Notes on 48 U.S.C. § 745 : US Code - Notes

Search Notes on 48 U.S.C. § 745 : US Code - Notes

(Mar. 2, 1917, ch. 145, Sec. 3, 39 Stat. 953; Feb. 3, 1921, ch. 34,
Sec. 2, 41 Stat. 1096; Mar. 4, 1927, ch. 503, Sec. 1, 44 Stat.
1418; Aug. 26, 1937, ch. 831, 50 Stat. 844; Aug. 17, 1950, ch. 731,
64 Stat. 458; Pub. L. 87-121, Sec. 1, Aug. 3, 1961, 75 Stat. 245.)
CODIFICATION
Section is comprised of second part of section 3 of act Mar. 2,
1917, commencing with proviso clause. The first and last parts of
section 3 are classified to sections 741 and 741a, respectively, of
this title.
PRIOR PROVISIONS
Provisions similar to those in this section were contained in act
Apr. 12, 1900, ch. 191, Sec. 38, 31 Stat. 86.
AMENDMENTS
1961 - Pub. L. 87-121 struck out "no public indebtedness of
Puerto Rico and the municipalities of San Juan, Ponce, Arecibo, Rio
Pledras, and Mayaguez shall be allowed in excess of 10 per centum
of the aggregate tax valuation of its property, and no public
indebtedness of any other subdivision or municipality of Puerto
Rico shall hereafter be allowed in excess of 5 per centum of the
aggregate tax valuation of the property in any such subdivision or
municipality," before "All bonds issued" and also struck out "In
computing the indebtedness of the people of Puerto Rico, municipal
bonds for the payment of interest and principal of which the good
faith of the people of Puerto Rico has heretofore been pledged and
bonds issued by the people of Puerto Rico secured by bonds to an
equivalent amount of bonds of municipal corporations or school
boards of Puerto Rico shall not be counted but all bonds hereafter
issued by any municipality or subdivision within the 5 per centum
hereby authorized for which the good faith of the people of Puerto
Rico is pledged shall be counted" after "District of Columbia".
1950 - Act Aug. 17, 1950, made section applicable to
municipalities of Arecibo and Rio Piedras.
1937 - Act Aug. 26, 1937, made section applicable to municipality
of Mayaguez and substituted "August 26, 1937" for "March 4, 1927"
wherever appearing.
1927 - Act Mar. 4, 1927, made section applicable to
municipalities of San Juan and Ponce, limited public indebtedness
of other subdivisions or municipalities of Puerto Rico to 5 per
centum, and inserted in last sentence two clauses, the first
relating to the non-inclusion of municipal bonds for the payment of
interest and principal, and the second reading "but all bonds after
August 26, 1937, issued by any municipality or subdivision within
the 5 per centum authorized for which the good faith of the people
of Porto Rico is pledged shall be counted."
1921 - Act Feb. 3, 1921, increased allowable public indebtedness
from 7 to 10 per centum of aggregate tax valuation of property.
EFFECTIVE DATE OF 1961 AMENDMENT
Section 2 of Pub. L. 87-121 provided that: "Section 1 of this Act
[amending this section] shall take effect upon a majority of the
qualified electors of Puerto Rico having voted in a referendum
pursuant to section 1 of article VII of the constitution of the
Commonwealth of Puerto Rico, to include provisions in the
Commonwealth constitution, in lieu of the provisions of section 3
of the Puerto Rican Federal Relations Act [this section] specified
herein, limiting the debt-incurring capacity of the Commonwealth
and of its municipalities (as proposed in the concurrent resolution
of the legislative assembly of the Commonwealth)."
[Referendum held Dec. 10, 1961, and debt limitation amendment to
Article VI, Sec. 2, of Constitution of Commonwealth of Puerto Rico
ratified by a majority of voters.]