2024 Laws of Puerto Rico
TITLE THREE - Executive (§§ 1 — 9311)
Chapter 21 - Emergency Agencies (§§ 451 — 492)
§ 463 - Emergency Fund—Loans from Commonwealth Treasury
When the revenues of the Emergency Fund so require and there arises a situation as anticipated in § 459 of this title the Secretary of the Treasury is hereby authorized, on petition of the Governor or the officer to whom he may delegate, to grant loans to said fund, chargeable to any funds deriving from non-fiscal year appropriations as well as from any trust funds in the Commonwealth Treasury, up to the maximum provided in § 458 of this title. The Secretary of the Treasury, in mutual agreement with the Director of the Office of Management and Budget, shall recover, in case said loans have been made from trust funds, the amounts loaned plus interest computed at the rate prevalent at the time the loans were made, and in other cases, without interest, through appropriations made in the General Budget Act in the fiscal year next following that in which said loans were made, or in subsequent years if the revenue estimate does not allow the appropriating of the full amount thereof.
The authorization herein granted shall not be construed as impairing the rights, duties and other obligations contracted upon individually creating the trust funds, and the Secretary of the Treasury of Puerto Rico shall see to it that at all times there is sufficient cash on hand to meet immediately the disbursements authorized against said funds.
History —June 21, 1966, No. 91, p. 304, § 7.
