Special Report on San Juan (November 1957)

Commonwealth of Puerto Rico

Government

Development Bank for Puerto Rico

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ON

SAN JUAN Capital of Puerto

S^AtNT

NOVEMBER, 1957 4STRA PER 4SPERA

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San Juan's harbor is one of the most bustling in the Western Hemisphere. San Juan's position as a transportation center is a major factor in its economy and its harbor is a regular port of call for approximately thirty steamship lines. Regular service is maintained between Puerto Rico and ports on the East, Gulf and West Coasts of the United States. There is also direct service to other ports in Latin America, Canada. Western Europe, South Africa and India. Puerto Rico occu pies the seventh position among buyers of United States merchandise throughout the world. The great bulk of Puerto Rico's external trade is carried on with the United Stales. As a self-governing Commonwealth, associated with the United States, Puerto Rico is part of the domestic trade area.

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Dona Felisa Rincon cie Gautier is City Manager of San Juan. Her knowledge of municipal gov ernment and her administrative ability have won her wide acclaim. She ira^ honored in 1954

as "Lady of the Americas."

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SAN JUAN-Capital of Puerto Rico San Juan, Capital of Puerto Rico, is the oldest city within the United States of America. Its strategic location was recognized early by the Spaniards, who established a colony here in 1521.

Still possessed of old-world charm, San Juan has grown to be a center of industry and sea- and air-borne commerce, and is now a modern city covering an area of 46 square miles with a 1950 population of 369,000, since which time increases have continued rapidly. Including four suburban and adjoining cities (Bayamon, Carolina, Catano and Guaynabo) the Metropolitan Area had a population in 1950 of 495,000. The harbor enclosed by the city is excellent, and its airport is one of the finest in the Western Hemisphere.

San Juan is the seat of the Commonwealth Government and is officially known by the name "Capital of Puerto Rico". Commonwealth Government services form a vital and flourishing part of its activities. Federal Government offices also center in San Juan, and a large military establishment is maintained there by the armed forces of the United States.

San Juan, site of the principal campus of the University of Puerto Rico, has many schools noted especially for studies of the tropical diseases of men. ani mals, and plants. It is a research headquarters for crop diversification and the improvement of sugar cane cultivation. Public education is one of the principal fields of emphasis in the Commonwealth. This is reflected in the increase in public school enrollment from 297,700 in 1940 to an estimated 590.090 in 1957.

Industry now is rounding out the economy of San Juan and of the entire Commonwealth under a carefully administered program designed to attract new enterprises. The answer to population pressure in the densely settled area was recognized early in the last decade as industrialization. Hundreds of new plants have been established as a result of this program, principally in the San Juan Metropolitan Area.

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iU'I•• The Government of Puerto Rico has its seat in San Juan. The

House of Representatives and the Senate of the Commonwealth of Puerto Rico are patterned closely after the design established in the United States — with one major exception. In Puerto Rico — as nowhere else in the world — minority party representation in both houses is assured by the Commonwealth Constitution.

All this has called for increased public services, which are being supplied as

rapidly as circumstances and the demands may warrant. The need for electrical and water facilities has grown greatly in recent years. Transportation lines have been increased and lengthened. New hotels have been built. Banking services

have kept pace with the expansion, with total deposits expanding from $76 million in 1940 to $404 million in 1957. The Capital of Puerto Rico has not

only shared in the general postwar economic upswing of the United States but has outpaced the continental growth in many respects.

Interrelations of Government, Economics and Finance Puerto Rico came under United States sovereignty by the Treaty of Paris on December 10, 1898. The Congress of the United States provided for a civil rule of the Island in 1900. The original act was superseded to a large extent in

1917 by the Organic Act of Puerto Rico, which granted United States citizen ship to Puerto Ricans. The judicial system of Puerto Rico is similar to and linked with the United States courts, with ultimate appeal available to the Supreme Court of the United States. The currency and postal systems are the same as in the States.

Until 1949, when great changes in mutual relations were set in motion, the Governor of Puerto Rico had been appointed by the President of the United States. Selection of a Governor by popular vote superseded this arrangement

and on January 2, 1949, the first inauguration of an elective Governor took place for a four-year term. The Legislature also is elected every four years and is bicameral. The Commonwealth Government has its own tax system, with revenues derived from income, excise and license imposts and various other sources.

