Puerto Rico

Decision instrument

The new general-obligation bonds were authorized by Act No. 53-2021 and confirmed by the Title III court. No new tax-supported debt has been issued since March 15, 2022.

What public act authorizes the borrowing, and where is the purpose and the first-year cost written down? Debt Affordability Report for fiscal year 2024, dated April 2, 2025. The Plan of Adjustment became effective March 15, 2022. Legacy general-obligation bonds were discharged. This report is not the audited annual report.

Debt statement

No Annual Debt Statement of the New Jersey kind. The attached record is the fiscal year 2024 debt report, dated April 2, 2025, not an audited annual report.

What yearly filing states gross debt, deductions, and how close the issuer is to its limit? Municipality dollar rows are not attached.

Debt limit

The constitution stops pledged general-obligation debt service at 15% of the average of the two preceding years’ treasury revenues. A later debt policy uses a lower test.

What cap binds a county or a city, and is the state's own ceiling a different rule? Constitution, Article VI, Section 2. Bonds other than housing mature in no more than 30 years. Housing bonds mature in no more than 40 years. The debt-management policy’s primary limit is 7.94% and its secured sub-limit is 0.25%. As of June 30, 2024, the report prints a primary ratio of 5.99% and a secured ratio of 0.00%. The report says those policy limits have not been tested by a new issue, because none has been sold since March 15, 2022. It also says its cash revenues can differ from the audited statements. The constitution leaves the municipal percentage to the Legislative Assembly. That percentage is not copied here.

Conflict rule

Not attached.

Which ethics statute covers local officers, what counts as an interest, and who is left out? The ethics statute was not opened in this sitting, so no percentage and no ban are copied from another government.

Geography

Seventy-eight municipalities.

What is the county-equivalent, and which cities, schools, and authorities must not be pasted onto that row? Census municipality codes. Seats are not in the debt report. Dollar rows stay blank.

Primary money record

New general-obligation current-interest par: $5.958 billion, as of June 30, 2024. Capital-appreciation accreted value is a separate $730.749 million.

Which audited report is the state's own number, and as of what date? Debt Affordability Report. The nine current-interest lines add to the printed $5,957,500,000. The two capital-appreciation accreted lines add to $730,748,544, and the report’s total prints $730,748,543. The $1 is left as printed. Their initial principal prints $624,802,600. The report does not add the current-interest par and the accreted value into one outstanding figure, so this file does not either. At the March 15, 2022 effective date the new bonds were $7.4 billion. That is not the June 30, 2024 balance.

Who pays the coupon

The June 30, 2024 table shows $723.735 million of current-interest par maturing July 1, 2025. Interest on that payment is not in the table.

Which fund, tax, or rate is actually pledged — not which new store might show up later? The full faith, credit, and taxing power are the constitutional pledge for direct obligations. This report does not print the interest due with that July 1, 2025 maturity. COFINA debt service is excluded from the policy’s secured sub-limit and is not part of the general-obligation par.

Other obligors

COFINA and the other tax-supported credits stay out of the $5.958 billion. Their current balances are not in the table that was used.

Which authorities and districts borrow beside the state and must not be added to its total? The report discusses COFINA and a comprehensive cap on net tax-supported debt. It does not, on the pages used here, print a current COFINA principal to set beside the general-obligation par. That balance is not invented.

Book-entry wall

Cede & Co., at the Depository Trust Company.

Who is the registered owner on ordinary public paper? The debt report prints series identifiers. They are not copied here. Beneficial owners stay unnamed.