#aadth ,,congress #b;d ,session ,in the ,house of ,representatives1 ,u4 ,s41 ,june #i1 #bjaf ,,amendment3 ,that the bill from the ,senate 7,s4 #bcbh7 entitled ,an ,act to reauthorize and amend the ,national ,sea ,grant ,college ,program ,act1 and for other purposes41 do pass with the following ,strike out all after the enacting clause and insert3 #a4 ,short title2 table of contents 7a7 ,short title ,this ,act may be cited as the ,puerto ,rico ,oversight1 ,management1 and ,economic ,stability ,act or ,,promesa4 7b7 ,table of contents ,the table of contents of this ,act is as follows3 ,sec4 #a4 ,short title2 table of contents4 ,sec4 #b4 ,effective date4 ,sec4 #c4 ,severability4 ,sec4 #d4 ,supremacy4 ,sec4 #e4 ,definitions4 ,sec4 #f4 ,placement4 ,sec4 #g4 ,compliance with ,federal laws4 ,title ,i--,establishment and ,organization of ,oversight ,board ,sec4 #aja4 ,financial ,oversight and ,management ,board4 ,sec4 #ajb4 ,location of ,oversight ,board4 ,sec4 #ajc4 ,executive ,director and staff of ,oversight ,board4 ,sec4 #ajd4 ,powers of ,oversight ,board4 ,sec4 #aje4 ,exemption from liability for claims4 ,sec4 #ajf4 ,treatment of actions arising from ,act4 ,sec4 #ajg4 ,budget and funding for operation of ,oversight ,board4 ,sec4 #ajh4 ,autonomy of ,oversight ,board4 ,sec4 #aji4 ,ethics4 ,title ,,ii--,responsibilities of ,oversight ,board ,sec4 #bja4 ,approval of fiscal plans4 ,sec4 #bjb4 ,approval of budgets4 ,sec4 #bjc4 ,effect of finding of noncompliance with budget4 ,sec4 #bjd4 ,review of activities to ensure compliance with fiscal plan4 ,sec4 #bje4 ,recommendations on financial stability and management responsibility4 ,sec4 #bjf4 ,oversight ,board duties related to restructuring4 ,sec4 #bjg4 ,oversight ,board authority related to debt issuance4 ,sec4 #bjh4 ,required reports4 ,sec4 #bji4 ,termination of ,oversight ,board4 ,sec4 #baj4 ,no full faith and credit of the ,united ,states4 ,sec4 #baa4 ,analysis of pensions4 ,sec4 #bab4 ,intervention in litigation4 ,title ,,iii--,adjustments of ,debts ,sec4 #cja4 ,applicability of other laws2 definitions4 ,sec4 #cjb4 ,who may be a debtor4 ,sec4 #cjc4 ,reservation of territorial power to control territory and territorial instrumentalities4 ,sec4 #cjd4 ,petition and proceedings relating to petition4 ,sec4 #cje4 ,limitation on jurisdiction and powers of court4 ,sec4 #cjf4 ,jurisdiction4 ,sec4 #cjg4 ,venue4 ,sec4 #cjh4 ,selection of presiding judge4 ,sec4 #cji4 ,abstention4 ,sec4 #caj4 ,applicable rules of procedure4 ,sec4 #caa4 ,leases4 ,sec4 #cab4 ,filing of plan of adjustment4 ,sec4 #cac4 ,modification of plan4 ,sec4 #cad4 ,confirmation4 ,sec4 #cae4 ,role and capacity of ,oversight ,board4 ,sec4 #caf4 ,compensation of professionals4 ,sec4 #cag4 ,interim compensation4 ,title ,,iv--,miscellaneous ,provisions ,sec4 #dja4 ,rules of construction4 ,sec4 #djb4 ,right of ,puerto ,rico to determine its future political status4 ,sec4 #djc4 ,first minimum wage in ,puerto ,rico4 ,sec4 #djd4 ,application of regulation to ,puerto ,rico4 ,sec4 #dje4 ,automatic stay upon enactment4 ,sec4 #djf4 ,purchases by territory governments4 ,sec4 #djg4 ,protection from inter-debtor transfers4 ,sec4 #djh4 ,,gao report on ,small ,business ,administration programs in ,puerto ,rico4 ,sec4 #dji4 ,congressional ,task ,force on ,economic ,growth in ,puerto ,rico4 ,sec4 #daj4 ,report4 ,sec4 #daa4 ,report on territorial debt4 ,sec4 #dab4 ,expansion of ,h,u,b,zones in ,puerto ,rico4 ,sec4 #dac4 ,determination on debt4 ,title ,v--,puerto ,rico ,infrastructure ,revitalization ,sec4 #eja4 ,definitions4 ,sec4 #ejb4 ,position of ,revitalization ,coordinator4 ,sec4 #ejc4 ,critical projects4 ,sec4 #ejd4 ,miscellaneous provisions4 ,sec4 #eje4 ,federal agency requirements4 ,sec4 #ejf4 ,judicial review4 ,sec4 #ejg4 ,savings clause4 ,title ,,vi--,,creditor ,,collective ,,action ,sec4 #fja4 ,creditor ,collective action4 ,sec4 #fjb4 ,applicable law4 ,title ,,vii--,sense of ,congress regarding permanent1 pro-growth fiscal reforms ,sec4 #gja4 ,sense of ,congress regarding permanent1 pro-growth fiscal reforms4 #b4 ,effective date 7a7 ,in general ,except as provided in subsection 7b71 this ,act shall take effect on the date of the enactment of this ,act4 7b7 ,title ,,iii and title ,,vi 7#a7 ,title ,,iii shall apply with respect to cases commenced under title ,,iii on or after the date of the enactment of this ,act4 7#b7 ,titles ,,iii and ,,vi shall apply with respect to debts1 claims1 and liens 7as such terms are defined in section #aja of title #aa1 ,united ,states ,code7 created before1 on1 or after such date4 #c4 ,severability 7a7 ,in general ,except as provided in subsection 7b71 if any provision of this ,act or the application thereof to any person or circumstance is held invalid1 the remainder of this ,act1 or the application of that provision to persons or circumstances other than those as to which it is held invalid1 is not affected thereby1 provided that title ,,iii is not severable from titles ,i and ,,ii1 and titles ,i and ,,ii are not severable from title ,,iii4 7b7 ,uniformity ,if a court holds invalid any provision of this ,act or the application thereof on the ground that the provision fails to treat similarly situated territories uniformly1 then the court shall1 in granting a remedy1 order that the provision of this ,act or the application thereof be extended to any other similarly situated territory1 provided that the legislature of that territory adopts a resolution signed by the territory's governor requesting the establishment and organization of a ,financial ,oversight and ,management ,board pursuant to section #aja4 #d4 ,supremacy ,the provisions of this ,act shall prevail over any general or specific provisions of territory law1 ,state law1 or regulation that is inconsistent with this ,act4 #e4 ,definitions ,in this ,act-- 7#a7 ,agreed accounting standards ,the term agreed accounting standards means modified accrual accounting standards or1 for any period during which the ,oversight ,board determines in its sole discretion that a territorial government is not reasonably capable of comprehensive reporting that complies with modified accrual accounting standards1 such other accounting standards as proposed by the ,oversight ,board4 7#b7 ,bond ,the term ,bond means a bond1 loan1 letter of credit1 other borrowing title1 obligation of insurance1 or other financial indebtedness for borrowed money1 including rights1 entitlements1 or obligations whether such rights1 entitlements1 or obligations arise from contract1 statute1 or any other source of law1 in any case1 related to such a bond1 loan1 letter of credit1 other borrowing title1 obligation of insurance1 or other financial indebtedness in physical or dematerialized form of which the issuer1 obligor1 or guarantor is the territorial government4 7#c7 ,bond ,claim ,the term ,bond ,claim means1 as it relates to a ,bond-- 7,a7 right to payment1 whether or not such right is reduced to judgment1 liquidated1 unliquidated1 fixed1 contingent1 matured1 unmatured1 disputed1 undisputed1 legal1 equitable1 secured1 or unsecured2 or 7,b7 right to an equitable remedy for breach of performance if such breach gives rise to a right to payment1 whether or not such right to an equitable remedy is reduced to judgment1 fixed1 contingent1 matured1 unmatured1 disputed1 undisputed1 secured1 or unsecured4 7#d7 ,budget ,the term ,budget means the ,territory ,budget or an ,instrumentality ,budget1 as applicable4 7#e7 ,puerto ,rico ,the term ,puerto ,rico means the ,commonwealth of ,puerto ,rico4 7#f7 ,compliant budget ,the term compliant budget means a budget that is prepared in accordance with-- 7,a7 agreed accounting standards2 and 7,b7 the applicable ,fiscal ,plan4 7#g7 ,covered territorial instrumentality ,the term covered territorial instrumentality means a territorial instrumentality designated by the ,oversight ,board pursuant to section #aja to be subject to the requirements of this ,act4 7#h7 ,covered territory ,the term covered territory means a territory for which an ,oversight ,board has been established under section #aja4 7#i7 ,executive director ,the term ,executive ,director means an ,executive ,director appointed under section #ajc7;a74 7#aj7 ,fiscal ,plan ,the term ,fiscal ,plan means a ,territory ,fiscal ,plan or an ,instrumentality ,fiscal ,plan1 as applicable4 7#aa7 ,government of ,puerto ,rico ,the term ,government of ,puerto ,rico means the ,commonwealth of ,puerto ,rico1 including all its territorial instrumentalities4 7#ab7 ,governor ,the term ,governor means the chief executive of a covered territory4 7#ac7 ,instrumentality ,budget ,the term ,instrumentality ,budget means a budget for a covered territorial instrumentality1 designated by the ,oversight ,board in accordance with section #aja1 submitted1 approved1 and certified in accordance with section #bjb4 7#ad7 ,instrumentality ,fiscal ,plan ,the term ,instrumentality ,fiscal ,plan means a fiscal plan for a covered territorial instrumentality1 designated by the ,oversight ,board in accordance with section #aja1 submitted1 approved1 and certified in accordance with section #bja4 7#ae7 ,legislature ,the term ,legislature means the legislative body responsible for enacting the laws of a covered territory4 7#af7 ,modified accrual accounting standards ,the term modified accrual accounting standards means recognizing revenues as they become available and measurable and recognizing expenditures when liabilities are incurred1 in each case as defined by the ,governmental ,accounting ,standards ,board1 in accordance with generally accepted accounting principles4 7#ag7 ,oversight ,board ,the term ,oversight ,board means a ,financial ,oversight and ,management ,board established in accordance with section #aja4 7#ah7 ,territorial government ,the term territorial government means the government of a covered territory1 including all covered territorial instrumentalities4 7#ai7 ,territorial instrumentality 7,a7 ,in general ,the term territorial instrumentality means any political subdivision1 public agency1 instrumentality--including any instrumentality that is also a bank--or public corporation of a territory1 and this term should be broadly construed to effectuate the purposes of this ,act4 7,b7 ,exclusion ,the term territorial instrumentality does not include an ,oversight ,board4 7#bj7 ,territory ,the term territory means-- 7,a7 ,puerto ,rico2 7,b7 ,guam2 7,c7 ,american ,samoa2 7,d7 the ,commonwealth of the ,northern ,mariana ,islands2 or 7,e7 the ,united ,states ,virgin ,islands4 7#ba7 ,territory ,budget ,the term ,territory ,budget means a budget for a territorial government submitted1 approved1 and certified in accordance with section #bjb4 7#bb7 ,territory ,fiscal ,plan ,the term ,territory ,fiscal ,plan means a fiscal plan for a territorial government submitted1 approved1 and certified in accordance with section #bja4 #f4 ,placement ,the ,law ,revision ,counsel is directed to place this ,act as chapter #bj of title #dh1 ,united ,states ,code4 #g4 ,compliance with ,federal laws ,except as otherwise provided in this ,act1 nothing in this ,act shall be construed as impairing or in any manner relieving a territorial government1 or any territorial instrumentality thereof1 from compliance with ,federal laws or requirements or territorial laws and requirements implementing a federally authorized or federally delegated program protecting the health1 safety1 and environment of persons in such territory4 ,i ,establishment and ,organization of ,oversight ,board #aja4 ,financial ,oversight and ,management ,board 7a7 ,purpose ,the purpose of the ,oversight ,board is to provide a method for a covered territory to achieve fiscal responsibility and access to the capital markets4 7b7 ,establishment 7#a7 ,puerto ,rico ,a ,financial ,oversight and ,management ,board is hereby established for ,puerto ,rico4 7#b7 ,constitutional basis ,the ,congress enacts this ,act pursuant to article ,,iv1 section #c of the ,constitution of the ,united ,states1 which provides ,congress the power to dispose of and make all needful rules and regulations for territories4 7c7 ,treatment ,an ,oversight ,board established under this section-- 7#a7 shall be created as an entity within the territorial government for which it is established in accordance with this title2 and 7#b7 shall not be considered to be a department1 agency1 establishment1 or instrumentality of the ,federal ,government4 7d7 ,oversight of territorial instrumentalities 7#a7 ,designation 7,a7 ,in general ,an ,oversight ,board1 in its sole discretion at such time as the ,oversight ,board determines to be appropriate1 may designate any territorial instrumentality as a covered territorial instrumentality that is subject to the requirements of this ,act4 7,b7 ,budgets and reports ,the ,oversight ,board may require1 in its sole discretion1 the ,governor to submit to the ,oversight ,board such budgets and monthly or quarterly reports regarding a covered territorial instrumentality as the ,oversight ,board determines to be necessary and may designate any covered territorial instrumentality to be included in the ,territory ,budget2 except that the ,oversight ,board may not designate a covered territorial instrumentality to be included in the ,territory ,budget if applicable territory law does not require legislative approval of such covered territorial instrumentality's budget4 7,c7 ,separate instrumentality budgets and reports ,the ,oversight ,board in its sole discretion may or1 if it requires a budget from a covered territorial instrumentality whose budget does not require legislative approval under applicable territory law1 shall designate a covered territorial instrumentality to be the subject of an ,instrumentality ,budget separate from the applicable ,territory ,budget and require that the ,governor develop such an ,instrumentality ,budget4 7,d7 ,inclusion in territory fiscal plan ,the ,oversight ,board may require1 in its sole discretion1 the ,governor to include a covered territorial instrumentality in the applicable ,territory ,fiscal ,plan4 ,any covered territorial instrumentality submitting a separate ,instrumentality ,fiscal ,plan must also submit a separate ,instrumentality ,budget4 7,e7 ,separate instrumentality fiscal plans ,the ,oversight ,board may designate1 in its sole discretion1 a covered territorial instrumentality to be the subject of an ,instrumentality ,fiscal ,plan separate from the applicable ,territory ,fiscal ,plan and require that the ,governor develop such an ,instrumentality ,fiscal ,plan4 ,any covered territorial instrumentality submitting a separate ,instrumentality ,fiscal ,plan shall also submit a separate ,instrumentality ,budget4 7#b7 ,exclusion 7,a7 ,in general ,an ,oversight ,board1 in its sole discretion1 at such time as the ,oversight ,board determines to be appropriate1 may exclude any territorial instrumentality from the requirements of this ,act4 7,b7 ,treatment ,a territorial instrumentality excluded pursuant to this paragraph shall not be considered to be a covered territorial instrumentality4 7e7 ,membership 7#a7 ,in general 7,a7 ,the ,oversight ,board shall consist of seven members appointed by the ,president who meet the qualifications described in subsection 7f7 and section #aji7;a74 7,b7 ,the ,board shall be comprised of one ,category ,a member1 one ,category ,b member1 two ,category ,c members1 one ,category ,d member1 one ,category ,e member1 and one ,category ,f member4 7#b7 ,appointed members 7,a7 ,the ,president shall appoint the individual members of the ,oversight ,board1 of which-- 7i7 the ,category ,a member should be selected from a list of individuals submitted by the ,speaker of the ,house of ,representatives2 7ii7 the ,category ,b member should be selected from a separate1 non-overlapping list of individuals submitted by the ,speaker of the ,house of ,representatives2 7iii7 the ,category ,c members should be selected from a list submitted by the ,majority ,leader of the ,senate2 7iv7 the ,category ,d member should be selected from a list submitted by the ,minority ,leader of the ,house of ,representatives2 7v7 the ,category ,e member should be selected from a list submitted by the ,minority ,leader of the ,senate2 and 7vi7 the ,category ,f member may be selected in the ,president's sole discretion4 7,b7 ,after the ,president's selection of the ,category ,f ,board member1 for purposes of subparagraph 7,a7 and within a timely manner-- 7i7 the ,speaker of the ,house of ,representatives shall submit two non-overlapping lists of at least three individuals to the ,president2 one list shall include three individuals who maintain a primary residence in the territory or have a primary place of business in the territory2 7ii7 the ,senate ,majority ,leader shall submit a list of at least four individuals to the ,president2 7iii7 the ,minority ,leader of the ,house of ,representatives shall submit a list of at least three individuals to the ,president2 and 7iv7 the ,minority ,leader of the ,senate shall submit a list of at least three individuals to the ,president4 7,c7 ,if the ,president does not select any of the names submitted under subparagraphs 7,a7 and 7,b71 then whoever submitted such list may supplement the lists provided in this subsection with additional names4 7,d7 ,the ,category ,a member shall maintain a primary residence in the territory or have a primary place of business in the territory4 7,e7 ,with respect to the appointment of a ,board member in ,category ,a1 ,b1 ,c1 ,d1 or ,e1 such an appointment shall be by and with the advice and consent of the ,senate1 unless the ,president appoints an individual from a list1 as provided in this subsection1 in which case no ,senate confirmation is required4 7,f7 ,in the event of a vacancy of a ,category ,a1 ,b1 ,c1 ,d1 or ,e ,board seat1 the corresponding congressional leader referenced in subparagraph 7,a7 shall submit a list pursuant to this subsection within a timely manner of the ,board member's resignation or removal becoming effective4 7,g7 ,with respect to an ,oversight ,board for ,puerto ,rico1 in the event any of the #g members have not been appointed by ,september #a1 #bjaf1 then the ,president shall appoint an individual from the list for the current vacant category by ,september #ae1 #bjaf1 provided that such list includes at least #b individuals per vacancy who meet the requirements set forth in subsection 7f7 and section #aji1 and are willing to serve4 7#c7 ,ex officio member ,the ,governor1 or the ,governor's designee1 shall be an ex officio member of the ,oversight ,board without voting rights4 7#d7 ,chair ,the voting members of the ,oversight ,board shall designate one of the voting members of the ,oversight ,board as the ,chair of the ,oversight ,board 7referred to hereafter in this ,act as the ,chair7 within #cj days of the full appointment of the ,oversight ,board4 7#e7 ,term of service 7,a7 ,in general ,each appointed member of the ,oversight ,board shall be appointed for a term of #c years4 7,b7 ,removal ,the ,president may remove any member of the ,oversight ,board only for cause4 7,c7 ,continuation of service until successor appointed ,upon the expiration of a term of office1 a member of the ,oversight ,board may continue to serve until a successor has been appointed4 7,d7 ,reappointment ,an individual