,i  #aad? ,,congress  #a/ ,session  ,h4 
,r4 #daii  ,,9 ,,! ,,h\se ,,(           
,,repres5tatives  ,decemb] #i1 #bjae    
,mr4 ,duffy introduc$ ! foll[+ bill2 :i*
 0 ref]r$ to ! ,committee on ,natural   
,res\rces1 & 9 addition to ! ,committee 
on ! ,judici>y1 = a p]iod to be         
subsequ5tly det]m9$ by ! ,speak]1 9 ea* 
case = consid]ation ( su* provisions z  
fall )9 ! jurisdiction ( ! committee    
conc]n$  ,a ,,bill  ,to provide !       
,gov]nm5t ( ,pu]to ,rico ! *oice to     
re/ructure its municipal debt 9         
conjunction ) enhanc$ f9ancial ov]sight1
 & = o!r purposes4  #a4 ,%ort title2    
table ( cont5ts  7a7 ,%ort title ,?is   
,act may be cit$ z ! ,pu]to ,rico       
,f9ancial ,/ability & ,debt ,re/ructur+ 
,*oice ,act4  7b7 ,table ( cont5ts ,!   
table ( cont5ts = ?is ,act is z foll[s3 
,sec4 #a4 ,%ort title2 table ( cont5ts4 
,sec4 #b4 ,f9d+s4 ,title ,i--,e/abli%m5t
 & ,organization ( ,f9ancial ,/ability  
,c\ncil ,sec4 #aja4 ,pu]to ,rico        
,f9ancial ,/ability ,c\ncil4 ,sec4 #ajb4

 ,executive director & /aff ( ,c\ncil4  
,sec4 #ajc4 ,p[]s ( ,c\ncil4 ,sec4 #ajd4
 ,exemption f liability = claims4 ,sec4 
#aje4 ,treatm5t ( actions aris+ f ,act4 
,sec4 #ajf4 ,fund+ = op]ation ( ,c\ncil4
 ,sec4 #ajg4 ,t]m9ation ( activities4   
,sec4 #ajh4 ,application ( laws ( ,pu]to
 ,rico to ,c\ncil4 ,sec4 #aji4 ,rules ( 
con/ruction4 ,title                     
,,ii--,responsibilities ( ,f9ancial     
,/ability ,c\ncil ,sec4 #bja4           
,developm5t ( f9ancial plan & budget =  
,pu]to ,rico4 ,sec4 #bjb4 ,process =    
submission & approval ( f9ancial plan & 
annual ,pu]to ,rico budget4 ,sec4 #bjc4 
,re/rictions on borr[+ by ,pu]to ,rico4 
,sec4 #bjd4 ,effect ( f9d+ (            
noncompliance ) f9ancial plan & budget4 
,sec4 #bje4 ,recomm5dations on f9ancial 
/ability & managem5t responsibility4    
,title ,,iii--,debt ,re/ructur+ ,sec4   
#cja4 ,am5dm5t4 ,sec4 #cjb4 ,effective  
date2 application ( am5dm5t4 ,sec4 #cjc4
 ,sev]ability4  #b4 ,f9d+s ,congress    
f9ds ! foll[+3 7#a7 ,a comb9ation (     

/ructural problems1 m\nt+ debt1 & weak  
public f9ances has left ,pu]to ,rico 9 a
 f9ancial debt crisis & result$ 9       
cont9u$ outmigration ( resid5ts &       
bus9ess f ,pu]to ,rico fur!r /ifl+ gr[?4
  7#b7 ,a compreh5sive1 long-t]m approa*
 mu/ be e/abli%$ to initiate significant
 re=ms to re/ore to ,pu]to ,rico access 
to %ort-t]m & long-t]m l5d+1 elim9ate   
annual deficits1 & r$uce its debt4  7#c7
 ,! curr5t crisis requires congressional
 action t supports ,pu]to ,rico by      
provid+ ! appropriate tools ne$$ to     
re/ore f9ancial /ability :ile respect+ &
 /r5g!n+ its au?ority to op]ate & gr[   
indep5d5tly4  ,i ,e/abli%m5t &          
,organization ( ,f9ancial ,/ability     
,c\ncil  #aja4 ,pu]to ,rico ,f9ancial   
,/ability ,c\ncil  7a7 ,e/abli%m5t ,^u !
 enactm5t ( a law or resolution adopt$  
by ! ,legislative ,assembly ( ,pu]to    
,rico & sign$ by ! ,gov]nor ( ,pu]to    
,rico1 & pursuant to article ,,iv1      
section #c1 clause #b ( ! ,con/itution (
 ! ,unit$ ,/ates1 !re %all be e/abli%$ !

 ,pu]to ,rico ,f9ancial ,/ability       
,c\ncil 7"h & aft] ref]r$ to 9 ?is ,act 
z ! ,c\ncil71 consi/+ ( memb]s appo9t$ 9
 accordance ) subsection 7b74  7b7      
,memb]%ip  7#a7 ,9 g5]al ,! ,c\ncil %all
 consi/ ( #e memb]s appo9t$ by !        
,presid5t :o meet ! qualifications      
describ$ 9 subsection 7c74  7#b7        
,consultation ) congress ,! ,presid5t   
%all consult ) ! ,speak] ( ! ,h\se (    
,repres5tatives1 ! ,m9ority ,lead] ( !  
,h\se ( ,repres5tatives1 ! ,majority    
,lead] ( ! ,s5ate1 ! ,m9ority ,lead] ( !
 ,s5ate1 & ! ,resid5t ,commission] f    
,pu]to ,rico ) respect to :o %\ld be    
appo9t$ to ! ,c\ncil4  7#c7 ,*air ,!    
,presid5t %all designate "o ( ! memb]s (
 ! ,c\ncil z ! *air ( ! ,c\ncil4  7#d7  
,s5se ( congress reg>d+ deadl9e =       
appo9tm5t ,x is ! s5se ( ,congress t !  
,presid5t %\ld appo9t ! memb]s ( !      
,c\ncil z soon z practicable aft] !     
e/abli%m5t ( ! ,c\ncil1 b 9 no ev5t lat]
 ?an #be days aft] ! date ( ! e/abli%m5t
 ( ! ,c\ncil4  7#e7 ,t]m ( s]vice  7,a7 

,9 g5]al ,except z provid$ 9 subp>agraph
 7,b71 ea* memb] ( ! ,c\ncil %all be    
appo9t$ = a t]m ( #c ye>s4  7,b7        
,appo9tm5t = t]m foll[+ initial t]m ,= !
 t]m imm$iately foll[+ ! initial t]m1   
memb]s %all be appo9t$ by ! ,presid5t z 
foll[s3  7i7 #a memb] = a t]m ( #a ye>4 
7ii7 #b memb]s ea* = a t]m ( #b ye>s4   
7iii7 #b memb]s ea* = a t]m ( #c ye>s4  
7,c7 ,removal ,! ,presid5t may remove   
any memb] ( ! ,c\ncil only = cause4  7c7
 ,qualifications = memb]%ip ,an         
individual meets ! qualifications =     
memb]%ip on ! ,c\ncil if ! individual-- 
7#a7 has k & exp]tise 9 f9ance1         
managem5t1 & ! organization or op]ation 
( bus9ess or gov]nm5t2  7#b7 does n     
provide goods or s]vices to ! ,gov]nm5t 
( ,pu]to ,rico 7& is n ! sp\se1 p>5t1   
*ild1 or sibl+ ( an individual :o       
provides goods & s]vices to ! ,gov]nm5t 
( ,pu]to ,rico72  7#c7 is n an (fic] or 
employee ( ! ,gov]nm5t ( ,pu]to ,rico2  
7#d7 ma9ta9s a prim>y resid5ce 9 ,pu]to 
,rico or has a prim>y place ( bus9ess 9 

