Puerto Rico’s Financial Oversight and Management Board (JSF) authorized the town of Carolina to issue and sell a $34,460,000 general obligation note to Oriental Bank to finance development and construction of a new medical tower in the Carolina Medical District. The approval appears in a November 6, 2026 communication addressed to Vicky González Vega, executive director of the Puerto Rico Fiscal Agency and Financial Advisory Authority (AAFAF).
The proceeds of the 2026 Series B general obligation note will go to the Medical Tower Building II, which will have four levels and 27 medical offices. The transaction also covers $245,000 in fees and closing costs tied to the issuance. The agreement sets a fixed interest rate of 6.15% if closing occurs on or before November 30, 2026.
If it closes after that date, the rate will be set using the yield on the seven-year U.S. Treasury note as a benchmark, plus 1.90 percentage points, with a floor of 6.15%. The schedule described in the communication calls for annual principal payments every July 1, starting in 2027 and ending in 2034, with a final balloon payment of the outstanding balance.
The debt will be repaid with revenue from the town’s Special Additional Tax (CAE, Contribución Adicional Especial). Carolina’s mayor is José Carlos Aponte Dalmeu.