48 U.S.C. § 745b

Refunding bonds excluded temporarily in computing indebtedness

Any bonds or other obligations of Puerto Rico issued after August 3, 1935 , for the purpose of retiring previously outstanding bonds or obligations shall not be included in computing the public indebtedness of Puerto Rico under section 745 of this title , until six months after their issue.

( Aug. 3, 1935, ch. 435 , 49 Stat. 516 .)