,pu]to ,rico2 &  7#e7 complies ) ,f$]al 
conflict ( int]e/ requirem5ts z m&at$ by
 section #bjh ( title #ah1 ,unit$ ,/ates
 ,code4  7d7 ,no comp5sation = s]vice   
,memb]s ( ! ,c\ncil %all s]ve )\t pay1 b
 may receive reimbursem5t = any         
reasonable & necess>y exp5ses incurr$ by
 reason ( s]vice on ! ,c\ncil4  7e7     
,adoption ( by-,laws = conduct+ bus9ess 
( au?ority  7#a7 ,9 g5]al ,z soon z     
practicable aft] ! appo9tm5t ( its      
memb]s1 b n lat] ?an #cj days1 ! ,c\ncil
 %all adopt by-laws1 rules1 & proc$ures 
gov]n+ its activities "u ?is ,act1      
includ+ proc$ures = hir+ exp]ts &       
consultants4 ,su* by-laws1 rules1 &     
proc$ures %all be public docum5ts1 &    
%all be submitt$ by ! ,c\ncil ^u        
adoption to ! ,gov]nor1 ! ,legislative  
,assembly1 ! ,presid5t1 & ,congress4    
7#b7 ,c]ta9 activities requir+ approval 
( majority ( memb]s ,"u ! by-laws adopt$
 pursuant to p>agraph 7#a71 ! ,c\ncil   
may conduct its op]ations "u su*        
proc$ures z x consid]s appropriate1     

except t an affirmative vote ( a        
majority ( ! memb]s ( ! ,c\ncil %all be 
requir$ 9 ord] = ! ,c\ncil to--  7,a7   
approve or disapprove a f9ancial plan & 
budget "u title ,,ii2 &  7,b7 implem5t  
recomm5dations on f9ancial /ability &   
managem5t responsibility "u section     
#ajg4  7#c7 ,adoption ( rules &         
regulations ( ,pu]to ,rico ,! ,c\ncil   
may incorporate 9 its by-laws1 rules1 & 
proc$ures "u ?is subsection su* rules & 
regulations ( ! ,gov]nm5t ( ,pu]to ,rico
 z x consid]s appropriate to enable x to
 c>ry out its activities "u ?is ,act ) !
 greate/ degree ( indep5d5ce            
practicable4  #ajb4 ,executive director 
& /aff ( ,c\ncil  7a7 ,executive        
director ,! ,c\ncil %all h an executive 
director :o %all be appo9t$ by ! *air ) 
! cons5t ( ! ,c\ncil4 ,! executive      
director %all be paid at a rate det]m9$ 
by ! ,c\ncil1 except t su* rate may n   
exce$ ! rate ( basic pay payable = level
 ,,iv ( ! ,executive ,s*$ule4  7b7 ,/aff
 ,) ! approval ( ! *air1 ! executive    

director may appo9t & fix ! pay (       
additional p]sonnel z ! executive       
director consid]s appropriate1 except t 
no individual appo9t$ by ! executive    
director may be paid at a rate great]   
?an ! rate ( pay = ! executive director4
  7c7 ,inapplicability ( c]ta9 employm5t
 & procurem5t laws  7#a7 ,civil s]vice  
laws ,! executive director & /aff ( !   
,c\ncil may be appo9t$ )\t reg>d to !   
provisions ( title #e1 ,unit$ ,/ates    
,code1 gov]n+ appo9tm5ts 9 ! competitive
 s]vice1 & paid )\t reg>d to !          
provisions ( *apt] #ea & sub*apt] ,,iii 
( *apt] #ec ( t title relat+ to         
classification & ,g5]al ,s*$ule pay     
rates4  7#b7 ,pu]to ,rico employm5t &   
procurem5t laws ,! executive director & 
/aff ( ! ,c\ncil may be appo9t$ & paid  
)\t reg>d to ! provisions ( ! laws (    
,pu]to ,rico gov]n+ appo9tm5ts &        
sal>ies4 ,! provisions ( ! laws ( ,pu]to
 ,rico gov]n+ procurem5t %all n apply to
 ! ,c\ncil4  7d7 ,/aff ( ,f$]al ag5cies 
,^u reque/ ( ! *air1 ! head ( any ,f$]al

 dep>tm5t or ag5cy may detail1 on a     
reimbursable or nonreimbursable basis1  
any ( ! p]sonnel ( t dep>tm5t or ag5cy  
to ! ,c\ncil to assi/ x 9 c>ry+ out its 
duties "u ?is ,act4  7e7 ,pres]vation ( 
retirem5t & c]ta9 o!r rights ( ,f$]al   
employees :o become employ$ by ! ,c\ncil
  7#a7 ,9 g5]al ,a ,f$]al employee :o1  
)9 #b mon?s aft] sep>at+ f ! ,f$]al     
,gov]nm5t1 becomes employ$ by !         
,c\ncil--  7,a7 may elect1 = purposes ( 
! retirem5t sy/em 9 :i* t individual la/
 p>ticipat$ be=e s sep>at+1 to h su*    
individual's p]iod ( s]vice ) ! ,c\ncil 
treat$ 9 ! same way z if p]=m$ 9 !      
position )9 ! ,f$]al ,gov]nm5t f :i*    
sep>at$1 subject to ! requisite employee
 d$uctions & ag5cy contributions be+    
curr5tly deposit$ 9 ! appropriate fund2 
&  7,b7 if1 aft] s]v+ ) ! ,c\ncil1 su*  
employee becomes reemploy$ by ! ,f$]al  
,gov]nm5t1 %all be entitl$ to cr$it = ! 
full p]iod ( su* individual's s]vice ) !
 ,c\ncil = purposes ( det]m9+ !         
applicable leave accrual rate4  7#b7    

,retirem5t  7,a7 ,contributions ,=      
purposes ( subp>agraph 7,a7 ( p>agraph  
7#a7-- 7i7 ! employee d$uctions ref]r$  
to 9 su* p>agraph %all be made f basic  
pay = s]vice ) ! ,c\ncil1 & %all be     
comput$ us+ ! same p]c5tage z w\ld !n   
apply if ! individual 7 in/ead s]v+ 9 ! 
position )9 ! ,f$]al ,gov]nm5t f :i*    
sep>at$2 &  7ii7 ! ag5cy contributions  
ref]r$ to 9 su* p>agraph %all be made by
 ! ,c\ncil4  7,b7 ,d\ble cov]age n      
p]mitt$ ,an individual :o makes an      
election "u p>agraph 7#a77;,a7 %all be  
ineligible1 :ile su* election rema9s 9  
effect1 to p>ticipate 9 any retirem5t   
sy/em = employees ( ! ,gov]nm5t ( ,pu]to
 ,rico4  7#c7 ,regulations ,! ,(fice (  
,p]sonnel ,managem5t %all prescribe su* 
regulations z may be necess>y to c>ry   
out ?is subsection4 ,regulations to c>ry
 out p>agraph 7#a77;,a7 %all be         
prescrib$ 9 consultation ) ! (fice or   
ag5cy ( ! ,gov]nm5t ( ,pu]to ,rico hav+ 
jurisdiction ov] any retirem5t sy/em    
ref]r$ to 9 p>agraph 7#b77;,b74  #ajc4  

,p[]s ( ,c\ncil  7a7 ,he>+s & sessions  
,! ,c\ncil may1 = ! purpose ( c>ry+ out 
?is ,act1 hold he>+s1 sit & act at times
 & places1 take te/imony1 & receive     
evid5ce z ! ,c\ncil consid]s            
appropriate4 ,! ,c\ncil may adm9i/] oa?s
 or affirmations to witnesses appe>+    
be=e x4  7b7 ,p[]s ( memb]s & ag5ts ,any
 memb] or ag5t ( ! ,c\ncil may1 if      
au?oriz$ by ! ,c\ncil1 take any action  
:i* ! ,c\ncil is au?oriz$ to take by ?is
 section4  7c7 ,obta9+ (ficial data     
7#a7 ,f ,f$]al ,gov]nm5t ,not)/&+       
sections #eeb 7commonly kn[n z ! ,fre$om
 ( ,in=mation ,act7 & #eeb;b 7! ,privacy
 ,act7 ( title #e1 ,unit$ ,/ates ,code1 
! ,c\ncil may secure directly f any     
dep>tm5t or ag5cy ( ! ,unit$ ,/ates     
in=mation necess>y to enable x to c>ry  
out ?is ,act1 ) ! approval ( ! head ( t 
dep>tm5t or ag5cy4  7#b7 ,f ,gov]nm5t ( 
,pu]to ,rico ,not)/&+ any o!r provision 
( law1 ! ,c\ncil %all h ! "r to secure  
copies ( su* records1 docum5ts1         
in=mation1 or data f any entity ( !     