may serve consecutive terms as an appointed member1 provided that such reappointment occurs in compliance with paragraph 7#f74 7#f7 ,vacancies ,a vacancy on the ,oversight ,board shall be filled in the same manner in which the original member was appointed4 7f7 ,eligibility for appointments ,an individual is eligible for appointment as a member of the ,oversight ,board only if the individual-- 7#a7 has knowledge and expertise in finance1 municipal bond markets1 management1 law1 or the organization or operation of business or government2 and 7#b7 prior to appointment1 an individual is not an officer1 elected official1 or employee of the territorial government1 a candidate for elected office of the territorial government1 or a former elected official of the territorial government4 7g7 ,no compensation for service ,members of the ,oversight ,board shall serve without pay1 but may receive reimbursement from the ,oversight ,board for any reasonable and necessary expenses incurred by reason of service on the ,oversight ,board4 7h7 ,adoption of bylaws for conducting business of oversight board 7#a7 ,in general ,as soon as practicable after the appointment of all members and appointment of the ,chair1 the ,oversight ,board shall adopt bylaws1 rules1 and procedures governing its activities under this ,act1 including procedures for hiring experts and consultants4 ,such bylaws1 rules1 and procedures shall be public documents1 and shall be submitted by the ,oversight ,board upon adoption to the ,governor1 the ,legislature1 the ,president1 and ,congress4 ,the ,oversight ,board may hire professionals as it determines to be necessary to carry out this ,act4 7#b7 ,activities requiring approval of majority of members ,under the bylaws adopted pursuant to paragraph 7#a71 the ,oversight ,board may conduct its operations under such procedures as it considers appropriate1 except that an affirmative vote of a majority of the members of the ,oversight ,board's full appointed membership shall be required in order for the ,oversight ,board to approve a ,fiscal ,plan under section #bja1 to approve a ,budget under section #bjb1 to cause a legislative act not to be enforced under section #bjd1 or to approve or disapprove an infrastructure project as a ,critical ,project under section #ejc4 7#c7 ,adoption of rules and regulations of territorial government ,the ,oversight ,board may incorporate in its bylaws1 rules1 and procedures under this subsection such rules and regulations of the territorial government as it considers appropriate to enable it to carry out its activities under this ,act with the greatest degree of independence practicable4 7#d7 ,executive session ,upon a majority vote of the ,oversight ,board's full voting membership1 the ,oversight ,board may conduct its business in an executive session that consists solely of the ,oversight ,board's voting members and any professionals the ,oversight ,board determines necessary and is closed to the public1 but only for the business items set forth as part of the vote to convene an executive session4 #ajb4 ,location of ,oversight ,board ,the ,oversight ,board shall have an office in the covered territory and additional offices as it deems necessary4 ,at any time1 any department or agency of the ,united ,states may provide the ,oversight ,board use of ,federal facilities and equipment on a reimbursable or non-reimbursable basis and subject to such terms and conditions as the head of that department or agency may establish4 #ajc4 ,executive ,director and staff of ,oversight ,board 7a7 ,executive director ,the ,oversight ,board shall have an ,executive ,director who shall be appointed by the ,chair with the consent of the ,oversight ,board4 ,the ,executive ,director shall be paid at a rate determined by the ,oversight ,board4 7b7 ,staff ,with the approval of the ,chair1 the ,executive ,director may appoint and fix the pay of additional personnel as the ,executive ,director considers appropriate1 except that no individual appointed by the ,executive ,director may be paid at a rate greater than the rate of pay for the ,executive ,director unless the ,oversight ,board provides for otherwise4 ,the staff shall include a ,revitalization ,coordinator appointed pursuant to ,title ,v of this ,act4 ,any such personnel may include private citizens1 employees of the ,federal ,government1 or employees of the territorial government1 provided1 however1 that the ,executive ,director may not fix the pay of employees of the ,federal ,government or the territorial government4 7c7 ,inapplicability of certain employment and procurement laws ,the ,executive ,director and staff of the ,oversight ,board may be appointed and paid without regard to any provision of the laws of the covered territory or the ,federal ,government governing appointments and salaries4 ,any provision of the laws of the covered territory governing procurement shall not apply to the ,oversight ,board4 7d7 ,staff of ,federal agencies ,upon request of the ,chair1 the head of any ,federal department or agency may detail1 on a reimbursable or nonreimbursable basis1 and in accordance with the ,intergovernmental ,personnel ,act of #aigj 7#e ,u4,s4,c4 #ccga-ccge71 any of the personnel of that department or agency to the ,oversight ,board to assist it in carrying out its duties under this ,act4 7e7 ,staff of territorial government ,upon request of the ,chair1 the head of any department or agency of the covered territory may detail1 on a reimbursable or nonreimbursable basis1 any of the personnel of that department or agency to the ,oversight ,board to assist it in carrying out its duties under this ,act4 #ajd4 ,powers of ,oversight ,board 7a7 ,hearings and sessions ,the ,oversight ,board may1 for the purpose of carrying out this ,act1 hold hearings1 sit and act at times and places1 take testimony1 and receive evidence as the ,oversight ,board considers appropriate4 ,the ,oversight ,board may administer oaths or affirmations to witnesses appearing before it4 7b7 ,powers of members and agents ,any member or agent of the ,oversight ,board may1 if authorized by the ,oversight ,board1 take any action that the ,oversight ,board is authorized to take by this section4 7c7 ,obtaining official data 7#a7 ,from ,federal ,government ,notwithstanding sections #eeb 7commonly known as the ,freedom of ,information ,act71 #eeb;a 7commonly known as the ,privacy ,act of #aigd71 and #eeb;b 7commonly known as the ,government in the ,sunshine ,act7 of title #e1 ,united ,states ,code1 the ,oversight ,board may secure directly from any department or agency of the ,united ,states information necessary to enable it to carry out this ,act1 with the approval of the head of that department or agency4 7#b7 ,from territorial government ,notwithstanding any other provision of law1 the ,oversight ,board shall have the right to secure copies1 whether written or electronic1 of such records1 documents1 information1 data1 or metadata from the territorial government necessary to enable the ,oversight ,board to carry out its responsibilities under this ,act4 ,at the request of the ,oversight ,board1 the ,oversight ,board shall be granted direct access to such information systems1 records1 documents1 information1 or data as will enable the ,oversight ,board to carry out its responsibilities under this ,act4 ,the head of the entity of the territorial government responsible shall provide the ,oversight ,board with such information and assistance 7including granting the ,oversight ,board direct access to automated or other information systems7 as the ,oversight ,board requires under this paragraph4 7d7 ,obtaining creditor information 7#a7 ,upon request of the ,oversight ,board1 each creditor or organized group of creditors of a covered territory or covered territorial instrumentality seeking to participate in voluntary negotiations shall provide to the ,oversight ,board1 and the ,oversight ,board shall make publicly available to any other participant1 a statement setting forth-- 7,a7 the name and address of the creditor or of each member of an organized group of creditors2 and 7,b7 the nature and aggregate amount of claims or other economic interests held in relation to the issuer as of the later of-- 7i7 the date the creditor acquired the claims or other economic interests or1 in the case of an organized group of creditors1 the date the group was formed2 or 7ii7 the date the ,oversight ,board was formed4 7#b7 ,for purposes of this subsection1 an organized group shall mean multiple creditors that are-- 7,a7 acting in concert to advance their common interests1 including1 but not limited to1 retaining legal counsel to represent such multiple entities2 and 7,b7 not composed entirely of affiliates or insiders of one another4 7#c7 ,the ,oversight ,board may request supplemental statements to be filed by each creditor or organized group of creditors quarterly1 or if any fact in the most recently filed statement has changed materially4 7e7 ,gifts1 bequests1 and devises ,the ,oversight ,board may accept1 use1 and dispose of gifts1 bequests1 or devises of services or property1 both real and personal1 for the purpose of aiding or facilitating the work of the ,oversight ,board4 ,gifts1 bequests1 or devises of money and proceeds from sales of other property received as gifts1 bequests1 or devises shall be deposited in such account as the ,oversight ,board may establish and shall be available for disbursement upon order of the ,chair1 consistent with the ,oversight ,board's bylaws1 or rules and procedures4 ,all gifts1 bequests or devises and the identities of the donors shall be publicly disclosed by the ,oversight ,board within #cj days of receipt4 7f7 ,subpoena power 7#a7 ,in general ,the ,oversight ,board may issue subpoenas requiring the attendance and testimony of witnesses and the production of books1 records1 correspondence1 memoranda1 papers1 documents1 electronic files1 metadata1 tapes1 and materials of any nature relating to any matter under investigation by the ,oversight ,board4 ,jurisdiction to compel the attendance of witnesses and the production of such materials shall be governed by the statute setting forth the scope of personal jurisdiction exercised by the covered territory1 or in the case of ,puerto ,rico1 #cb ,l4,p4,r4,a4 ,app4 ,,iii4 ,r4 #d4 #g41 as amended4 7#b7 ,failure to obey a subpoena ,if a person refuses to obey a subpoena issued under paragraph 7#a71 the ,oversight ,board may apply to the court of first instance of the covered territory4 ,any failure to obey the order of the court may be punished by the court in accordance with civil contempt laws of the covered territory4 7#c7 ,service of subpoenas ,the subpoena of the ,oversight ,board shall be served in the manner provided by the rules of procedure for the courts of the covered territory1 or in the case of ,puerto ,rico1 the ,rules of ,civil ,procedure of ,puerto ,rico1 for subpoenas issued by the court of first instance of the covered territory4 7g7 ,authority ,to enter into contracts ,the ,executive ,director may enter into such contracts as the ,executive ,director considers appropriate 7subject to the approval of the ,chair7 consistent with the ,oversight ,board's bylaws1 rules1 and regulations to carry out the ,oversight ,board's responsibilities under this ,act4 7h7 ,authority ,to enforce certain laws of the covered territory ,the ,oversight ,board shall ensure the purposes of this ,act are met1 including by ensuring the prompt enforcement of any applicable laws of the covered territory prohibiting public sector employees from participating in a strike or lockout4 ,in the application of this subsection1 with respect to ,puerto ,rico1 the term applicable laws refers to #c ,l4,p4,r4,a4 #adeaq and #c ,l4,p4,r4,a4 #adear1 as amended4 7i7 ,voluntary agreement certification 7#a7 ,in general ,the ,oversight ,board shall issue a certification to a covered territory or covered territorial instrumentality if the ,oversight ,board determines1 in its sole discretion1 that such covered territory or covered territorial instrumentality1 as applicable1 has successfully reached a voluntary agreement with holders of its ,bond ,claims to restructure such ,bond ,claims-- 7,a7 except as provided in subparagraph 7,c71 if an applicable ,fiscal ,plan has been certified1 in a manner that provides for a sustainable level of debt for such covered territory or covered territorial instrumentality1 as applicable1 and is in conformance with the applicable certified ,fiscal ,plan2 7,b7 except as provided in subparagraph 7,c71 if an applicable ,fiscal ,plan has not yet been certified1 in a manner that provides1 in the ,oversight ,board's sole discretion1 for a sustainable level of debt for such covered territory or covered territorial instrumentality2 or 7,c7 notwithstanding subparagraphs 7,a7 and 7,b71 if an applicable ,fiscal ,plan has not yet been certified and the voluntary agreement is limited solely to an extension of applicable principal maturities and interest on ,bonds issued by such covered territory or covered territorial instrumentality1 as applicable1 for a period of up to one year during which time no interest will be paid on the ,bond ,claims affected by the voluntary agreement4 7#b7 ,effectiveness ,the effectiveness of any voluntary agreement referred to in paragraph 7#a7 shall be conditioned on-- 7,a7 the ,oversight ,board delivering the certification described in paragraph 7#a72 and 7,b7 the agreement of a majority in amount of the ,bond ,claims of a covered territory or a covered territorial instrumentality that are to be affected by such agreement1 provided1 however1 that such agreement is solely for purposes of serving as a ,qualifying ,modification pursuant to subsection #fja7;g7 of this ,act and shall not alter existing legal rights of holders of ,bond ,claims against such covered territory or covered territorial instrumentality that have not assented to such agreement until an order approving the ,qualifying ,modification has been entered pursuant to section #fja7m77#a77;,d7 of this ,act4 7#c7 ,preexisting voluntary agreements ,any voluntary agreement that the territorial government or any territorial instrumentality has executed before ,may #ah1 #bjaf1 with holders of a majority in amount of ,bond ,claims that are to be affected by such agreement to restructure such ,bond ,claims shall be deemed to be in conformance with the requirements of this subsection4 7j7 ,restructuring filings 7#a7 ,in general ,subject to paragraph 7#c71 before taking an action described in paragraph 7#b7 on behalf of a debtor or potential debtor in a case under title ,,iii1 the ,oversight ,board must certify the action4 7#b7 ,actions described ,the actions referred to in paragraph 7#a7 are-- 7,a7 the filing of a petition2 or 7,b7 the submission or modification of a plan of adjustment4 7#c7 ,condition for plans of adjustment ,the ,oversight ,board may certify a plan of adjustment only if it determines1 in its sole discretion1 that it is consistent with the applicable certified ,fiscal ,plan4 7k7 ,civil actions ,to enforce powers ,the ,oversight ,board may seek judicial enforcement of its authority to carry out its responsibilities under this ,act4 7l7 ,penalties 7#a7 ,acts prohibited ,any officer or employee of the territorial government who prepares1 presents1 or certifies any information or report for the ,oversight ,board or any of its agents that is intentionally false or misleading1 or1 upon learning that any such information is false or misleading1 fails to immediately advise the ,oversight ,board or its agents thereof in writing1 shall be subject to prosecution and penalties under any laws of the territory prohibiting the provision of false information to government officials1 which in the case of ,puerto ,rico shall include #cc ,l4,p4,r4,a4 #dhhi1 as amended4 7#b7 ,administrative discipline ,in addition to any other applicable penalty1 any officer or employee of the territorial government who knowingly and willfully violates paragraph 7#a7 or takes any such action in violation of any valid order of the ,oversight ,board or fails or refuses to take any action required by any such order1 shall be subject to appropriate administrative discipline1 including 7when appropriate7 suspension from duty without pay or removal from office1 by order of the ,governor4 7#c7 ,report by governor on disciplinary actions taken ,in the case of a violation of paragraph 7#b7 by an officer or employee of the territorial government1 the ,governor shall immediately report to the ,oversight ,board all pertinent facts together with a statement of the action taken thereon4 7m7 ,electronic reporting ,the ,oversight ,board may1 in consultation with the ,governor1 ensure the prompt and efficient payment and administration of taxes through the adoption of electronic reporting1 payment and auditing technologies4 7n7 ,administrative support services ,upon the request of the ,oversight ,board1 the ,administrator of ,general ,services or other appropriate ,federal agencies shall promptly provide to the ,oversight ,board1 on a reimbursable or non-reimbursable basis1 the administrative support services necessary for the ,oversight ,board to carry out its responsibilities under this ,act4 7o7 ,investigation of disclosure and selling practices ,the ,oversight ,board may investigate the disclosure and selling practices in connection with the purchase of bonds issued by a covered territory for or on behalf of any retail investors including any underrepresentation of risk for such investors and any relationships or conflicts of interest maintained by such broker1 dealer1 or investment adviser is as provided in applicable laws and regulations4 7p7 ,findings of any investigation ,the ,oversight ,board shall make public the findings of any investigation referenced in subsection 7o74 #aje4 ,exemption from liability for claims ,the ,oversight ,board1 its members1 and its employees shall not be liable for any obligation of or claim against the ,oversight ,board or its members or employees or the territorial government resulting from actions taken to carry out this ,act4 #ajf4 ,treatment of actions arising from ,act 7a7 ,jurisdiction ,except as provided in section #ajd7;f77#b7 7relating to the issuance of an order enforcing a subpoena71 and title ,,iii 7relating to adjustments of debts71 any action against the ,oversight ,board1 and any action otherwise arising out of this ,act1 in whole or in part1 shall be brought in a ,united ,states district court for the covered territory or1 for any covered territory that does not have a district court1 in the ,united ,states ,district ,court for the ,district of ,hawaii4 7b7 ,appeal ,notwithstanding any other provision of law1 any order of a ,united ,states district court that is issued pursuant to an action brought under subsection 7a7 shall be subject to review only pursuant to a notice of appeal to the applicable ,united ,states ,court of ,appeals4 7c7 ,timing of relief ,except with respect to any orders entered to remedy constitutional violations1 no order of any court granting declaratory or injunctive relief against the ,oversight ,board1 including relief permitting or requiring the obligation1 borrowing1 or expenditure of funds1 shall take effect during the pendency of the