Establishment of Continuing Appropriation
- Establishes a continuing appropriation from any unappropriated funds in the Insular Treasury.
- Ensures maintenance of the sinking fund at a level sufficient to retire bonds when due.
Payment of Exchange or Transfer Costs
- Appropriates necessary sums from the Insular Treasury for payment of costs related to exchange or transfer.
- Covers costs incurred for transferring funds to the City of New York for payment of principal or interest on bonds.
Repeal of Conflicting Laws
- Repeals all acts or parts of acts that conflict with the provisions of this Act.
Effectivity
- The Act takes effect immediately upon its passage.