Esta ley enmienda la Ley Núm. 17 de 23 de septiembre de 1948 para autorizar al Banco Gubernamental de Fomento para Puerto Rico a transferir anualmente al Fondo General del Estado Libre Asociado hasta el diez por ciento (10%) de su ingreso neto auditado o la suma de diez millones (10,000,000) de dólares, lo que sea mayor.
(Approved June 16, 2002)
To amend the title and add a second paragraph to Section 5 of Act No. 17 of September 23, 1948, as amended, in order to authorize the Government Development Bank for Puerto Rico to transfer annually to the General Fund of the Commonwealth of Puerto Rico, up to ten percent $(10 %)$ of its audited net income or the sum of ten million $(10,000,000)$ dollars, whichever is greater.
Act No. 17 of September 23, 1948, as amended, created the Government Development Bank for Puerto Rico to operate as fiscal agent and financial advisor to the Government of the Commonwealth of Puerto Rico, its instrumentalities and municipal governments. One among its responsibilities is that of assisting the Government in discharging its fiscal duties and its responsibility of promoting the economy of our island.
The Government Development Bank for Puerto Rico has played a decisive role in the economic development of our island by promoting industrial development and by the extraordinary performance of its fiscal functions. With its technical and human resources, the Bank has contributed significantly to the success in the Government's management of its finances and resources.
Throughout its history, the Government Development Bank for Puerto Rico has excelled as a first-rate institution and enjoys international renown,
having received the highest ratings by evaluating agencies. At present, the Government Development Bank for Puerto Rico enjoys a solid financial status and earns a high income.
For all of the above and in view of the fact that the Bank is not under the obligation to pay taxes, it is hereby established, pursuant to the purposes for which the Bank was created, that the Government Development Bank may transfer annually to the General Fund of the Commonwealth of Puerto Rico, up to ten percent $(10 %)$ of its audited net income or the sum of ten million $(10,000,000)$ dollars, whichever is greater. Said contribution may be made on the first day of the fiscal year, that is, July $1^{ ext {st }}$ of each year. However, if the amount is transferred prior to the completion of the audited financial statements, the ten-percent ( $10 %$ ) computation shall be revised once said audited financial statements are submitted, and if any difference is found, the corresponding adjustment shall be made.
Section 1.- The title is hereby amended and a second paragraph added to Section 5 of [the Spanish version of] Act No. 17 of September 23, 1948, as amended, to read as follows: "Artículo 5.- Propósito público; exenciones contributivas; aportación al Fondo General.—
Por la presente... A partir del año fiscal iniciado el $1^{ ext {ro }}$ de julio de 2000 y terminado el 30 de junio de 2001, el Banco podrá aportar anualmente al Fondo General del Estado Libre Asociado de Puerto Rico hasta el diez por ciento (10%) del ingreso neto del año fiscal anterior o la suma de diez millones $(10,000,000)$ de dólares, lo que sea mayor. Dicha aportación podrá ser realizada el día
primero de cada año fiscal, entiéndase el $1^{ ext {ro }}$ de julio de cada año. No obstante, el cómputo del diez (10) por ciento deberá ser revisado una vez se presenten los estados financieros auditados y, de existir alguna diferencia, se realizará el ajuste correspondiente."
Section 2.- The title is amended and an additional second paragraph is added to Article [sic] 5 of Act No. 17 of September 23, 1948, as amended, to read as follows: "Article 5.- Public purpose: tax exemption; contribution to the General Fund...
From the fiscal year beginning on July $1^{ ext {st }}, 2000$, and ending on June $30^{ ext {th }}$, 2001, the Bank may transfer every year to the General Fund of the Commonwealth of Puerto Rico up to ten percent (10%) of its audited net income or the amount of ten million $(10,000,000)$ dollars, whichever is greater. Said contribution may be transferred on the first day of the fiscal year, that is, on July $1^{ ext {st }}$ of each year. However, if the payment is made prior to the completion of the audited financial statements, the ten percent (10%) computation shall be revised once said audited financial statements are submitted, and if any difference is found, the corresponding adjustment shall be made."
Section 3.- This Act shall take effect immediately after its approval.
I hereby certify to the Secretary of State that the following Act No. 82 (H.B. 2185 ) of the $\underline{3}^{ ext {rd }}$. Session of the $\underline{14}^{ ext {th }}$ Legislature of Puerto Rico:
AN ACT to amend the title and add a second paragraph to Section 5 of Act No. 17 of September 23, 1948, as amended, in order to authorize the Government Development Bank for Puerto Rico to transfer annually to the General Fund of the Commonwealth of Puerto Rico, up to ten percent ( $10 %$ ) of its audited net income or the sum of ten million $(10,000,000)$ dollars, whichever is greater, has been translated from Spanish to English and that the English version is correct.
In San Juan, Puerto Rico, today $3^{ ext {th }}$ of February of 2004.
Elba Rosa Rodríguez-Fuentes Director