Puerto Rico Authorization to increase bonded indebtedness
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How to fill out Authorization To Increase Bonded Indebtedness?
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FAQ
A failing power grid and affordability strains are dividing the island into haves and have-nots. If you walk in certain circles, it's easy enough to believe that Puerto Rico has moved past devastating hurricanes and the largest municipal bankruptcy in US history.
The following pages detail the main causes of the island's financial troubles, focusing on labor force decline, the health care crisis, and debt and debt service costs.
Puerto Rican households experience a number of financial hardships: The annual household median income in Puerto Rico was just below $22,000 in 2021. 1.4 million people in Puerto Rico are reported as living below the federal poverty line.
The Puerto Rican government-debt crisis was a financial crisis affecting the government of Puerto Rico. The crisis began in 2014 when three major credit agencies downgraded several bond issues by Puerto Rico to "junk status" after the government was unable to demonstrate that it could pay its debt.
More than eight years after the Puerto Rico Electric Power Authority stopped paying its bonds and with most other Puerto Rico municipal issuers having since restructured their bonds, eight Puerto Rico bonds continue to pay in full and on time.
?The FOMB's Plan of Adjustment is premised on extracting further rents from commercial and residential energy consumers ?that is, ordinary citizens? to satisfy the unsecured claims of PREPA's bondholder-creditors.
Debt restructurings in progress The Plan, amended in March, proposed to cut PREPA's unsustainable debt by almost 50%, to approximately $5.68 billion, and should provide the financial stability necessary to invest in a modern, resilient, and reliable energy system for Puerto Rico.