Last July, the Trump International Golf Club Puerto Rico filed for bankruptcy protection. Owned by developer, Empresas Diaz, the resort is not actually one of the US Republican presidential candidates's many businesses ventures, but is used under a licensing agreement.

Trump's son, Eric, executive vice president of the Trump organization explained to CNBC, "We merely licensed our name for a fee and have nothing to do with the ownership, development or entity."

The Golf Club was built as a for-profit venture that was subsidized by the federal tax payers, and was backed by Puerto Rico's Government Development Bank, which in turn sold it to investors and guaranteed repayment of over $50 million in tax-exempt bonds.

A week ago, OHorizons Global bought the entire property, including the wine cellar, for a mere $2.2, and is getting it ready for a Professional Golfers Association tournament to be set in March. However, the buyer did not take over the debt of the resort, and the Government Development Bank is still making payments on the outstanding bonds, the last one slated to be due in 2034.

The golf resort is the last of the bank's problems, however, because as the New York Times reported, the Government Developmental Bank is already responsible for managing the $72 billion in debt that the island has amassed, which they said they cannot hope to repay. On Tuesday, the bank is also scheduled to make a $354 million bond payment, although it is not yet clear whether or not it can meet the deadline.

The New York Times mentioned that bad deals like the golf resort are not the only reasons for the bank's problems, but it can be made as an example of how the bank helped borrow money on behalf of the public to develop Puerto Rico, only to end up failing to fulfill their original purpose by ending up with most of the debt by itself.

Melba Acosta Febo, president and chairwoman of the bank explained the situation, saying that "The problems started when the Government Development Bank started lending for deficit financing instead of capital improvements. And when it started lending to entities that didn't have a source of repayment."

While in theory, it is illegal for the development bank to grant loans to those who have no way of paying them back, Acosta explained further, "The law didn't include the public corporations. That loophole explains the amount of the loans that were given."

While Puerto Rico is hustling to keep the bond payments going, it does not have enough money to cover the debt and may have to get cash by raiding government programs.

Meanwhile, the former Trump International Golf Club Puerto Rico, which is now called Coco Beach golf course, is getting ready for a competition set for March, where top golfers around the world will compete for a $3 million grand prize.