These bonds are payable from the gross revenues derived from some of its properties ("Trusteed Properties") and, if required, from any other available funds of PRIDCO. The bonds are further secured by a debt service reserve equal to maximum annual debt service reserve on all outstanding General Purpose Revenue Bonds. Trusteed Properties consist mainly of industrial buildings built by PRIDCO and leased to private firms. The revenues derived from Trusteed Properties are from rental payments. When leases are renewed, the rental payments may be increased as PRIDCO and the lessee agree, without approval from any regulatory agency.
PRIDCO's main function is to promote economic development of Puerto Rico and provide industrial facilities for lease or sale to private manufacturing companies.
Trustee Under the Trust Indenture:
New York, N.Y.
Financial Statements Audited by:
HLB Parissi, P.S.C.