,gov]nm5t ( ,pu]to ,rico necess>y to    
enable ! ,c\ncil to c>ry out its        
responsibilities "u ?is ,act4 ,at !     
reque/ ( ! ,c\ncil1 ! ,c\ncil %all be   
grant$ direct access to su* in=mation   
sy/ems1 records1 docum5ts1 in=mation1 or
 data z w enable ! ,c\ncil to c>ry out  
its responsibilities "u ?is ,act4 ,!    
head ( ! entity ( ! ,gov]nm5t ( ,pu]to  
,rico responsible %all timely provide ! 
,c\ncil ) su* in=mation & assi/ance     
7includ+ grant+ ! ,c\ncil direct access 
to automat$ or o!r in=mation sy/ems7 z !
 ,c\ncil requires "u ?is p>agraph4  7d7 
,gifts1 beque/s1 & devises ,! ,c\ncil   
may accept1 use1 & dispose ( gifts1     
beque/s1 or devises ( s]vices or        
prop]ty1 bo? real & p]sonal1 = ! purpose
 ( aid+ or facilitat+ ! "w ( ! ,c\ncil4 
,gifts1 beque/s1 or devises ( money &   
proce$s f sales ( o!r prop]ty receiv$ z 
gifts1 beque/s1 or devises %all be      
deposit$ 9 su* acc\nt z ! ,c\ncil may   
e/abli% & %all be available =           
disbursem5t ^u ord] ( ! *air4  7e7      

,subpo5a p[]  7#a7 ,9 g5]al ,! ,c\ncil  
may issue subpo5as requir+ ! att5dance &
 te/imony ( witnesses & ! production (  
any evid5ce relat+ to any matt] "u      
inve/igation by ! ,c\ncil4 ,! att5dance 
( witnesses & ! production ( evid5ce may
 be requir$ f any place )9 ! ,unit$     
,/ates at any designat$ place ( he>+ )9 
! ,unit$ ,/ates4  7#b7 ,failure to obey 
a subpo5a ,if a p]son refuses to obey a 
subpo5a issu$ "u p>agraph 7#a71 !       
,c\ncil may apply to a ,unit$ ,/ates    
di/rict c\rt = an ord] requir+ t p]son  
to appe> be=e ! ,c\ncil to give         
te/imony1 produce evid5ce1 or bo?1      
relat+ to ! matt] "u inve/igation4 ,!   
application may be made )9 ! judicial   
di/rict :]e ! he>+ is conduct$ or :]e t 
p]son is f\nd1 resides1 or transacts    
bus9ess4 ,any failure to obey ! ord] ( !
 c\rt may be puni%$ by ! c\rt z civil   
contempt4  7#c7 ,s]vice ( subpo5as ,!   
subpo5as ( ! ,c\ncil %all be s]v$ 9 !   
mann] provid$ = subpo5as issu$ by a     
,unit$ ,/ates di/rict c\rt "u ! ,f$]al  

,rules ( ,civil ,proc$ure = ! ,unit$    
,/ates di/rict c\rts4  7#d7 ,s]vice (   
process ,all process ( any c\rt to :i*  
application is made "u p>agraph 7#b7 may
 be s]v$ 9 ! judicial di/rict 9 :i* !   
p]son requir$ to be s]v$ resides or may 
be f\nd4  7f7 ,adm9i/rative support     
s]vices ,^u ! reque/ ( ! ,c\ncil1 !     
,adm9i/rator ( ,g5]al ,s]vices may      
provide to ! ,c\ncil1 on a reimbursable 
basis1 ! adm9i/rative support s]vices   
necess>y = ! ,c\ncil to c>ry out its    
responsibilities "u ?is ,act4  7g7      
,au?ority ,to ent] into contracts ,!    
executive director may ent] into su*    
contracts z ! executive director        
consid]s appropriate 7subject to !      
approval ( ! *air7 to c>ry out !        
,c\ncil's responsibilities "u ?is ,act4 
7h7 ,civil actions ,to en=ce p[]s ,!    
,c\ncil may seek judicial en=cem5t ( its
 au?ority to c>ry out its               
responsibilities "u ?is ,act4  7i7      
,p5alties  7#a7 ,acts prohibit$ ,any    
(fic] or employee ( ! ,gov]nm5t ( ,pu]to

 ,rico :o-- 7,a7 takes any action 9     
violation ( any valid ord] ( ! ,c\ncil  
or fails or refuses to take any action  
requir$ by any su* ord]2 or  7,b7       
prep>es1 pres5ts1 or c]tifies any       
in=mation 7includ+ any projections or   
e/imates7 or report = ! ,c\ncil or any (
 its ag5ts t is false or mislead+1 or1  
^u le>n+ t any su* in=mation is false or
 mislead+1 fails to imm$iately advise ! 
,c\ncil or its ag5ts !re( 9 writ+1 %all 
be guilty ( a misdemeanor4  7#b7        
,adm9i/rative discipl9e ,9 addition to  
any o!r applicable p5alty1 any (fic] or 
employee ( ! ,gov]nm5t ( ,pu]to ,rico :o
 kn[+ly & willfully violates p>agraph   
7#a7 %all be subject to appropriate     
adm9i/rative discipl9e1 includ+ 7:5     
appropriate7 susp5sion f duty )\t pay or
 removal f (fice by ord] ( ei!r !       
,gov]nor or ,c\ncil4  7#c7 ,report by   
,gov]nor on discipl9>y actions tak5 ,9 !
 case ( a violation ( p>agraph 7#a7 by  
an (fic] or employee ( ! ,gov]nm5t (    
,pu]to ,rico1 ! ,gov]nor %all imm$iately

 report to ! ,c\ncil all p]t95t facts   
toge!r ) a /atem5t ( ! action tak5      
!reon4  #ajd4 ,exemption f liability =  
claims ,! ,c\ncil & its memb]s may n be 
liable = any obligation ( or claim aga9/
 ,pu]to ,rico result+ f actions tak5 to 
c>ry out ?is ,act4  #aje4 ,treatm5t (   
actions aris+ f ,act  7a7 ,jurisdiction 
e/abli%$ 9 di/rict c\rt = ,pu]to ,rico  
,except z provid$ 9 section #ajc7;e77#b7
 7relat+ to ! issuance ( an ord] en=c+ a
 subpo5a71 any action aga9/ ! ,c\ncil or
 any action o!rwise aris+ out ( ?is     
,act1 9 :ole or 9 "p1 %all be br\ght 9 !
 ,unit$ ,/ates ,di/rict ,c\rt = !       
,di/rict ( ,pu]to ,rico4  7b7 ,prompt   
appeal  7#a7 ,c\rt ( appeals ,not)/&+   
any o!r provision ( law1 any ord] ( !   
,unit$ ,/ates ,di/rict ,c\rt = !        
,di/rict ( ,pu]to ,rico :i* is issu$    
pursuant to an action br\ght "u         
subsection 7a7 %all be reviewable only  
pursuant to a notice ( appeal to !      
,unit$ ,/ates ,c\rt ( ,appeals = ! ,fir/
 ,circuit4  7#b7 ,supreme c\rt ,not)/&+ 

