Puerto Rico GDB discloses more public data on website

The GDB and several agencies have released government information. (Credit: © Mauricio Pascual) The GDB and several agencies have released government information. (Credit: © Mauricio Pascual)

The Government Development Bank for Puerto Rico announced Wednesday that, as part of its efforts to increase transparency and improve investor relations, it has made additional disclosure materials available on its website.

In response to investor requests, the Treasury Department has published its monthly fiscal year 2014 General Fund revenue estimates. Meanwhile, the Puerto Rico Sales Taxes Financing Corporation (known as COFINA in Spanish) has also authorized the posting of certain legal opinions related to its credit structure.

During its Oct. 15 webcast, the GDB stated that U.S.-based bond counsel, Puerto Rico-based underwriter’s counsel and the Puerto Rico Justice Secretary have provided, for each COFINA transaction, legal opinions that the sales and use tax is not subject to “claw-back” by General Obligation bondholders under the Puerto Rico Constitution. The legal opinions provided for the last COFINA capital markets transaction, completed in 2011, are also now available on GDB’s website.

The GDB also expects to host a conference call with the legal counsel that authored the 2011 COFINA opinions next week to answer questions about the content of such opinions, the agency said.

Author Details
This story was written by our staff based on a press release.

Can we count on you?

As recent events have shown us, independent and responsible journalism is more important than ever. That’s why your support is very necessary to ensure that we will be around for a while!

We want to stay true to our mission of delivering quality journalism…for that, we count on your support. Every contribution, big or small, is greatly appreciated!

Use the PayPal button below and contribute today!

Comment here