At the request of the people of Puerto Rico, the 81st Congress enacted Public Law 600, approved July 3, 1950. The law became effective upon its

acceptance by the voters of Puerto Rico. It provides that those sections of the Organic Act which define the political, economic and fiscal relationships between Puerto Rico and the United States shall remain in full force and shall

be hereafter known as the Puerto Rican Federal Relations Act. It also author

ized the people of Puerto Rico to draft and approve their own constitution.

The Constitution was drafted by a freely elected constitutional convention and was overwhelmingly approved by the voters in a special referendum on March 3, 1952. Congress approved a joint resolution adopting the Constitution, which

received the President's signature on July 3, 1952, and became effective upon proclamation of the Governor of Puerto Rico on July 25, 1952.

The new Constitution does not in any way alter those provisions of the Organic Act which deal with the issuance of governmental obligations, includ-

The judicial system of Puerto Rico is similar to and linked with the United States

courts, with ultimate appeal available to the Supreme Court of the United States.

The new Puerto Rico Supreme Court building in San Juan is shown below.

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ing provisions imposing limitations on the amount of public indebtedness that may be incurred by Puerto Rico, its municipalities and other political subdivi sions, which continue in full effect as part of the Puerto Rican Federal Rela

tions Act. The security and integrity of these obligations and their exemption from federal, state and local taxes are unchanged.

Puerto Rico is divided into 75 municipalities and the Capital of Puerto

Rico (legal designation for the City of San Juan). There are three basic differences between municipal government in Puerto Rico and in the con tinental United States:

1. There are no overlapping local units of government. Municipalities may be rural or urban, or a combination of both. No other units of government

exist excepting the Commonwealth Government. Consequently, there is no overlapping in taxation, expenditures, or authority.

2. The Commonwealth Government to a very substantial extent supervises

municipal fiscal affairs and collects most of the taxes levied by the municipali ties. Revenues and expenditures are under strict control. Municipal debt must be approved by the Commonwealth authorities.

3. The Commonwealth Government assumes responsibilities for many func tions usually performed by local governments on the mainland. These include police and fire protection, public schools, and public welfare. The main respon sibilities of municipalities are local street construction and maintenance, gar bage and waste disposal, and municipal improvements.

The Puerto Rico Water Resources Authority provides electric service, the Aqueduct and Sewer Authority provides water and sewage facilities, and the Ports Authority is responsible for harbors, airports, and for bus transportation in the San Juan area.

The Puerto Rico Water Resources Authority in the past fiscal year sold 1,078,400,-

000 kw hours of electricity, or 147,600,000 kw hours more than in the previous

year. Revenues from electric sales totaled $28,700,000, a gain of $3,500,000. The central office building of the Puerto Rico Water Resources Authority is shown below.

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If NOTICE OF SALE and PROPOSAL FORM

$3,000,000 CAPITAL OF PUERTO RICO 4%—$1,800,000 PUBLIC IMPROVEMENT BONDS OF 1955, SERIES B 4I^%—$1,200,000 PUBLIC IMPROVEMENT BONDS OF 1956

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COMMONWEALTH OF PUERTO RICO

GOVERNMENT DEVELOPMENT BANK FOR PUERTO RICO SAN JUAN, PUERTO RICO FISCAL AGENT

INFORMATION OFFICE

OF THE

37 WALL STREET

NEW YORK 5. N. Y.

COMMONWEALTH OF PUERTO RICO

NOTICE OE SALE

$3,000,000 CAPITAL OF PUERTO RICO Public Improvement Bonds Sealed bids will be received by the Government Development Bank for Puerto Rico, either at its office at Ponce de Leon Avenue #1311, Stop 19, Santurce, Puerto Rico, until 12:00 o'clock noon, Atlantic Saving Time, or at its New York Information Office, 37 Wall Street, New York 5, N. Y., until 11:00 o'clock A.M.,

Eastern Standard Time, November 20, 1957

at which time and places bids will be publicly opened and read, for the following:

4%— $1,800,000 Public Improvement Bonds of 1955, Series B —Dated July 1, 1955, maturing annually, July 1, as follows: Year of

Principal

Year of

Principal

Maturity

Amount

Maturity

Amount

1958 1959

$100,000 100,000

1966

$125,000

1960

100,000

1967.

