$1,000 2% Bond printed by Columbian Bank Note Company. The Puerto Rico Electric Power Authority is an electric power company owned by the Commonwealth of Puerto Rico responsible for electricity generation, power distribution, and power transmission on the island. PREPA is the only entity authorized to conduct such business in Puerto Rico, making it a government monopoly, until on January 22, 2018 the former governor of Puerto Rico, Ricardo Rossello, announced that all assets of the company will be sold in a general privatization of PREPA. The authority is ruled by a board of directors appointed by the governor with the advice and consent of the Senate. Since 2014, PREPA is subject to the Puerto Rico Energy Commission, another government agency whose board of directors is also appointed by the governor. Hurricane Maria in September 2017 destroyed PREPA's distribution network, creating a blackout in all parts of the island. PREPA was originally named the Puerto Rico Water Resources Authority (PRWRA) which was created by Law No. 83 of May 2, 1941, during the governorship of Rexford G. Tugwell. Government-owned, PRWRA unified diverse regional and local electric power companies into one unified electric grid. Over the years the budget for maintenance, such as clearing trees near power lines, has diminished: in 2007 it was $251 million and in 2014 it was $202 million. Throughout its history, PREPA has suffered several Item ordered may not be exact piece shown. All original and authentic.