any o!r provision ( law1 review by !    
,supreme ,c\rt ( ! ,unit$ ,/ates ( a    
decision ( ! ,c\rt ( ,appeals :i* is    
issu$ pursuant to p>agraph 7#a7 may be  
_h only if ! petition = su* review is   
fil$ )9 #aj days aft] ! entry ( su*     
decision4  7c7 ,tim+ ( relief ,no ord] (
 any c\rt grant+ decl>atory or          
injunctive relief aga9/ ! ,c\ncil1      
includ+ relief p]mitt+ or requir+ !     
obligation1 borr[+1 or exp5diture (     
funds1 %all take effect dur+ ! p5d5cy ( 
! action be=e su* c\rt1 dur+ ! "t appeal
 may be tak51 or 7if appeal is tak57    
dur+ ! p]iod be=e ! c\rt has ent]$ its  
f9al ord] dispos+ ( su* action4  7d7    
,exp$it$ consid]ation ,x %all be ! duty 
( ! ,unit$ ,/ates ,di/rict ,c\rt = !    
,di/rict ( ,pu]to ,rico1 ! ,unit$ ,/ates
 ,c\rt ( ,appeals = ! ,fir/ ,circuit1 & 
! ,supreme ,c\rt ( ! ,unit$ ,/ates to   
advance on ! docket & to exp$ite to !   
greate/ possible ext5t ! disposition (  
any matt] br\ght "u subsection 7a74     
#ajf4 ,fund+ = op]ation ( ,c\ncil  7a7  

,submission ( budget ,! ,c\ncil %all    
submit a propos$ budget = ea* fiscal ye>
 to ! ,presid5t = ! inclusion 9 ! annual
 budget ( ! ,unit$ ,/ates4  7b7 ,cont5ts
 ( budget ,! budget %all describe-- 7#a7
 exp5ditures ( ! ,c\ncil by ea* object  
class1 includ+ exp5ditures = /aff ( !   
,c\ncil2  7#b7 s]vices ( p]sonnel & o!r 
s]vices provid$ by or on behalf ( !     
,c\ncil = :i* ! ,c\ncil made no         
reimbursem5t2 &  7#c7 any gifts or      
beque/s made to ! ,c\ncil dur+ ! previ\s
 fiscal ye>4  7c7 ,appropriations ,no   
am\nt may be obligat$ or exp5d$ by !    
,c\ncil = a fiscal ye> unless su* am\nt 
has be5 approv$ by an ,act ( ,congress1 
& !n only accord+ to su* ,act4  #ajg4   
,t]m9ation ( activities ,! ,c\ncil may n
 t]m9ate its activities e>li] ?an #c    
fiscal ye>s aft] its e/abli%m5t &       
until--  7#a7 x has c]tifi$ to !        
,presid5t t ! ,gov]nm5t ( ,pu]to ,rico  
has made mean+ful progress 9 its budget+
 practices1 tax collection1 & its fiscal
 condition1 includ+ access to ! capital 

m>kets at a reasonable int]e/ rate2 &   
7#b7 ! ,presid5t has approv$ ! ,c\ncil's
 c]tification 9 p>agraph 7#a74  #ajh4   
,application ( laws ( ,pu]to ,rico to   
,c\ncil  7a7 ,9 g5]al ,! foll[+ laws (  
,pu]to ,rico 7z 9 effect on ! date ( !  
enactm5t ( ?is ,act7 %all apply to !    
memb]s & activities ( ! ,c\ncil3  7#a7  
,op5 ,meet+ ,law4  7#b7 ,,foia          
,requirem5t4  7#c7 ,conflicts ( ,int]e/4
  7b7 ,no control1 sup]vision1 ov]sight1
 or review by ,gov]nor or ,legislative  
,assembly  7#a7 ,9 g5]al ,nei!r !       
,gov]nor nor ! ,legislative ,assembly   
may ex]cise any control1 sup]vision1    
ov]sight1 or review ov] ! ,c\ncil or its
 activities4  7#b7 ,prohibition aga9/   
legislation affect+ au?ority ,!         
,legislative ,assembly %all h no        
au?ority to enact any act1 resolution1  
or rule ) respect to ! ,c\ncil e/abli%$ 
"u section #aja7;a7 ( ?is ,act4  7c7    
,au?ority n subject to repres5tation by 
,pu]to ,rico ,attorney ,g5]al ,9 any    
action br\ght by or on behalf ( !       

,c\ncil1 & 9 any action br\ght aga9/ !  
,c\ncil1 ! ,c\ncil %all be repres5t$ by 
su* c\nsel z x may select1 b 9 no       
in/ance may ! ,c\ncil be repres5t$ by ! 
,attorney ,g5]al ( ,pu]to ,rico4  #aji4 
,rules ( con/ruction ,no?+ 9 ?is ,act   
may be con/ru$-- 7#a7 to limit !        
au?ority ( ,congress to ex]cise ultimate
 legislative au?ority ov] ,pu]to ,rico  
pursuant to article ,,iv1 section #c1   
clause #b ( ! ,con/itution ( ! ,unit$   
,/ates2 or  7#b7 to int]f]e ) ! "r ( !  
,unit$ ,/ates citiz5s ( ,pu]to ,rico to 
det]m9e :e!r to rema9 a t]ritory1 become
 a ,/ate ( ! ,unit$ ,/ates ( ,am]ica1 or
 become a sov]eign nation4  ,,ii        
,responsibilities ( ,f9ancial ,/ability 
,c\ncil  #bja4 ,developm5t ( f9ancial   
plan & budget = ,pu]to ,rico  7a7       
,developm5t ( f9ancial plan & budget ,= 
ea* fiscal ye>1 ! ,gov]nor %all develop 
& submit to ! ,c\ncil a f9ancial plan & 
budget = ,pu]to ,rico 9 accordance ) ?is
 section4  7b7 ,cont5ts ( f9ancial plan 
& budget ,a f9ancial plan & budget = !  

,gov]nm5t ( ,pu]to ,rico = a fiscal ye> 
& ! next #c fiscal ye>s 7includ+ !      
project$ rev5ues & exp5ditures ( ea*    
fund ( ! ,gov]nm5t ( ,pu]to ,rico = su* 
ye>s71 %all satisfy ! foll[+            
requirem5ts3  7#a7 ,! f9ancial plan &   
budget %all meet ! /&>ds describ$ 9     
subsection 7c7 to promote ! f9ancial    
/ability ( ! ,gov]nm5t ( ,pu]to ,rico4  
7#b7 ,! f9ancial plan & budget %all     
provide = e/imates ( rev5ues &          
exp5ditures on a modifi$ accrual basis4 
7#c7 ,! f9ancial plan & budget %all--   
7,a7 describe lump-sum exp5ditures by   
dep>tm5t by object class2  7,b7 describe
 capital exp5ditures 7toge!r ) a s*$ule 
( project$ capital commitm5ts ( !       
,gov]nm5t ( ,pu]to ,rico & propos$      
s\rces ( fund+72  7,c7 conta9 e/imates (
 %ort-t]m & long-t]m debt 7bo? out/&+ & 
anticipat$ to be issu$72 &  7,d7 conta9 
ca% fl[ =eca/s = ea* fund ( ! ,gov]nm5t 
( ,pu]to ,rico at su* int]vals z !      
,c\ncil may require4  7#d7 ,! f9ancial  
plan & budget %all include a /atem5t    