1968.

1961

125,000

1969.

1962 1963 1964

125,000 125,000 125,000

1971.

1965

125,000

1970.

1972.

125,000 125,000 125,000 125,000

125,000 125,000

Denomination $1,000 each — Numbered 101 to 1,900.

The bonds which mature after July 1, 1967 will be subject to redemption prior to their respective maturi ties, at the option of the Board of Commissioners, from any moneys that may be available for that purpose, either in whole on any date not earlier than July 1, 1967, or in part, in the inverse order of their numbers, on any interest payment date not earlier than July 1, 1967, at the principal amount of the bonds to be redeemed together with the interest accrued thereon to the date fixed for redemption, plus a premium of of 1% of the principal amount of each bond to be redeemed for each twelve (12) months' period or fraction thereof between the date fixed for redemption and the stated maturity date of such bonds.

414% — ^1,200,000 Public Improvement Bonds of 1956 —Dated July 1, 1956, maturing annually, July 1, as follows: Year of

Principal

Year of

Maturity

Amount

Maturity

1958

$ 50,000

1959 1960 1961 1962 1963 1964

50,000 50,000 50,000 50,000 50,000 50,000

1967 1968 1969

1965 1966

50,000 50,000

1970

1971 1972

1973

1974

Principal Amount

...

$ 50,000 75,000 75,000 100,000 100,000 100,000 125,000 125,000

Denomination $1,000 each — Nvimbered 51 to 1,250.

The bonds which mature after July 1,1969 will be subject to redemption prior to their respective maturities,

at the option of the Board of Commissioners, from any moneys that may be available for that purpose, either in whole on any date not earlier than July 1, 1969, or in part, in the inverse order of their numbers, on any interest payment date not earlier than July 1, 1969, at the principal amount of the bonds to be redeemed together with the interest accrued thereon to the date fixed for redemption, plus a premium of 14 of 1% of the principal amount of each bond to be redeemed for each twelve (12) months' period or fraction thereof between the date

fixed for redemption and the stated maturity date of such bonds.

All of the bonds are coupon bonds registerable as to principal alone and as to both principal and interest

and, if registered as to both principal and interest, reconvertible into coupon bonds; unless registered as to principal alone or as to both principal and interest, principal and semi-annual interest (J and J 1), payable at a bank or trust company in the Borough of Manhattan, City and State of New York, or, at the option of the holder, at the office of the Government Development Bank for Puerto Rico, San Juan, Puerto Rico; general obligations, for the payment of which, both principal and interest, the full faith, credit and unlimited taxing power of the Capital of Puerto Rico are pledged; principal of bonds registered as to principal alone or as to both principal and interest payable at the office of the New York paying agent.

Bids will be received for all, but not less than all, of the bonds described above. No bid of less than par

and accrued interest from July 1, 1957 to the date of delivery will be entertained. The bonds will be awarded to the bidder offering to purchase the bonds at the lowest interest cost to the Capital of Puerto Rico, such cost to be determined by deducting the total amount of any premium bid from the aggregate amount of interest upon all of the bonds, computed from their date to their respective maturities.

Each bid must be submitted on a form to be furnished by the undersigned, must be enclosed in a sealed

envelope marked "Bid for Capital of Puerto Rico Public Improvement Bonds", and must be accompanied by a certified check upon an incorporated bank or trust company for $60,000 payable unconditionally to the order of the Government Development Bank for Puerto Rico on which no interest will be allowed. Award or

rejection of bids will be made within 24 hours from the time stated for the receipt of bids and the checks of unsuccessful bidders will be returned immediately. The check of the successful bidder will be held uncashed as

security for the performance of his bid, but in the event the successful bidder shall fail to comply with the terms of his bid the check may then be cashed and the proceeds thereof retained as and for full liquidated damages.

Whenever such terms shall have been complied with, or if it shall be found impossible to issue and deliver the bonds,the check will be returned.

Delivery of the bonds in definitive form will be made on or about December 20, 1957, in San Juan, Puerto Rico, or in New York, N. Y. The approving opinion of Mitchell, Pershing, Shetterly & Mitchell, New York, N. Y., will be furnished without cost to the purchasers of the bonds.