action before such court1 during the time appeal may be taken1 or 7if appeal is taken7 during the period before the court has entered its final order disposing of such action4 7d7 ,expedited consideration ,it shall be the duty of the applicable ,united ,states ,district ,court1 the applicable ,united ,states ,court of ,appeals1 and1 as applicable1 the ,supreme ,court of the ,united ,states to advance on the docket and to expedite to the greatest possible extent the disposition of any matter brought under this ,act4 7e7 ,review of ,oversight ,board certifications ,there shall be no jurisdiction in any ,united ,states district court to review challenges to the ,oversight ,board's certification determinations under this ,act4 #ajg4 ,budget and funding for operation of ,oversight ,board 7a7 ,submission of budget ,the ,oversight ,board shall submit a budget for each fiscal year during which the ,oversight ,board is in operation1 to the ,president1 the ,house of ,representatives ,committee on ,natural ,resources and the ,senate ,committee on ,energy and ,natural ,resources1 the ,governor1 and the ,legislature4 7b7 ,funding ,the ,oversight ,board shall use its powers with respect to the ,territory ,budget of the covered territory to ensure that sufficient funds are available to cover all expenses of the ,oversight ,board4 7#a7 ,permanent funding ,within #cj days after the date of enactment of this ,act1 the territorial government shall designate a dedicated funding source1 not subject to subsequent legislative appropriations1 sufficient to support the annual expenses of the ,oversight ,board as determined in the ,oversight ,board's sole and exclusive discretion4 7#b7 7,a7 ,initial funding ,on the date of establishment of an ,oversight ,board in accordance with section #aja7;b7 and on the #eth day of each month thereafter1 the ,governor of the covered territory shall transfer or cause to be transferred the greater of #b1jjj1jjj or such amount as shall be determined by the ,oversight ,board pursuant to subsection 7a7 to a new account established by the territorial government1 which shall be available to and subject to the exclusive control of the ,oversight ,board1 without any legislative appropriations of the territorial government4 7,b7 ,termination ,the initial funding requirements under subparagraph 7,a7 shall terminate upon the territorial government designating a dedicated funding source not subject to subsequent legislative appropriations under paragraph 7#a74 7#c7 ,remission of excess funds ,if the ,oversight ,board determines in its sole discretion that any funds transferred under this subsection exceed the amounts required for the ,oversight ,board's operations as established pursuant to subsection 7a71 any such excess funds shall be periodically remitted to the territorial government4 #ajh4 ,autonomy of ,oversight ,board 7a7 ,in general ,neither the ,governor nor the ,legislature may-- 7#a7 exercise any control1 supervision1 oversight1 or review over the ,oversight ,board or its activities2 or 7#b7 enact1 implement1 or enforce any statute1 resolution1 policy1 or rule that would impair or defeat the purposes of this ,act1 as determined by the ,oversight ,board4 7b7 ,oversight ,board legal representation ,in any action brought by1 on behalf of1 or against the ,oversight ,board1 the ,oversight ,board shall be represented by such counsel as it may hire or retain so long as the representation complies with the applicable professional rules of conduct governing conflicts of interests4 #aji4 ,ethics 7a7 ,conflict of interest ,notwithstanding any ethics provision governing employees of the covered territory1 all members and staff of the ,oversight ,board shall be subject to the ,federal conflict of interest requirements described in section #bjh of title #ah1 ,united ,states ,code4 7b7 ,financial disclosure ,notwithstanding any ethics provision governing employees of the covered territory1 all members of the ,oversight ,board and staff designated by the ,oversight ,board shall be subject to disclosure of their financial interests1 the contents of which shall conform to the same requirements set forth in section #ajb of the ,ethics in ,government ,act of #aigh 7#e ,u4,s4,c4 ,app474 ,,ii ,responsibilities of ,oversight ,board #bja4 ,approval of fiscal plans 7a7 ,in general ,as soon as practicable after all of the members and the ,chair have been appointed to the ,oversight ,board in accordance with section #aja7;e7 in the fiscal year in which the ,oversight ,board is established1 and in each fiscal year thereafter during which the ,oversight ,board is in operation1 the ,oversight ,board shall deliver a notice to the ,governor providing a schedule for the process of development1 submission1 approval1 and certification of ,fiscal ,plans4 ,the notice may also set forth a schedule for revisions to any ,fiscal ,plan that has already been certified1 which revisions must be subject to subsequent approval and certification by the ,oversight ,board4 ,the ,oversight ,board shall consult with the ,governor in establishing a schedule1 but the ,oversight ,board shall retain sole discretion to set or1 by delivery of a subsequent notice to the ,governor1 change the dates of such schedule as it deems appropriate and reasonably feasible4 7b7 ,requirements 7#a7 ,in general ,a ,fiscal ,plan developed under this section shall1 with respect to the territorial government or covered territorial instrumentality1 provide a method to achieve fiscal responsibility and access to the capital markets1 and-- 7,a7 provide for estimates of revenues and expenditures in conformance with agreed accounting standards and be based on-- 7i7 applicable laws2 or 7ii7 specific bills that require enactment in order to reasonably achieve the projections of the ,fiscal ,plan2 7,b7 ensure the funding of essential public services2 7,c7 provide adequate funding for public pension systems2 7,d7 provide for the elimination of structural deficits2 7,e7 for fiscal years covered by a ,fiscal ,plan in which a stay under titles ,,iii or ,,iv is not effective1 provide for a debt burden that is sustainable2 7,f7 improve fiscal governance1 accountability1 and internal controls2 7,g7 enable the achievement of fiscal targets2 7,h7 create independent forecasts of revenue for the period covered by the ,fiscal ,plan2 7,i7 include a debt sustainability analysis2 7,j7 provide for capital expenditures and investments necessary to promote economic growth2 7,k7 adopt appropriate recommendations submitted by the ,oversight ,board under section #bje7;a72 7,l7 include such additional information as the ,oversight ,board deems necessary2 7,m7 ensure that assets1 funds1 or resources of a territorial instrumentality are not loaned to1 transferred to1 or otherwise used for the benefit of a covered territory or another covered territorial instrumentality of a covered territory1 unless permitted by the constitution of the territory1 an approved plan of adjustment under title ,,iii1 or a ,qualifying ,modification approved under title ,,vi2 and 7,n7 respect the relative lawful priorities or lawful liens1 as may be applicable1 in the constitution1 other laws1 or agreements of a covered territory or covered territorial instrumentality in effect prior to the date of enactment of this ,act4 7#b7 ,term ,a ,fiscal ,plan developed under this section shall cover a period of fiscal years as determined by the ,oversight ,board in its sole discretion but in any case a period of not less than #e fiscal years from the fiscal year in which it is certified by the ,oversight ,board4 7c7 ,development1 review1 ,approval1 and certification of fiscal plans 7#a7 ,timing requirement ,the ,governor may not submit to the ,legislature a ,territory ,budget under section #bjb for a fiscal year unless the ,oversight ,board has certified the ,territory ,fiscal ,plan for that fiscal year in accordance with this subsection1 unless the ,oversight ,board in its sole discretion waives this requirement4 7#b7 ,fiscal plan developed by governor ,the ,governor shall submit to the ,oversight ,board any proposed ,fiscal ,plan required by the ,oversight ,board by the time specified in the notice delivered under subsection 7a74 7#c7 ,review by the oversight board ,the ,oversight ,board shall review any proposed ,fiscal ,plan to determine whether it satisfies the requirements set forth in subsection 7b7 and1 if the ,oversight ,board determines in its sole discretion that the proposed ,fiscal ,plan-- 7,a7 satisfies such requirements1 the ,oversight ,board shall approve the proposed ,fiscal ,plan2 or 7,b7 does not satisfy such requirements1 the ,oversight ,board shall provide to the ,governor-- 7i7 a notice of violation that includes recommendations for revisions to the applicable ,fiscal ,plan2 and 7ii7 an opportunity to correct the violation in accordance with subsection 7d77#a74 7d7 ,revised fiscal plan 7#a7 ,in general ,if the ,governor receives a notice of violation under subsection 7c77#c71 the ,governor shall submit to the ,oversight ,board a revised proposed ,fiscal ,plan in accordance with subsection 7b7 by the time specified in the notice delivered under subsection 7a74 ,the ,governor may submit as many revised ,fiscal ,plans to the ,oversight ,board as the schedule established in the notice delivered under subsection 7a7 permits4 7#b7 ,development by oversight board ,if the ,governor fails to submit to the ,oversight ,board a ,fiscal ,plan that the ,oversight ,board determines in its sole discretion satisfies the requirements set forth in subsection 7b7 by the time specified in the notice delivered under subsection 7a71 the ,oversight ,board shall develop and submit to the ,governor and the ,legislature a ,fiscal ,plan that satisfies the requirements set forth in subsection 7b74 7e7 ,approval and certification 7#a7 ,approval of fiscal plan developed by governor ,if the ,oversight ,board approves a ,fiscal ,plan under subsection 7c77#c71 it shall deliver a compliance certification for such ,fiscal ,plan to the ,governor and the ,legislature4 7#b7 ,deemed ,approval of fiscal plan developed by oversight board ,if the ,oversight ,board develops a ,fiscal ,plan under subsection 7d77#b71 such ,fiscal ,plan shall be deemed approved by the ,governor1 and the ,oversight ,board shall issue a compliance certification for such ,fiscal ,plan to the ,governor and the ,legislature4 7f7 ,joint development of fiscal plan ,notwithstanding any other provision of this section1 if the ,governor and the ,oversight ,board jointly develop a ,fiscal ,plan for the fiscal year that meets the requirements under this section1 and that the ,governor and the ,oversight ,board certify that the fiscal plan reflects a consensus between the ,governor and the ,oversight ,board1 then such ,fiscal ,plan shall serve as the ,fiscal ,plan for the territory or territorial instrumentality for that fiscal year4 #bjb4 ,approval of budgets 7a7 ,reasonable schedule for development of budgets ,as soon as practicable after all of the members and the ,chair have been appointed to the ,oversight ,board in the fiscal year in which the ,oversight ,board is established1 and in each fiscal year thereafter during which the ,oversight ,board is in operation1 the ,oversight ,board shall deliver a notice to the ,governor and the ,legislature providing a schedule for developing1 submitting1 approving1 and certifying ,budgets for a period of fiscal years as determined by the ,oversight ,board in its sole discretion but in any case a period of not less than one fiscal year following the fiscal year in which the notice is delivered4 ,the notice may also set forth a schedule for revisions to ,budgets that have already been certified1 which revisions must be subject to subsequent approval and certification by the ,oversight ,board4 ,the ,oversight ,board shall consult with the ,governor and the ,legislature in establishing a schedule1 but the ,oversight ,board shall retain sole discretion to set or1 by delivery of a subsequent notice to the ,governor and the ,legislature1 change the dates of such schedule as it deems appropriate and reasonably feasible4 7b7 ,revenue forecast ,the ,oversight ,board shall submit to the ,governor and ,legislature a forecast of revenues for the period covered by the ,budgets by the time specified in the notice delivered under subsection 7a71 for use by the ,governor in developing the ,budget under subsection 7c74 7c7 ,budgets developed by governor 7#a7 ,governor's proposed budgets ,the ,governor shall submit to the ,oversight ,board proposed ,budgets by the time specified in the notice delivered under subsection 7a74 ,in consultation with the ,governor in accordance with the process specified in the notice delivered under subsection 7a71 the ,oversight ,board shall determine in its sole discretion whether each proposed ,budget is compliant with the applicable ,fiscal ,plan and-- 7,a7 if a proposed ,budget is a compliant budget1 the ,oversight ,board shall-- 7i7 approve the ,budget2 and 7ii7 if the ,budget is a ,territory ,budget1 submit the ,territory ,budget to the ,legislature2 or 7,b7 if the ,oversight ,board determines that the ,budget is not a compliant budget1 the ,oversight ,board shall provide to the ,governor-- 7i7 a notice of violation that includes a description of any necessary corrective action2 and 7ii7 an opportunity to correct the violation in accordance with paragraph 7#b74 7#b7 ,governor's revisions ,the ,governor may correct any violations identified by the ,oversight ,board and submit a revised proposed ,budget to the ,oversight ,board in accordance with paragraph 7#a74 ,the ,governor may submit as many revised ,budgets to the ,oversight ,board as the schedule established in the notice delivered under subsection 7a7 permits4 ,if the ,governor fails to develop a ,budget that the ,oversight ,board determines is a compliant budget by the time specified in the notice delivered under subsection 7a71 the ,oversight ,board shall develop and submit to the ,governor1 in the case of an ,instrumentality ,budget1 and to the ,governor and the ,legislature1 in the case of a ,territory ,budget1 a revised compliant budget4 7d7 ,budget ,approval by legislature 7#a7 ,legislature adopted budget ,the ,legislature shall submit to the ,oversight ,board the ,territory ,budget adopted by the ,legislature by the time specified in the notice delivered under subsection 7a74 ,the ,oversight ,board shall determine whether the adopted ,territory ,budget is a compliant budget and-- 7,a7 if the adopted ,territory ,budget is a compliant budget1 the ,oversight ,board shall issue a compliance certification for such compliant budget pursuant to subsection 7e72 and 7,b7 if the adopted ,territory ,budget is not a compliant budget1 the ,oversight ,board shall provide to the ,legislature-- 7i7 a notice of violation that includes a description of any necessary corrective action2 and 7ii7 an opportunity to correct the violation in accordance with paragraph 7#b74 7#b7 ,legislature's revisions ,the ,legislature may correct any violations identified by the ,oversight ,board and submit a revised ,territory ,budget to the ,oversight ,board in accordance with the process established under paragraph 7#a7 and by the time specified in the notice delivered under subsection 7a74 ,the ,legislature may submit as many revised adopted ,territory ,budgets to the ,oversight ,board as the schedule established in the notice delivered under subsection 7a7 permits4 ,if the ,legislature fails to adopt a ,territory ,budget that the ,oversight ,board determines is a compliant budget by the time specified in the notice delivered under subsection 7a71 the ,oversight ,board shall develop a revised ,territory ,budget that is a compliant budget and submit it to the ,governor and the ,legislature4 7e7 ,certification of budgets 7#a7 ,certification of developed and approved ,territory ,budgets ,if the ,governor and the ,legislature develop and approve a ,territory ,budget that is a compliant budget by the day before the first day of the fiscal year for which the ,territory ,budget is being developed and in accordance with the process established under subsections 7c7 and 7d71 the ,oversight ,board shall issue a compliance certification to the ,governor and the ,legislature for such ,territory ,budget4 7#b7 ,certification of developed ,instrumentality ,budgets ,if the ,governor develops an ,instrumentality ,budget that is a compliant budget by the day before the first day of the fiscal year for which the ,instrumentality ,budget is being developed and in accordance with the process established under subsection 7c71 the ,oversight ,board shall issue a compliance certification to the ,governor for such ,instrumentality ,budget4 7#c7 ,deemed certification of ,territory ,budgets ,if the ,governor and the ,legislature fail to develop and approve a ,territory ,budget that is a compliant budget by the day before the first day of the fiscal year for which the ,territory ,budget is being developed1 the ,oversight ,board shall submit a ,budget to the ,governor and the ,legislature 7including any revision to the ,territory ,budget made by the ,oversight ,board pursuant to subsection 7d77#b77 and such ,budget shall be-- 7,a7 deemed to be approved by the ,governor and the ,legislature2 7,b7 the subject of a compliance certification issued by the ,oversight ,board to the ,governor and the ,legislature2 and 7,c7 in full force and effect beginning on the first day of the applicable fiscal year4 7#d7 ,deemed certification of ,instrumentality ,budgets ,if the ,governor fails to develop an ,instrumentality ,budget that is a compliant budget by the day before the first day of the fiscal year for which the ,instrumentality ,budget is being developed1 the ,oversight ,board shall submit an ,instrumentality ,budget to the ,governor 7including any revision to the ,instrumentality ,budget made by the ,oversight ,board pursuant to subsection 7c77#b77 and such ,budget shall be-- 7,a7 deemed to be approved by the ,governor2 7,b7 the subject of a compliance certification issued by the ,oversight ,board to the ,governor2 and 7,c7 in full force and effect beginning on the first day of the applicable fiscal year4 7f7 ,joint development of budgets ,notwithstanding any other provision of this section1 if1 in the case of a ,territory ,budget1 the ,governor1 the ,legislature1 and the ,oversight ,board1 or in the case of an ,instrumentality ,budget1 the ,governor and the ,oversight ,board1 jointly develop such ,budget for the fiscal year that meets the requirements under this section1 and that the relevant parties certify that such budget reflects a consensus among them1 then such ,budget shall serve as the ,budget for the territory or territorial instrumentality for that fiscal year4 #bjc4 ,effect of finding of noncompliance with budget 7a7 ,submission of reports ,not later than #ae days after the last day of each quarter of a fiscal year 7beginning with the fiscal year determined by the ,oversight ,board71 the ,governor shall submit to the ,oversight ,board a report1 in such form as the ,oversight ,board may require1 describing-- 7#a7 the actual cash revenues1 cash expenditures1 and cash flows of the territorial government for the preceding quarter1 as compared to the projected revenues1 