describ+ me?ods ( e/imations &          
significant assumptions4  7#e7 ,!       
f9ancial plan & budget %all include any 
proposal to specifically au?orize an    
entity to be a debtor "u #aa ,u4,s4,c4  
#aji4  7#f7 ,! f9ancial plan & budget   
%all include any o!r provisions & %all  
meet su* o!r crit]ia z ! ,c\ncil        
consid]s appropriate to meet ! purposes 
( ?is ,act1 includ+ managem5t           
initiatives to promote productivity1    
improvem5t 9 ! deliv]y ( s]vices1 or co/
 sav+s4  7c7 ,/&>ds ,to promote f9ancial
 /ability describ$  7#a7 ,9 g5]al ,!    
/&>ds to promote ! f9ancial /ability ( !
 ,gov]nm5t ( ,pu]to ,rico applicable to 
! f9ancial plan & budget = a fiscal ye> 
are z foll[s3  7,a7 ,! ,c\ncil %all     
contract ) an indep5d5t auditor to      
conduct a full scale audit ( ! f9ancial 
practices & acc\nt+ me?odologies employ$
 by ! ,gov]nm5t ( ,pu]to ,rico1 & bas$  
on ?is report make recomm5dations =     
*anges & improvem5ts to be consid]$ to  
be employ$ by ! ,c\ncil4  7,b7 ,dur+ !  

fir/ ?ree ye>s ( ! plan1 ! ,gov]nm5t (  
,pu]to ,rico %all make cont9u\s1        
sub/antial progress t[>d equaliz+ !     
exp5ditures & rev5ues ( ! ,gov]nm5t (   
,pu]to ,rico = su* fiscal ye>s 79 equal 
annual in/allm5ts to ! greate/ ext5t    
possible74  7,c7 ,! f9ancial plan &     
budget %all assure ! cont9u+ long-t]m   
f9ancial /ability ( ! ,gov]nm5t ( ,pu]to
 ,rico1 z indicat$ by factors includ+   
access to %ort-t]m & long-t]m capital   
m>kets1 ! effici5t managem5t ( !        
,gov]nm5t ( ,pu]to ,rico's work=ce1 & ! 
effective provision ( s]vices by !      
,gov]nm5t ( ,pu]to ,rico4  7#b7         
,application ( s\nd budget>y practices  
,9 meet+ ! /&>ds describ$ 9 p>agraph    
7#a7 ) respect to a f9ancial plan &     
budget = a fiscal ye>1 ! ,gov]nm5t (    
,pu]to ,rico %all apply s\nd budget>y   
practices1 includ+ r$uc+ co/s & o!r     
exp5ditures1 improv+ productivity1      
improv+ tax collection1 or comb9ations (
 su* practices4  #bjb4 ,process =       
submission & approval ( f9ancial plan & 

annual ,pu]to ,rico budget  7a7         
,submission ( prelim9>y f9ancial plan & 
budget by ,gov]nor ,aft] consultation ) 
! ,gov]nor & ,legislative ,assembly (   
,pu]to ,rico1 ! ,c\ncil %all set a date 
= ! ,gov]nor to submit to ! ,c\ncil & ! 
,legislative ,assembly a f9ancial plan &
 budget = ! fiscal ye> :i* meets !      
requirem5t ( section #bja4  7b7 ,review 
by ,c\ncil ,^u receipt ( ! f9ancial plan
 & budget = a fiscal ye> f ! ,gov]nor "u
 subsection 7a71 ! ,c\ncil %all promptly
 review ! f9ancial plan & budget4 ,9    
conduct+ ! review1 ! ,c\ncil may reque/ 
any additional in=mation x consid]s     
necess>y & appropriate to c>ry out its  
duties "u ?is title4  7c7 ,action ^u    
approval ( ,gov]nor's prelim9>y f9ancial
 plan & budget  7#a7 ,c]tification to   
,gov]nor  7,a7 ,9 g5]al ,if ! ,c\ncil   
det]m9es t ! f9ancial plan & budget = ! 
fiscal ye> submitt$ by ! ,gov]nor "u    
subsection 7a7 meets ! requirem5ts      
applicable "u section #bja--  7i7 !     
,c\ncil %all approve ! f9ancial plan &  

budget & %all provide ! ,gov]nor1 !     
,legislative ,assembly1 ! ,presid5t1 &  
,congress ) a notice c]tify+ its        
approval2 &  7ii7 ! ,gov]nor %all       
promptly submit ! f9ancial plan & budget
 to ! ,legislative ,assembly4  7,b7     
,deem$ approval aft] #cj days  7i7 ,9   
g5]al ,if ! ,c\ncil has n provid$ !     
,gov]nor1 ! ,legislative ,assembly1 !   
,presid5t1 & ,congress ) a notice       
c]tify+ approval "u subp>agraph 7,a77i7 
or a /atem5t ( disapproval "u subsection
 7d77#a7 ^u ! expiration ( ! #cj-;day   
p]iod :i* beg9s on ! date ! ,c\ncil     
receives ! f9ancial plan & budget f !   
,gov]nor "u subsection 7a71 ! ,c\ncil   
%all be deem$ to h approv$ ! f9ancial   
plan & budget & to h provid$ ! ,gov]nor1
 ! ,legislative ,assembly1 ! ,presid5t1 
& ,congress ) ! notice c]tify+ approval 
describ$ 9 subp>agraph 7,a77i74  7ii7   
,explanation ( failure to respond ,if   
clause 7i7 applies ) respect to a       
f9ancial plan & budget1 ! ,c\ncil %all  
provide ! ,gov]nor1 ! ,legislative      

,assembly1 ! ,presid5t1 & ,congress ) an
 explanation = its failure to provide ! 
notice c]tify+ approval or ! /atem5t (  
disapproval dur+ ! #cj-;day p]iod       
describ$ 9 su* clause4  7#b7 ,adoption (
 budget by assembly aft] receipt (      
approv$ budget ,n lat] ?an ! date set by
 ! ,c\ncil 9 subsection 7a7 aft] receiv+
 ! budget = ! fiscal ye> f ! ,gov]nor "u
 p>agraph 7#a77;,a77ii71 ! ,legislative 
,assembly %all by ,act adopt a budget = 
! fiscal ye> :i* %all s]ve z ! adoption 
( ! budget ( ! ,gov]nm5t ( ,pu]to ,rico 
= ! fiscal ye> "u su* section1 & %all   
submit su* budget to ! ,gov]nor & !     
,c\ncil4  7#c7 ,review ( ,legislative   
,assembly budget by au?ority ,^u receipt
 ( ! budget = a fiscal ye> f !          
,legislative ,assembly "u p>agraph 7#b7 
7tak+ into acc\nt any items or          
provisions disapprov$ by ! ,gov]nor or  
disapprov$ by ! ,gov]nor & re5act$ by ! 
,legislative ,assembly7 ! ,c\ncil %all  
promptly review ! budget4 ,9 conduct+ ! 
review1 ! ,c\ncil may reque/ any        

additional in=mation x consid]s necess>y
 & appropriate to c>ry out its duties "u
 ?is subtitle4  7#d7 ,results ( au?ority
 review ( ,legislative ,assembly's      
initial budget  7,a7 ,approval (        
,legislative ,assembly's initial budget 
,if ! ,c\ncil det]m9es t ! budget = !   
fiscal ye> submitt$ by ! ,legislative   
,assembly "u p>agraph 7#b7 meets !      
requirem5ts applicable "u section #bja--
  7i7 ! ,c\ncil %all approve ! budget & 
%all provide ! ,gov]nor1 ! ,legislative 
,assembly1 ! ,presid5t1 & ,congress ) a 
notice c]tify+ its approval2 &  7ii7 !  
,legislative ,assembly %all promptly    
submit ! budget to ! ,gov]nor =         
transmission to ! ,presid5t & ,congress4
  7,b7 ,disapproval ( ,legislative      
,assembly's initial budget ,if ! ,c\ncil
 det]m9es t ! budget = ! fiscal ye>     
submitt$ by ! ,legislative ,assembly "u 
p>agraph 7#b7 does n meet ! requirem5ts 
applicable "u section #bja1 ! ,c\ncil   
%all disapprove ! budget1 & %all provide
 ! ,gov]nor1 ! ,legislative ,assembly1 !

