^ \ May 1964
A SPECIAL REPORT ON
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MUNICIPALITIES OF PUERTO
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COMMONWEALTH OF PUERTO RICO
GOVERNMENT DEVELOPMENT BANK FOR PUERTO RICO SAN JUAN. PUERTO RICO
This mup of Pucrio Rico shows the relative locations of the municipalities of Catano, Dorado. Toa Baja. Utuado and Vega Baja. Catano lies within the San Jiian metropolitan area, and is a major source of labor for many important industrial activities. Dorado, situated 18 miles west of San Juan, on the northern coast, boasts two of the most beautiful
hotels in Puerto Rico. Toa Baja is a thriving industrial municipality, iidjacent to Dorado. Utuado. in the central ptirt of Puerto Rico, is the largest municipality in area, with a total
of 1 24 square miles. The municipality of Vega Biijii. about 25 miles west of San Juan, is an important sugar cane and dairy center.
A T L A j\ T I C
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PUERTO RICO
Puerto Rico is the fourth largest of the islands in the Caribbean area. It is about 100
miles long and 35 miles wide, having an area of 3,423 square miles and a population of approximately 2,534,000. The topography is characterized by a fertile coastal plain rising to interior mountains which run mostly from east to west. San Juan,
Capital of Puerto Rico, lies some 1,690 miles southeast of New York, 314 hours by jet plane, and 1,000 miles southeast of Miami, 2V4 hours by jet plane. Under its compact with the United States, the Commonwealth of Puerto Rico exercises virtually the same control over its internal affairs, and with the same gen
eral procedure as do the fifty federated States over theirs. It differs from the States primarily in its relationship to the Federal Government. In brief, residents of Puerto Rico do not vote in the national elections and are represented in Congress only by a
Resident Commissioner who has a voice but no vote in the House of Representatives. On the other hand. Federal taxes do not apply in Puerto Rico except by mutual consent, such as social security taxes. No Federal income tax is collected from Puerto Rican residents on income earned in Puerto Rico and Federal excise taxes
collected on exported Puerto Rican products, such as rum and tobacco, are returned to the Commonwealth Treasury. This relationship with the Federal Government is defined through the medium of the compact entered into by Congress and the People of Puerto Rico, and is further described hereafter.
Government History
Puerto Rico came under United States sovereignty by the Treaty of Paris on Decem
ber 10, 1898. The Congress of the United States provided for a civil government for the island in 1900. It provided for a Governor, a Cabinet, a Senate and a Supreme Court Judiciary, all appointed by the President of the United States; only a House of Delegates was elected by the People of Puerto Rico. Over succeeding years strong feeling developed for a less colonial form of govern ment and in favor of United States citizenship. The original Act was superseded in
1917 by the Organic Act or Jones Act, which granted United States citizenship to Puerto Ricans, as well as unrestricted suffrage for local purposes. It also provided that members of both Senate and House were to be elected by the people, but the
Executive and Judicial branches remained under control of Washington through
appointment by the President. No further change occurred until 1946 when the President for the first time ap
pointed a Puerto Rican as Governor. In 1947 the Jones Act was amended to permit Puerto Ricans to elect their own Governor, who in turn was empowered to appoint his Cabinet and members of the Supreme Court. The next advance toward complete local government occurred in 1950 when, in
accordance with the wishes of the People of Puerto Rico, the 81st Congress enacted
Public Law 600, approved July 3, 1950. This law. which is "in the nature of a com
pact." became effective upon its acceptance by the electorate of Puerto Rico. It provides that those sections of the Organic Act which define the political, economic
and fiscal relationship between Puerto Rico and the United States shall remain in full force and shall be thereafter known as the Puerto Rican Federal Relations Act.
It also authorized the People of Puerto Rico to draft and approve their own consti tution. The Constitution was drafted by a freely elected constitutional convention, overwhelmingly approved in a special referendum, and approved by Congress and the President. It became effective upon proclamation of the Governor of Puerto Rico on July 25, 1952.
The Commonwealth Government
The Constitution recognizes and assures a separation of powers among the executive, legislative, and judicial branches as in the Federal Constitution, and in those of the
States. Both the Governor and the bicameral legislature are subject to regular elec tion every four years. The Legislature operates under standard parliamentary and legislative rules. The judicial system, administered by a Supreme Court appointed for life, is composed of lower and intermediate courts. Writs of error and appeals from judgments of the District Court of the United States for Puerto Rico may be
taken to the United States Court of Appeals for the First Circuit and to the Supreme
Court of the United States and writs of error and appeals from judgments of the Supreme Court of Puerto Rico may be taken to the Supreme Court of the United States, in the same manner and under the same terms and conditions as writs of error and appeals may be taken from other Federal and State courts.
Governmental responsibilities assumed by the Commonwealth are greater than those normally assumed by a State government. Municipalities which combine both rural and urban areas are the only local political subdivisions and are comparable to counties in scope. The only units of government with the right to levy ad valorem
\ 1] "Eighth Hole" at
Dorado Beach Hotel
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Championship Golf Course.
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Modem rum distillery, Calano.
Skyline of San Juan in background.
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taxes are the Commonwealth Government and the municipalities. There is, there
fore, no other overlapping taxation or bonded indebtedness payable from taxes. The Commonwealth Government assumes responsibility for a number of important functions usually performed by local governments in the continental United States.
Among these are police and fire protection, education, all major street and highway construction, and public health programs. In addition, the Commonwealth Govern ment supervises municipal fiscal affairs to a very substantial extent. Commonwealth and municipal governments are relieved of most of the responsi
bility for constructing and financing electric, water and sewer systems by the Water Resources Authority and the Aqueduct and Sewer Authority. Air and sea port facilities are administered by the Ports Authority. The bonded debt of these public
corporations is supported entirely by revenues derived from their operations. Prospective Plebiscite Since 1952, when Congress authorized and Puerto Rico accepted the present com monwealth form of government, it has been recognized that this concept of political
status, being a new legal entity within the framework of the government of the United States, could in due course be subject to improvement. No significant changes
were proposed until 1961 when, through direct vote by Puerto Ricans, and with approval by Congress, the U. S. Congress provided for removal of control of the Commonwealth debt limit from the Federal Relations Act at such time as it was
incorporated by referendum in the Puerto Rican Constitution, and authorized appeal of decision of the Supreme Court of Puerto Rico directly to the U. S. Supreme Court, instead of through the U. S. First Circuit Court of Appeals. On July 25, 1962. the 10th Anniversary of the Commonwealth, the Governor of Puerto Rico stated sufficient time had elapsed, and enough experience had been
gained, to consider improvement and refinement of the commonwealth concept. Once this was to be defined, measures could then be taken to hold a plebiscite in
which the people could express their preference for a perfected commonwealth status, or for the classical forms of government of statehood or independence. The
Legislature of Puerto Rico, by almost unanimous vote, adopted a Resolution peti tioning Congress to provide the basis for such plebiscite.
