Sec. 304. Duties
387 words·~2 min read·
/bill/116/hr/2526/ih/section-304·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
The Commission shall carry out the duties described in subsections
(b)and (c). The Commission shall conduct a comprehensive audit of all public debt of the Commonwealth of Puerto Rico issued during the period beginning on the first day of fiscal year 1972 and ending on the date of enactment of this Act, which shall include an audit of agreements, contracts, and other forms or methods employed by the Commonwealth of Puerto Rico and any instrumentality thereof to obtain credit from governments, banking or multilateral financial system institutions, and the domestic or foreign private sector. In order to conduct the comprehensive audit under paragraph (1), the Commission shall establish criteria to be used in evaluating each credit request that shall include, with respect to each credit request— any precedent, study, technical, economic, financial, or social viability score, or other supporting document that supported the credit request at the time the credit request was made; the amount of the credit requested in the credit request; the currency unit in which the credit was obtained through the credit request; the total amount of any subsequent increase or extension of credit from the original amount of credit obtained through the credit request; the economic, financial, and business conditions agreed upon under the credit request; the economic, financial, and business conditions effectively applied under the credit request; any condition contained in the credit request; the intended and actual use of any resources funded by the credit request; the total impact of any project funded by the credit request; the name of each individual who, on behalf of any party to the credit request, transacted or executed the credit request; each method or mechanism used to meet any obligation agreed to under the credit request; and any other circumstance or information determined by the Commission to be pertinent in determining the legitimacy, lawfulness, transparency, quality, efficacy, and efficiency of each credit request, considering— the legal and financial aspects of the credit request; and the economic, social, gender, regional, ecological, national, and municipal impact of the credit request. The Commission shall establish and maintain a publicly available data transparency database that shall contain any information relating to any public, private, domestic, or foreign debt held by a public institution of the Commonwealth of Puerto Rico collected through the comprehensive audit under subsection (b).