expenditures1 and cash flows contained in the certified ,budget for such preceding quarter2 and 7#b7 any other information requested by the ,oversight ,board1 which may include a balance sheet or a requirement that the ,governor provide information for each covered territorial instrumentality separately4 7b7 ,initial action by oversight board 7#a7 ,in general ,if the ,oversight ,board determines1 based on reports submitted by the ,governor under subsection 7a71 independent audits1 or such other information as the ,oversight ,board may obtain1 that the actual quarterly revenues1 expenditures1 or cash flows of the territorial government are not consistent with the projected revenues1 expenditures1 or cash flows set forth in the certified ,budget for such quarter1 the ,oversight ,board shall-- 7,a7 require the territorial government to provide such additional information as the ,oversight ,board determines to be necessary to explain the inconsistency2 and 7,b7 if the additional information provided under subparagraph 7,a7 does not provide an explanation for the inconsistency that the ,oversight ,board finds reasonable and appropriate1 advise the territorial government to correct the inconsistency by implementing remedial action4 7#b7 ,deadlines ,the ,oversight ,board shall establish the deadlines by which the territorial government shall meet the requirements of subparagraphs 7,a7 and 7,b7 of paragraph 7#a74 7c7 ,certification 7#a7 ,inconsistency ,if the territorial government fails to provide additional information under subsection 7b77#a77;,a71 or fails to correct an inconsistency under subsection 7b77#a77;,b71 prior to the applicable deadline under subsection 7b77#b71 the ,oversight ,board shall certify to the ,president1 the ,house of ,representatives ,committee on ,natural ,resources1 the ,senate ,committee on ,energy and ,natural ,resources1 the ,governor1 and the ,legislature that the territorial government is inconsistent with the applicable certified ,budget1 and shall describe the nature and amount of the inconsistency4 7#b7 ,correction ,if the ,oversight ,board determines that the territorial government has initiated such measures as the ,oversight ,board considers sufficient to correct an inconsistency certified under paragraph 7#a71 the ,oversight ,board shall certify the correction to the ,president1 the ,house of ,representatives ,committee on ,natural ,resources1 the ,senate ,committee on ,energy and ,natural ,resources1 the ,governor1 and the ,legislature4 7d7 ,budget reductions by oversight board ,if the ,oversight ,board determines that the ,governor1 in the case of any then-applicable certified ,instrumentality ,budgets1 and the ,governor and the ,legislature1 in the case of the then-applicable certified ,territory ,budget1 have failed to correct an inconsistency identified by the ,oversight ,board under subsection 7c71 the ,oversight ,board shall-- 7#a7 with respect to the territorial government1 other than covered territorial instrumentalities1 make appropriate reductions in nondebt expenditures to ensure that the actual quarterly revenues and expenditures for the territorial government are in compliance with the applicable certified ,territory ,budget or1 in the case of the fiscal year in which the ,oversight ,board is established1 the budget adopted by the ,governor and the ,legislature2 and 7#b7 with respect to covered territorial instrumentalities at the sole discretion of the ,oversight ,board-- 7,a7 make reductions in nondebt expenditures to ensure that the actual quarterly revenues and expenses for the covered territorial instrumentality are in compliance with the applicable certified ,budget or1 in the case of the fiscal year in which the ,oversight ,board is established1 the budget adopted by the ,governor and the ,legislature or the covered territorial instrumentality1 as applicable2 or 7,b7 7i7 institute automatic hiring freezes at the covered territorial instrumentality2 and 7ii7 prohibit the covered territorial instrumentality from entering into any contract or engaging in any financial or other transactions1 unless the contract or transaction was previously approved by the ,oversight ,board4 7e7 ,termination of budget reductions ,the ,oversight ,board shall cancel the reductions1 hiring freezes1 or prohibition on contracts and financial transactions under subsection 7d7 if the ,oversight ,board determines that the territorial government or covered territorial instrumentality1 as applicable1 has initiated appropriate measures to reduce expenditures or increase revenues to ensure that the territorial government or covered territorial instrumentality is in compliance with the applicable certified ,budget or1 in the case of the fiscal year in which the ,oversight ,board is established1 the budget adopted by the ,governor and the ,legislature4 #bjd4 ,review of activities to ensure compliance with fiscal plan 7a7 ,submission of legislative acts to oversight board 7#a7 ,submission of acts ,except to the extent that the ,oversight ,board may provide otherwise in its bylaws1 rules1 and procedures1 not later than #g business days after a territorial government duly enacts any law during any fiscal year in which the ,oversight ,board is in operation1 the ,governor shall submit the law to the ,oversight ,board4 7#b7 ,cost estimate2 certification of compliance or noncompliance ,the ,governor shall include with each law submitted to the ,oversight ,board under paragraph 7#a7 the following3 7,a7 ,a formal estimate prepared by an appropriate entity of the territorial government with expertise in budgets and financial management of the impact1 if any1 that the law will have on expenditures and revenues4 7,b7 ,if the appropriate entity described in subparagraph 7,a7 finds that the law is not significantly inconsistent with the ,fiscal ,plan for the fiscal year1 it shall issue a certification of such finding4 7,c7 ,if the appropriate entity described in subparagraph 7,a7 finds that the law is significantly inconsistent with the ,fiscal ,plan for the fiscal year1 it shall issue a certification of such finding1 together with the entity's reasons for such finding4 7#c7 ,notification ,the ,oversight ,board shall send a notification to the ,governor and the ,legislature if-- 7,a7 the ,governor submits a law to the ,oversight ,board under this subsection that is not accompanied by the estimate required under paragraph 7#b77;,a72 7,b7 the ,governor submits a law to the ,oversight ,board under this subsection that is not accompanied by either a certification described in paragraph 7#b77;,b7 or 7#b77;,c72 or 7,c7 the ,governor submits a law to the ,oversight ,board under this subsection that is accompanied by a certification described in paragraph 7#b77;,c7 that the law is significantly inconsistent with the ,fiscal ,plan4 7#d7 ,opportunity to respond to notification 7,a7 ,failure to provide estimate or certification ,after sending a notification to the ,governor and the ,legislature under paragraph 7#c77;,a7 or 7#c77;,b7 with respect to a law1 the ,oversight ,board may direct the ,governor to provide the missing estimate or certification 7as the case may be71 in accordance with such procedures as the ,oversight ,board may establish4 7,b7 ,submission of certification of significant inconsistency with fiscal plan and budget ,in accordance with such procedures as the ,oversight ,board may establish1 after sending a notification to the ,governor and ,legislature under paragraph 7#c77;,c7 that a law is significantly inconsistent with the ,fiscal ,plan1 the ,oversight ,board shall direct the territorial government to-- 7i7 correct the law to eliminate the inconsistency2 or 7ii7 provide an explanation for the inconsistency that the ,oversight ,board finds reasonable and appropriate4 7#e7 ,failure to comply ,if the territorial government fails to comply with a direction given by the ,oversight ,board under paragraph 7#d7 with respect to a law1 the ,oversight ,board may take such actions as it considers necessary1 consistent with this ,act1 to ensure that the enactment or enforcement of the law will not adversely affect the territorial government's compliance with the ,fiscal ,plan1 including preventing the enforcement or application of the law4 7#f7 ,preliminary review of proposed acts ,at the request of the ,legislature1 the ,oversight ,board may conduct a preliminary review of proposed legislation before the ,legislature to determine whether the legislation as proposed would be consistent with the applicable ,fiscal ,plan under this subtitle1 except that any such preliminary review shall not be binding on the ,oversight ,board in reviewing any law subsequently submitted under this subsection4 7b7 ,effect of ,approved fiscal plan on contracts1 rules1 and regulations 7#a7 ,transparency in contracting ,the ,oversight ,board shall work with a covered territory's office of the comptroller or any functionally equivalent entity to promote compliance with the applicable law of any covered territory that requires agencies and instrumentalities of the territorial government to maintain a registry of all contracts executed1 including amendments thereto1 and to remit a copy to the office of the comptroller for inclusion in a comprehensive database available to the public4 ,with respect to ,puerto ,rico1 the term applicable law refers to #b ,l4,p4,r4,a4 #ig1 as amended4 7#b7 ,authority to review certain contracts ,the ,oversight ,board may establish policies to require prior ,oversight ,board approval of certain contracts1 including leases and contracts to a governmental entity or government-owned corporations rather than private enterprises that are proposed to be executed by the territorial government1 to ensure such proposed contracts promote market competition and are not inconsistent with the approved ,fiscal ,plan4 7#c7 ,sense of ,congress ,it is the sense of ,congress that any policies established by the ,oversight ,board pursuant to paragraph 7#b7 should be designed to make the government contracting process more effective1 to increase the public's faith in this process1 to make appropriate use of the ,oversight ,board's time and resources1 to make the territorial government a facilitator and not a competitor to private enterprise1 and to avoid creating any additional bureaucratic obstacles to efficient contracting4 7#d7 ,authority to review certain rules1 regulations1 and executive orders ,the provisions of this paragraph shall apply with respect to a rule1 regulation1 or executive order proposed to be issued by the ,governor 7or the head of any department or agency of the territorial government7 in the same manner as such provisions apply to a contract4 7#e7 ,failure to comply ,if a contract1 rule1 regulation1 or executive order fails to comply with policies established by the ,oversight ,board under this subsection1 the ,oversight ,board may take such actions as it considers necessary to ensure that such contract1 rule1 executive order or regulation will not adversely affect the territorial government's compliance with the ,fiscal ,plan1 including by preventing the execution or enforcement of the contract1 rule1 executive order or regulation4 7c7 ,restrictions on budgetary adjustments 7#a7 ,submissions of requests to oversight board ,if the ,governor submits a request to the ,legislature for the reprogramming of any amounts provided in a certified ,budget1 the ,governor shall submit such request to the ,oversight ,board1 which shall analyze whether the proposed reprogramming is significantly inconsistent with the ,budget1 and submit its analysis to the ,legislature as soon as practicable after receiving the request4 7#b7 ,no action permitted until analysis received ,the ,legislature shall not adopt a reprogramming1 and no officer or employee of the territorial government may carry out any reprogramming1 until the ,oversight ,board has provided the ,legislature with an analysis that certifies such reprogramming will not be inconsistent with the ,fiscal ,plan and ,budget4 7#c7 ,prohibition on action until oversight board is appointed 7,a7 ,during the period after a territory becomes a covered territory and prior to the appointment of all members and the ,chair of the ,oversight ,board1 such covered territory shall not enact new laws that either permit the transfer of any funds or assets outside the ordinary course of business or that are inconsistent with the constitution or laws of the territory as of the date of enactment of this ,act1 provided that any executive or legislative action authorizing the movement of funds or assets during this time period may be subject to review and rescission by the ,oversight ,board upon appointment of the ,oversight ,board's full membership4 7,b7 ,upon appointment of the ,oversight ,board's full membership1 the ,oversight ,board may review1 and in its sole discretion1 rescind1 any law that-- 7i7 was enacted during the period between1 with respect to ,puerto ,rico1 ,may #d1 #bjaf2 or with respect to any other territory1 #de days prior to the establishment of the ,oversight ,board for such territory1 and the date of appointment of all members and the ,chair of the ,oversight ,board2 and 7ii7 alters pre-existing priorities of creditors in a manner outside the ordinary course of business or inconsistent with the territory's constitution or the laws of the territory as of1 in the case of ,puerto ,rico1 ,may #d1 #bjaf1 or with respect to any other territory1 #de days prior to the establishment of the ,oversight ,board for such territory2 but such rescission shall only be to the extent that the law alters such priorities4 7d7 ,implementation of federal programs ,in taking actions under this ,act1 the ,oversight ,board shall not exercise applicable authorities to impede territorial actions taken to-- 7#a7 comply with a court-issued consent decree or injunction1 or an administrative order or settlement with a ,federal agency1 with respect to ,federal programs2 7#b7 implement a federally authorized or federally delegated program2 7#c7 implement territorial laws1 which are consistent with a certified ,fiscal ,plan1 that execute ,federal requirements and standards2 or 7#d7 preserve and maintain federally funded mass transportation assets4 #bje4 ,recommendations on financial stability and management responsibility 7a7 ,in general ,the ,oversight ,board may at any time submit recommendations to the ,governor or the ,legislature on actions the territorial government may take to ensure compliance with the ,fiscal ,plan1 or to otherwise promote the financial stability1 economic growth1 management responsibility1 and service delivery efficiency of the territorial government1 including recommendations relating to-- 7#a7 the management of the territorial government's financial affairs1 including economic forecasting and multiyear fiscal forecasting capabilities1 information technology1 placing controls on expenditures for personnel1 reducing benefit costs1 reforming procurement practices1 and placing other controls on expenditures2 7#b7 the structural relationship of departments1 agencies1 and independent agencies within the territorial government2 7#c7 the modification of existing revenue structures1 or the establishment of additional revenue structures2 7#d7 the establishment of alternatives for meeting obligations to pay for the pensions of territorial government employees2 7#e7 modifications or transfers of the types of services that are the responsibility of1 and are delivered by the territorial government2 7#f7 modifications of the types of services that are delivered by entities other than the territorial government under alternative service delivery mechanisms2 7#g7 the effects of the territory's laws and court orders on the operations of the territorial government2 7#h7 the establishment of a personnel system for employees of the territorial government that is based upon employee performance standards2 7#i7 the improvement of personnel training and proficiency1 the adjustment of staffing levels1 and the improvement of training and performance of management and supervisory personnel2 and 7#aj7 the privatization and commercialization of entities within the territorial government4 7b7 ,response to recommendations by the territorial government 7#a7 ,in general ,in the case of any recommendations submitted under subsection 7a7 that are within the authority of the territorial government to adopt1 not later than #ij days after receiving the recommendations1 the ,governor or the ,legislature 7whichever has the authority to adopt the recommendation7 shall submit a statement to the ,oversight ,board that provides notice as to whether the territorial government will adopt the recommendations4 7#b7 ,implementation plan required for adopted recommendations ,if the ,governor or the ,legislature 7whichever is applicable7 notifies the ,oversight ,board under paragraph 7#a7 that the territorial government will adopt any of the recommendations submitted under subsection 7a71 the ,governor or the ,legislature 7whichever is applicable7 shall include in the statement a written plan to implement the recommendation that includes-- 7,a7 specific performance measures to determine the extent to which the territorial government has adopted the recommendation2 and 7,b7 a clear and specific timetable pursuant to which the territorial government will implement the recommendation4 7#c7 ,explanations required for recommendations not adopted ,if the ,governor or the ,legislature 7whichever is applicable7 notifies the ,oversight ,board under paragraph 7#a7 that the territorial government will not adopt any recommendation submitted under subsection 7a7 that the territorial government has authority to adopt1 the ,governor or the ,legislature shall include in the statement explanations for the rejection of the recommendations1 and the ,governor or the ,legislature shall submit such statement of explanations to the ,president and ,congress4 #bjf4 ,oversight ,board duties related to restructuring 7a7 ,requirements for restructuring certification ,the ,oversight ,board1 prior to issuing a restructuring certification regarding an entity 7as such term is defined in section #aja of title #aa1 ,united ,states ,code71 shall determine1 in its sole discretion1 that-- 7#a7 the entity has made good-faith efforts to reach a consensual restructuring with creditors2 7#b7 the entity has-- 7,a7 adopted procedures necessary to deliver timely audited financial statements2 and 7,b7 made public draft financial statements and other information sufficient for any interested person to make an informed decision with respect to a possible restructuring2 7#c7 the entity is either a covered territory that has adopted a ,fiscal ,plan certified by the ,oversight ,board1 a covered territorial instrumentality that is subject to a ,territory ,fiscal ,plan certified by the ,oversight ,board1 or a covered territorial instrumentality that has adopted an ,instrumentality ,fiscal ,plan certified by the ,oversight ,board2 and 7#d7 7,a7 no order approving a ,qualifying ,modification under section #fja has been entered with respect to such entity2 or 7,b7 if an order approving a ,qualifying ,modification has been entered with respect to such entity1 the entity is unable to make its debt payments notwithstanding