 ,presid5t1 & ,congress ) a /atem5t     
conta9+--  7i7 ! reasons = su*          
disapproval2 &  7ii7 any recomm5dations 
= revisions to ! budget ! ,c\ncil       
consid]s appropriate to ensure t !      
budget is consi/5t ) section #bja7;b7 & 
7c74  7,c7 ,deem$ approval aft] #ae days
  7i7 ,9 g5]al ,if ! ,c\ncil has n      
provid$ ! ,gov]nor1 ! ,legislative      
,assembly1 ! ,presid5t1 & ,congress ) a 
notice c]tify+ approval "u subp>agraph  
7,a77i7 or a /atem5t ( disapproval "u   
subp>agraph 7,b7 ^u ! expiration ( !    
#ae-;day p]iod :i* beg9s on ! date !    
,c\ncil receives ! budget f !           
,legislative ,assembly "u p>agraph 7#b71
 ! ,c\ncil %all be deem$ to h approv$ ! 
budget & to h provid$ ! ,gov]nor1 !     
,legislative ,assembly1 ! ,presid5t1 &  
,congress ) ! notice c]tify+ approval   
describ$ 9 subp>agraph 7,a77i74  7ii7   
,explanation ( failure to respond ,if   
clause 7i7 applies ) respect to a       
budget1 ! ,c\ncil %all provide !        
,gov]nor1 ! ,legislative ,assembly1 !   

,presid5t1 & ,congress ) an explanation 
= its failure to provide ! notice       
c]tify+ approval or ! /atem5t (         
disapproval dur+ ! #ae-;day p]iod       
describ$ 9 su* clause4  7#e7 ,au?ority  
review ( ,legislative ,assembly's revis$
 budget  7,a7 ,submission ( ,legislative
 ,assembly's revis$ budget ,n lat] ?an  
#ae days aft] receiv+ ! /atem5t f !     
,c\ncil "u p>agraph 7#d77;,b71 !        
,legislative ,assembly %all promptly by 
,act adopt a revis$ budget = ! fiscal   
ye> :i* addresses ! reasons = !         
,c\ncil's disapproval cit$ 9 ! /atem5t1 
& %all submit su* budget to ! ,gov]nor &
 ! ,c\ncil4  7,b7 ,approval (           
,legislative ,assembly's revis$ budget  
,if1 aft] review+ ! revis$ budget = a   
fiscal ye> submitt$ by ! ,legislative   
,assembly "u subp>agraph 7,a7 9         
accordance ) ! proc$ures describ$ 9 ?is 
subsection1 ! ,c\ncil det]m9es t !      
revis$ budget meets ! requirem5ts       
applicable "u section #bja1 ! ,c\ncil   
%all approve ! budget & %all provide !  

,gov]nor1 ! ,legislative ,assembly1 !   
,presid5t1 & ,congress ) a notice       
c]tify+ its approval4  7,c7 ,disapproval
 ( ,legislative ,assembly's revis$      
budget  7i7 ,9 g5]al ,if1 aft] review+ !
 revis$ budget = a fiscal ye> submitt$  
by ! ,legislative ,assembly "u          
subp>agraph 7,a7 9 accordance ) !       
proc$ures describ$ 9 ?is subsection1 !  
,c\ncil det]m9es t ! revis$ budget does 
n meet ! applicable requirem5ts "u      
section #bja1 ! ,c\ncil %all--  7,i7    
disapprove ! budget2  7,,ii7 provide !  
,gov]nor1 ! ,legislative ,assembly1 !   
,presid5t1 & ,congress ) a /atem5t      
conta9+ ! reasons = su* disapproval2 &  
7,,iii7 approve & recomm5d a budget = ! 
,gov]nm5t ( ,pu]to ,rico :i* meets !    
applicable requirem5ts "u section #bja1 
& submit su* budget to ! ,gov]nor1 !    
,legislative ,assembly1 ! ,presid5t1 &  
,congress4  7ii7 ,transmission ( reject$
 budget ,! ,legislative ,assembly %all  
promptly submit ! revis$ budget         
disapprov$ by ! ,c\ncil "u ?is          

subp>agraph to ! ,gov]nor = transmission
 to ! ,presid5t & ,congress4  7,d7      
,deem$ approval aft] #ae days  7i7 ,9   
g5]al ,if ! ,c\ncil has n provid$ !     
,gov]nor1 ! ,legislative ,assembly1 !   
,presid5t1 & ,congress ) a notice       
c]tify+ approval "u subp>agraph 7,b77i7 
or a /atem5t ( disapproval "u           
subp>agraph 7,c7 ^u ! expiration ( !    
#ae-;day p]iod :i* beg9s on ! date !    
,c\ncil receives ! revis$ budget        
submitt$ by ! ,legislative ,assembly "u 
subp>agraph 7,a71 ! ,c\ncil %all be     
deem$ to h approv$ ! revis$ budget & to 
h provid$ ! ,gov]nor1 ! ,legislative    
,assembly1 ! ,presid5t1 & ,congress ) ! 
notice c]tify+ approval describ$ 9      
subp>agraph 7,b77i74  7ii7 ,explanation 
( failure to respond ,if clause 7i7     
applies ) respect to a budget1 ! ,c\ncil
 %all provide ! ,gov]nor1 ! ,legislative
 ,assembly1 ! ,presid5t1 & ,congress )  
an explanation = its failure to provide 
! notice c]tify+ approval or ! /atem5t (
 disapproval dur+ ! #ae-;day p]iod      

describ$ 9 su* clause4  7#f7 ,deadl9e = 
transmission ( a budget by au?ority     
,not)/&+ any o!r provision ( ?is section
 ea* fiscal ye> ! ,c\ncil %all-- 7,a7   
provide ,congress ) a notice c]tify+ its
 approval ( ! ,legislative ,assembly's  
initial budget = ! fiscal ye> "u        
p>agraph 7#d77;,a72  7,b7 provide       
,congress ) a notice c]tify+ its        
approval ( ! ,legislative ,assembly's   
revis$ budget = ! fiscal ye> "u p>agraph
 7#e77;,b72 or  7,c7 submit to ,congress
 an approv$ & recomm5d$ budget ( !      
,c\ncil = ! ,gov]nm5t ( ,pu]to ,rico = !
 fiscal ye> "u p>agraph 7#e77;,c74  7d7 
,action ^u disapproval ( ,gov]nor's     
prelim9>y budget  7#a7 ,/atem5t (       
disapproval ,if ! ,c\ncil det]m9es t !  
budget = ! fiscal ye> submitt$ by !     
,gov]nor "u subsection 7a7 does n meet !
 requirem5ts applicable "u section #bja1
 ! ,c\ncil %all disapprove ! budget1 &  
%all provide ! ,gov]nor & ! ,legislative
 ,assembly ) a /atem5t conta9+--  7,a7 !
 reasons = su* disapproval2 &  7,b7 any 

