 5, 6, 7 and 8 of Act No. 146 of October 11, 2001, add a new Section 10 and renumber the subsequent Section as Section 11, in order to clarify the text of the Act, has been translated from Spanish to English and that the English version is correct.
In San Juan, Puerto Rico, today $15^{ ext {th }}$ of December of 2004.
Elba Rosa Rodríguez-Fuentes Director