News & Events

The Puerto Rico Sales Tax Financing Corporation (“COFINA”, for its Spanish acronym) is issuing an Request for Proposals (the “RFP”) to select a qualified bond counsel firm to provide bond counsel services in the ordinary course of business and in any future refunding transaction of COFINA’s bonds.

COFINA is not actively pursuing any refunding transaction, and any future refunding transaction would be subject to, among other things, market conditions.

As part of this process, COFINA is requesting quotes from law firms for the role of bond counsel to perform related tasks, including, but not limited to:

1. All legal services and duties customarily performed by bond counsel with respect to municipal securities;

2. Assist in the legal aspects of structuring any financing, including interpretation and application of state and federal laws and tax regulations pertaining to debt; and

3. Provide legal advice on the treatment of bonds for federal tax matters and all matters related to applicable federal tax exemptions.

Proposals are due no later than Wednesday March 15th, 2024 at 5:00 p.m. EST and should be submitted via emailto the following addresses: alejandro.camporreale@cofina.pr.govand juancarlos.batlle@ankura.com .

On January 19, 2024, the COFINA Board of Directors approved the Fiscal Year 2023 Annual Financial Information and Operating Data Report. 

The Report highlights COFINA's consistent compliance with the Plan of Adjustment, and the SUT's strong performance during FY2023. The Report also provides SUT collection data through November 30, 2023, which shows a positive collection trend for the current Fiscal Year 2024.

COFINA ANNOUNCES RECEIPT OF ALL SALES AND USE TAXES OWNED FOR THE FIFTH CONSECUTIVE YEAR

COFINA also published its Audited Financial Statements for Fiscal Year 2023, resulting in an underspend for the fourth consecutive year, and a $16.4 million surplus transfer for the Commonwealth.

(October 23, 2023 - San Juan, Puerto Rico) - The Puerto Rico Sales Tax Financing Corporation (“COFINA” and/or the “Corporation”) confirmed that sales and use taxes received and deposited between July 1, 2023, and October 20, 2023 with The Bank of New York Mellon (“BNY”), as Trustee for the COFINA bonds, total $511,219,696 (“COFINA Revenues”), which equals the amount of sales and use taxes owned by COFINA for fiscal year 2024. This marks the fifth time since the restructuring of COFINA’s bonds, pursuant to Act 241-2018 and COFINA’s Third Amended Title III Plan of Adjustment (the “COFINA Plan of Adjustment”) confirmed by the U.S. District Court for the District of Puerto Rico pursuant to Title III of the Puerto Rico Oversight, Management and Economic Stability Act (“PROMESA”), that COFINA receives the sales and use taxes which were determined to be its property.

On fiscal years 2022 and 2023, the total COFINA Revenues owned by COFINA for such periods ($472,651,346 and $491,557,399, respectively) were received and deposited with BNY between July 1, 2021, and October 15, 2021, and between July 1, 2022, and October 20, 2022, respectively.

“COFINA’s Independent Board of Directors and its management are pleased this milestone was achieved for the fifth consecutive year, as it evidences COFINA’s successful restructuring” said Alejandro Camporreale, COFINA’s Executive Director.

COFINA also announced that it has published the audit of its financial statements for fiscal year 2023 which will also be posted on the Municipal Securities and Rulemaking Board Electronic Municipal Market Access website (“EMMA”).The completion of the audit in the month of October for its fiscal year ended June 30th for the fourth consecutive year continues to demonstrate COFINA’s accomplishment in achieving transparency and commitment to meet its obligations to its bondholders as part of its return to the capital markets. Under the leadership of its board of independent directors, COFINA has become the first issuer in the Commonwealth of Puerto Rico to publish its fiscal year 2023 audited financial statements.

Another highlight evident within the audited financial statements is COFINA’s fourth consecutive year reporting net excess of revenues over expenditures. For the fiscal year 2023, COFINA reported $19,331,416 in excess revenues after expenditures and other financing uses.

COFINA reiterated its commitment to the Commonwealth of Puerto Rico; on September 28, 2023 the Corporation transferred $16,362,779 from the surplus in COFINA’s Remainder Fund to the Treasury. This was made possible due to the Corporation’s investment returns on its cash reserves.

Overall COFINA continues to deliver on its commitment to transparency and compliance with projected revenues. This has been evident through weekly published reports detailing target collections for the Corporation.

San Juan, Puerto Rico

On April 24, 2023, the Financial Oversight and Management Board for Puerto Rico (the “Oversight Board”) certified the Puerto Rico Sales Tax Financing Corporation’s (“COFINA’s”) 2023 fiscal plan. 

The fiscal plan was certified pursuant to Section 201(f) of the Puerto Rico Oversight, Management, and Economic Stability Act (“PROMESA”), which allows for joint development of the plan between COFINA and the Oversight Board.

In addition, the Oversight Board determined that the Special Revenue Funds' revenue forecast to be used for the operational budget for COFINA for fiscal year 2024 is $1.68 million.

(October 21, 2022 - San Juan, Puerto Rico) - The Puerto Rico Sales Tax Financing Corporation (“COFINA”) confirmed that sales and use taxes received and deposited between July 1, 2022 and October 21, 2022 with The Bank of New York Mellon (“BNY”), as Trustee for the COFINA bonds, total $491,557,399 (“COFINA Revenues”), which equals the amount of sales and use taxes owned by COFINA for fiscal year 2023.

