The Puerto Rico Infrastructure Financing Authority was created in June 1988 to provide financial, administrative, consulting, technical, advisory, and other types of assistance to other public corporations, governmental instrumentalities, political subdivisions and municipalities (collectively, “Benefited Entities”) authorized to develop infrastructure facilities and to establish alternate means for financing infrastructure facilities.
The Authority is authorized to issue bonds and provide loans, grants and other financial assistance for the construction, acquisition, repair, maintenance and reconstruction of infrastructure projects by Benefited Entities.
The Authority’s enabling act also established the Puerto Rico Infrastructure Fund, funded with annual fixed amounts from the first proceeds of federal excise taxes imposed on rum and other articles produced in Puerto Rico and sold in the United States which are transferred to Puerto Rico pursuant to the United States Internal Revenue Code of 1986, as amended. Currently, this amount is $117 million, until fiscal year 2052.
Rum is the only article currently produced in Puerto Rico subject to federal excise taxes, the proceeds of which are required to be returned to the Treasury. The Authority is using these amounts to provide financial support for various infrastructure and other projects.
The Authority has provided assistance to PRASA, among other Benefited Entities, with regards to the design and construction of various strategic regional water and sewer projects intended to provide improved services to targeted regions throughout the island; the implementation of an action plan to address a number of small water and sewer rehabilitation projects; the achievement of compliance with certain environmental laws; and the establishment of a prioritized capital program.
In June 1998, the Authority’s enabling act was amended to establish the Infrastructure Development Fund, a permanent trust fund to be utilized by the Authority for the purpose of financing infrastructure projects.
In 2010, the Authority completed new infrastructure projects in connection with the holding of the Central American and Caribbean Games in Mayagüez, Puerto Rico, in 2010, with the investment of approximately $405 million.
Currently, the Authority's efforts are well under way to modernize nearly 100 public schools as part of the "Schools for the 21st Century Program, one of the most comprehensive projects in decades for the improvement of the public education system in Puerto Rico. This program has a budget of $756 million from the Public-Private Partnerships Authority and is scheduled to complete its first 50 schools by August 2012.
For more information on the Authority as a tax-exempt securities issuer, including its most recently released financial statements, click HERE.
World Plaza Building
268 Muñoz Rivera Ave., 4th Floor
San Juan, P.R. 00918
PO Box 41207
San Juan, PR 00940-1207
Tel (787) 763-5757
Fax (787) 765-5712
Tel (787) 763-5757 x-1537
Fernando Sánchez-Rodríguez, Eng.
Assistant to the Executive Director
Tel (787) 763-5757 x-1402
José E. Basora-Fagundo, Eng.
Director of Engineering
Tel (787) 763-5757 x-2019
Wanda Acevedo-Torres, CPA
Chief Financial Officer
Tel (787) 763-5757 x-1628
Brenda Virella-Crespo, Esq.
Director of Legal Services
Tel (787) 763-5757 x-1640
Website (in Spanish)