Al amparo de este capítulo quedan ratificados todos los bonos y pagarés emitidos por los municipios antes de la fecha de efectividad de esta ley, garantizados por el impuesto sobre ventas y uso; todos los procedimientos seguidos para la autorización, emisión y venta de dichos bonos y pagarés; y todos los procedimientos seguidos para la ejecución, venta, y entrega de dichos bonos o pagarés, no obstante cualquier defecto o deficiencia de forma o sustancia en el procedimiento para la autorización, emisión, venta, intercambio o entrega de dichos bonos o pagarés. Dichos bonos y pagarés son y constituirán obligaciones válidas y exigibles de los municipios.
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