Copies of the bid form and financial information concerning the Capital of Puerto Rico are available at the office of the (jovernment Development Bank for Puerto Rico, San Juan, Puerto Rico, and at the New York

Information Office of said Bank at 37 Wall Street, New York, N. Y., and will be furnished upon request.

The right to reject any or all bids or to waive any minor irregularity in the submission of any bid is reserved.

GOVERNMENT DEVELOPMENT BANK FOR PUERTO RICO

By: Roberto Montalvo, A cting President.

PROPOSAL FOR BONDS

,1957

Government Development Bank for Puerto Rico Information Office 37 Wall Street

New York 5,N.Y.

Gentlemen:

Subject to the provisions and in accordance with the terms of the annexed Notice of Sale, which are hereby

made a part of this bid, we oflFer to pay Dollars (|

), plus accrued interest

from July 1, 1957 to the date of delivery, for $1,800,000 Public Improvement Bonds of 1955, Series B, and $1,200,000 Public Improvement Bonds of 1956, described in said Notice of Sale.

We will accept delivery of and make payment for the bonds at in

, in accordance

with said Notice of Sale.

We enclose herewith certified check payable unconditionally to the order of the Government Development Bank for Puerto Rico for $60,000, which check is to be returned to us if this bid is not accepted, but otherwise is to be applied in accordance with said Notice of Sale.

(No addition or alteration, except as provided above, is to be made to this bid.)

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Public education is one of the principal fields of emphasis in the Commonwealth.

The tower and part of the campus of the University of Puerto Rico, founded in 1903, with a present enrollment of more than 13,000 students, is shown above.

The Economic Pattern — Island and City The Commonwealth of Puerto Rico, on the northeastern edge of the Caribbean

Sea, has an estimated population of 2,256,000 inhabiting an island about 100 miles long and 35 miles wide, with an area of 3,435 square miles. The interior is mountainous with fertile valleys, surrounded by a coastal plain of varying width. The climate is comfortable, the mean winter temperature being 73.4

degrees and the mean summer temperature 78.9 degrees. The Capital of Puerto Rico is on the northeast coast.

Sugar cane is the principal agricultural product. Coffee, tobacco, and pine apples are produced in sizable amounts, and a program of crop diversification is increasing the output of fruits, fresh vegetables, and cattle. But much of the food and other requirements of the population must be imported. This com

merce moves chiefly through San Juan Harbor, which is a port of call for some

thirty steamship lines handling traffic between Puerto Rico and the mainland.

South America and Europe.

Several luxury hotels have been built in San Juan and others are under construc

tion to provide for the growing tourist trade. A portion of the hotel atul apartmetu house section of San Juan is shown above.

Commercial aviation is growing rapidly and centers around the Capital of Puerto Rico. The adjacent International Airport accommodates the largest planes now in service. Air traffic in 1956-57 totaled 910,000 persons Because of its location and modern facilities, the new airport is important for traffic between North America and the eastern portion of South America and be tween Europe and much of Latin America.

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Industrial growth has been stimulated markedly by the long-range develop ment program of the Commonwealth Government, and the Capital of Puerto

Rico has shared in the advance. Special tax advantages and the availability of an abundant labor force are elements of this program. On July 1 1957 there

were 130 industrial establishments in the Capital, manufacturing over 100 different products.

Tourists provide additional revenue in important amounts Luxury hotels have been built and others are under construction to provide accommodations for the rising tourist trade. Tourist expenditures in 1956-57 were estimntPd nt $28,000,000.

The City limits were expanded in 1951, when the adjacent municipality of Rio Piedras was annexed with the approval of the electorate. This enlarged the

Capital of Puerto Rico from 7 to 46 square miles. The City contains only about 17 per cent of Puerto Rico's population, but as the dominant, commercial, industrial and financial center it accounts for about 45 per cent of the total property tax valuation.

Financial Administration of the Capital of Puerto Rico Because many of the major functions usually associated with municipal admin istration in the States are handled by the Commonwealth itself, the actual expenditures of the Capital of Puerto Rico are relatively modest. San Juan is

empowered to levy a basic real and personal property tax for general purposes up to a maximum of 1 per cent of valuation. Certain special purposes are allowed up to an additional 1 per cent. Under the Municipal Borrowing Law (Title 21, Ch. 87), the ad valorem tax which must be levied for payment of all bonds issued is unlimited as to rate or amount.

