Puerto Rico Lawmakers Pass $2.9 Billion Bonding Measure
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Puerto Rico’s legislature passed a $2.9 billion borrowing measure that would repay money owed to the Government Development Bank and fund public transportation.
The measure increases the junk-rated territory’s petroleum tax to $15.50 per barrel, from $9.25, with the additional revenue going to back a bond sale of as much as $2.9 billion. The island’s debt is tax-exempt nationwide.