Headquarters | Guaynabo, Puerto Rico |
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Established | December 26, 2006 |
Executive Director | José R. Otero-Freiría |
Currency | USD |
Part of a series on the |
Economy of Puerto Rico |
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Government |
Part of a series on the |
Executive branch of the government of Puerto Rico |
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The Puerto Rico Urgent Interest Fund Corporation (also known as the Puerto Rico Sales Tax Financing Corporation) —Spanish: Corporación del Fondo de Interés Apremiante (COFINA)— is a government-owned corporation of Puerto Rico that issues government bonds and uses other financing mechanisms to pay and refinance the public debt of Puerto Rico. The Corporation is a subsidiary of the Government Development Bank and was created by Law No. 291 of 2006. Bonds issued by COFINA are called Puerto Rico Sales Tax Revenue Bonds. [1] [2] [3]
The Corporation receives half of the state government portion of the Puerto Rico Sales and Use Tax (SUT) (2.75%, or half of the out of the state government’s portion of 6%) and is authorized to use such portion pay or finance, in whole or in part, or fund:
As of May 2011, COFINA had issued over $14.4 billion in bonds pursuant to its Enabling Act, as amended, of which $13.4 billion were outstanding. [3] As an independent corporation, COFINA has the same powers, rights and faculties as the Puerto Rico Government Development Bank under its Constitutional Charter. [3]
Headquarters | Guaynabo, Puerto Rico |
---|---|
Established | December 26, 2006 |
Executive Director | José R. Otero-Freiría |
Currency | USD |
Part of a series on the |
Economy of Puerto Rico |
---|
Government |
Part of a series on the |
Executive branch of the government of Puerto Rico |
---|
The Puerto Rico Urgent Interest Fund Corporation (also known as the Puerto Rico Sales Tax Financing Corporation) —Spanish: Corporación del Fondo de Interés Apremiante (COFINA)— is a government-owned corporation of Puerto Rico that issues government bonds and uses other financing mechanisms to pay and refinance the public debt of Puerto Rico. The Corporation is a subsidiary of the Government Development Bank and was created by Law No. 291 of 2006. Bonds issued by COFINA are called Puerto Rico Sales Tax Revenue Bonds. [1] [2] [3]
The Corporation receives half of the state government portion of the Puerto Rico Sales and Use Tax (SUT) (2.75%, or half of the out of the state government’s portion of 6%) and is authorized to use such portion pay or finance, in whole or in part, or fund:
As of May 2011, COFINA had issued over $14.4 billion in bonds pursuant to its Enabling Act, as amended, of which $13.4 billion were outstanding. [3] As an independent corporation, COFINA has the same powers, rights and faculties as the Puerto Rico Government Development Bank under its Constitutional Charter. [3]