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Fiscal board holds hearing on Puerto Rico debt investigation

SEPTEMBER 19, 2018 | CARIBBEAN BUSINESS

“Some of recommendations included in the 600-page report …. are: … amending the Puerto Rico Constitution so that tax securitization structured debt, such the Sales Tax Financing Corp.’s (Cofina), count toward the constitutional debt-limit calculation; adopting a statute that requires that the bonds or the issuer’s structure be validated by a court  before the debt is issued; adopting a joint and modernized accounting and budgeting system that, among other mechanisms, incorporates automatic stop-pay controls for exhausted budget categories … and having the Office of Government Ethics undertake targeted reforms, including the implementation of a whistleblower or bounty program.”

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