the approved ,qualifying ,modification1 in which case1 all claims affected by the ,qualifying ,modification shall be subject to a title ,,iii case4 7b7 ,issuance of restructuring certification ,the issuance of a restructuring certification under this section requires a vote of no fewer than #e members of the ,oversight ,board in the affirmative1 which shall satisfy the requirement set forth in section #cjb7b7 of this ,act4 #bjg4 ,oversight ,board authority related to debt issuance ,for so long as the ,oversight ,board remains in operation1 no territorial government may1 without the prior approval of the ,oversight ,board1 issue debt or guarantee1 exchange1 modify1 repurchase1 redeem1 or enter into similar transactions with respect to its debt4 #bjh4 ,required reports 7a7 ,annual report ,not later than #cj days after the last day of each fiscal year1 the ,oversight ,board shall submit a report to the ,president1 ,congress1 the ,governor and the ,legislature1 describing-- 7#a7 the progress made by the territorial government in meeting the objectives of this ,act during the fiscal year2 7#b7 the assistance provided by the ,oversight ,board to the territorial government in meeting the purposes of this ,act during the fiscal year2 7#c7 recommendations to the ,president and ,congress on changes to this ,act or other ,federal laws1 or other actions of the ,federal ,government1 that would assist the territorial government in complying with any certified ,fiscal ,plan2 7#d7 the precise manner in which funds allocated to the ,oversight ,board under section #ajg and1 as applicable1 section #ajd7;e7 have been spent by the ,oversight ,board during the fiscal year2 and 7#e7 any other activities of the ,oversight ,board during the fiscal year4 7b7 ,report on discretionary tax abatement agreements ,within six months of the establishment of the ,oversight ,board1 the ,governor shall submit a report to the ,oversight ,board documenting all existing discretionary tax abatement or similar tax relief agreements to which the territorial government1 or any territorial instrumentality1 is a party1 provided that-- 7#a7 nothing in this ,act shall be interpreted to limit the power of the territorial government or any territorial instrumentality to execute or modify discretionary tax abatement or similar tax relief agreements1 or to enforce compliance with the terms and conditions of any discretionary tax abatement or similar tax relief agreement1 to which the territorial government or any territorial instrumentality is a party2 and 7#b7 the members and staff of the ,oversight ,board shall not disclose the contents of the report described in this subsection1 and shall otherwise comply with all applicable territorial and ,federal laws and regulations regarding the handling of confidential taxpayer information4 7c7 ,quarterly reports of cash flow ,the ,oversight ,board1 when feasible1 shall report on the amount of cash flow available for the payment of debt service on all notes1 bonds1 debentures1 credit agreements1 or other instruments for money borrowed whose enforcement is subject to a stay or moratorium hereunder1 together with any variance from the amount set forth in the debt sustainability analysis of the ,fiscal ,plan under section #bja7;b77#a77;,i74 #bji4 ,termination of ,oversight ,board ,an ,oversight ,board shall terminate upon certification by the ,oversight ,board that-- 7#a7 the applicable territorial government has adequate access to short-term and long-term credit markets at reasonable interest rates to meet the borrowing needs of the territorial government2 and 7#b7 for at least #d consecutive fiscal years-- 7,a7 the territorial government has developed its ,budgets in accordance with modified accrual accounting standards2 and 7,b7 the expenditures made by the territorial government during each fiscal year did not exceed the revenues of the territorial government during that year1 as determined in accordance with modified accrual accounting standards4 #baj4 ,no full faith and credit of the ,united ,states 7a7 ,in general ,the full faith and credit of the ,united ,states is not pledged for the payment of any principal of or interest on any bond1 note1 or other obligation issued by a covered territory or covered territorial instrumentality4 ,the ,united ,states is not responsible or liable for the payment of any principal of or interest on any bond1 note1 or other obligation issued by a covered territory or covered territorial instrumentality4 7b7 ,subject to appropriations ,any claim to which the ,united ,states is determined to be liable under this ,act shall be subject to appropriations4 7c7 ,funding ,no ,federal funds shall be authorized by this ,act for the payment of any liability of the territory or territorial instrumentality4 #baa4 ,analysis of pensions 7a7 ,determination ,if the ,oversight ,board determines1 in its sole discretion1 that a pension system of the territorial government is materially underfunded1 the ,oversight ,board shall conduct an analysis prepared by an independent actuary of such pension system to assist the ,oversight ,board in evaluating the fiscal and economic impact of the pension cash flows4 7b7 ,provisions of analysis ,an analysis conducted under subsection 7a7 shall include-- 7#a7 an actuarial study of the pension liabilities and funding strategy that includes a forward looking projection of payments of at least #cj years of benefit payments and funding strategy to cover such payments2 7#b7 sources of funding to cover such payments2 7#c7 a review of the existing benefits and their sustainability2 and 7#d7 a review of the system's legal structure and operational arrangements1 and any other studies of the pension system the ,oversight ,board shall deem necessary4 7c7 ,supplementary information ,in any case1 the analysis conducted under subsection 7a7 shall include information regarding the fair market value and liabilities using an appropriate discount rate as determined by the ,oversight ,board4 #bab4 ,intervention in litigation 7a7 ,intervention ,the ,oversight ,board may intervene in any litigation filed against the territorial government4 7b7 ,injunctive relief 7#a7 ,in general ,if the ,oversight ,board intervenes in a litigation under subsection 7a71 the ,oversight ,board may seek injunctive relief1 including a stay of litigation4 7#b7 ,no independent basis for relief ,this section does not create an independent basis on which injunctive relief1 including a stay of litigation1 may be granted4 ,,iii ,adjustments of ,debts #cja4 ,applicability of other laws2 definitions 7a7 ,sections ,applicable to cases under this title ,sections #aja 7except as otherwise provided in this section71 #ajb1 #ajd1 #aje1 #ajf1 #ajg1 #ajh1 #aab1 #ccc1 #cdd1 #cdg7;b71 #cdi1 #cej7;b71 #cea1 #cfa1 #cfb1 #cfd7;c71 #cfd7;d71 #cfd7;e71 #cfd7;f71 #cfe1 #cff1 #eja1 #ejb1 #ejc1 #ejd1 #ejf1 #ejg7;a77#b71 #eji1 #eaj1 #ebd7;a77#a71 #ebd7;a77#b71 #edd1 #ede1 #edf1 #edg1 #edh1 #edi7;a71 #edi7;c71 #edi7;d71 #eej1 #eea1 #eeb1 #eec1 #eee1 #eef1 #eeg1 #eei1 #efj1 #efa1 #efb1 #ijb 7except as otherwise provided in this section71 #ibb1 #ibc1 #ibd1 #ibe1 #ibf1 #ibg1 #ibh1 #idb1 #idd1 #ide1 #idf1 #aajb1 #aajc1 #aaji1 #aaaa7;b71 #aabb1 #aabc7;a77#a71 #aabc7;a77#b71 #aabc7;a77#c71 #aabc7;a77#d71 #aabc7;a77#e71 #aabc7;b71 #aabc7;d71 #aabd1 #aabe1 #aabf7;a71 #aabf7;b71 #aabf7;c71 #aabf7;e71 #aabf7;f71 #aabf7;g71 #aabg7;d71 #aabh1 #aabi7;a77#b71 #aabi7;a77#c71 #aabi7;a77#f71 #aabi7;a77#h71 #aabi7;a77#aj71 #aabi7;b77#a71 #aabi7;b77#b77;,a71 #aabi7;b77#b77;,b71 #aadb7;b71 #aadc1 #aadd1 #aade1 and #aadf7;a7 of title #aa1 ,united ,states ,code1 apply in a case under this title and section #icj of title #aa1 ,united ,states ,code1 applies in a case under this title2 however1 section #icj shall not apply in any case during the first #abj days after the date on which such case is commenced under this title4 7b7 ,meanings of terms ,a term used in a section of title #aa1 ,united ,states ,code1 made applicable in a case under this title by subsection 7a71 has the meaning given to the term for the purpose of the applicable section1 unless the term is otherwise defined in this title4 7c7 ,definitions ,in this title3 7#a7 ,affiliate ,the term affiliate means1 in addition to the definition made applicable in a case under this title by subsection 7a7-- 7,a7 for a territory1 any territorial instrumentality2 and 7,b7 for a territorial instrumentality1 the governing territory and any of the other territorial instrumentalities of the territory4 7#b7 ,debtor ,the term debtor means the territory or covered territorial instrumentality concerning which a case under this title has been commenced4 7#c7 ,holder of a claim or interest ,the term holder of a claim or interest1 when used in section #aabf of title #aa1 ,united ,states ,code1 made applicable in a case under this title by subsection 7a7-- 7,a7 shall exclude any ,issuer or ,authorized ,instrumentality of the ,territory ,government ,issuer 7as defined under ,title ,,vi of this ,act7 or a corporation1 trust or other legal entity that is controlled by the ,issuer or an ,authorized ,territorial ,instrumentality of the ,territory ,government ,issuer1 provided that the beneficiaries of such claims1 to the extent they are not referenced in this subparagraph1 shall not be excluded1 and that1 for each excluded trust or other legal entity1 the court shall1 upon the request of any participant or beneficiary of such trust or entity1 at any time after the commencement of the case1 order the appointment of a separate committee of creditors pursuant to section #aajb7;a77#b7 of title #aa1 ,united ,states ,code2 and 7,b7 with reference to ,insured ,bonds1 shall mean the monoline insurer insuring such ,insured ,bond to the extent such insurer is granted the right to vote ,insured ,bonds for purposes of directing remedies or consenting to proposed amendments or modifications as provided in the applicable documents pursuant to which such ,insured ,bond was issued and insured4 7#d7 ,insured bond ,the term ,insured ,bond means a bond subject to a financial guarantee or similar insurance contract1 policy and_/or surety issued by a monoline insurer4 7#e7 ,property of the estate ,the term property of the estate1 when used in a section of title #aa1 ,united ,states ,code1 made applicable in a case under this title by subsection 7a71 means property of the debtor4 7#f7 ,state ,the term ,state when used in a section of title #aa1 ,united ,states ,code1 made applicable in a case under this title by subsection 7a7 means ,state or territory when used in reference to the relationship of a ,state to the municipality of the ,state or the territorial instrumentality of a territory1 as applicable4 7#g7 ,trustee ,the term trustee1 when used in a section of title #aa1 ,united ,states ,code1 made applicable in a case under this title by subsection 7a71 means the ,oversight ,board1 except as provided in section #ibf of title #aa1 ,united ,states ,code4 ,the term trustee as described in this paragraph does not mean the ,u4,s4 ,trustee1 an official of the ,united ,states ,trustee ,program1 which is a component of the ,united ,states ,department of ,justice4 7d7 ,reference to title ,solely for purposes of this title1 a reference to this title1 this chapter1 or words of similar import in a section of title #aa1 ,united ,states ,code1 made applicable in a case under this title by subsection 7a7 or to this title1 title #aa1 ,chapter #i1 ,chapter #aa1 the ,code1 or words of similar import in the ,federal ,rules of ,bankruptcy ,procedure made applicable in a case under this title shall be deemed to be a reference to this title4 7e7 ,substantially similar ,in determining whether claims are substantially similar for the purpose of section #aabb of title #aa1 ,united ,states ,code1 made applicable in a case under this title by subsection 7a71 the ,oversight ,board shall consider whether such claims are secured and whether such claims have priority over other claims4 7f7 ,operative clauses ,a section made applicable in a case under this title by subsection 7a7 that is operative if the business of the debtor is authorized to be operated is operative in a case under this title4 #cjb4 ,who may be a debtor ,an entity may be a debtor under this title if-- 7#a7 the entity is-- 7,a7 a territory that has requested the establishment of an ,oversight ,board or has had an ,oversight ,board established for it by the ,united ,states ,congress in accordance with section #aja of this ,act2 or 7,b7 a covered territorial instrumentality of a territory described in paragraph 7#a77;,a72 7#b7 the ,oversight ,board has issued a certification under section #bjf7;b7 of this ,act for such entity2 and 7#c7 the entity desires to effect a plan to adjust its debts4 #cjc4 ,reservation of territorial power to control territory and territorial instrumentalities ,subject to the limitations set forth in titles ,i and ,,ii of this ,act1 this title does not limit or impair the power of a covered territory to control1 by legislation or otherwise1 the territory or any territorial instrumentality thereof in the exercise of the political or governmental powers of the territory or territorial instrumentality1 including expenditures for such exercise1 but whether or not a case has been or can be commenced under this title-- 7#a7 a territory law prescribing a method of composition of indebtedness or a moratorium law1 but solely to the extent that it prohibits the payment of principal or interest by an entity not described in section #aji7;b77#b7 of title #aa1 ,united ,states ,code1 may not bind any creditor of a covered territory or any covered territorial instrumentality thereof that does not consent to the composition or moratorium2 7#b7 a judgment entered under a law described in paragraph 7#a7 may not bind a creditor that does not consent to the composition2 and 7#c7 unlawful executive orders that alter1 amend1 or modify rights of holders of any debt of the territory or territorial instrumentality1 or that divert funds from one territorial instrumentality to another or to the territory1 shall be preempted by this ,act4 #cjd4 ,petition and proceedings relating to petition 7a7 ,commencement of case ,a voluntary case under this title is commenced by the filing with the district court of a petition by the ,oversight ,board pursuant to the determination under section #bjf of this ,act4 7b7 ,objection to petition ,after any objection to the petition1 the court1 after notice and a hearing1 may dismiss the petition if the petition does not meet the requirements of this title2 however1 this subsection shall not apply in any case during the first #abj days after the date on which such case is commenced under this title4 7c7 ,order for relief ,the commencement of a case under this title constitutes an order for relief4 7d7 ,appeal ,the court may not1 on account of an appeal from an order for relief1 delay any proceeding under this title in the case in which the appeal is being taken1 nor shall any court order a stay of such proceeding pending such appeal4 7e7 ,validity of debt ,the reversal on appeal of a finding of jurisdiction shall not affect the validity of any debt incurred that is authorized by the court under section #cfd7;c7 or #cfd7;d7 of title #aa1 ,united ,states ,code4 7f7 ,joint filing of petitions and plans permitted ,the ,oversight ,board1 on behalf of debtors under this title1 may file petitions or submit or modify plans of adjustment jointly if the debtors are affiliates2 provided1 however1 that nothing in this title shall be construed as authorizing substantive consolidation of the cases of affiliated debtors4 7g7 ,joint administration of affiliated cases ,if the ,oversight ,board1 on behalf of a debtor and one or more affiliates1 has filed separate cases and the ,oversight ,board1 on behalf of the debtor or one of the affiliates1 files a motion to administer the cases jointly1 the court may order a joint administration of the cases4 7h7 ,public safety ,this ,act may not be construed to permit the discharge of obligations arising under ,federal police or regulatory laws1 including laws relating to the environment1 public health or safety1 or territorial laws implementing such ,federal legal provisions4 ,this includes compliance obligations1 requirements under consent decrees or judicial orders1 and obligations to pay associated administrative1 civil1 or other penalties4 7i7 ,voting on debt adjustment plans not stayed ,notwithstanding any provision in this title to the contrary1 including sections of title #aa1 ,united ,states ,code1 incorporated by reference1 nothing in this section shall prevent the holder of a claim from voting on or consenting to a proposed modification of such claim under title ,,vi of this ,act4 #cje4 ,limitation on jurisdiction and powers of court ,subject to the limitations set forth in titles ,i and ,,ii of this ,act1 notwithstanding any power of the court1 unless the ,oversight ,board consents or the plan so provides1 the court may not1 by any stay1 order1 or decree1 in the case or otherwise1 interfere with-- 7#a7 any of the political or governmental powers of the debtor2 7#b7 any of the property or revenues of the debtor2 or 7#c7 the use or enjoyment by the debtor of any income-producing property4 #cjf4 ,jurisdiction 7a7 ,federal subject matter jurisdiction ,the district courts shall have-- 7#a7 except as provided in paragraph 7#b71 original and exclusive jurisdiction of all cases under this title2 and 7#b7 except as provided in subsection 7b71 and notwithstanding any ,act of ,congress that confers exclusive jurisdiction on a court or courts other than the district courts1 original but not exclusive jurisdiction of all civil proceedings arising under this title1 or arising in or related to cases under this title4 7b7 ,property ,jurisdiction ,the district court in which a case under this title is commenced or is pending shall have exclusive jurisdiction of all property1 wherever located1 of the debtor as of the commencement of the case4 7c7 ,personal jurisdiction ,the district court in which a case under this title is pending shall have personal jurisdiction over any person or entity4 7d7 ,removal1 remand1 and transfer 7#a7 ,removal ,a party may remove any claim or cause of action in a civil action1 other than a proceeding before the ,united ,states ,tax ,court or a civil action by a governmental unit to enforce the police or regulatory power of the governmental unit1 to the district court for the district in which the civil action is pending1 if the district court has jurisdiction of the claim or cause of action under this section4 7#b7 ,remand ,the district court to which the claim or cause of action is removed under paragraph 7#a7 may remand the claim or cause of action on any equitable ground4 ,an order entered under this subsection remanding a claim or cause of action1 or a decision not to remand1 is not reviewable by appeal or otherwise by the court of appeals under section #aeh7;d71 #abia or #abib of title #bh1 ,united ,states ,code1 or by the ,supreme ,court of the ,united ,states under section #abed of title #bh1 ,united ,states ,code4 7#c7 ,transfer ,a district court shall transfer any civil proceeding arising under this title1 or arising in or related to a case under this title1 to