In response to this, a Resolution (HR 5945) was introduced on April 30, 1963, in the United States House of Representatives, and was passed by the House on October 23, 1963 and by the Senate on February 18, 1964. The Resolution provides for the establishment of a "United States-Puerto Rico Commission on the Status of
Puerto Rico" which is to study all factors which may have a bearing on the present and future relationship between the United States and Puerto Rico. The membership of the Commission consists of three persons appointed by the President of the United
States, plus two each selected by the Senate and the House of Representatives, and six appointed by the Governor of Puerto Rico. The Commission is to render its report to the President and the Congress of the United States and to the Governor
and the Legislative Assembly of Puerto Rico not later than January 1966. It is expected that this study will result in the basis of a clarification and perfection of commonwealth status in such a manner that a subsequent plebiscite can express the basic preference and choice of the voters of Puerto Rico as to their future politi cal status.
and Diversification of the Economy of Puerto Rico
Economic growth in Puerto Rico since 1940 has been very rapid. Gross Product of the Commonwealth has increased more than IV2 times over its 1940 level and has
more than doubled during the past 10 years. In the year ended June 30, 1963, gross product totaled an estimated $2,233 million, representing an increase over the prior year of more than 13%.
Net income of the economy has increased from a level of $225 million in 1940 to
$1,811 million in 1963. Income, measured in terms of 1954 prices, has shown an average increase of about 5.9% compounded annually and in the year ended June 30, 1963 it increased by 9.5%. Per capita net income is now $736 compared to $121 in 1940.
The Commonwealth Government's program of industrialization has aided the economy to shift from one principally agricultural to one much better diversified
between industry and agriculture. Concurrently with the expansion in net agricultural income from $70 million in 1939-40 to $220 million in 1962-63, manufacturing
income increased from $27 million to $432 million, substantially surpassing agri culture as a source of income.
Puerto Rican manufacturing has been increasingly diversified during the last two decades. In 1939-40 the manufacture of sugar products accounted for 35% of manufacturing income. By 1962-63, about 6.8% of manufacturing income resulted from this industry. Manufacturing income is now generally derived from the produc tion of new types of goods, principally for shipment to the United States. Such ship ments amounted to only $23 million in 1948-49. By 1962-63 they had reached a total of about $531 million.
These new products cover a wide range such as apparel, petroleum derivatives, an electronic products. Large, heavily capitalized manufacturing operations have s own a significant increase in recent years as compared to those labor-intensive
operations promoted during the early part of the industrialization program. These include the Union Carbide & Chemical Corp., which operates a $28 million glycol
plant and is constructing a $22 million plant to produce alcohol intermediates. Petroleum refineries are operated by Caribbean Refining Co., which recently com
pleted an expansion program, and the Commonwealth Oil Refining Co., which is currently expanding its operation. An addition to Puerto Rico s petrochemical complex will be Puerto Rico Chemical Co., which announced plans to establish a $6 million anhydrous benzene bicarboxylic plant. In calendar 1963, a record 302 new factories began operation on the island, bringing the total of U. S. affiliated plants in Puerto Rico to 950.
Food processing has also been a significant growth area in recent years. Two rice mills and a large flour and feed mill supply an important share of Puerto Rico s food requirements. Four large tuna canneries are now in operation, and with one addi tional plant recently promoted, the island has become one of the leading suppliers of canned fish in the United States market. The forthcoming establishment of a soya
bean processing plant will produce feed for the growing cattle and dairy industry, and oil for the domestic market and for the tuna canneries. A subsidiary of Libby,
McNeill, and Libby has recently set up a plant for the canning of tomato paste and juice.
Further, many of the plants are branches or subsidiaries set up by such firms as General Electric, Consolidated Cigar Corporation, Sunbeam Corporation, American
Can Company, Phelps Dodge Corporation, Sperry Rand Corporation, Daystrom, Inc., Carborundum Corp., Sprague Electric, Van Camp Sea Food, Van Raalte, B.V.D. Corp., and W. R. Grace Company. One significant addition to Puerto Rico s
blue chip roster will be Ford Motor Co.'s $15 million ball bearing plant now under construction which will be the most modern facility of its kind in the world.
Helping to bring about the extraordinary changes in Puerto Rico's economy has been the Commonwealth Government's comprehensive development program, espe
cially those phases directed at encouraging manufacturers in the continental United States to expand and locate their new plants in Puerto Rico. As a result of this program, the annual inflow of capital from the continental United States for fixed investment in the Commonwealth has risen from $30 million in 1947 to $212 million in 1963. Annual fixed investment from all sources has risen from $62 million to $487 million during the same period and has equalled 21
per cent or more of gross product for the last four consecutive fiscal years 1960 through 1963.
The Puerto Rican people have benefited greatly from the economic expansion achieved since 1940. Life expectancy has increased from 46 years to 70 years and the death rate has declined from 18.2 per thousand to 6.8 per thousand. Personal
income for the average family has risen from $611 to $3,488. Public and private day school enrollment has increased from 297,000 to 659,000. University and college enrollment has grown from 5,000 to 30,900.
MUNICIPALITIES OF PUERTO ^IGO
Incurrence and Payment of Municipal Debt
Puerto Rico is divided into seventy-six contiguous municipalities, each of which consists of urban and rural areas. Municipalities may incur bonded debt only after receiving approval of the Governor of the Commonwealth. This is obtained only
after recommendation of the Department of Justice, the Planning Board and the Department of the Treasury, and the bonds must be sold through the Government Development Bank as fiscal agent. The borrowing capacity of the municipalities is limited by law to 5% of their respective assessed valuations, except in the cases of •~-San Juan,i Ponce, Mayaguez, Arecibo, Bayamon and Caguas, where the limit is 10%. There is no limitation on the amount of taxes that may be levied on property for the payment of public debt. The assessed valuation of all property in the Com monwealth as of January 1, 1964 was $2,238,836,990 and the net indebtedness of
all the munieipalities (gross debt less sinking fund resources) was $81,260,390 or 3.63% of the assessed valuation.
The Municipal Law provides that interest on the public debt and amortization thereof constitute a first budgetary charge on any and all available municipal rev enues. Property is assessed by the Secretary of the Treasury throughout Puerto Rico, and he collects directly all municipal and other taxes upon real and personal prop erty. From these collections, the amount allocated for the payment of principal and interest on outstanding obligations is retained for each municipality and deposited in redemption funds. Sums sufficient to meet payments on municipal debt as it becomes
due are withdrawn and paid by the Secretary of the Treasury of the Commonwealth
from the appropriate municipal bond redemption fund. Sources of Revenues
'Revenues of the municipalities of Puerto Rico are chiefly derived from property
taxes coilected and from payments in lieu of taxes derived from agencies of the Commonweaith of Puerto Rico. At present each municipality is entitled to levy a personal property up to a maximum of two per
genera operating purposes. Municipalities arc also authorized to pledge and
levy unlimited ad valorem taxes for the payment of bonded debt incurred under the provismns of the Municipal Borrowing Law.iSix per cent of gross revenues collected in eae municipality by the Puerto Rico Water Resources Authority reverts to the corresponding local government in lieu of taxes. Additional funds are received t roug appropriations from the General Fund of the Commonwealth Government
m heu of tax payments by the Puerto Rico Aqueduct and Sewer Authority, and in the form of distribution of a portion of the cigarette tax and automobile license fees collected by the Commonwealth of Puerto Rico.
