Base line of COFINA:  This financial structure was creating due to the fact the Constitution of Puerto Rico could not have in annual debt payments more the 15% of the yearly income

Base line of COFINA:  This financial structure was creating due to the fact the Constitution of Puerto Rico could not have in annual debt payments more the 15% of the yearly income 150 150 Affordable Capstone Projects Written from Scratch

Base line of COFINA:  This financial structure was creating due to the fact the Constitution of Puerto Rico could not have in annual debt payments more the 15% of the yearly income.  The government of Puerto Rico created COFINA as an instrument to issue bonds in as an extra constitutional debt, which would then not fall in the 15% yearly debt payments.

My thesis is based on that the government deviated the original creation of COFINA and amendments after amendments if started to use the taxation addressed to COFINA for other purposes and the debt is even higher now.

In the following websites you can fine everything related with COFINA.

http://www.gdb.pr.gov/investors_resources/cofina.html

http://www.gdb.pr.gov/investors_resources/commonwealth.html

 

Bill/ Act for reference:  NOTE:  IN SPANISH

 

Núm. 91 de 13 de mayo de 2006, según enmendada: http://www.lexjuris.com/lexlex/leyes2006/lexl2006091.htm

Núm. 291 de 26 de Diciembre de 2006 : http://www.oslpr.org/2005-2008/leyes/pdf/ley-291-26-Dic-2006.pdf

 

Other amendments:

Ley Núm. 291 de 26 de Diciembre de 2006

Ley Núm. 56 de 5 de Julio de 2007

Ley Núm. 1 de 14 de Enero de 2009

Ley Núm. 7 de 9 de Marzo de 2009

Ley Núm. 18 de 22 de Mayo de 2009

Ley Núm. 133 de 2 de Julio de 2012

Ley Núm. 40 de 30 de Junio de 2013

Ley Núm. 116 de 10 de Octubre de 2013

Ley Núm. 101 de 1 de Julio de 2015

Ley Núm. 84 de 22 de Julio de 2016)

 

 

 


 

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