the district court in which the case under this title is pending4 7e7 ,appeal 7#a7 ,an appeal shall be taken in the same manner as appeals in civil proceedings generally are taken to the courts of appeals from the district court4 7#b7 ,the court of appeals for the circuit in which a case under this title has venue pursuant to section #cjg of this title shall have jurisdiction of appeals from all final decisions1 judgments1 orders and decrees entered under this title by the district court4 7#c7 ,the court of appeals for the circuit in which a case under this title has venue pursuant to section #cjg of this title shall have jurisdiction to hear appeals of interlocutory orders or decrees if-- 7,a7 the district court on its own motion or on the request of a party to the order or decree certifies that-- 7i7 the order or decree involves a question of law as to which there is no controlling decision of the court of appeals for the circuit or of the ,supreme ,court of the ,united ,states1 or involves a matter of public importance2 7ii7 the order or decree involves a question of law requiring the resolution of conflicting decisions2 or 7iii7 an immediate appeal from the order or decree may materially advance the progress of the case or proceeding in which the appeal is taken2 and 7,b7 the court of appeals authorizes the direct appeal of the order or decree4 7#d7 ,if the district court on its own motion or on the request of a party determines that a circumstance specified in clauses 7i71 7ii71 or 7iii7 of paragraph 7#c77;,a7 exists1 then the district court shall make the certification described in paragraph 7#c74 7#e7 ,the parties may supplement the certification with a short statement of the basis for the certification issued by the district court under paragraph 7#c77;,a74 7#f7 ,except as provided in section #cjd7;d71 an appeal of an interlocutory order or decree does not stay any proceeding of the district court from which the appeal is taken unless the district court1 or the court of appeals in which the appeal is pending1 issues a stay of such proceedings pending the appeal4 7#g7 ,any request for a certification in respect to an interlocutory appeal of an order or decree shall be made not later than #fj days after the entry of the order or decree4 7f7 ,reallocation of court staff ,notwithstanding any law to the contrary1 the clerk of the court in which a case is pending shall reallocate as many staff and assistants as the clerk deems necessary to ensure that the court has adequate resources to provide for proper case management4 #cjg4 ,venue 7a7 ,in general ,venue shall be proper in-- 7#a7 with respect to a territory1 the district court for the territory or1 for any territory that does not have a district court1 the ,united ,states ,district ,court for the ,district of ,hawaii2 and 7#b7 with respect to a covered territorial instrumentality1 the district court for the territory in which the covered territorial instrumentality is located or1 for any territory that does not have a district court1 the ,united ,states ,district ,court for the ,district of ,hawaii4 7b7 ,alternative venue 7#a7 ,if the ,oversight ,board so determines in its sole discretion1 then venue shall be proper in the district court for the jurisdiction in which the ,oversight ,board maintains an office that is located outside the territory4 7#b7 ,with respect to paragraph 7#a71 the ,oversight ,board may consider1 among other things-- 7,a7 the resources of the district court to adjudicate a case or proceeding2 and 7,b7 the impact on witnesses who may be called in such a case or proceeding4 #cjh4 ,selection of presiding judge 7a7 ,for cases in which the debtor is a territory1 the ,chief ,justice of the ,united ,states shall designate a district court judge to sit by designation to conduct the case4 7b7 ,for cases in which the debtor is not a territory1 and no motion for joint administration of the debtor's case with the case of its affiliate territory has been filed or there is no case in which the affiliate territory is a debtor1 the chief judge of the court of appeals for the circuit embracing the district in which the case is commenced shall designate a district court judge to conduct the case4 #cji4 ,abstention ,nothing in this title prevents a district court in the interests of justice from abstaining from hearing a particular proceeding arising in or related to a case under this title4 #caj4 ,applicable rules of procedure ,the ,federal ,rules of ,bankruptcy ,procedure shall apply to a case under this title and to all civil proceedings arising in or related to cases under this title4 #caa4 ,leases ,a lease to a territory or territorial instrumentality shall not be treated as an executory contract or unexpired lease for the purposes of section #cfe or #ejb7;b77#f7 of title #aa1 ,united ,states ,code1 solely by reason of the lease being subject to termination in the event the debtor fails to appropriate rent4 #cab4 ,filing of plan of adjustment 7a7 ,exclusivity ,only the ,oversight ,board1 after the issuance of a certificate pursuant to section #ajd7;j7 of this ,act1 may file a plan of adjustment of the debts of the debtor4 7b7 ,deadline for filing plan ,if the ,oversight ,board does not file a plan of adjustment with the petition1 the ,oversight ,board shall file a plan of adjustment at the time set by the court4 #cac4 ,modification of plan ,the ,oversight ,board1 after the issuance of a certification pursuant to section #ajd7;j7 of this ,act1 may modify the plan at any time before confirmation1 but may not modify the plan so that the plan as modified fails to meet the requirements of this title4 ,after the ,oversight ,board files a modification1 the plan as modified becomes the plan4 #cad4 ,confirmation 7a7 ,objection ,a special tax payer may object to confirmation of a plan4 7b7 ,confirmation ,the court shall confirm the plan if-- 7#a7 the plan complies with the provisions of title #aa of the ,united ,states ,code1 made applicable to a case under this title by section #cja of this ,act2 7#b7 the plan complies with the provisions of this title2 7#c7 the debtor is not prohibited by law from taking any action necessary to carry out the plan2 7#d7 except to the extent that the holder of a particular claim has agreed to a different treatment of such claim1 the plan provides that on the effective date of the plan each holder of a claim of a kind specified in #ejg7;a77#b7 of title #aa1 ,united ,states ,code1 will receive on account of such claim cash equal to the allowed amount of such claim2 7#e7 any legislative1 regulatory1 or electoral approval necessary under applicable law in order to carry out any provision of the plan has been obtained1 or such provision is expressly conditioned on such approval2 7#f7 the plan is feasible and in the best interests of creditors1 which shall require the court to consider whether available remedies under the non-bankruptcy laws and constitution of the territory would result in a greater recovery for the creditors than is provided by such plan2 and 7#g7 the plan is consistent with the applicable ,fiscal ,plan certified by the ,oversight ,board under title ,,ii4 7c7 ,confirmation for debtors with a single class of claims ,if all of the requirements of section #cad7;b7 of this title and section #aabi7;a7 of title #aa1 ,united ,states ,code1 incorporated into this title by section #cja other than sections #aabi7;a77#h7 and #aabi7;a77#aj7 are met with respect to a plan-- 7#a7 with respect to which all claims are substantially similar under section #cja7;e7 of this title2 7#b7 that includes only one class of claims1 which claims are impaired claims2 and 7#c7 that was not accepted by such impaired class1 the court shall confirm the plan notwithstanding the requirements of such sections #aabi7;a77#h7 and #aabi7;a77#aj7 of title #aa1 ,united ,states ,code if the plan is fair and equitable and does not discriminate unfairly with respect to such impaired class4 #cae4 ,role and capacity of ,oversight ,board 7a7 ,actions of oversight board ,for the purposes of this title1 the ,oversight ,board may take any action necessary on behalf of the debtor to prosecute the case of the debtor1 including-- 7#a7 filing a petition under section #cjd of this ,act2 7#b7 submitting or modifying a plan of adjustment under sections #cab and #cac2 or 7#c7 otherwise generally submitting filings in relation to the case with the court4 7b7 ,representative of debtor ,the ,oversight ,board in a case under this title is the representative of the debtor4 #caf4 ,compensation of professionals 7a7 ,after notice to the parties in interest and the ,united ,states ,trustee and a hearing1 the court may award to a professional person employed by the debtor 7in the debtor's sole discretion71 the ,oversight ,board 7in the ,oversight ,board's sole discretion71 a committee under section #aajc of title #aa1 ,united ,states ,code1 or a trustee appointed by the court under section #ibf of title #aa1 ,united ,states ,code-- 7#a7 reasonable compensation for actual1 necessary services rendered by the professional person1 or attorney and by any paraprofessional person employed by any such person2 and 7#b7 reimbursement for actual1 necessary expenses4 7b7 ,the court may1 on its own motion or on the motion of the ,united ,states ,trustee or any other party in interest1 award compensation that is less than the amount of compensation that is requested4 7c7 ,in determining the amount of reasonable compensation to be awarded to a professional person1 the court shall consider the nature1 the extent1 and the value of such services1 taking into account all relevant factors1 including-- 7#a7 the time spent on such services2 7#b7 the rates charged for such services2 7#c7 whether the services were necessary to the administration of1 or beneficial at the time at which the service was rendered toward the completion of1 a case under this chapter2 7#d7 whether the services were performed within a reasonable amount of time commensurate with the complexity1 importance1 and nature of the problem1 issue1 or task addressed2 7#e7 with respect to a professional person1 whether the person is board certified or otherwise has demonstrated skill and experience in the restructuring field2 and 7#f7 whether the compensation is reasonable based on the customary compensation charged by comparably skilled practitioners in cases other than cases under this title or title #aa1 ,united ,states ,code4 7d7 ,the court shall not allow compensation for-- 7#a7 unnecessary duplication of services2 or 7#b7 services that were not-- 7,a7 reasonably likely to benefit the debtor2 or 7,b7 necessary to the administration of the case4 7e7 ,the court shall reduce the amount of compensation awarded under this section by the amount of any interim compensation awarded under section #cag of this title1 and1 if the amount of such interim compensation exceeds the amount of compensation awarded under this section1 may order the return of the excess to the debtor4 7f7 ,any compensation awarded for the preparation of a fee application shall be based on the level and skill reasonably required to prepare the application4 #cag4 ,interim compensation ,a debtor's attorney1 or any professional person employed by the debtor 7in the debtor's sole discretion71 the ,oversight ,board 7in the ,oversight ,board's sole discretion71 a committee under section #aajc of title #aa1 ,united ,states ,code1 or a trustee appointed by the court under section #ibf of title #aa1 ,united ,states ,code1 may apply to the court not more than once every #abj days after an order for relief in a case under this title1 or more often if the court permits1 for such compensation for services rendered before the date of such an application or reimbursement for expenses incurred before such date as is provided under section #caf of this title4 ,,iv ,miscellaneous ,provisions #dja4 ,rules of construction ,nothing in this ,act is intended1 or may be construed-- 7#a7 to limit the authority of ,congress to exercise legislative authority over the territories pursuant to ,article ,,iv1 section #c of the ,constitution of the ,united ,states2 7#b7 to authorize the application of section #ajd7;f7 of this ,act 7relating to issuance of subpoenas7 to judicial officers or employees of territory courts2 7#c7 to alter1 amend1 or abrogate any provision of the ,covenant ,to ,establish a ,commonwealth of the ,northern ,mariana ,islands in ,political ,union ,with the ,united ,states of ,america 7#dh ,u4,s4,c4 #ahja et seq472 or 7#d7 to alter1 amend1 or abrogate the treaties of cession regarding certain islands of ,american ,samoa 7#dh ,u4,s4,c4 #affa74 #djb4 ,right of ,puerto ,rico to determine its future political status ,nothing in this ,act shall be interpreted to restrict ,puerto ,rico's right to determine its future political status1 including by conducting the plebiscite as authorized by ,public ,law #aac-gf4 #djc4 ,first minimum wage in ,puerto ,rico ,section #f7;g7 of the ,fair ,labor ,standards ,act of #aich 7#bi ,u4,s4,c4 #bjf7;g77 is amended by striking paragraphs 7#b7 through 7#d7 and inserting the following3 7#b7 ,in lieu of the rate prescribed by subsection 7a77#a71 the ,governor of ,puerto ,rico1 subject to the approval of the ,financial ,oversight and ,management ,board established pursuant to section #aja of the ,puerto ,rico ,oversight1 ,management1 and ,economic ,stability ,act1 may designate a time period not to exceed four years during which employers in ,puerto ,rico may pay employees who are initially employed after the date of enactment of such ,act a wage which is not less than the wage described in paragraph 7#a74 ,notwithstanding the time period designated1 such wage shall not continue in effect after such ,board terminates in accordance with section #bji of such ,act4 7#c7 ,no employer may take any action to displace employees 7including partial displacements such as reduction in hours1 wages1 or employment benefits7 for purposes of hiring individuals at the wage authorized in paragraph 7#a7 or 7#b74 7#d7 ,any employer who violates this subsection shall be considered to have violated section #ae7;a77#c7 7#bi ,u4,s4,c4 #bae7;a77#c774 7#e7 ,this subsection shall only apply to an employee who has not attained the age of #bj years1 except in the case of the wage applicable in ,puerto ,rico1 #be years1 until such time as the ,board described in paragraph 7#b7 terminates in accordance with section #bji of the ,act described in such paragraph4 4 #djd4 ,application of regulation to ,puerto ,rico 7a7 ,special rule ,the regulations proposed by the ,secretary of ,labor relating to exemptions regarding the rates of pay for executive1 administrative1 professional1 outside sales1 and computer employees1 and published in a notice in the ,federal ,register on ,july #f1 #bjae1 and any final regulations issued related to such notice1 shall have no force or effect in the ,commonwealth of ,puerto ,rico until-- 7#a7 the ,comptroller ,general of the ,united ,states completes the assessment and transmits the report required under subsection 7b72 and 7#b7 the ,secretary of ,labor1 taking into account the assessment and report of the ,comptroller ,general1 provides a written determination to ,congress that applying such rule to ,puerto ,rico would not have a negative impact on the economy of ,puerto ,rico4 7b7 ,assessment and report ,not later than two years after the date of enactment of this ,act1 the ,comptroller ,general shall examine the economic conditions in ,puerto ,rico and shall transmit a report to ,congress assessing the impact of applying the regulations described in subsection 7a7 to ,puerto ,rico1 taking into consideration regional1 metropolitan1 and non-metropolitan salary and cost-of-living differences4 7c7 ,sense of congress ,it is the sense of ,congress that-- 7#a7 the ,bureau of the ,census should conduct a study to determine the feasibility of expanding data collection to include ,puerto ,rico and the other ,united ,states territories in the ,current ,population ,survey1 which is jointly administered by the ,bureau of the ,census and the ,bureau of ,labor ,statistics1 and which is the primary source of labor force statistics for the population of the ,united ,states2 and 7#b7 if necessary1 the ,bureau of the ,census should request the funding required to conduct this feasibility study as part of its budget submission to ,congress for fiscal year #bjah4 #dje4 ,automatic stay upon enactment 7a7 ,definitions ,in this section3 7#a7 ,liability ,the term ,liability means a bond1 loan1 letter of credit1 other borrowing title1 obligation of insurance1 or other financial indebtedness for borrowed money1 including rights1 entitlements1 or obligations whether such rights1 entitlements1 or obligations arise from contract1 statute1 or any other source of law related to such a bond1 loan1 letter of credit1 other borrowing title1 obligation of insurance1 or other financial indebtedness in physical or dematerialized form1 of which-- 7,a7 the issuer1 obligor1 or guarantor is the ,government of ,puerto ,rico2 and 7,b7 the date of issuance or incurrence precedes the date of enactment of this ,act4 7#b7 ,liability claim ,the term ,liability ,claim means1 as it relates to a ,liability-- 7,a7 right to payment1 whether or not such right is reduced to judgment1 liquidated1 unliquidated1 fixed1 contingent1 matured1 unmatured1 disputed1 undisputed1 legal1 equitable1 secured1 or unsecured2 or 7,b7 right to an equitable remedy for breach of performance if such breach gives rise to a right to payment1 whether or not such right to an equitable remedy is reduced to judgment1 fixed1 contingent1 matured1 unmatured1 disputed1 undisputed1 secured1 or unsecured4 7b7 ,in general ,except as provided in subsection 7c7 of this section1 the establishment of an ,oversight ,board for ,puerto ,rico 7i4e41 the enactment of this ,act7 in accordance with section #aja operates with respect to a ,liability as a stay1 applicable to all entities 7as such term is defined in section #aja of title #aa1 ,united ,states ,code71 of-- 7#a7 the commencement or continuation1 including the issuance or employment of process1 of a judicial1 administrative1 or other action or proceeding against the ,government of ,puerto ,rico that was or could have been commenced before the enactment of this ,act1 or to recover a ,liability ,claim against the ,government of ,puerto ,rico that arose before the enactment of this ,act2 7#b7 the enforcement1 against the ,government of ,puerto ,rico or against property of the ,government of ,puerto ,rico1 of a judgment obtained before the enactment of this ,act2 7#c7 any act to obtain possession of property of the ,government of ,puerto ,rico or of property from the ,government of ,puerto ,rico or to exercise control over property of the ,government of ,puerto ,rico2 7#d7 any act to create1 perfect1 or enforce any lien against property of the ,government of ,puerto ,rico2 7#e7 any act to create1 perfect1 or enforce against property of the ,government of ,puerto ,rico any lien to the extent that such lien secures a ,liability ,claim that arose before the enactment of this ,act2 7#f7 any act to collect1 assess1 or recover a ,liability ,claim against the ,government of ,puerto ,rico that arose before the enactment of this ,act2 and 7#g7 the