Posted on 04/06/2016 10:13:02 AM PDT by cll
The draft "Law on Moratorium Emergency and Financial Rehabilitation of Puerto Rico" would give many absolute and unilateral powers to governor Alejandro García Padilla, including the option of expropriating properties from private companies that refuse to continue to provide services to the Government during an emergency declaration.
According to the bill, which was approved this morning in the House of Representatives after being approved in the Senate yesterday, the governor "may take all reasonable and necessary measures to continue providing essential public services and protect the health, safety and welfare, including, without limitation, expropriating property rights of a contractor".
That is, if during the emergency declaration a contractor decides he does not want or is not feasible to continue providing related health, safety and welfare services, then García Padilla could expropriate their property to guarantee services.
The measure further provides that any government contract may not be terminated or modified during the period of emergency and voids any resulting claims or lawsuits on the matter.
With regard to claims, the Senate bill 1591 specifically states that no person or entity that has any claim or right against the Government may exercise the same, such as acceleration or termination of payment or compensation right remedy.
In Article 202, which specifies the conditions of the emergency period, it is noted that the bondholders "will receive the minimum payment of the debt" and that when the Government is obliged to pay interest then creditors will be "entitled to accrue interest on the portion you have not been paid at a rate equal to the contractual rate of interest. "
The measure gives the power to the governor to suspend payment of any obligation guaranteed by the Government Development Bank (GDB), payment under any letter of credit ( "letter of credit") and any obligation or commitment to lend or provide money or credit, against the end of the bank itself.
"Subject to the availability of funds and aggregate disbursement established by the governor, amount the Bank will honor any request for withdrawal or transfer of deposits or any request to honor a check of a municipality, the Judicial Branch, the UPR, the Assembly legislative or its agencies, the Office of the Comptroller, the Office of the Election Comptroller, the State Election Commission, the Office of Government Ethics, the Office of Special Independent Prosecutor "as long as certifying that the funds will be used for payment of services essential.
Among the charges, set forth in Article 204 of the proposed moratorium, anyone who makes a check to withdraw all or a substantial portion of their deposits in the BGF is guilty of a serious crime that can be punished with imprisonment up to one year or with a fine not less than $ 25,000.
Meanwhile, the measure provides that during a decree of emergency period the governor also may suspend the allocation of money to pay any debt blanketed by entities and may also freeze the transfer of money for an entity to pay them their bondholders .
Is it too late to give Puerto Rico back to Spain?
Am I mistaken or did Puerto Rico just make itself into a dictatorship?
Ahhhhhh.....the Democrats.
They stole themselves into a hole, and now they’re going for the big steal.
How is this any different than slavery?
Puerto Rico going back to a Communist dictatorship again. I’m sure Obama is pleased, and the Mainstream media won’t say a word about it.
Maybe the leftists can start peddling Padilla T-shirts! That could become very fashionable in our colleges.
This sounds like something coming out of Venezuela, a shining beacon for socialists and Marxists.
It’s not.
L
It’s venezuela in puerto rico
puerto rico is puerto pobre
Cuba redux?
We may have to have another war to force them to take it back.
Socialists always do love them some dictator.
That would be brilliant: give the EU a place right on our doorstep. It sure would be really emblematic of the death of that pesky Monroe Doctrine that Kerry bragged about on November 2013.
Obama did this, so why not PR?
Don’t contract with the government. Problem solved.
Reason #1 why Puerto Rico should never be given statehood.
Those people have no conception of property rights or what a republic is.
Look how well the same strategy worked in Venezuela.
>>Those people have no conception of property rights or what a republic is.
State govt, D.C. or P.Rico? IMO, all 3 /s
>Don’t contract with the government. Problem solved.
Ah, now if only govt didn’t steal everything one owned for any number of (illegal) programs/agencies/welfare/’services’ there would BE no need to contract, no?
Combine that with employment and business killing wage legislation, they are not that for behind your beloved island.
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