Security
Hotel Occupancy Tax Revenue Bonds are payable primarily from certain revenues pledged therefore and derived from a hotel occupancy tax imposed by the Commonwealth of Puerto Rico and collected by the Puerto Rico Tourism Company on substantially all hotel room rentals in the Commonwealth. To the extent other Commonwealth revenues are insufficient to pay for the general obligation debts and other guaranteed debt of the Commonwealth, the hotel occupancy tax revenues are subject to being applied first to the payment of such Commonwealth debts and obligations before they may be applied to pay debt service of the Bonds. The Bonds are limited obligations of the Authority payable solely from the pledged revenues; they do not constitute public debt of the Commonwealth.
Functions
The Puerto Rico Convention Center District Authority is a public corporation created by Act.142 of October 4, 2001, as amended by Act No. 185 of August 3, 2004, to develop, manage and oversee the Puerto Rico Convention Center, the Coliseo de Puerto Rico José Miguel Agrelot, the Rivas Domenici Executive Airport, and other adjacent hospitality, commercial and residential developments within the District. The Convention District consists of 113 acres of prime land currently under development using public/private partnership structures, with government investment yielding to greater private investment into the economy and supporting its success. The District will include hotels, retail stores, residences and recreational areas. The modern and cutting edge Convention Center will be the drawing force for a new era of economic and tourist development in Puerto Rico.
Trustees Under the Trust Indenture:
JPMorgan Chase Bank, N.A.
Financial Statements Audited by:
RSM ROC & Company
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