SIPrivate Housing, Vtuado.
Tax Penalties and Reductions
In June, 1958, the Legislature enacted Public Law No. 67 which provided for an increase thereafter from 6% to 9% per annum in the interest rate charged on delinquent taxes. Whereas no penalties were previously charged on delinquent taxes, other than interest, the Act provides that thereafter a penalty of 5% of the amount
of the tax will be added after becoming 30 days delinquent, increasing to 10% after becoming 60 days delinquent. Furthermore, as additional incentive for the prompt payment of property taxes,
the Legislature approved in 1959 Act No. SO, of June 25, 1959 granting a 10% discount if the taxes for the entire fiscal year are paid within 30 days; a 5% discount
if paid during 60 days; and a 3% discount if half the taxes are paid within 30 days and the other half within 30 days after January 1 of the fiscal year. These discounts
are granted only if all delinquent taxes including penalties are paid in full at the time the discount is claimed upon payment of current taxes.
Encouragement of home ownership and of the building of low and medium cost homes for middle income families has been one of the prime objectives of the Government in Puerto Rico in carrying out its basic policies. One form of stimula tion of home ownership used has been the reduction of property taxes in recent
years on low and moderate cost houses where the owner is the occupant of the residence.
" Recognizing, however, the importance of the property tax in the fiscal require ments of the municipalities, the Commonwealth makes annual appropriations from the General Fund of the Treasury to the municipalities as compensation in the amount of revenues lost from the reduction or non-collection of such property taxes.
Act No. 24 of June 8, 1962, grants complete property tax forgiveness on the first
$15,000 of assessed valuation on all residences occupied by their owners, starting in the 1962-63 fiscal year. Such properties will remain on the tax rolls, and to receive the benefit of the tax forgiveness, the taxpayer must file a certificate with the
Secretary of the Treasury to the effect that he is the owner and occupant of the residence so affected.
The Act further provides for an appropriation from the general fund of the Treasury to be made each year to the municipalities in the amount of the total of the taxes forgiven on assessed valuations of owner-occupied homes up to $15,000. The municipalities thereby would receive the full amount levied, the only difference being the Commonwealth Treasury instead of the property taxpayer becomes the source of payments in the case of owner-occupied residences up to this amount. And finally, said Act No. 24 provides that such tax forgiveness will be suspended as to any municipality if in any fiscal year the appropriations to such municipality mentioned above should be discontinued and the available income of the munici
pality is not sufficient to pay principal and interest on its bonded indebtedness. It should be emphasized that Act No. 24 does not modify or lessen the pledge of the full faith, credit, and taxing power of this municipality. The obligation re mains unchanged to levy a special tax on all taxable property, including the first $15,000 of assessed valuation of owner-occupied homes, if tax forgiveness shall be suspended in the circumstances mentioned above, in an amount sufficient, with any other available funds, for the payment of the debt service on its outstanding bonds.
Municipal Credit History and Debt Administration
Among the Municipalities of Puerto Rico there has never been any recorded default or delinquency in the payment of principal of or interest on any obligation, either direct or indirect, nor has there been any forced or managed refunding of maturing bonds to avoid default.
Public High School. Utuado.
Industrias Italianas, Inc.
manufaciurers of terrazzo tile and fine marble chip tile at Toa Baja.
The Municipal Borrowing Law now in effect incorporates the best features of an older municipal law and of the Model Municipal Borrowing Law sponsored by The
National Municipal League, and authorizes the pledge of an unlimited ad valorem tax to the payment of bonds and notes. The laws of the Commonwealth of Puerto Rico restrict the purposes for which
municipal debt may be incurred. Loan funds can not be used for the payment of current operating expenses. These laws also define the responsibility of the munici pal authorities, and safeguard fulfillment of the terms of every public obligation.
Legal Investments
The bonds of the Municipalities of Puerto Rico are eligible for deposit by banks in Puerto Rico to secure public funds, and by insurance companies to qualify them as required by law to do business in Puerto Rico. The bonds of the Municipalities of Vega Baja and Utuado are legal investments for Savings Banks and Trust Funds in the State of New York. The population of the other three municipalities is not of sufficient size to make their bonds eligible. Tax Exemption
Under the provisions of the Acts of Congress now in force, the bonds and income therefrom are, in the opinion of Bond Counsel, exempt from Federal, State and Commonwealth of Puerto Rico taxation.
MUNICIPALITY OF CATANO
Catano is a small but thriving municipality located within the San Juan metropolitan area, with a population of 25,208, according to the 1960 Federal Census. It covers
an area of seven square miles. Its population is the largest and nearest source of labor for some of the metropolitan area's most important economic activities.
Manufacturing activities of the municipality are related to 32 enterprises of many types and sizes as reported in the 1962 Census of Manufactures published by the Bureau of Statistics of the Department of Labor. The major part of the manufactur ing operations are carried on by plants promoted by the Puerto Rico Industrial Development Company. These plants produce batteries, cast iron soil pipes and fittings, perfumes, soaps, food and kindred products, rum, elastic yarn, and concretereinforcing rods. Bacardi rum is probably the most widely known product manu factured in Catano.
The municipality is surrounded by major manufacturing operations located in the outer areas of adjacent municipalities. These include Caribbean Oil Refinery, the flour and feed mills of Molinos de Puerto Rico, the Old San Juan Distilling
Company, a subsidiary of Schenley Industries, Inc., and plants producing glass, cement, paper, and electric products.
Ferry boat which operates between Old San Juan and Cata/'w; operated by Puerto Rico Ports Authority. El Mono in the background.
MUNICIPALITY OF CATANO Property Tax Collections FISCAL
ASSESSED
TAX RATE
TOTAL
YEAR
VALUATION
PER $1,000
LEVY
CURRENT YEAR
. $6,290,860 . 7,164,240 . 7,234,100 . 9,297,320* . 9,591,250 . 14,447,910 . 12,339,240 . 12,475,740 . 13,498,980
$21.60
$135,883
$ 73,327 77,161 99,238 89,519 139,258 150,811$ 179,719$ 206,580$ 112,867a
1955-56 1956-57 1957-58 1958-59 1959-60 1960-61 1961-62 1962-63 1963-64
. . . . . . . . .
. . . . . . . . .
. . . . . . . . .
. . . . . . . . .
148,811 165,091 190,129 185,902t 206,468t 226,074t 258,957t 280,000§
21.60 21.60 17.70 17.70 19.70 21.20 21.20 21.20
* Increases in Assessed Valuation resulted partly from annual growth in tax base and partly from a change in basis of assessment.
t Includes amounts appropriated from the general fund of the Commonwealth in reimbursement for taxes forgiven. § Official Estimate.
t The gross figure of taxes levied was reduced by discounts for prompt payment as follows:
1959-60 1960-61 1961-62 1962-63
. . . . . . . . .
