P.R. Laws tit. 5, § 430g
The Executive Director of the Corporation and/or the Authority is hereby authorized to solicit from time to time, from the Puerto Rico Legislature, the funds needed to liquidate all those obligations of the Corporation or the Authority, while administering the Mercedita Refinery, related to retirement plans and collective bargaining agreements of the employees, environmental obligations, legal actions and other contingencies which may arise after the tansfer dte, related to actions or omissions of the Corporation or the Authority, while administering the Mercedita Refinery, before the tansfer date, as established in subsection (a)(1) of § 430a of this title.
Part of the negotiations authorized by virtue of this chapter shall be to make an estimate of the losses corresponding to the 1998 crop in order to fix the total amount of said losses to be assumed by the Sugar Corporation, or if the latter has been liquidated, by the Land Authority, which may not exceed the amount of nine million dollars ($9,000,000). Should the losses exceed said limit, the Executive Director of the Corporation and/or the Authority shall proceed according to the provisions of § 430d of this title.
Part of the negotiations authorized by virtue of this chapter shall be to make an estimate of the costs corresponding to the 1999 crop and the running expenses for the year 2000 in order to fix the total amount of said costs, of which a total of eight million dollars ($8,000,000) shall be assumed by the Corporation, or if the latter has been liquidated, by the Authority. Said additional funds shall be provided for this purpose by the bank ($6,000,000) and by the Economic Development Bank for Puerto Rico ($2,000,000), as established in § 430d of this title. Furthermore, the colonos shall have access to the two million seven [hundred] thousand dollars ($2,700,000) which were previously authorized and not disbursed to cover the running expenses for the 1998 crop.
The amount honored shall be included as part of the ten million dollars ($10,000,000) which the Office of Management and Budget shall recommend annually in the General Expenses Budget of the Government of Puerto Rico in order to amortize the debt of the Sugar Corporation.
History —Sept. 5, 1996, No. 189, § 9; Dec. 28, 1997, No. 202, § 6; Aug. 17, 1999, No. 271, § 2.