Esta ley enmienda la Ley Núm. 100 de 12 de julio de 2002 para autorizar la emisión de bonos del Estado Libre Asociado de Puerto Rico por un monto no mayor de quinientos millones de dólares ($500,000,000) para cubrir el costo de mejoras públicas necesarias. La enmienda elimina una limitación en el uso de activos, corrige una fecha y añade el financiamiento de subsidios para proyectos de vivienda asequible como un propósito aceptable para la emisión de bonos.
(Approved September 3, 2003)
To amend Section 1 of Act No. 100 of July 12, 2002, in order to eliminate the second paragraph, correct the date in item VII, and to add an affordable housing subsidy in item X, as an acceptable purpose to cover the bond issue authorized by law.
Act No. 100 of July 12, 2002, has as its main purpose to authorize the Bond Issue of the Commonwealth of Puerto Rico for a principal amount which shall not exceed five hundred million $(500,000,000)$ dollars, and the issue of notes in advance of bonds to cover the cost of necessary public improvements and the cost of the sale of said bonds.
The essence of said Act No. 100 is to authorize and expedite the transactions detailed therein. The second paragraph of Section 1, however, imposes certain limitations that could affect the transactions contemplated therein. Therefore, it is proper to amend said Act in order to eliminate the restriction on the uses of assets with a term of five (5) years or more and the restriction on their use for operating expenses. This Act also amends the abovementioned Act Number 100, to include the financing of subsidies to affordable housing projects as an acceptable purpose.
Section 1.- Section 1 of Act No. 100 of July 12, 2002, is hereby amended to read as follows: "Section 1.- The Secretary of the Treasury is hereby authorized to issue and sell, all at once or from time to time, bonds of the Commonwealth of Puerto Rico in a principal amount which shall not exceed five hundred million $(500,000,000)$ dollars in order to cover the cost of the necessary public improvements itemized below, including the acquisition of the necessary land or rights thereon, and equipment therefor, the drafting of plans and specifications, the cost of the sale of the bonds and notes issued in advance thereof, and any other necessary expense in connection with the acquisition or construction of such improvements.
The public improvements and the cost of the sale of the bonds to be financed under this Act, and the estimated amounts of the proceeds of the bonds to be applied to each of such improvements and costs by major expense items, are as follows: I. Transportation and Communications
Facilities $ 46,824,000 II. Aqueduct and Sewer Facilities 53,696,000 III. Hospital, School, Social Welfare and
Labor Facilities 26,089,000 IV. Agricultural and Tourist Facilities 35,953,000 V. Construction and Improvements of
Parks and other Recreational and Cultural Facilities $30,965,000$
| VI. | Development of Flood and Solid Waste Control Projects | $ 76,655,000 |
|---|---|---|
| VII. | Necessary Costs for the 2003 Bond Issue | 3,500,000 |
| VIII. | Construction of Municipal Works | 48,900,000 |
| IX. | Construction of Works | 55,000,000 |
| X. | Housing Construction, Improvements and Subsidies | 64,914,000 |
| XI. | Development of Corrections and Law | |
| Enforcement Projects | 32,504,000 | |
| XII. | Special Maintenance Fund | 25,000,000 |
| TOTAL | $500,000,000 |
With regard to the acquisition and construction of the public works, the Secretary of the Treasury is hereby authorized to pay all those costs incurred in connection with the issue of bonds and notes authorized by this Act, including costs related to insurance, letters of credit or other instruments used to reduce financing costs. Any discount, charge for commitment or syndication, or any similar charge payable as a result of the issue of bonds and notes, shall be included in the computation of the price or prices for which said bonds and notes may be sold, pursuant to the provisions of this Act.
Section 2.- This Act shall take effect immediately after its approval.
I hereby certify to the Secretary of State that the following Act No. 258 (H.B. 3479) of the $5^{ ext {th }}$ Session of the $14^{ ext {th }}$ Legislature of Puerto Rico:
AN ACT to amend Section 1 of Act No. 100 of July 12, 2002, in order to eliminate the second paragraph, correct the date in item VII, and to add an affordable housing subsidy in item X, as an acceptable purpose to cover the bond issue authorized by law, has been translated from Spanish to English and that the English version is correct.
In San Juan, Puerto Rico, today $30^{ ext {th }}$ of September of 2003.
Elba Rosa Rodríguez-Fuentes Director