GROSS LEVY
DISCOUNTS
NET LEVY
$199,588
$13,686
$185,902
219,559 240,996 274,554
13,091 14,922 15,597
206,468 226,074 258,957
Cash Receipts fiscal
CASH BALANCE
LOAN
PROPERTY TAX
OTHER
TOTAL
YEAR
BEGINNING OF YEAR
PROCEEDS
RECEIPTS
RECEIPTS
RECEIPTS
. $152,063
$50,000
$ 54,414
$126,800 114,231 184,409
$231,214 204,455 278,688
1956-57 1957-58 1958-59 1959-60 1960-61
1961-62 1962-63
. . . . . , . . . . . . . . . . . .
. . .
102,923 70,826 112,535
. . .
308,781 211,852 185,131
90,224 94,279 139,120
202,000 1,009
83,608 115,592 126,483
335,000
166,892
508,012
214,528 226,344 251,140
299,145 341,936 712,623
Expenditures FISCAL year
1956-57 1957-58 1958-59 1959-60
. . . . . . . . .
1960-61
1961-62
1962-63
CAPITAL
DEBT
OTHER
TOTAL
CASH BALANCE
EXPENDITURES
SERVICE
EXPENDITURES
EXPENDITURES
AT YEAR END
$22,911
$174,192
$280,354
25,104 24,516 23,929
160,371 174,354 245,021 190,706 309,872 299,597
236,552 236,979 311,766 396,074 368,657 659,186
$102,923 70,826
. $ 83,251 . 51,077 . .
. .
.
. . . . . .
38,109 42,816 180,500 18,238 321,057
24,868
40,547 38,532
Trend of Bonded Indebtedness
112,535 308,781 211,852 185,131 238,568
GROSS BONDED DEBT PER CENT OF
AS OF
GROSS BONDED
REDEMPTION FUNDS
NET DEBT AS
ASSESSED
DEBT
AS OF JULY I
OF JULY 1
VALUATION
PER CAPITA
$33,260 35,021 47,779 57,715
$120,740 149,979 118,221 89,285
$7.75
85,577
247,423 226,443 197,468
2.45 2.58 2.29 1.58 3.47 2.11 2.25 4.58 4.23
.JULY 1
1956 1957 1958 1959
. . . .
. . . .
1960
1961 1962
. . . .
1963
.
**1964
.
. . $154,000 . . 185,000 . . 166,000 . . . .
. . . .
. . . .
147,000 333,000 305,000 278,000 571,000* 571,000*
78,557 80.532
78,372 107,517
492,628
463,483
^ s315.000$325,000 in bondoutanticipation notes of of awhich will mature Julyto1,be1964 will be retired of the proceeds bond$10,000 issue totaling $315,000 soldand on May 27. 1964.
** As of March 31, 1964.
12
9.31 8.36 7.40 13.21 12.10 11.03 22.65 22.65
CURRENT
TOTAL
COLLECTIONS
COLLECTIONS
COLLECTIONS^ UNCOLLECTED OF RESPECTIVE LEVIES
PER CENT OF
PER CENT OF
YEARS
TOTAL
ON 6-30-63
CURRENT LEVY
CURRENT LEVY
$38,309 52,238 81,032 69,717 94,783 13,509 29,221 68,030 40,745a
$111,636 129,399 180,270 159,236 234,041 164,320 208,940 274,610 153,612a
$13,739
53.96 51.85 60.11 47.08 74.91 73.04 79.50 79.77
82.16 86.96 109.19 83.75 125.89 79.59 92.42 106.04
PREVIOUS
8,044 12,328 15,636 39,621 41,836 41,380 52,377
% Property tax collections are about 52% for Catano and 48% for Commonwealth purposes,
a As of December 31, 1963.
Overlapping Debt Assessed Valuation, January 1, 1964
Net Direct Debt
Commonwealth . . . . $2,238,836,990
Commonwealth
. .
$271,096,272
Catafio
14,561,590
Catano share 0.65% .
1,762,126
Per cent of total A. V. . .
0.65%
Catano direct debt . .
463,483 $
Net Overlapping Debt
Ratio of net overlapping debt to Assessed Valuation
2,225,609 15.28%
Per capita net overlapping debt
$88.29
Bond Requirements, Next Five Years 1964
Principal .
1966
1967
1968
$20,000
$32,000
$33,000
$33,000
$28,000
9,892
8,745
7,568
6,390
5,300
$41,892
$41,745
$40,568
$34,390
$25,300
$10,000
$10,000
$10,000
$10,000
Interest Total .
1965
New Issue
(principal)
Breakdown of Property Tax Rate (Per hundred dollars) Municipal
General Funds
$0.73
Loans
Total Municipal
$1.09
Commonwealth
103
Total
$2.12*
* The effective tax rate levy of Catano is $1.92, since $.20 is granted as a reduction and is not collected as authorized by Act No. 16. approved May 31, 1960. This Act
directs the Secretary of the Treasury of Puerto Rico to compensate the municipality in an amount equivalent to the reduction granted.
13
MUNICIPALITY OF DORADO
Dorado is situated on the northern coast of Puerto Rico about 18 miles to the west
of San Juan. Its population, according to the 1960 Federal Census, is 13,460, and its area encompasses 18 square miles. Manufacturing activities within the municipality are carried on mostly by eight industrial plants promoted by the Puerto Rico Industrial Development Company. These manufacturing plants are Dorrichal Corporation, E. M. T. Fittings, Fale Tanning Company, Inc., Hickok of Puerto Rico, Inc., Playtex Caribe, Inc. of Puerto Rico, Smelting and Refining Corporation, Rico Plastic, Inc. and Barry Caribe, Inc. The principal products are food and related items, leather wallets and small leather goods, conduit fittings, sheepskin tanning, men's belts, brassieres, smelting of non-ferrous metals, ladies' slippers and plastic displays. Two of the most beautiful resort hotels in the Commonwealth of Puerto Rico, the Dorado Beach Hotel and the Dorado Hilton Hotel, are located in Dorado. Both
have excellent facilities, with air-conditioned rooms, suites and cabanas, and beach, swimming pool, golf, tennis and water sports.
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Dorado Hilton Hotel at Dorado.
Playtex Caribe, Inc. factory at Dorado. Its parent company in the States is International Latex Corporation.
