A Puerto Rico senator filed a resolution Friday that would reassign $94 million to the island's Government Development Bank so it can make a bond payment that the U.S. territory missed earlier this week.

Sen. Gilberto Rodríguez said the money would come from a fund slated for other upcoming bond payments.

The resolution has not been debated. The island's legislature reconvenes in one week.

Puerto Rico's Public Finance Corporation missed an Aug. 1 deadline to make a $58 million payment on moral obligation bonds. It made a partial payment of $628,000 in interest but did not have enough money to pay the remainder.

The non-payment prompted OppenheimerFunds Inc. and Franklin Advisers Inc. to issue a letter addressed to Puerto Rico's Government Development Bank demanding that bondholders be paid.

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"The path that the current administration has chosen will steer Puerto Rico towards litigation and create further deterioration in the capital markets' trust in Puerto Rico," the Aug. 5 letter said. "We hereby demand that (the Public Finance Corporation) take all actions necessary to collect on the Notes."

Puerto Rico is struggling with $72 billion in public debt that the governor has said is unpayable and needs restructuring as the island enters its ninth year of economic stagnation.

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