setoff of any debt owing to the ,government of ,puerto ,rico that arose before the enactment of this ,act against any ,liability ,claim against the ,government of ,puerto ,rico4 7c7 ,stay not operable ,the establishment of an ,oversight ,board for ,puerto ,rico in accordance with section #aja does not operate as a stay-- 7#a7 solely under subsection 7b77#a7 of this section1 of the continuation of1 including the issuance or employment of process1 of a judicial1 administrative1 or other action or proceeding against the ,government of ,puerto ,rico that was commenced on or before ,december #ah1 #bjae2 or 7#b7 of the commencement or continuation of an action or proceeding by a governmental unit to enforce such governmental unit's or organization's police and regulatory power1 including the enforcement of a judgment other than a money judgment1 obtained in an action or proceeding by the governmental unit to enforce such governmental unit's or organization's police or regulatory power4 7d7 ,continuation of stay ,except as provided in subsections 7e71 7f71 and 7g7 the stay under subsection 7b7 continues until the earlier of-- 7#a7 the later of-- 7,a7 the later of-- 7i7 ,february #ae1 #bjag2 or 7ii7 six months after the establishment of an ,oversight ,board for ,puerto ,rico as established by section #aja7;b72 7,b7 the date that is #ge days after the date in subparagraph 7,a7 if the ,oversight ,board delivers a certification to the ,governor that1 in the ,oversight ,board's sole discretion1 an additional #ge days are needed to seek to complete a voluntary process under title ,,vi of this ,act with respect to the government of the ,commonwealth of ,puerto ,rico or any of its territorial instrumentalities2 or 7,c7 the date that is #fj days after the date in subparagraph 7,a7 if the district court to which an application has been submitted under subparagraph #fja7m77#a77;,d7 of this ,act determines1 in the exercise of the court's equitable powers1 that an additional #fj days are needed to complete a voluntary process under title ,,vi of this ,act with respect to the government of the ,commonwealth of ,puerto ,rico or any of its territorial instrumentalities2 or 7#b7 with respect to the government of the ,commonwealth of ,puerto ,rico or any of its territorial instrumentalities1 the date on which a case is filed by or on behalf of the government of the ,commonwealth of ,puerto ,rico or any of its territorial instrumentalities1 as applicable1 under title ,,iii4 7e7 ,jurisdiction1 ,relief from stay 7#a7 ,the ,united ,states ,district ,court for the ,district of ,puerto ,rico shall have original and exclusive jurisdiction of any civil actions arising under or related to this section4 7#b7 ,on motion of or action filed by a party in interest and after notice and a hearing1 the ,united ,states ,district ,court for the ,district of ,puerto ,rico1 for cause shown1 shall grant relief from the stay provided under subsection 7b7 of this section4 7f7 ,termination of stay2 hearing ,forty-five days after a request under subsection 7e77#b7 for relief from the stay of any act against property of the ,government of ,puerto ,rico under subsection 7b71 such stay is terminated with respect to the party in interest making such request1 unless the court1 after notice and a hearing1 orders such stay continued in effect pending the conclusion of1 or as a result of1 a final hearing and determination under subsection 7e77#b74 ,a hearing under this subsection may be a preliminary hearing1 or may be consolidated with the final hearing under subsection 7e77#b74 ,the court shall order such stay continued in effect pending the conclusion of the final hearing under subsection 7e77#b7 if there is a reasonable likelihood that the party opposing relief from such stay will prevail at the conclusion of such final hearing4 ,if the hearing under this subsection is a preliminary hearing1 then such final hearing shall be concluded not later than thirty days after the conclusion of such preliminary hearing1 unless the thirty-day period is extended with the consent of the parties in interest or for a specific time which the court finds is required by compelling circumstances4 7g7 ,relief ,to prevent irreparable damage ,upon request of a party in interest1 the court1 with or without a hearing1 shall grant such relief from the stay provided under subsection 7b7 as is necessary to prevent irreparable damage to the interest of an entity in property1 if such interest will suffer such damage before there is an opportunity for notice and a hearing under subsection 7e7 or 7f74 7h7 ,act in violation of stay is void ,any order1 judgment1 or decree entered in violation of this section and any act taken in violation of this section is void1 and shall have no force or effect1 and any person found to violate this section may be liable for damages1 costs1 and attorneys' fees incurred in defending any action taken in violation of this section1 and the ,oversight ,board or the ,government of ,puerto ,rico may seek an order from the court enforcing the provisions of this section4 7i7 ,government of puerto rico ,for purposes of this section1 the term ,government of ,puerto ,rico1 in addition to the definition set forth in section #e7aa7 of this ,act1 shall include-- 7#a7 the individuals1 including elected and appointed officials1 directors1 officers of and employees acting in their official capacity on behalf of the ,government of ,puerto ,rico2 and 7#b7 the ,oversight ,board1 including the directors and officers of and employees acting in their official capacity on behalf of the ,oversight ,board4 7j7 ,no default under existing contracts 7#a7 ,notwithstanding any contractual provision or applicable law to the contrary and so long as a stay under this section is in effect1 the holder of a ,liability ,claim or any other claim 7as such term is defined in section #aja of title #aa1 ,united ,states ,code7 may not exercise or continue to exercise any remedy under a contract or applicable law in respect to the ,government of ,puerto ,rico or any of its property-- 7,a7 that is conditioned upon the financial condition of1 or the commencement of a restructuring1 insolvency1 bankruptcy1 or other proceeding 7or a similar or analogous process7 by1 the ,government of ,puerto ,rico1 including a default or an event of default thereunder2 or 7,b7 with respect to ,liability ,claims-- 7i7 for the non-payment of principal or interest2 or 7ii7 for the breach of any condition or covenant4 7#b7 ,the term remedy as used in paragraph 7#a7 shall be interpreted broadly1 and shall include any right existing in law or contract1 including any right to-- 7,a7 setoff2 7,b7 apply or appropriate funds2 7,c7 seek the appointment of a custodian 7as such term is defined in section #aja7aa7 of title #aa1 ,united ,states ,code72 7,d7 seek to raise rates2 or 7,e7 exercise control over property of the ,government of ,puerto ,rico4 7#c7 ,notwithstanding any contractual provision or applicable law to the contrary and so long as a stay under this section is in effect1 a contract to which the ,government of ,puerto ,rico is a party may not be terminated or modified1 and any right or obligation under such contract may not be terminated or modified1 solely because of a provision in such contract is conditioned on-- 7,a7 the insolvency or financial condition of the ,government of ,puerto ,rico at any time prior to the enactment of this ,act2 7,b7 the adoption of a resolution or establishment of an ,oversight ,board pursuant to section #aja of this ,act2 or 7,c7 a default under a separate contract that is due to1 triggered by1 or a result of the occurrence of the events or matters in paragraph 7#a77;,b74 7#d7 ,notwithstanding any contractual provision to the contrary and so long as a stay under this section is in effect1 a counterparty to a contract with the ,government of ,puerto ,rico for the provision of goods and services shall1 unless the ,government of ,puerto ,rico agrees to the contrary in writing1 continue to perform all obligations under1 and comply with the terms of1 such contract1 provided that the ,government of ,puerto ,rico is not in default under such contract other than as a result of a condition specified in paragraph 7#c74 7k7 ,effect ,this section does not discharge an obligation of the ,government of ,puerto ,rico or release1 invalidate1 or impair any security interest or lien securing such obligation4 ,this section does not impair or affect the implementation of any restructuring support agreement executed by the ,government of ,puerto ,rico to be implemented pursuant to ,puerto ,rico law specifically enacted for that purpose prior to the enactment of this ,act or the obligation of the ,government of ,puerto ,rico to proceed in good faith as set forth in any such agreement4 7l7 ,payments on liabilities ,nothing in this section shall be construed to prohibit the ,government of ,puerto ,rico from making any payment on any ,liability when such payment becomes due during the term of the stay1 and to the extent the ,oversight ,board1 in its sole discretion1 determines it is feasible1 the ,government of ,puerto ,rico shall make interest payments on outstanding indebtedness when such payments become due during the length of the stay4 7m7 ,findings ,congress finds the following3 7#a7 ,a combination of severe economic decline1 and1 at times1 accumulated operating deficits1 lack of financial transparency1 management inefficiencies1 and excessive borrowing has created a fiscal emergency in ,puerto ,rico4 7#b7 ,as a result of its fiscal emergency1 the ,government of ,puerto ,rico has been unable to provide its citizens with effective services4 7#c7 ,the current fiscal emergency has also affected the long-term economic stability of ,puerto ,rico by contributing to the accelerated outmigration of residents and businesses4 7#d7 ,a comprehensive approach to fiscal1 management1 and structural problems and adjustments that exempts no part of the ,government of ,puerto ,rico is necessary1 involving independent oversight and a ,federal statutory authority for the ,government of ,puerto ,rico to restructure debts in a fair and orderly process4 7#e7 ,additionally1 an immediate--but temporary--stay is essential to stabilize the region for the purposes of resolving this territorial crisis4 7,a7 ,the stay advances the best interests common to all stakeholders1 including but not limited to a functioning independent ,oversight ,board created pursuant to this ,act to determine whether to appear or intervene on behalf of the ,government of ,puerto ,rico in any litigation that may have been commenced prior to the effectiveness or upon expiration of the stay4 7,b7 ,the stay is limited in nature and narrowly tailored to achieve the purposes of this ,act1 including to ensure all creditors have a fair opportunity to consensually renegotiate terms of repayment based on accurate financial information that is reviewed by an independent authority or1 at a minimum1 receive a recovery from the ,government of ,puerto ,rico equal to their best possible outcome absent the provisions of this ,act4 7#f7 ,finally1 the ability of the ,government of ,puerto ,rico to obtain funds from capital markets in the future will be severely diminished without congressional action to restore its financial accountability and stability4 7n7 ,purposes ,the purposes of this section are to-- 7#a7 provide the ,government of ,puerto ,rico with the resources and the tools it needs to address an immediate existing and imminent crisis2 7#b7 allow the ,government of ,puerto ,rico a limited period of time during which it can focus its resources on negotiating a voluntary resolution with its creditors instead of defending numerous1 costly creditor lawsuits2 7#c7 provide an oversight mechanism to assist the ,government of ,puerto ,rico in reforming its fiscal governance and support the implementation of potential debt restructuring2 7#d7 make available a ,federal restructuring authority1 if necessary1 to allow for an orderly adjustment of all of the ,government of ,puerto ,rico's liabilities2 and 7#e7 benefit the lives of #c4e million ,american citizens living in ,puerto ,rico by encouraging the ,government of ,puerto ,rico to resolve its longstanding fiscal governance issues and return to economic growth4 7o7 ,voting on voluntary agreements not stayed ,notwithstanding any provision in this section to the contrary1 nothing in this section shall prevent the holder of a ,liability ,claim from voting on or consenting to a proposed modification of such ,liability ,claim under title ,,vi of this ,act4 #djf4 ,purchases by territory governments ,the text of section #cjb of the ,omnibus ,insular ,areas ,act of #aiib 7#dh ,u4,s4,c4 #adfi;e71 is amended to read as follows3 ,the ,governments of the ,commonwealth of ,puerto ,rico1 ,guam1 ,american ,samoa1 the ,commonwealth of the ,northern ,mariana ,islands1 and the ,united ,states ,virgin ,islands are authorized to make purchases through the ,general ,services ,administration44 #djg4 ,protection from inter-debtor transfers 7a7 ,protection of ,creditors ,while an ,oversight ,board for ,puerto ,rico is in existence1 if any property of any territorial instrumentality of ,puerto ,rico is transferred in violation of applicable law under which any creditor has a valid pledge of1 security interest in1 or lien on such property1 or which deprives any such territorial instrumentality of property in violation of applicable law assuring the transfer of such property to such territorial instrumentality for the benefit of its creditors1 then the transferee shall be liable for the value of such property4 7b7 ,enforceability ,a creditor may enforce rights under this section by bringing an action in the ,united ,states ,district ,court for the ,district of ,puerto ,rico after the expiration or lifting of the stay of section #dje1 unless a stay under title ,,iii is in effect4 #djh4 ,,gao report on ,small ,business ,administration programs in ,puerto ,rico ,section #ae of the ,small ,business ,act 7#ae ,u4,s4,c4 #fdd7 is amended by adding at the end the following new subsection3 7t7 ,,gao report on small business administration programs in ,puerto ,rico ,not later than one year after the date of enactment of this subsection1 the ,comptroller ,general of the ,united ,states shall submit to the ,committee on ,small ,business of the ,house of ,representatives and the ,committee on ,small ,business and ,entrepreneurship of the ,senate a report on the application and utilization of contracting activities of the ,administration 7including contracting activities relating to ,h,u,b,zone small business concerns7 in ,puerto ,rico4 ,the report shall also identify any provisions of ,federal law that may create an obstacle to the efficient implementation of such contracting activities4 4 #dji4 ,congressional ,task ,force on ,economic ,growth in ,puerto ,rico 7a7 ,establishment ,there is established within the legislative branch a ,congressional ,task ,force on ,economic ,growth in ,puerto ,rico 7hereinafter referred to as the ,task ,force74 7b7 ,membership ,the ,task ,force shall be composed of eight members as follows3 7#a7 ,one member of the ,house of ,representatives1 who shall be appointed by the ,speaker of the ,house of ,representatives1 in coordination with the ,chairman of the ,committee on ,natural ,resources of the ,house of ,representatives4 7#b7 ,one member of the ,house of ,representatives1 who shall be appointed by the ,speaker of the ,house of ,representatives1 in coordination with the ,chairman of the ,committee on ,ways and ,means of the ,house of ,representatives4 7#c7 ,one member of the ,house of ,representatives1 who shall be appointed by the ,minority ,leader of the ,house of ,representatives1 in coordination with the ranking minority member of the ,committee on ,natural ,resources of the ,house of ,representatives4 7#d7 ,one member of the ,house of ,representatives1 who shall be appointed by the ,minority ,leader of the ,house of ,representatives1 in coordination with the ranking minority member of the ,committee on ,ways and ,means of the ,house of ,representatives4 7#e7 ,one member of the ,senate1 who shall be appointed by the ,majority ,leader of the ,senate1 in coordination with the ,chairman of the ,committee on ,energy and ,natural ,resources of the ,senate4 7#f7 ,one member of the ,senate1 who shall be appointed by the ,majority ,leader of the ,senate1 in coordination with the ,chairman of the ,committee on ,finance of the ,senate4 7#g7 ,one member of the ,senate1 who shall be appointed by the ,minority ,leader of the ,senate1 in coordination with the ranking minority member of the ,committee on ,energy and ,natural ,resources of the ,senate4 7#h7 ,one member of the ,senate1 who shall be appointed by the ,minority ,leader of the ,senate1 in coordination with the ranking minority member of the ,committee on ,finance of the ,senate4 7c7 ,deadline for appointment ,all appointments to the ,task ,force shall be made not later than #ae days after the date of enactment of this ,act4 7d7 ,chair ,the ,speaker shall designate one ,member to serve as chair of the ,task ,force4 7e7 ,vacancies ,any vacancy in the ,task ,force shall be filled in the same manner as the original appointment4 7f7 ,status update ,between ,september #a1 #bjaf1 and ,september #ae1 #bjaf1 the ,task ,force shall provide a status update to the ,house and ,senate that includes-- 7#a7 information the ,task ,force has collected2 and 7#b7 a discussion on matters the chairman of the ,task ,force deems urgent for consideration by ,congress4 7g7 ,report ,not later than ,december #ca1 #bjaf1 the ,task ,force shall issue a report of its findings to the ,house and ,senate regarding-- 7#a7 impediments in current ,federal law and programs to economic growth in ,puerto ,rico including equitable access to ,federal health care programs2 7#b7 recommended changes to ,federal law and programs that1 if adopted1 would serve to spur sustainable long-term economic growth1 job creation1 reduce child poverty1 and attract investment in ,puerto ,rico2 7#c7 the economic effect of ,administrative ,order ,no4 #cdf of the ,department of ,health of the ,commonwealth of ,puerto ,rico 7relating to natural products1 natural supplements1 and dietary supplements7 or any successor or substantially similar order1 rule1 or guidance of the ,commonwealth of ,puerto ,rico2 and 7#d7 additional information the ,task ,force deems appropriate4 7h7 ,consensus views ,to the greatest extent practicable1 the report issued under subsection 7f7 shall reflect the shared views of all eight ,members1 except that the report may contain dissenting views4 7i7 ,hearings and sessions ,the ,task ,force may1 for the purpose of carrying out this section1 hold hearings1 sit and act at times and places1 take testimony1 and receive evidence as the ,task ,force considers appropriate4 ,if the ,task ,force holds hearings1 at least one such hearing must be held in ,puerto ,rico4 7j7 ,stakeholder participation ,in carrying out its duties1 the ,task ,force shall consult with the ,puerto ,rico ,legislative ,assembly1 the ,puerto ,rico ,department of ,economic ,development and ,commerce1 and the private sector of ,puerto ,rico4 7k7 ,resources ,the ,task ,force shall carry out its duties by