All property tax collections and all debt service funds are administered

directly by the Secretary of the Treasury of Puerto Rico, who retains in his custody from these collections the amounts appropriated for the payment of principal and interest on outstanding obligations. The City relies for its reve nues mainly on the property tax. It derives some revenues from municipal licenses and fees on commercial and industrial establishments, and varying per centages of the cigarette tax and automobile license fees levied by the Com monwealth Government are earmarked for the City. The Puerto Rico Water Resources Authority pays to the City, in lieu of taxes, 6 per cent of its gross revenues collected in the municipality. No direct payments are made by the Puerto Rico Aqueduct and Sewer Authority but, in lieu of this, additional funds are paid to the City from General Fund appropriations of the Common wealth Government.

A complete reassessment of taxable property was undertaken in 1949 and completed in 1952. Assessed valuations were then adjusted to 72 per cent of

Puerto Rico has one of the finest airports in the western world, $15,000,000 Isla Verde, situated only 15 minutes from downtown San Juan. Air traffic in 1956-57 totaled 910,000 persons.

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appraised value, and are now estimated to be approximately 58 per cent of current appraisal. Estimated assessed valuation for 1957-58 is $521,067,120.

The tax rate is exceptionally low in comparison with cities of similar size in

the continental United States, being $2.51 per $100, of which 97f? is levied for general Commonwealth purposes. Direct comparisons with continental

cities are not possible because of differences of functions performed, but it is safe to say that the net City tax of $1.54 (equivalent to 89fi per $100 appraisal) is unusually low.

Safeguards of Indebtedness Under the Federal Relations Act, the debt which the Commonwealth Gov ernment may incur is limited to 10 per cent of assessed valuation of taxable property, equivalent to $115,723,536 based upon the present valuation of

$1,157,235,360. The outstanding gross debt of the Commonwealth Govern ment on June 30, 1957, was $61,475,000, and the net debt was $48,631,351

or 4.2 per cent of valuation. Per capita debt is only $21.54.

The debt limit of San Juan, and that of the three other largest munici palities, Ponce, Mayaguez and Arecibo, is set by law at 10 per cent of assessed valuation; in all others it is 5 per cent.

The bonded debt of the Capital of Puerto Rico is moderate. Gross debt, including two issues sold in July, 1956, is $12,915,000, and the net debt is

10,477,670 or only 2.01% of the assessed valuation, equal to $28.40 per capita. The City has no overlapping debt other than that of the Common wealth Government.

Unused debt margin is $41,600,000. Plans for improvements in the coming SIX years envision further bond issues of $13,600,000. During the same period, outstanding issues will be retired in the amount of $6,479,000, indicating a net increase in debt of less than one-fifth the presently available margin. e overnment Development Bank for Puerto Rico, the Secretary of Jus-

ice, t e Secretary of the Treasury, and certain other officials report to the

ov^nor on the propriety of the incurrence of all municipal debt, and no debt

lay e contracted by a municipality until the ordinance authorizing it has been approved by the Governor of Puerto Rico.

he record of San Juan is clear of default or delinquency in the payment of

principa or interest due on any obligations, both direct and indirect. There forced or "managed" refunding of maturing bonds to

-.11' ^ I ^ and similar debt record exists for the central government and ->11 municipalities instrumentalities of Puerto Rico.

Hif^lnvays arc cnnstanily bcin^ improved and extended in Puerto Rico The hioh.vay shosvn above ts one ofiheltnks hetsveen the excellent port facilities of San Juan and interior points of Puerto Rico.

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Outstanding Public Debt of San Juan Versus Legal Debt Limit Fiscal Years 1947-48 to 1956-57

miliions of dollars 46 44

LEGEND:

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42

LEGAL DEBT LIMIT 10% of Assessed Valtiudon â&#x2013;

40

Real and Personal Property

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38

PUBLIC DEBTt

36 34 32 30

28 26 24

22 20 18

16 14 12 10 8

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i 47-48

48-49

49-50

I

50-51

51-52*

52-53

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i 53-54

54-55

6

m

55-56

56-57

As a result of an Island-wide reassessment program by the Secretary of the Treasury, real properly, beginning in 1951-52, is now assessed at approximately 70% of appraised values.