This marks the fourth time since the restructuring of COFINA’s bonds, pursuant to Act 241-2018 and COFINA’s Third Amended Title III Plan of Adjustment (the “COFINA Plan of Adjustment”) confirmed by the U.S. District Court for the District of Puerto Rico pursuant to Title III of the Puerto Rico Oversight, Management and Economic Stability Act (“PROMESA”), that COFINA receives the sales and use taxes which were determined to be its property.

Thursday, October 20, 2022

COFINA Publishes Audited Financial Statements for FY2022

(San Juan, Puerto Rico) – On October 20, 2022, the Puerto Rico Sales Tax Financing Corporation (“COFINA” for its Spanish acronym) released the corporation’s Audited Financial Statements for the Fiscal Year 2021-22, which ended June 30, 2022 (the “Audit”).

COFINA has posted the Audit on the Municipal Securities Rulemaking Board Electronic Municipal Market Access website (“EMMA”), and on its website. 

The completion of the Audit shows the Corporation’s commitment to transparency, compliance, and operational efficiency.

COFINA ANNOUNCES RECEIPT OF ALL SALES AND USE TAXES OWNED FOR THE THIRD CONSECUTIVE YEAR

COFINA also publishes Audited Financial Statements for Fiscal Year 2021 and praises Supreme Court Decision not to hear last appeal challenging the validity of the COFINA Plan of Adjustment

(October 18, 2021 - San Juan, Puerto Rico) - The Puerto Rico Sales Tax Financing Corporation (“COFINA”) confirmed that sales and use taxes received and deposited between July 1, 2021 and October 15, 2021 with The Bank of New York Mellon (“BNY”), as Trustee for the COFINA bonds, total $472,651,346 (“COFINA Revenues”), which equals the amount of sales and use taxes owned by COFINA for fiscal year 2022. This marks the third time since the restructuring of COFINA’s bonds, pursuant to Act 241-2018 and COFINA’s Third Amended Title III Plan of Adjustment (the “COFINA Plan of Adjustment”) confirmed by the U.S. District Court for the District of Puerto Rico pursuant to Title III of the Puerto Rico Oversight, Management and Economic Stability Act (“PROMESA”), that COFINA receives the sales and use taxes which were determined to be its property.

On fiscal years 2020 and 2021, the total COFINA Revenues owned by COFINA for such periods ($436,992,738 and $454,472,448, respectively) were received and deposited with BNY between July 1, 2019 and November 21, 2019 and between July 1, 2020 and October 19, 2020, respectively.

“COFINA’s independent Board of Directors and its management are pleased that this milestone was achieved for the third consecutive year, as it evidences COFINA’s successful restructuring” said Carlos M. Yamín, COFINA’s Executive Director.

COFINA also announced that it has received and released the completed audit of its financial statements for fiscal year 2021 and has posted the audit on the Municipal Securities and Rulemaking Board Electronic Municipal Market Access website (“EMMA”). The completion of the audit in the month of October for its fiscal year ended June 30th for the second consecutive year continues to demonstrate COFINA’s commitment to transparency and meeting its obligations to its bondholders. Under the leadership of its board of independent directors, COFINA has become the first issuer in the Commonwealth of Puerto Rico to publish its fiscal year 2021 audited financial statements.

Additionally, COFINA announced that, on October 4, 2021, the U.S. Supreme Court denied the Petition for a Writ of Certiorari presented by COFINA’s junior bondholders on April 2, 2021 challenging the validity of the COFINA Plan of Adjustment under PROMESA.

The petition challenged the United States Court of Appeals for the First Circuit’s decision to uphold Judge Laura Taylor Swain’s order confirming the COFINA Plan of Adjustment. The First Circuit’s March 2, 2021 decision concluded that efforts to revoke the COFINA Plan of Adjustment were barred under the doctrine of equitable mootness because the plan has already been implemented. The U.S. Supreme Court’s decision conclusively resolves the last remaining challenge to the COFINA Plan of Adjustment.

“COFINA’s independent Board of Directors and its management are pleased that the U.S. Supreme Court decided not to hear the last appeal challenging the validity of the COFINA Plan of Adjustment. The Court’s decision marks the end to possible challenges to the COFINA Plan of Adjustment and reaffirms the Corporation’s successful restructuring,” added Mr. Carlos M. Yamín, COFINA’s Executive Director.

For additional information please visit COFINA’s website at www.cofina.pr.gov.

Forward-Looking Statements

This press release includes forward-looking statements, which include, but are not limited to, expectations with respect to the COFINA Bonds. The Fiscal Agency and Financial Advisory Authority (“AAFAF”) and COFINA cannot provide assurances that the future developments affecting AAFAF, COFINA, or the bonds will be as anticipated. Actual results may differ materially from those expectations due to a variety of factors. Any forward-looking statement made in this release speaks only as of the date hereof and AAFAF and COFINA do not undertake any obligation to publicly update any forward-looking statement, whether as a result of new information, future developments or otherwise.

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Press Release - FY2020 Audited Financial Statments

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