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.