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MUNICIPALITY OF DORADO Property Tax Collections FISCAL
ASSESSED
TAX RATE
TOTAL
YEAR
VALUATION
PER $1,000
LEVY
1955-56 1956-57 1957-58 1958-59 1959-60 1960-61 1961-62 1962-63 1963-64
$2,657,260
$25.80
2,791,620 2,847,530 3,712,380* 3,783,410 5,545,720 6,845,120 7,635,130 9,500,760
25.80 25.80 20.80 20.80 22.80 22.80 22.80 22.80
$ 68,557 67,227
CURRENT YEAR
$ 55,371 54,672 58,423
84,000 102,550 128,683t 93,458t 124,4851 159,036t 197,600§
80,179 76,640 81,636$ 109,709$ 130,748$ 96,940a
* Increases in Assessed Valuation resulted partly from annual growth in tax base and partly from a change m basis of assessment.
t Includes amounts appropriated from the general fund of the Commonwealth in reimbursement for taxes forgiven. § Official Estimate.
t The gross figure of taxes levied was reduced by discounts for prompt payment as follows:
1959-60 1960-61 1961-62 1962-63
GROSS LEVY
DISCOUNTS
NET LEVY
$135,259
$ 6,576
$128,683
101,262 135,710 169,983
7,804 11,225 10,947
93,458 124,485 159,036
Cash Receipts FISCAL YEAR
CASH BALANCE
LOAN
BEGINNING OF YEAR
PROCEEDS
1956-57 1957-58 1958-59 1959-60
$32,840 28.793 31,129 44.794 50,890 67,480 79,788
1960-61
1961-62 1962-63
PROPERTY TAX
OTHER
RECEIPTS
RECEIPTS
$ 36,369 20,000
54,825 57,278
56,910 67,804 76,315 88,360
$ 58,400 56,697 98,843 128,775 136,199 143,751 143,638
total
receipts
$ 94,769 131,522 156,121 185,685 204,003 220,066
231,998
Expenditures FISCAL YEAR
1956-57
CAPITAL
DEBT
EXPENDITURES
SERVICE
EXPENDITURES
~$
$10,845
$ 87,872 94,810
1957-58
99
20,184 40,955 37,828 35,000
1958-59 1959-60 1960-61 1961-62 1962-63
35,019 35,000
14,192 14,866 9,841 11,934 10,918 1,736
OTHER
86,635 131,920 140,479 161,821 188,151
Trend of Bonded Indebtedness
TOTAL
expenditures
'~$ 98,816
cash balance at year end
$28,793 31,129 44,794 50,890 67,480
129,186 142,456 179,589 187,413
79,788 86,899
207,758 224,887 gross bonded
debt
PER CENT OF as of
GROSS BONDED
REDEMPTION FUNDS
NET DEBT AS
ASSESSED
DEBT
AS OF JULY 1
OF JULY 1
VALUATION
$ 50,000 38,000 45,000 36,000 26,000 16,000 15,000 14,000 114,000*
$15,085 12,995 11,297
$34,915 25,005 33,703
18,707
17,293 2,572
L88 1.36 1.58 .97 .69 .29
JULY 1
1956 1957 1958 1959 1960 1961 1962 1963
**1964
23,428 16,000 15,000 14,000 88,087
.22
25,913
.18 1.20
«Qn nnrf will ^.'^.000 jn bond notestotaling of which $10,000towill mature July 1, j>yo.000 be retired out anticipation of a bond issue $290,000 be sold on May 27,1964 1964and '* As of March 31, 1964.
16
per cap^
LLECTIONSfl uncollected of
PREVIOUS YEARS
TOTAL
$10,161
$ 65,532
TOTAL COLLECTIONS
RESPECTIVE LEVIES
PER CENT OF
PER CENT OF
ON 6-30-63
CURRENT LEVY
CURRENT LEVY
80.76 81.32 69.55 78.19 59.56 87.35 88.13 82.21
95.59 98.20 89.62 103.92 75.57 101.94 111.66 88.50
$
934 1,068 1,066 2,547 3,184 3,491 6,271 28,288
66,017 75,279 106,575 97,249
11,345 16,856 26,396 20,609 13,639 29,292 9,992 13,828a
CURRENT COLLECTIONS
95,275 139,001 140,740 110,768a
—
—
—
Property tax collections are about 55% for Dorado and 45% for Commonwealth purposes, a As of December 31, 1963.
Overlapping Debt Assessed Valuation, January 1,1964
Net Direct Debt
Commonwealth . . . . $2,238,836,990 Dorado
9,500,760
Per cent of total A. V. . .
0.42%
Commonwealth. .
$271,096,272
Dorado share 0.42%
1,138,604
Dorado direct debt.
25,913
Net Overlapping Debt
$
Ratio of net overlapping debt to Assessed Valuation Per capita net overlapping debt
1,164,517 12.26%
$86.52
Bond Requirements, Next Five Years 1965
1966
1967
1968
Principal . . . $ 2,000
$ 2,000
$ 2,000
$ 2,000
$ 2,000
665
570
475
380
285
$ 2,665
$ 2,570
$ 2,475
$ 2,380
$ 2,285
$15,000
$15,000
$15,000
$15,000
1964
Interest
. . .
Total .
. .
New Issue
(principal) . .
Breakdown of Property Tax Rate (Per hundred dollars) Municipal
General Funds Loans
Total Municipal Commonwealth
Total
$0.91 34
$1.25 L03
$2.28"
* The effective tax rate levy of Dorado is $2.08 since $.20 is granted as a reduction and is not collected as authorized by Act No. 16, approved May 31, 1960. This act
directs the Secretary of the Treasury of Puerto Rico to compensate the municipality in an amount equivalent to the reduction granted.
17
fW
.c: Mill n,
MUNICIPALITY OF TOA BAJA
Toa Baja, at the northern part of the island, lies about 17 miles to the west of San Juan. It has a population of 19,698, according to the 1960 Federal Census. Its area is 23 square miles.
According to the 1962 Census of Manufactures of the Bureau of Labor Statistics
of the Department of Labor, 24 manufacturing enterprises of various kinds and sizes were in operation within the municipality. New industrial plants promoted or as sisted by the Economic Development Administration total 18, with three more being planned. Some of the leading manufactures are apparel, food products, textile mill products, wood products, furniture and fixtures and stone, clay and glass products. Some of the plants promoted by the Puerto Rico Industrial Development Com pany are. Borinquen Foods Corporation, Compahia de Marmol de Puerto Rico,
Industrias Italianas, Inc., isabela Packing Corporation, Keystone Fabrics, Marita Mills, Inc., Miami Tropical Windows, Inc., P. R. Marble Industries, Inc. Sevilla Mfg., Inc., Telecolor de Puerto Rico, inc. and Wood Treating Industries, Inc.
Interior shot of polishing and finishing machine —
last process in the manufacture of terrazzo tile — at Industrias Italianas, Inc.
High School at Tea Baja during annual field day.
Leviiiown of Puerto Rico
within the municipality of Too Baja
^1
MUNICIPALITY OF TOA BAJA Property Tax Collections FISCAL
ASSESSED
TAX RATE
TOTAL
YEAR
VALUATION
PER $1,000
LEVY
CURRENT YEAR
$124,858 135,730
$107,175
1955-56 1956-57 1957-58 1958-59 1959-60 1960-61 1961-62 1962-63 1963-64
. . . . . . . . .
. . . . . . . . .
. . . $5,675,360 . . . 6,501,100 . . . . . .
6,364,730 8,019,460*
. . . . .
8,207,770 7,340,430 8,019,250 8,181,090 9,329,340
. . . . .
. . , . .