recomm5dations = revisions to ! budget !
 ,c\ncil consid]s appropriate to ensure 
t ! budget meets ! requirem5ts          
applicable "u section #bja4  7#b7       
,au?ority review ( ,gov]nor's revis$    
f9ancial plan & budget  7,a7 ,submission
 ( ,gov]nor's revis$ f9ancial plan &    
budget ,n lat] ?an #ae days aft] receiv+
 ! /atem5t f ! ,c\ncil "u p>agraph 7#a71
 ! ,gov]nor %all promptly submit to !   
,c\ncil & ! ,legislative ,assembly a    
revis$ f9ancial plan & budget = ! fiscal
 ye> :i* addresses ! reasons = !        
,c\ncil's disapproval cit$ 9 ! /atem5t4 
7,b7 ,approval ( ,gov]nor's revis$      
f9ancial plan & budget ,if ! ,c\ncil    
det]m9es t ! revis$ f9ancial plan &     
budget = ! fiscal ye> submitt$ by !     
,gov]nor "u subp>agraph 7,a7 meets !    
requirem5ts applicable "u section #bja--
  7i7 ! ,c\ncil %all approve ! f9ancial 
plan & budget & %all provide ! ,gov]nor1
 ! ,legislative ,assembly1 ! ,presid5t1 
& ,congress ) a notice c]tify+ its      
approval2 &  7ii7 ! ,gov]nor %all       

promptly submit ! f9ancial plan & budget
 to ! ,legislative ,assembly4  7,c7     
,disapproval ( ,gov]nor's revis$        
f9ancial plan & budget  7i7 ,9 g5]al ,if
 ! ,c\ncil det]m9es t ! revis$ f9ancial 
plan & budget = ! fiscal ye> submitt$ by
 ! ,gov]nor "u subp>agraph 7,a7 does n  
meet ! requirem5ts applicable "u section
 #bja1 ! ,c\ncil %all--  7,i7 disapprove
 ! f9ancial plan & budget2  7,,ii7 %all 
provide ! ,gov]nor1 ! ,legislative      
,assembly1 ! ,presid5t1 & ,congress ) a 
/atem5t conta9+ ! reasons = su*         
disapproval2 &  7,,iii7 recomm5d a      
f9ancial plan & budget = ! ,gov]nm5t (  
,pu]to ,rico :i* meets ! requirem5ts    
applicable "u section #bja & submit su* 
f9ancial plan & budget to ! ,gov]nor & !
 ,legislative ,assembly4  7ii7          
,submission ( reject$ f9ancial plan &   
budget ,! ,gov]nor %all promptly submit 
! revis$ f9ancial plan & budget         
disapprov$ by ! ,c\ncil "u ?is          
subp>agraph to ! ,legislative ,assembly4
  7,d7 ,deem$ approval aft] #ae days    

7i7 ,9 g5]al ,if ! ,c\ncil has n provid$
 ! ,gov]nor1 ! ,legislative ,assembly1 !
 ,presid5t1 & ,congress ) a notice      
c]tify+ approval "u subp>agraph 7,b77i7 
or a /atem5t ( disapproval "u           
subp>agraph 7,c7 ^u ! expiration ( !    
#ae-;day p]iod :i* beg9s on ! date !    
,c\ncil receives ! revis$ f9ancial plan 
& budget submitt$ by ! ,gov]nor "u      
subp>agraph 7,a71 ! ,c\ncil %all be     
deem$ to h approv$ ! revis$ f9ancial    
plan & budget & to h provid$ ! ,gov]nor1
 ! ,legislative ,assembly1 ! ,presid5t1 
& ,congress ) ! notice c]tify+ approval 
describ$ 9 subp>agraph 7,b77i74  7ii7   
,explanation ( failure to respond ,if   
clause 7i7 applies ) respect to a       
f9ancial plan & budget1 ! ,c\ncil %all  
provide ! ,gov]nor1 ! ,legislative      
,assembly1 ! ,presid5t1 & ,congress ) an
 explanation = its failure to provide ! 
notice c]tify+ approval or ! /atem5t (  
disapproval dur+ ! #ae-;day p]iod       
describ$ 9 su* clause4  7#c7 ,action by 
,legislative ,assembly  7,a7 ,adoption (

 f9ancial plan & budget ,n lat] ?an #cj 
days aft] receiv+ ! ,gov]nor's approv$  
revis$ f9ancial plan & budget = ! fiscal
 ye> "u p>agraph 7#b77;,b7 or 79 ! case 
( a f9ancial plan & budget disapprov$ by
 ! ,c\ncil7 ! f9ancial plan & budget    
recomm5d$ by ! ,c\ncil "u p>agraph      
7#b77;,c77i77,,iii71 ! ,legislative     
,assembly %all by ,act adopt a f9ancial 
plan & budget = ! fiscal ye> :i* %all   
s]ve z ! adoption ( ! budgets ( !       
,gov]nm5t ( ,pu]to ,rico = ! fiscal ye> 
"u su* section1 & %all submit ! f9ancial
 plan & budget to ! ,gov]nor & !        
,c\ncil4  7,b7 ,review by au?ority ,!   
f9ancial plan & budget submitt$ by !    
,legislative ,assembly "u subp>agraph   
7,a7 %all be subject to review by !     
,c\ncil & revision by ! ,legislative    
,assembly 9 ! same mann] z ! f9ancial   
plan & budget submitt$ by ! ,legislative
 ,assembly aft] an approv$ prelim9>y    
f9ancial plan & budget ( ! ,gov]nor "u  
p>agraphs 7#c71 7#d71 7#e71 & 7#f7 (    
subsection 7c74  7e7 ,revisions to      

f9ancial plan & budget  7#a7 ,p]mitt+   
,gov]nor to submit revisions ,! ,gov]nor
 may submit propos$ revisions to !      
f9ancial plan & budget to ! ,c\ncil at  
any "t dur+ ! ye>4  7#b7 ,process =     
review1 approval1 disapproval1 &        
,legislative ,assembly action ,except z 
provid$ 9 p>agraph 7#c71 ! proc$ures    
describ$ 9 subsections 7b71 7c71 & 7d7  
%all apply ) respect to a propos$       
revision to a f9ancial plan & budget 9 !
 same mann] z su* proc$ures apply )     
respect to ! orig9al f9ancial plan &    
budget1 except t subp>agraph 7,b7 (     
subsection 7c77#a7 7relat+ to deem$     
approval by ! ,c\ncil ( a prelim9>y     
f9ancial plan & budget ( ! ,gov]nor7    
%all be appli$ z if ! ref]5ce to ! t]m  
#cj-;day p]iod 7 a ref]5ce to #bj-;day  
p]iod4  7#c7 ,exception = revisions n   
affect+ appropriations ,to ! ext5t t a  
propos$ revision to a f9ancial plan &   
budget adopt$ by ! ,legislative         
,assembly pursuant to ?is subsection    
does n increase ! am\nt ( sp5d+ )       

respect to any acc\nt ( ! ,gov]nm5t (   
,pu]to ,rico1 ! revision %all become    
effective ^u ! ,c\ncil's approval ( su* 
revision4  #bjc4 ,re/rictions on borr[+ 
by ,pu]to ,rico  7a7 ,9 g5]al ,!        
,gov]nm5t ( ,pu]to ,rico may n borr[    
money unless ! ,c\ncil provides prior   
c]tification t bo? ! receipt ( funds    
?r\gh su* borr[+ & ! repaym5t (         
obligations incurr$ ?r\gh su* borr[+ are
 consi/5t ) ! f9ancial plan & budget = !
 ye>4  7b7 ,revisions to f9ancial plan &
 budget p]mitt$ ,if ! ,c\ncil det]m9es t
 ! borr[+ propos$ to be und]tak5 by !   
,gov]nm5t ( ,pu]to ,rico is n consi/5t )
 ! f9ancial plan & budget1 ! ,gov]nor   
may submit to ! ,c\ncil a propos$       
revision to ! f9ancial plan & budget 9  
accordance ) section #bjb7;e7 s t !     
borr[+ w be consi/5t ) ! f9ancial plan &
 budget z s revis$4  7c7 ,borr[+        
describ$ ,?is section %all apply )      
respect to any borr[+ und]tak5 by !     
,gov]nm5t ( ,pu]to ,rico4  #bjd4 ,effect
 ( f9d+ ( noncompliance ) f9ancial plan 

