P.R. Laws tit. 13, § 354k
(a) A public corporation and instrumentality of the Commonwealth of Puerto Rico is hereby created, to constitute a corporate and political entity independent and separate from the Commonwealth of Puerto Rico, to be known as the Fideicomiso para la Compra de Deudas Contributivas Morosas de Puerto Rico (“FIDECOM”), whose name in English shall be Puerto Rico Tax Receivables Trust. FIDECOM is hereby created with the purpose of issuing securities, bonds, obligations, instruments, share certificates or units, or other proofs of a share in investment, to obtain funds to buy or acquire tax receivables or all or part of the rights to receive payments on account of tax receivables or any interest thereon. FIDECOM may use any amount as necessary from the moneys originating from the payment of tax receivables which it is entitled to receive or the proceeds of the sale of securities, bonds, obligations, instruments, share certificates or units or other proofs of a share in investment, issued under the provisions of this chapter, for the payment of expenses incurred in relation to the issue and sale of such securities, bonds, obligations, instruments, share certificates or units or other proofs of a share in investment, including expenses relative to insurance, letters of credit or other instruments, and to defray any operating expense. FIDECOM shall be attached to the Government Development Bank for Puerto Rico. The Board of Directors of the Government Development Bank shall be the Board of Trustees of FIDECOM. FIDECOM shall have the same powers, rights and authorities conferred upon the Government Development Bank under the provisions of the Charter of the Government Development Bank, whose powers may be exercised only to fulfill the purposes for which FIDECOM has been created, but it shall not have the authority to act as a fiscal agent of the Government. The revenues, operations and property of FIDECOM shall enjoy the same tax-exempt status as the Government Development Bank, and FIDECOM securities, bonds, obligations, instruments, share certificates or units or other proofs of a share in investment and the revenues generated on account thereof shall enjoy the same tax exemption as the Government Development Bank’s securities, bonds, notes and other obligations.
(b) FIDECOM shall have the following additional powers:
(1) To obtain for any public or private financial or banking entity, sureties, letters of credit, performance bonds, insurance or other types of instruments to improve the credit of securities, bonds, notes, obligations, instruments, share certificates or units or other proofs of a share in investment from time to time in separate series or classes; and
(2) to issue, from time to time and in separate series or types, securities, bonds, obligations, instruments, share certificates or units or other proofs of a share in investment, and
(3) to sue and be sued.
(c) The Commonwealth of Puerto Rico is hereby authorized, as well as all agencies, municipalities, public corporations and other public instrumentalities or political subdivisions of the Government of Puerto Rico with authority under the law to invest their funds, to invest in any securities, instruments, share units, certificates or other proof of a share in investment issued by FIDECOM. FIDECOM and the securities, bonds, instruments, share units, certificates or other proofs of a share in investment issued by FIDECOM, shall be exempted from the application of the provisions of §§ 661 et seq. of Title 10, known as the “Puerto Rico Investment Company Act”.
(d) The Department of the Treasury is hereby authorized to use FIDECOM and the other mechanisms authorized by this chapter for the collection of tax receivables which have become delinquent after June 30, 2008, for the benefit of the General Fund.
History —July 20, 2008, No. 125, § 14.