$22.00 22.00 22.00 18.10 18.10 20.10 20.10 20.10 23.50
133,186 123,424 135,256t
147,3lot 148,653t 173,783t 198,000§
78,724 95,679 67,856 109,369 121,654t
118,286t 124,632t 105,315a
* Increases in Assessed Valuation resulted partly from annual growth in tax base and partly from a change in basis of assessment.
t Includes amounts appropriated from the general fund of the Commonwealth in reimbursement for taxes forgiven. § Official Estimate.
t The gross figure of taxes levied was reduced by discounts for prompt payment as follows:
1959-60 1960-61 1961-62 1962-63
GROSS LEVY
DISCOUNTS
NET LEVY
$145,046 152,493 159,851 184,924
$ 9,790
$135,256 147,310 148,653 173,783
5,183 11,198 11,141
Cash Receipts FISCAL
CASH BALANCE
LOAN
PROPERTY TAX
OTHER
TOTAL
YEAR
BEGINNING OF YEAR
PROCEEDS
RECEIPTS
RECEIPTS
RECEIPTS
. $ 33,190 25,685 34,770 83,623 . 116,373 94,040 76,622
$
$36,685 79,503 67,317 94,500 78,104 84,206 71,372
$109,689 67,690 118,765 138,266 149,786 129,941 152,001
$146,374 228,193 186,082
1956-57 1957-58 1958-59 1959-60 1960-61 1961-62 1962-63
—
81,000 —
—
—
—
—
232,766 227,890 214,147 223,373
Expenditures fiscal YEAR
1956-57 1957-58 1958-59 1959-60 1960-61 1961-62 1962-63
CAPITAL
DEBT
OTHER
TOTAL
CASH BALANCE
EXPENDITURES
SERVICE
EXPENDITURES
EXPENDITURES
AT YEAR END
$25,671 14,420 7,940 7,740 7,540 7,340 7,140
$127,558 120,524 103,133 152,826 207,683 194,161 183,170
$153,879 219,108 137,229 200,016 250,223 231,565 217,088
.
$
650
84,164 26,156 39,450 35,000 30,064 26,778
Trend of Bonded Indebtedness
$ 25,685 34,770 83,623
116,373 94,040 76,622 82,907
gross bonded debt PER CENT OF
as of
GROSS BONDED
REDEMPTION FUNDS
NET DEBT AS
ASSESSED
.JULY 1
DEBT
AS OF JULY 1
OF JULY 1
VALUATION
PER CAPITA
0.14 1.17 1.12 .82 .74 .76
$0.51
1956 1957 1958 1959 1960 1961 1962 1963
$
**1964
8,000 76,000 71,000 66,000 61,000 56,000 51,000 41,000 141,000*
$ 8,000
$ —
16,632 21,516 33,362
69,354 54,368 44,484 27,638
44,506
11,494
6,646
51,000 41,000 75,823
—
—
65,177
.64 .50 1.51
Includes $100,000 in bond anticipation notes of which $10,000 will mature on July 1, 1964 and p0,000 will be retired out of the proceeds of a bond issue totaling $265,000 to be sold on May 27, 1964.
** As of March 31, 1964.
20
4.82 4.50 4.19 3.10 2.84 2.59 2.08 7.16
CURRENT
TOTAL
COLLECTIONS
COLLECTIONS
COLLECTIONS^ UNCOLLECTED OF RESPECTIVE LEVIES
PER CENT OF
PER CENT OF
YEARS
TOTAL
ON 6-30-63
CURRENT LEVY
CURRENT LEVY
$21,116
$128,291 99,315 152,309
$1,493 1,277 1,277 4,058 7,572 13,512 22,728 49,151
85.84 58.00 71.84 54.98 80.86 82.58 79.57 71.72
102.75 73.17 114.36 88.66 122.16 107.46 92.62 80.11
PREVIOUS
20,591 56,630 41,574 55,856 36,645 19,391 14,588 25,817a
109,430
165,225 158,299 137,677 139,220 131,132a
!1 Property tax collections are about 54% for Toa Baja and 46% for Commonwealth purposes, a As of December 31, 1963.
Overlapping Debt Net Direct Debt
Assessed Valuation, January 1,1964 Commonwealth . . . . $2,238,836,990
Commonwealth. . .
$271,096,272
Toa Baja
Toa Baja share 0.42% Toa Baja direct debt .
1,138,604
9,329,340 0.42%
Per cent of total A. V.
65,177
$
Net Overlapping Debt.
1,203,781 12.90%
Ratio of net overlapping debt to Assessed Valuation
$61.11
Per capita net overlapping debt
Bond Requirements, Next Five Years 1965
1966
1967
$10,000
$10,000
$10,000
$11,000
1,640
1,240
840
440
$11,240
$10,000
1964
Principal . Interest Total .
.
$11,640
1968
$
—
$10,840
$11,440
$
—
$10,000
$10,000
$10,000
New Issue
(principal) .
Breakdown of Property Tax Rate {Per hundred dollars) Municipal
General Funds Loans
Total Municipal Commonwealth
$0.98 -34
$1.32 103
Total
*The effective tax rate of Tea Baja is $2.15, since $.20 is granted as a reduction and is not collected as authorized by Act No. 16, approved May 31, 1960. This act
directs the Secretary of the Treasury of Puerto Rico to compensate the municipality in an amount equivalent to the reduction granted.
21
MUNICIPALITY OF UTUADO
Utuado lies in the central part of Puerto Rico between Ponce and Arecibo, 20 miles to the south of Arecibo and 32 miles north of Ponce. It has a population of 40,440, according to the 1960 Federal Census.
In size Utuado is the largest municipality of Puerto Rico with an area of 124
square miles. Its principal activity is agriculture. Sugar cane, tobacco and coffee are Its principal products. The existing highway structure that runs from the north to
the south makes Utuado an accessible trading center for the agricultural products of three adjacent smaller municipalities.
Manufacturing activity of the municipality is carried out by sixteen enterprises producing food and related products, tobacco products, apparel items, metal prod ucts, stone, clay and glass products and machinery.
The Puerto Rico Industrial Development Company has promoted two manufac turing plants here: Porto Mills, Inc. and Republic Electronics, Inc. American
Meml Climax, with an investment of $4,000,000, is engaged in the copper mining business in this municipality.
General Cigar Co. of Puerto Rico plans to expand its operation by constructing a $4,000,000 cigar-manufacturing plant in Utuado. Employment for 450 persons will be provided by the new plant with an annual payroll of about $1,000,000.
Public Housing, Utiuido.
I
...
«
*»>
Health Center. Utuado.
St. Michael College, Utuado
American Metal Climax copper mine, Vtuado
■
I
_P^."
:: hit '
V /
5
-A';.
MUNICIPALITY OF UTUADO Property Tax Collections FISCAL
ASSESSED
TAX RATE
TOTAL
YEAR
VALUATION
PER $1,000
LEVY
$20.60
$120,341
1955-56 1956-57
. . . . . $5,841,800 . . . . . 5,429,020
1957-58 1958-59 1959-60 1960-61 1961-62 1962-63 1963-64
. . . . . . . . . . . . . . .