& budget  7a7 ,submission ( reports ,n  
lat] ?an #cj days aft] ! expiration (   
ea* qu>t] ( ea* fiscal ye>1 ! ,gov]nor  
%all submit reports to ! ,c\ncil        
describ+ ! actual rev5ues obta9$ &      
exp5ditures made by ! ,gov]nm5t ( ,pu]to
 ,rico dur+ ! qu>t] ) its ca% fl[s dur+ 
! qu>t]1 & comp>+ su* actual rev5ues1   
exp5ditures1 & ca% fl[s ) ! mo/ rec5t   
projections = ^! items4  7b7 ,dem& =    
additional in=mation ,if ! ,c\ncil      
det]m9es1 bas$ on reports submitt$ by ! 
,gov]nor "u subsection 7a71 indep5d5t   
audits1 or su* o!r in=mation z ! ,c\ncil
 may obta91 t ! rev5ues or exp5ditures (
 ! ,gov]nm5t ( ,pu]to ,rico are n       
consi/5t ) ! f9ancial plan & budget = ! 
ye>1 ! ,c\ncil %all require ! ,gov]nor  
to provide su* additional in=mation z ! 
,c\ncil det]m9es to be necess>y to      
expla9 ! inconsi/5cy4  7c7 ,c]tification
 ( v>iance ,aft] requir+ ! ,gov]nor to  
provide additional in=mation "u         
subsection 7b71 ! ,c\ncil %all c]tify to
 ! ,legislative ,assembly1 ! ,presid5t1 

& ,congress t ! ,gov]nm5t ( ,pu]to ,rico
 is at v>iance ) ! f9ancial plan &      
budget unless--  7#a7  7,a7 ! additional
 in=mation provides an explanation = !  
inconsi/5cy :i* ! ,c\ncil f9ds          
reasonable & appropriate2 or  7,b7 !    
,gov]nm5t ( ,pu]to ,rico adopts or      
implem5ts rem$ial action 7includ+ revis+
 ! f9ancial plan & budget pursuant to   
section #bjb7;e77 to correct !          
inconsi/5cy :i* ! ,c\ncil f9ds          
reasonable & appropriate1 tak+ into     
acc\nt ! t]ms ( ! f9ancial plan &       
budget2 &  7#b7 ! ,gov]nor agrees to    
submit ! reports describ$ 9 subsection  
7a7 on a mon?ly basis = su* p]iod z !   
,c\ncil may require4  7d7 ,effect (     
c]tification ,if ! ,c\ncil c]tifies to !
 ,secret>y ( ! ,treasury t a v>iance    
exi/s1 ! ,secret>y %all )hold funds     
o!rwise payable to ,pu]to ,rico "u su*  
,f$]al programs z ! ,c\ncil may specify 
7o!r ?an funds d$icat$ to mak+          
entitlem5t or b5efit paym5ts to         
individuals71 9 su* am\nts & "u su* o!r 

conditions z ! ,c\ncil may specify4     
#bje4 ,recomm5dations on f9ancial       
/ability & managem5t responsibility  7a7
 ,9 g5]al ,! ,c\ncil may at any "t      
submit recomm5dations to ! ,gov]nor1 !  
,legislative ,assembly1 ! ,presid5t1 &  
,congress on actions ! ,gov]nm5t (      
,pu]to ,rico or ! ,f$]al ,gov]nm5t may  
take to ensure compliance by ! ,gov]nm5t
 ( ,pu]to ,rico ) a f9ancial plan &     
budget or to o!rwise promote ! f9ancial 
/ability1 managem5t responsibility1 &   
s]vice deliv]y effici5cy ( ! ,gov]nm5t (
 ,pu]to ,rico4  7b7 ,response to        
recomm5dations = actions )9 au?ority (  
,gov]nm5t ( ,pu]to ,rico  7#a7 ,9 g5]al 
,9 ! case ( any recomm5dations submitt$ 
"u subsection 7a7 :i* are )9 ! au?ority 
( ! ,gov]nm5t ( ,pu]to ,rico to adopt1 n
 lat] ?an #ij days aft] receiv+ !       
recomm5dations1 ! ,gov]nor or !         
,legislative ,assembly 7:i*ev] has !    
au?ority to adopt ! recomm5dation7 %all 
submit a /atem5t to ! ,c\ncil1 !        
,presid5t1 & ,congress :i* provides     

notice z to :e!r ! ,gov]nm5t ( ,pu]to   
,rico w adopt ! recomm5dations4  7#b7   
,implem5tation plan requir$ = adopt$    
recomm5dations ,if ! ,gov]nor or !      
,legislative ,assembly 7:i*ev] is       
applicable7 notifies ! ,c\ncil &        
,congress "u p>agraph 7#a7 t ! ,gov]nm5t
 ( ,pu]to ,rico w adopt any ( !         
recomm5dations submitt$ "u subsection   
7a71 ! ,gov]nor or ! ,legislative       
,assembly 7:i*ev] is applicable7 %all   
include 9 ! /atem5t a writt5 plan to    
implem5t ! recomm5dation :i* includes-- 
7,a7 specific p]=mance measures to      
det]m9e ! ext5t to :i* ! ,gov]nm5t (    
,pu]to ,rico has adopt$ ! recomm5dation2
 &  7,b7 a s*$ule = audit+ ! ,gov]nm5t (
 ,pu]to ,rico's compliance ) ! plan4    
7#c7 ,explanations requir$ =            
recomm5dations n adopt$ ,if ! ,gov]nor  
or ! ,legislative ,assembly 7:i*ev] is  
applicable7 notifies ! ,c\ncil1 !       
,presid5t1 & ,congress "u p>agraph 7#a7 
t ! ,gov]nm5t ( ,pu]to ,rico w n adopt  
any recomm5dation submitt$ "u subsection

 7a7 :i* ! ,gov]nm5t ( ,pu]to ,rico has 
au?ority to adopt1 ! ,gov]nor or !      
,legislative ,assembly %all include 9 ! 
/atem5t explanations = ! rejection ( !  
recomm5dations4  ,,iii ,debt ,re/ructur+
  #cja4 ,am5dm5t ,section #aja7eb7 (    
title #aa1 ,unit$ ,/ates ,code1 is am5d$
 to read z foll[s3  7#eb7 ,! t]m ,/ate  
includes ,pu]to ,rico &1 except = !     
purpose ( def9+ :o may be a debtor "u   
*apt] #i ( ?is title1 includes !        
,di/rict ( ,columbia4  4  #cjb4         
,effective date2 application ( am5dm5t  
7a7 ,effective date ,except z provid$ 9 
subsection 7b71 ?is title & ! am5dm5t   
made by ?is title %all take effect on ! 
date ( ! e/abli%m5t ( ! ,pu]to ,rico    
,f9ancial ,/ability ,c\ncil "u section  
#aja7;a7 ( ?is ,act4  7b7 ,application (
 am5dm5t ,! am5dm5t made by ?is title   
%all apply ) respect to-- 7#a7 cases    
comm5c$ "u title #aa ( ! ,unit$ ,/ates  
,code on or aft] ! date ( ! e/abli%m5t (
 ! ,pu]to ,rico ,f9ancial ,/ability     
,c\ncil "u section #aja7;a7 ( ?is ,act1 

&  7#b7 debts1 claims1 & li5s creat$    
be=e1 on1 or aft] su* date4  #cjc4      
,sev]ability ,if any provision ( ?is    
title or ! application ( su* provision  
to any p]son or circum/ance1 is f\nd to 
be uncon/itutional1 ! rema9d] ( ?is     
title1 or ! application ( t provision to
 o!r p]sons or circum/ances1 %all n be  
affect$4