1 Gross debt, 1947-48 to 1948-49

Net debt, 1949-50 to 1956-57

See inside cover for financial tables on Property Tax Collections, Operating Receipts and Expenditures, and Trend of Bonded Indebtedness.

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SAN JUAN—Capital of Puerto Rico Property Tax Collections FISCAL

ASSESSED

TAX RATE

TOTAL

CURRENT

YEAR

VALUATION

PER $1,000

LEVY

YEAR

$129,319,280 140,925,060

$ 29.70 29.70 33.10

$3,667,853 4,238,823 5,379,068

$2,994,310

33.10 21.00 21.00 21.00

5,528,338 6,937,280 6,871,070 7,479,891

4,441,187

391,729,690 422,590,590

23.90

8,851,394

25.10

10,391,640

442,333,610

25.10

10,867,360

521,067,120

25.10

12,785,540

1947-48 .

1948-49 .

. .

.

1949-50 .

1950-51 1951-52=^= 1952-53-

. .

1953-54 .

1954-55 1955-56 . .

1956-57 . .

.

.

1957-58i,

163,146,880 222,396,140 309,035,780 331,107,340 357,770,260

2,992,626 4,048,808 316,121 644,802

4,925,340 6,217,997 6,941,097 6,923,244

" Current tax collections in 1951-52 and 1952-53 were not representative as a consequence of the reassessment pro gram begun in 1949. During those years the issuance of tax bills was delayed, and Legislative action granted nonpenalty periods after tax due dates to provide time for hearing of protests against certain individual reassessments. t Assessed valuations and levy for 1957-58 are ollicial estimates.

Operating Receipts and Expenditures FISCAL

CASH BALANCE

TOTAL

TOTAL

YEAR

BEGINNING OF YEAR

RECEIPTS

EXPENDITURES

.

$1,493,493

$ 6,923,011

1951-52 .

2,227,435

1950-51 1952-53

1,732.851

1953-54

8,776,424

1954-55 1955-56 1956-57*

6,321,912

7,471,571 16,469,025 10,862,559 10,618,899 11,122,733

5,784,548

10,082,832

"Estimates — non

7,426,424

$ 6,189,069 7,966,155

9,425,452 12,212,559 11,723,41 1 11,660,097

10,082,832

budgetary receipts not included.

Trend of Bonded Indebtedness GROSS BONDED DEBT

YEAR ENDING

GROSS BONDED

.JUNE 30

DEBT

1940 1945 1950

1951 1952

.

.

PER CENT OF A.V.

PER CAPITA

$ 6,852,532

5.0

$28.80

4.952,400 3.443,000 4,070.000

4.6

20.80 9.30 11.10 14.10

5,193,000 10,761.000

2.1 1.2 1.6

3.0

29.25 27.15

1953 1954 1955 1956

9,988.000

2.5

9,253-000 10,766,000

2.1

25.08 29.18

1957*

12.915.000

2.5

35.00

Including issues sold after June 30. 1956.

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OLLECTIONS UNCOLLECTED OF PREVIOUS YEARS

TOTAL

$ 631,301 503,335

$3,625,611 3,495,961

1,151,291

5,200,099

899,261 473,799 5,164,531 5,745,105 2,357,788

5,340,448 789,920 5,809,333

2,562,155 2,589,238

CASH BALANCE AT YEAR END

$2,227,435 1,732,851 8,776,424 7,426,424 6.321.912

5,784,548

10,670,445 8,575,785 9,503,252 9,512,482

CURRENT COLLECTIONS

RESPECTIVE LEVIES

PER CENT OF

ON 6-30-57

CURRENT LEVY

$

136,980 165,287 179,198 258,613 821,278 739,885 791,733 1,030,647 1,820,377 4,171,308

TOTAL COLLECTIONS PER CENT OF CURRENT LEVY

81.6

98.8

70.6

66.8

82.5 96.7 96.6 11.4 84.5 142.7 96.9 91.5

63.7

87.5

75.3

80.3 4.6 9.4 65.8

70.2