5,865,180
. . .
7,885,970
.
.
106,715 116,374 134,184 125,704t 126,28 It 125,5871 167,257t 176,000§
20.60 20.60 18.10 18.10 20.10 20.10 24.80 24.80
6,697,470* 6,881,580 . . . . . 8,535,140 . . . . . 8,539,230 . . . . . 8,624,770
CURRENT YEAR
$ 60,019 62,882 63,718 80,455 83,933 85,306t 88,853t 116,957t 60,711a
* Increases in Assessed Valuation resulted partly from annual growth in tax base and partly from a change in basis of assessment.
t Includes amounts appropriated from the general fund of the Commonwealth in reimbursement for taxes forgiven. § Official Estimate.
t The gross figure of taxes levied was reduced by discounts for prompt payment as follows: GROSS LEVY
1959-60 1960-61 1961-62 1962-63
. . . .
DISCOUNTS
NET LEVY
$6,277
$125,704
7,158 6,601 6,875
126,281 125,587 167,257
. $131,981 133,439 132,188 174,132
Cash Reoelpfs FISCAL
CASH BALANCE
LOAN
PROPERTY TAX
OTHER
TOTAL
YEAR
BEGINNING OF YEAR
PROCEEDS
RECEIPTS
RECEIPTS
RECEIPTS
, $166,736 209,392 192,009 135,503 98,741 157,466 164,549
$75,000
$42,159 57,724 83,701 61,572 93,244 65,620 87,295
$193,593 210,728 311,497 283,109 311,216 303,838 336,089
$310,752 268,452 395,198 344,681 404,446 369,458 423,384
1956-57
.
1957-58 1958-59 1959-60 1960-61 1961-62 1962-63
. . . . . . . . . . . . . . . . . . . . . .
.
.
Expenditures FISCAL
CAPITAL
DEBT
OTHER
TOTAL
CASH BALANCE
YEAR
EXPENDITURES
SERVICE
EXPENDITURES
EXPENDITURES
AT YEAR END
$17,176 16,609 21,625 18,181 23,502 19,994 19,356
$208,102
$268,096 285,835 451,704 381,443 345,721 362,375 405,329
. .
. . $ 42,818 . 2,617
1956-57 1957-58
. .
1958-59 1959-60 1960-61 1961-62 1962-63
. . . . . . . . . . . . . . . .
159,160 33,884 35,000 33,567 24,727
266,609
270,919 329.378
287,219 308,814 361,246
$209,392 192,009 135,503 98,741 157,466 164,549 182,604
GROSS BONDED DEBT
Trend off Bonded Indebtedness
PER CENT OF AS OF
GROSS BONDED
REDEMPTION FUNDS
NET DEBT AS
ASSESSED
.JULY 1
DEBT
AS OF JULY 1
OF JULY 1
VALUATION
PER CAPITA
$ 13,860 15,782 20,872 38,023 49,761 62,109 73,189 80,000 105,760
$ 96,140 154,218 134,128
1.88 3.13 2.64 2.09
$2.36
1956
.
.
.
. . $1 10,000
1957 1958
. .
. .
. .
1 70,000 155,000 140,000 125,000
1959 1960
1961 1962 1963 **1964
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1 10,000 95,000 80,000 180,000*
101,977 75,239 47,891
21,811 74,240
1.82
1.29 1.1 1 .93 2.28
3.65 3.32 3.00 3.09 2.72
235 1.98 4.45
Includes $100,000 in bond anticipation notes of which $10,000 will mature on July I. 1964 and $90,000 will be retired out of the proceeds of a bond issue totaling $290,000 to be sold on May 27. 1964. As of March 31, 1964.
24
COLLECTION Sli UNCOLLECTED OF
CURRENT
TOTAL
COLLECTIONS
COLLECTIONS
RESPECTIVE LEVIES
PER CENT OF
PER CENT OF
YEARS
TOTAL
ON 6-30-63
CURRENT LEVY
CURRENT LEVY
$34,002 31,060 46,843 76,911 41,511 38,308 25,611 30,449 18,788a
$94,021 93,942 110,561 157,366 125,444 123,614 114,464 147,406
$ 9,859 9,709 10,696 14,074 16,023 16,968 23,517 50,300
49.87 58.93 54.75 59.96 66.77 67.55 70.75
78.13 88.03 95.00 117.28 99.79 97.89 91.14 88.13
PREVIOUS
79,499a
69.93
—
—
—
H Property tax collections are about 58% for Utuado and 42% for Commonwealth purposes, a As of December 31, 1963.
Overlapping Debt Net Direct Debt
Assessed Valuation, January 1, 1964 Commonwealth . . . .
$2,238,836,990
Commonwealth. . .
$271,096,272
7,885,970
Utuado share 0.35% .
$
Utuado Per cent of total A. V. . .
948,837 74,240
Utuado direct debt. .
0.35%
$
Net Overlapping Debt
1,023,077 12.97%
Ratio of net overlapping debt to Assessed Valuation Per capita net overlapping debt
$25.29
Bond Requirements, Next Five Years
Principal .
1964
1965
1966
1967
1968
$10,000
$10,000
$10,000
$10,000
$10,000 2,600
4,200
3,800
3,400
3,000
$14,200
$13,800
$13,400
$13,000
$12,600
$10,000
$10,000
$10,000
$15,000
Interest Total . New Issue
(principal)
Breakdown of Property Tax Rate (Per hundred dollars) Municipal General Funds
.45
Loans .
Total Municipal Commonwealth . Total
.
.
$1.00
.
.
$1.45 1.03
$2.48*
* The effective tax rate levy of Utuado is $2.28, since $.20 is granted as a reduction and is not collected as authorized by Act No. 16, approved May 31, 1960. This act
directs the Secretary of the Treasury of Puerto Rico to compensate the municipality in an amount equivalent to the reduction granted.
26
.i!S!r.'i d
MUNICIPALITY OF VEGA BAJA
The municipality of Vega Baja is located in the northern part of Puerto Rico, about 25 miles to the west of San Juan. It has a population of 30,189, according to the Federal Census. Its area is 35 square miles.
Vega Baja is an important sugar cane and dairy center of Puerto Rico.
Manufacturing activity is carried out within the municipality by 23 varied enter prises as reported in the 1962 Census of Manufactures of the Bureau of Labor Statistics of the Department of Labor. Their output includes food and related products; textile mill products; leather and leather products; furniture and fixtures; stone, clay and glass products; and electrical machinery, equipment and supplies. The Puerto Rico Industrial Development Company has promoted the following manufacturing plants: Baronet of Puerto Rico, Caribe China Co., Esco Corpora tion. Hycor Company, Inc., Kent Carpet Corporation, Kirk Wing Company, Port San Vicente Siifior Mill at
Vega Baja, Puerto Rico, one of the island's largest sugar mills.
Electric Corporation and Sobel Puerto Rico, Inc.
