Prifa identifies $24M in unused proceeds from 2006 debt issuance
SAN JUAN — Almost 10 years following the transaction, Puerto Rico’s Infrastructure Financing Authority (Prifa) identified roughly $24 million in unused proceeds from a debt issuance carried out by the entity in 2006.
“Through a consolidation of different Prifa funding sources, [unused proceeds from] from bonds issued in 2006 for infrastructure projects and improvements to public schools have been identified,” revealed Tuesday Prifa’s executive director, Eduardo Rivera Cruz, who said the entity is in the process of identifying uses for the funds.
Caribbean Business asked why it took the government nearly 10 years to identify the $24 million in unused proceeds from the 2006 transaction. “It is a consolidation that was [recently] made in Prifa. Unfortunately, the past administration didn’t use them,” Rivera said.
He added that the $24 million in funds are deposited at the U.S. Bank, the public corporation’s trustee.
Both La Fortaleza’s infrastructure advisor, María Palou, and the head of AFI stated that they are evaluating the regional projects to be financed with the identified funds, in accordance with Gov. Ricardo Rosselló’s public policy and his government platform, ”Plan for Puerto Rico.”
Rivera said that the use of funds will not be limited to improving schools, and could also be invested in improvements to hospitals and other infrastructure projects. He added that a task force already exists to identify which initiatives will have priority.
Prifa’s outstanding debt totals more than $2.2 billion, and the public corporation shapes up—along with other entities such as the Convention Center District Authority and the Metropolitan Bus Authority—as a possible candidate for bankruptcy under Title III of the federal Promesa law.
Related Posts
Latest News
-
The Impact of Climate Change in Puerto Rico and on Humanity
Climate change on Earth affects humanity in all of the...
- Posted May 14, 2022
-
Cowboys and Indians Revisit the Federal Realm
The recent decision by the U.S. Supreme Court that the...
- Posted May 14, 2022
-
Puerto Rico Has Highest Proportion of Tax Expenditures Globally
Study by Espacios Abiertos Reveals Cost of Economic Incentives is...
- Posted May 14, 2022
-
SSI Exclusion Leaves Puerto Rico in the Cold
Associate Justice Sees Potential Repeal of ‘Shameful’ Insular Cases The...
- Posted May 13, 2022
-
GM Sectec, UPR Sign Cybersecurity Agreement
Organizations Establish Practice Centers for Students in Cybersecurity, IT GM...
- Posted May 13, 2022
-
Government, Academia Reach Agreement to Develop Workforce
Will Provide Training for Participants of Labor Development Program Puerto...
- Posted May 13, 2022
-
Where Were You When the Lights Went Out?
“Where Were You When the Lights Went Out,” the 1968...
- Posted May 7, 2022
-
Amazon Web Services Expands Operations in Puerto Rico
Local Office Will Offer Services to other Caribbean Islands...
- April 22, 2022
-
Pierluisi Eases Most COVID-19 Restrictions
Eliminates Mask Requirement for Most Indoor Settings Gov. Pedro...
- March 10, 2022
-
García Padilla: Rubio Is No Friend of Puerto Rico
Governor Says Rubio's Remarks Confirm he Works for 'Vultures'
- February 26, 2016
- 15
You must be logged in to post a comment Login