Esta ley enmienda la Ley Núm. 212 de 29 de agosto de 2000, conocida como la "Ley de Préstamos para el Establecimiento de Centros de Cuidado Diurno para Niños", para incluir los Centros de Actividades Múltiples para Personas de Edad Avanzada y las Facilidades de Cuidado a Largo Plazo para Personas de Edad Avanzada entre los usos elegibles para dichos préstamos. Establece un fondo rotatorio de cuatro millones de dólares en el Banco Gubernamental de Fomento para Puerto Rico para este fin y define las categorías de préstamos disponibles para el establecimiento de nuevos centros y mejoras a los existentes.
(Approved December 28, 2003)
To amend Sections 1, 2 and 3 of Act No. 212 of August 29, 2000, as amended, known as the "Establishment of Child Day Care Center Loan Act," to include Multiple Activity Centers for the Elderly and LongTerm Care Facilities for the Elderly, to the uses of said loans.
The Economic Development Bank for Puerto Rico is a public corporation created by virtue of Act No. 22 of July 24, 1985, with the primary mission of developing native industry by assisting small and medium-size business of our country by making available, without it being understood as a limitation, direct loans, loan guarantees, and funds for investment in said businesses, with preference for small and medium-size Puerto Rican business persons, as defined through regulations by the Board of Directors of the Bank, to any person, business firm, corporation, cooperative, or other private organization engaged in manufacturing, commerce, agriculture, tourism and other service businesses whose economic activity has the effect (directly or indirectly) of replacing imports.
Among the functions of the EDB for the development of local industry by means of granting financing, is the development of day care centers for children. Puerto Rican families face pressing financial situations which cannot depend completely upon one salary, with both spouses needing to
become a part of the working group in order to be able to assume their financial responsibilities.
Currently, the families in our country face the responsibility of caring for their elderly relatives. The population of elderly persons in Puerto Rico increases each day, making it necessary to consider their needs, since they represent such an important and essential part of our society.
The Bank faces the problem of not being able to grant financing to multiple activity centers and long-term care facilities for the elderly because they were not contemplated in the Child Day Care Centers Act. Therefore, the Bank cannot assign funds appropriated by said Act to multiple activity centers and long term care facilities for the elderly, consequently, the EDB cannot offer financing to such an important sector of our society. Therefore, it is necessary to empower the Bank to extend this type of financing to those engaged in the care center and activities of this elderly population.
Section 1.- Sections 1, 2 and 3 of Act No. 212 of August 29, 2000, as amended, known as the "Establishment of Child Day Care Center Loan Act," are hereby amended to read as follows: "Section 1.- The Loan for the Establishment of Child Day Care Center and Multiple Activity Centers and Long-Term Care Facilities for the Elderly Act is hereby created.
Section 2.- A loan fund for the development of child day care centers, multiple activity centers and long-term care facilities for the elderly is hereby established in the Government Development Bank for Puerto Rico (the Bank). This fund shall be administered by the Bank. The sum of four (4) million dollars shall be appropriated for this Fund, which shall originate from
the General Fund of the Commonwealth Treasury. The loan fund shall be used as a revolving fund.
Section 3.- A Child Day Care Center, Multiple Activity Centers and Long-Term Care Facilities for the Elderly Loan Program is hereby established. Said loans shall fall into two (2) categories:
(a) For the establishing of new centers, whereby a loan of up to two hundred thousand dollars $($ 200,000)$ shall be granted for the acquisition of properties, construction, and acquisition of equipment for child day care facilities, multiple activity centers and long-term care facilities for the elderly.
(b) For improvements to existing child day care centers, multiple activity centers and existing long-term care facilities for the elderly, a loan of up to twenty five thousand dollars $(25,000)$ shall be granted."
Section 2.- This Act shall take effect thirty (30) days after its approval.
I hereby certify to the Secretary of State that the following Act No. 316 (H.B. 3178) of the $6^{ ext {th }}$ Session of the $14^{ ext {th }}$ Legislature of Puerto Rico:
AN ACT to amend Sections 1, 2 and 3 of Act No. 212 of August 29, 2000, as amended, known as the "Establishment of Child Day Care Center Loan Act," to include Multiple Activity Centers for the Elderly and Long-Term Care Facilities for the Elderly, to the uses of said loans, has been translated from Spanish to English and that the English version is correct.
In San Juan, Puerto Rico, today $27^{ ext {th }}$ of October of 2004.
Elba Rosa Rodríguez-Fuentes Director