3 ftii. « 4
m
IF
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- -i'
'
" "'v-"
. :;•■ .-' "V-'^^'f
' ■ ■'
vJD
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.r 1^4^ v-v.
l" \' li
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■"'* ^
Vsoske's Shop, Inc. seventh local plant recently constructed at Vega Baja.
Interior shot at one of the plants of V.soske's Shop. Inc. at Vega Baja during the finishing operation of custom made rugs. £iiti:'<{-'''i"
re
; '*'\i^. hiuvm^*
One of "Fomento" promoted factories. Hycor Co.. Inc. at Vega Baja. Hycor is engaged in the manu
facture of precision wire-wound resistors, and toroid coils for use in electronic equipment.
MUNICIPALITY OF VEGA BAJA Property Tax Colleofions FISCAL
ASSESSED
TAX RATE
TOTAL
YEAR
VALUATION
PER $1,000
LEVY
$22.00
$207,662 215,883 222,878 241,139 223,852t 226,036t 218,515t 236,7341 285,000§
1955-56 1956-57 1957-58 1958-59 1959-60 1960-61 1961-62 1962-63 1963-64
. . . . . . . . .
. . $ 9,439,180 . . 10,401,420
. . . . . . . . .
. . . . . . .
. . . . . . .
22.00 22.00 19.00 19.00 21.00 21.00 21.00 24.40
10,931,210 13,465,000* 14,206,370 15,030,090 14,850,650 15,280,370 12,997,290
CURRENT YEAR
$107,267 94,338 89,275 105,687 126,795 133,119t 141,799t 151,949t 126,805a
* Increases in Assessed Valuation resulted partly from annual growth in tax base and partly from a change in basis of assessment.
t Includes amounts appropriated from the general fund of the Commonwealth in reimbursement for taxes forgiven. § Official Estimate.
t The gross figure of taxes levied was reduced by discounts for prompt payment as follows: GROSS LEVY
DISCOUNTS
NET LEVY
1960-61
$234,655 237,619
1961-62 1962-63
231,125 248,782
$10,803 11,583 12,610 12,048
$223,852 226,036 218,515
1959-60
236,734
Cash Receipts FISCAL
CASH BALANCE
LOAN
PROPERTY TAX
OTHER
TOTAL
YEAR
BEGINNING OF YEAR
PROCEEDS
RECEIPTS
RECEIPTS
RECEIPTS
$ 54,000
$ 91,630 116,880 134,320 140,608 233,531 100,366
$153,787 133,342 220,076 194,839 368,370 208,169 272,755
$299,417 250,222
1956-57 1957-58 1958-59 1959-60 1960-61 1961-62 1962-63
. . . . . . .
. . . $125,193 100,791 . . 75,674 . . . . . 100,215 . . . 274,544 . . 117,182 . . 75,890
—
—
225,000 —
—
280,300
122,485
354,396 560,447 601,901 308,535 675,540
Expenditures FISCAL
CAPITAL
DEBT
OTHER
TOTAL
CASH BALANCE
YEAR
EXPENDITURES
SERVICE
EXPENDITURES
EXPENDITURES
AT YEAR END
$56,979 39,745 39,717 35,728 81,395 57,062 58,845
$197,498 212,822 247,634 286,628 486,538 247,396 292,313
$323,819 275,339 329,855 386,1 18 759,263 349,827 474,546
$100,791 75,674 100,215 274,544 117,182 75,890 276,884
1956-57 1957-58 1958-59 1959-60 1960-61 1961-62 1962-63
. . . . . . .
. . . . . . .
. . $ 69,342 22,772 . 42,504 . 63,762 . 191,330 . . 45,369 . . . 123,388
GROSS BONDED DEBT
Trend of Bonded Indebtedness
PER CENT OF AS OF
GROSS BONDED
REDEMPTION FUNDS
NET DEBT AS
ASSESSED
.JULY 1
DEBT
AS OF JULY 1
OF JULY 1
valuation
PER CAPITA
2.19 2.20 1.79 1.23 2.52 2.05 1.80 3.28 5.00
$ 7.16
1956 1957 1958 1959 1960 1961 1962 1963
. . . . . . . .
. . . . . . . .
. . . . . . . .
. . . . . . . .
**1964
.
.
.
.
. $207,000 . 229,000 . 196,000 166,000 . 358,000 . . . .
308.000 268.000 500.000
650,800*
$20,270 18,850 23,312 33,984 43,895 36,972 20,482 5,104 48,751
$186,730 210,150 172,688 132,016 314,105 271,028 247,518 495,696
602,049
* Includes $400,000 in bond anticipation notes of which $10,000 will mature on July 1. 1964.
and $390,000 will be retired out of the proceeds of a bond issue totaling $390,000 to be sold on May 27, 1964. As of March 31, 1964. 28
7.92 6.78 5.74 11.86 10.20 8.88 16.59
19.94
COLLECTIONS^! UNCOLLECTED OF
CURRENT
TOTAL
COLLECTIONS
COLLECTIONS
RESPECTIVE LEVIES
PER CENT OF
PER CENT OF
YEARS
TOTAL
ON 6-30-63
CURRENT LEVY
CURRENT LEVY
$ 68,684
175,951 194,123 219,597 221,606 220,761 267,768 173,879 177,457 177,257a
$ 4,171 4,200 5,075 7,759 11,103 15,385 60,576 84,785
51.65 43.70 40.06 43.83 56.64 58.89
84.73 89.92 98.53 91.90 98.62
PREVIOUS
99,785 130,322 115,919 93,966 134,649 32,080 25,508 50,452a
118.46 79.57 74.96
64.89 64.19
—
—
—
H Property tax collections are about 58% for Vega Baja and 42% for Commonwealth purposes, a As of December 31, 1963.
Overlapping Debt Net Direct Debt
Assessed Valuation, January I, 1964 Commonwealth . . . .
$271,096,272
$2,238,836,990
Commonwealth. . .
13,239,080
Vega Baja share 0.59%
$
1,599,468
0.59%
Vega Baja direct debt .
$
602,049
Net Overlapping Debt.
$
Vega Baja Per cent of total A. V. . .
2,201,517 16.63%
Ratio of net overlapping debt to Assessed Valuation Per capita net overlapping debt
$72.92
Bond Requirements, Next Five Years 1964
Principal . Interest Total .
.
.
1965
1966
1967
1968
$25,000
$48,000
$40,000
$31,000
$31,000
10.210
8.470
6.920
5,647
4.375
$58,210
$48,470
$37,920
$36,647
$29,375
$10,000
$10,000
$10,000
$30,000
New Issue
(principal) .
Breakdown of Property Tax Rate (Per hundred dollars) Municipal
General Funds Loans
Total Municipal CoMMONWLALTH Total
$0.82 -59
$1.41 L03 $2.44-'
The effective tax rate of Vega Baja is $2.24. since $.20 is granted as a reduction and is not collected as authorized by Act No. 16. approved May 31. 1960. This act
directs the Secretary of the Treasury of Puerto Rico to compensate the municipality in an amount equivalent to the reduction granted.
SvAENT
AO ASTRA PER A5PERA