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INDUSTRIAL, TOURIST, EDUCATIONAL, MEDICAL, AND ENVIRONMENTAL CONTROL FACILITIES FINANCING AUTHORITY | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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LEGAL AUTHORITY
Act No. 121 of June 27, 1977,
as amended, known as the Puerto Rico Authority for Industrial, Tourist, Educational, Medical and Environmental Control Facilities Financing Act. MISSION Offers different financing alternatives to public and private sectors that promote capital investment, improvements in Puerto Rico's infrastructure, and the expansion and development of industries, commerce, medical institutions, tourism industry, educational institutions, private institutions and environmental control institutions. ORGANIZATIONAL STRUCTURE
PROGRAM Counseling and Financing for Investment in Facilities Program Description
Provides intermediate and long term financing by issuing local, state and federal tax exempt bonds. The funds obtained from these issues must be used by industries to finance the acquisition, construction and installation of industrial, tourism, educational, medical, and environmental control equipment. It finances infrastructure and environmental improvement projects with income from bond issues. The Authority's operational expenses are covered with commissions obtained from issuing bonds, which are 1% of the issue or as agreed to by the Government Development Bank and AFICA (Spanish acronym). FISCAL YEAR 2012-2013 PROPOSED BUDGET The proposed consolidated budget for Fiscal Year 2012-2013 amounts to $84,000 in Revenues from Internal Sources. These resources will be used for operational expenses and to continue to offer financing alternatives for the public and private sectors. SUMMARY OF AVAILABLE RESOURCES
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