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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