FRANKLIN CALIFORNIA TAX-FREE TRUST, et al., Plaintiffs, Appellees,
v.
Commonwealth of Puerto Rico, et al., Defendants, Appellants,
PUERTO RICO Electric Power Authority (PREPA), Defendant.
United States Court of Appeals, First Circuit.https://leagle.com/images/logo.png
Before HOWARD, Chief Judge, TORRUELLA and LYNCH, Circuit Judges.
LYNCH, Circuit Judge.
The defendants, the Commonwealth of Puerto Rico, its Governor, its Secretary of Justice, and the Government Development Bank ("GDB"), assert that Puerto Rico is facing the most serious fiscal crisis in its history, and that its public utilities risk becoming insolvent. Puerto Rico, unlike states, may not authorize its municipalities...
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