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La Fortaleza Signs $400M TRANs Bill

By on July 16, 2016

SAN JUAN – Secretary of State Víctor Suárez, as acting governor, signed into law House Bill 2964, which allows the State Insurance Fund Corp. (SIF), Temporary Nonoccupational Incapacity Insurance (Sinot by its Spanish acronym) and Automobile Accident Compensation Administration (ACAA by its Spanish acronym) to buy $400 million in tax revenue anticipation notes, or TRANs, issued by the central government.

suarez

Secretary of State Víctor Suárez

In addition, during fiscal year 2017, the law suspends monthly set-asides for the payment of general obligation debt.

As it did last fiscal year, the administration seeks to shore up cash to operate during the first months of fiscal 2017, which began July 1.

Act 69 of 2016 provides Treasury with short-term liquidity and adds to other measures that, amid the island’s fiscal situation, allow the government to continue providing essential services without interruption, La Fortaleza stated.

 

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