utilizing existing facilities1 services1 and staff of the ,house of ,representatives and ,senate1 except that no additional funds are authorized to be appropriated to carry out this section4 7l7 ,termination ,the ,task ,force shall terminate upon issuing the report required under subsection 7f74 #daj4 ,report ,not later than #ah months after the date of the enactment of this ,act1 the ,comptroller ,general shall submit a report to the ,committee on ,natural ,resources of the ,house of ,representatives and the ,committee on ,energy and ,natural ,resources of the ,senate describing-- 7#a7 the conditions which led to the level of debt1 which should be analyzed1 per capita and based upon overall economic activity2 7#b7 how actions of the territorial government improved or impaired the territory's financial conditions2 and 7#c7 recommendations on non-fiscal actions1 or policies that would not imperil ,america's homeland and national security1 that could be taken by ,congress or the ,administration to avert future indebtedness of territories1 while respecting sovereignty and constitutional parameters4 #daa4 ,report on territorial debt 7a7 ,report ,required ,not later than one year after the date of the enactment of this ,act1 and thereafter not less than once every two years1 the ,comptroller ,general of the ,united ,states shall submit to ,congress a report on the public debt of each territory1 including-- 7#a7 the historical levels of each territory's public debt1 current amount and composition of each territory's public debt1 and future projections of each territory's public debt2 7#b7 the historical levels of each territory's revenue1 current amount and composition of each territory's revenue1 and future projections of each territory's revenue2 7#c7 the drivers and composition of each territory's public debt2 7#d7 the effect of ,federal laws1 mandates1 rules1 and regulations on each territory's public debt2 and 7#e7 the ability of each territory to repay it's public debt4 7b7 ,materials ,the government of each territory shall make available to the ,comptroller ,general of the ,united ,states all materials necessary to carry out this section4 #dab4 ,expansion of ,h,u,b,zones in ,puerto ,rico 7a7 ,in general 7#a7 ,section #c7p77#d77;,a7 of the ,small ,business ,act 7#ae ,u4,s4,c4 #fcb7p77#d77;,a77 is amended to read as follows3 7,a7 ,qualified ,census ,tract 7i7 ,in ,general ,the term qualified census tract has the meaning given that term in section #db7;d77#e77;,b77ii7 of the ,internal ,revenue ,code of #aihf4 7ii7 ,exception ,for any metropolitan statistical area in the ,commonwealth of ,puerto ,rico1 the term qualified census tract has the meaning given that term in section #db7;d77#e77;,b77ii7 of the ,internal ,revenue ,code of #aihf as applied without regard to subclause 7,,ii7 of such section1 except that this clause shall only apply-- 7,i7 #aj years after the date that the ,administrator implements this clause1 or 7,,ii7 the date on which the ,financial ,oversight and ,management ,board for the ,commonwealth of ,puerto ,rico created by the ,puerto ,rico ,oversight1 ,management1 and ,economic ,stability ,act ceases to exist1 whichever event occurs first4 4 7#b7 ,regulations ,the ,administrator of the ,small ,business ,administration shall issue regulations to implement the amendment made by paragraph 7#a7 not later than #ij days after the date of the enactment of this ,act4 7b7 ,improving oversight 7#a7 ,guidance ,not later than #bgj days after the date of the enactment of this ,act1 the ,administrator of the ,small ,business ,administration shall develop and implement criteria and guidance on using a risk-based approach to requesting and verifying information from entities applying to be designated or recertified as qualified ,h,u,b,zone small business concerns 7as defined in section #c7p77#e7 of the ,small ,business ,act 7#ae ,u4,s4,c4 #fcb7p77#e7774 7#b7 ,assessment ,not later #a year after the date on which the criteria and guidance described in paragraph 7#a7 is implemented1 the ,comptroller ,general of the ,united ,states shall begin an assessment of such criteria and guidance4 ,not later than #f months after beginning such an assessment1 the ,comptroller ,general shall submit a report to the ,committee on ,small ,business and ,entrepreneurship of the ,senate and the ,committee on ,small ,business of the ,house of ,representatives that includes-- 7,a7 an assessment of the criteria and guidance issued by the ,administrator of the ,small ,business ,administration in accordance with paragraph 7#a72 7,b7 an assessment of the implementation of the criteria and guidance issued by issued by the ,administrator of the ,small ,business ,administration in accordance with paragraph 7#a72 7,c7 an assessment as to whether these measures have successfully ensured that only qualified ,h,u,b,zone small business concerns are participating in the ,h,u,b,zone program under section #ca of the ,small ,business ,act 7#ae ,u4,s4,c4 #feg;a72 7,d7 an assessment as to whether the reforms made by the criteria and guidance implemented under paragraph 7#a7 have resulted in job creation in the ,commonwealth of ,puerto ,rico2 and 7,e7 recommendations on how to improve controls in the ,h,u,b,zone program4 #dac4 ,determination on debt ,nothing in this ,act shall be interpreted to restrict-- 7#a7 the ability of the ,puerto ,rico ,commission for the ,comprehensive ,audit of the ,public ,credit to file its reports2 or 7#b7 the review and consideration of the ,puerto ,rico ,commission's findings by ,puerto ,rico's government or an ,oversight ,board for ,puerto ,rico established under section #aja4 ,v ,puerto ,rico ,infrastructure ,revitalization #eja4 ,definitions ,in this title3 7#a7 ,act #gf ,the term ,act #gf means ,puerto ,rico ,act #gf-bjjj 7#c ,l4,p4,r4,a4 #aica et seq471 approved on ,may #e1 #bjjj1 as amended4 7#b7 ,critical ,project ,the term ,critical ,project means a project identified under the provisions of this title and intimately related to addressing an emergency whose approval1 consideration1 permitting1 and implementation shall be expedited and streamlined according to the statutory process provided by ,act #gf1 or otherwise adopted pursuant to this title4 7#c7 ,energy ,commission of ,puerto ,rico ,the term ,energy ,commission of ,puerto ,rico means the ,puerto ,rico ,energy ,commission as established by ,subtitle ,b of ,puerto ,rico ,act #eg-bjad4 7#d7 ,energy ,projects ,the term ,energy ,projects means those projects addressing the generation1 distribution1 or transmission of energy4 7#e7 ,emergency ,the term emergency means any event or grave problem of deterioration in the physical infrastructure for the rendering of essential services to the people1 or that endangers the life1 public health1 or safety of the population or of a sensitive ecosystem1 or as otherwise defined by section #a of ,act #gf 7#c ,l4,p4,r4,a4 #aica74 ,this shall include problems in the physical infrastructure for energy1 water1 sewer1 solid waste1 highways or roads1 ports1 telecommunications1 and other similar infrastructure4 7#f7 ,environmental ,quality ,board ,the term ,environmental ,quality ,board means the ,puerto ,rico ,environmental ,quality ,board1 a board within the executive branch of the ,government of ,puerto ,rico as established by section #g of ,puerto ,rico ,act #daf-bjjd 7#ab ,l4,p4,r4,a4 #hjjb;a74 7#g7 ,expedited ,permitting ,process ,the term ,expedited ,permitting ,process means a ,puerto ,rico ,agency's alternate procedures1 conditions1 and terms mirroring those established under ,act #gf 7#c ,l4,p4,r4,a4 #aicb7 and pursuant to this title shall not apply to any ,federal law1 statute1 or requirement4 7#h7 ,governor ,the term ,governor means the ,governor of ,puerto ,rico4 7#i7 ,interagency ,environmental ,subcommittee ,the term ,interagency ,environmental ,subcommittee means the ,interagency ,subcommittee on ,expedited ,environmental ,regulations as further described by section #ejd4 7#aj7 ,legislature ,the term ,legislature means the ,legislature of ,puerto ,rico4 7#aa7 ,planning ,board ,the term ,planning ,board means the ,puerto ,rico ,planning ,board1 a board within the executive branch of the ,government of ,puerto ,rico established by ,puerto ,rico ,act #ge-aige 7#bc ,l4,p4,r4,a4 #fb et seq474 7#ab7 ,project sponsor ,the term ,project ,sponsor means a ,puerto ,rico ,agency or private party proposing the development of an existing1 ongoing1 or new infrastructure project or ,energy ,project4 7#ac7 ,puerto ,rico ,agency or ,agencies ,the terms ,puerto ,rico ,agency or ,puerto ,rico ,agencies means any board1 body1 board of examiners1 public corporation1 commission1 independent office1 division1 administration1 bureau1 department1 authority1 official1 person1 entity1 municipality1 or any instrumentality of ,puerto ,rico1 or an administrative body authorized by law to perform duties of regulating1 investigating1 or that may issue a decision1 or with the power to issue licenses1 certificates1 permits1 concessions1 accreditations1 privileges1 franchises1 except the ,senate and the ,house of ,representatives of the ,legislature and the judicial branch4 7#ad7 ,puerto ,rico ,electric ,power ,authority ,the term ,puerto ,rico ,electric ,power ,authority means the ,puerto ,rico ,electric ,power ,authority established by ,puerto ,rico ,act #hc-aida4 #ejb4 ,position of ,revitalization ,coordinator 7a7 ,establishment ,there is established1 under the ,oversight ,board1 the position of the ,revitalization ,coordinator4 7b7 ,appointment 7#a7 ,in general ,the ,revitalization ,coordinator shall be appointed by the ,governor as follows3 7,a7 ,prior to the appointment of the ,revitalization ,coordinator and within #fj days of the appointment of the full membership of the ,oversight ,board1 the ,oversight ,board shall submit to the ,governor no less than three nominees for appointment4 7,b7 ,in consultation with the ,oversight ,board1 not later than #aj days after receiving the nominations under subparagraph 7,a71 the ,governor shall appoint one of the nominees as the ,revitalization ,coordinator4 ,such appointment shall be effective immediately4 7,c7 ,if the ,governor fails to select a ,revitalization ,coordinator1 the ,oversight ,board shall1 by majority vote1 appoint a ,revitalization ,coordinator from the list of nominees provided under paragraph 7,a74 7#b7 ,qualifications ,in selecting nominees under paragraph 7#a77;,a71 the ,oversight ,board shall only nominate persons who-- 7,a7 have substantial knowledge and expertise in the planning1 predevelopment1 financing1 development1 operations1 engineering1 or market participation of infrastructure projects1 provided that stronger consideration may be given to candidates who have experience with ,energy ,projects and the laws and regulations of ,puerto ,rico that may be subject to an ,expedited ,permitting ,process2 7,b7 does not currently provide goods or services to the government of ,puerto ,rico 7and1 as applicable1 is not the spouse1 parent1 child1 or sibling of a person who provides or has provided goods and services to the government of ,puerto ,rico in the preceding #c calendar years72 and 7,c7 shall not be an officer1 employee of1 or former officer or employee of the government of ,puerto ,rico in the preceding #c calendar years4 7#c7 ,compensation ,the ,revitalization ,coordinator shall be compensated at an annual rate determined by the ,oversight ,board sufficient in the judgment of the ,oversight ,board to obtain the services of a person with the skills and experience required to discharge the duties of the position1 but such compensation shall not exceed the annual salary of the ,executive ,director4 7c7 ,assignment of personnel ,the ,executive ,director of the ,oversight ,board may assign ,oversight ,board personnel to assist the ,revitalization ,coordinator4 7d7 ,removal 7#a7 ,in general ,the ,revitalization ,coordinator may be removed for any reason1 in the ,oversight ,board's discretion4 7#b7 ,termination of position ,upon the termination of the ,oversight ,board pursuant to section #bji of this ,act1 the position of the ,revitalization ,coordinator shall terminate4 #ejc4 ,critical projects 7a7 ,identification of projects 7#a7 ,project submission ,any ,project ,sponsor may submit1 so long as the ,oversight ,board is in operation1 any existing1 ongoing1 or proposed project to the ,revitalization ,coordinator4 ,the ,revitalization ,coordinator shall require such submission to include-- 7,a7 the impact the project will have on an emergency2 7,b7 the availability of immediate private capital or other funds1 including loan guarantees1 loans1 or grants to implement1 operate1 or maintain the project2 7,c7 the cost of the project and amount of ,puerto ,rico government funds1 if any1 necessary to complete and maintain the project2 7,d7 the environmental and economic benefits provided by the project1 including the number of jobs to be created that will be held by residents of ,puerto ,rico and the expected economic impact1 including the impact on ratepayers1 if applicable2 7,e7 the status of the project if it is existing or ongoing2 and 7,f7 in addition to the requirements found in subparagraphs 7,a7 through 7,e71 the ,revitalization ,coordinator may require such submission to include any or all of the following criteria that assess how the project will-- 7i7 reduce reliance on oil for electric generation in ,puerto ,rico2 7ii7 improve performance of energy infrastructure and overall energy efficiency2 7iii7 expedite the diversification and conversion of fuel sources for electric generation from oil to natural gas and renewables in ,puerto ,rico as defined under applicable ,puerto ,rico laws2 7iv7 promote the development and utilization of energy sources found on ,puerto ,rico2 7v7 contribute to transitioning to privatized generation capacities in ,puerto ,rico2 7vi7 support the ,energy ,commission of ,puerto ,rico in achievement of its goal of reducing energy costs and ensuring affordable energy rates for consumers and business2 or 7vii7 achieve in whole or in part the recommendations1 if feasible1 of the study in section #eje7;d7 of this title to the extent such study is completed and not inconsistent with studies or plans otherwise required under ,puerto ,rico laws4 7#b7 ,identification of relevant ,puerto ,rico ,agencies ,within #bj days of receiving a project submission under paragraph 7#a71 the ,revitalization ,coordinator shall1 in consultation with the ,governor1 identify all ,puerto ,rico ,agencies that will have a role in the permitting1 approval1 authorizing1 or other activity related to the development of such project submission4 7#c7 ,expedited permitting process 7,a7 ,submission of expedited permitting process ,not later than #bj days after receiving a project submission1 each ,puerto ,rico ,agency identified in paragraph 7#a7 shall submit to the ,revitalization ,coordinator the ,agency's ,expedited ,permitting ,process4 7,b7 ,failure to provide expedited permitting process ,if a ,puerto ,rico ,agency fails to provide an ,expedited ,permitting ,process within #bj days of receiving a project submission1 the ,revitalization ,coordinator shall consult with the ,governor to develop within #bj days an ,expedited ,permitting ,process for the ,agency4 7,c7 ,implementation and prioritization ,the ,revitalization ,coordinator shall require ,puerto ,rico ,agencies to implement the ,expedited ,permitting ,process for ,critical ,projects4 ,critical ,projects shall be prioritized to the maximum extent possible in each ,puerto ,rico ,agency regardless of any agreements transferring or delegating permitting authority to any other ,territorial ,instrumentality or municipality4 7b7 ,critical project report 7#a7 ,in general ,for each submitted project1 the ,revitalization ,coordinator in consultation with the ,governor and relevant ,puerto ,rico ,agencies identified in subsection 7a77#b7 shall develop a ,critical ,project ,report within #fj days of the project submission1 which shall include3 7,a7 ,an assessment of how well the project meets the criteria in subsection 7a77#a74 7,b7 ,a recommendation by the ,governor whether the project should be considered a ,critical ,project4 ,if the ,governor fails to provide a recommendation during the development of the ,critical ,project ,report1 the failure shall constitute a concurrence with the ,revitalization ,coordinator's recommendation in subparagraph 7,e74 7,c7 ,in the case of a project that may affect the implementation of ,land-,use ,plans1 as defined by ,puerto ,rico ,act #eej-bjjd1 a determination by the ,planning ,board will be required within the #fj-;day timeframe4 ,if the ,planning ,board determines such project will be inconsistent with relevant ,land-,use ,plans1 then the project will be deemed ineligible for ,critical ,project designation4 7,d7 ,in the case of an ,energy ,project that will connect with the ,puerto ,rico ,electric ,power ,authority's transmission or distribution facilities1 a recommendation by the ,energy ,commission of ,puerto ,rico1 if the ,energy ,commission determines such ,energy ,project will affect an approved ,integrated ,resource ,plan1 as defined under ,puerto ,rico ,act #ed-bjad4 ,if the ,energy ,commission determines the ,energy ,project will adversely affect an approved ,integrated ,resource ,plan1 then the ,energy ,commission shall provide the reasons for such determination and the ,energy ,project shall be ineligible for ,critical ,project designation1 provided that such determination must be made during the #fj-;day timeframe for the development of the ,critical ,project ,report4 7,e7 ,a recommendation by the ,revitalization ,coordinator whether the project should be considered a ,critical ,project4 7#b7 ,public involvement ,immediately following the completion of the ,critical ,project ,report1 the ,revitalization ,coordinator shall make such ,critical ,project ,report public and allow a period of #cj days for the submission of comments by residents of ,puerto ,rico specifically on matters relating to the designation of a project as a ,critical ,project4 ,the ,revitalization ,coordinator shall respond to the comments within #cj days of closing the coming period and make the responses publicly available4 7#c7 ,submission to ,oversight ,board ,not later than #e days after the ,revitalization ,coordinator has responded to the comments under paragraph 7#b71 the ,revitalization ,coordinator shall submit the ,critical ,project ,report to the ,oversight ,board4 7c7 ,action by the ,oversight ,board ,not later than #cj days after receiving the ,critical ,project ,report1 the ,oversight ,board1 by majority vote1 shall approve or disapprove the project as a ,critical ,project1 if the ,oversight ,board-- 7#a7 approves the project1 the project shall be deemed a ,critical ,project2 and 7#b7 disapproves the project1 the ,oversight ,board shall submit to the ,revitalization ,coordinator in writing the reasons for disapproval4 #ejd4 ,miscellaneous provisions 7a7 ,creation of interagency environmental subcommittee 7#a7 ,establishment ,not later than #fj days after the date on which the ,revitalization ,coordinator is appointed1 the ,interagency ,environmental ,subcommittee shall be established and shall evaluate environmental documents required under ,puerto ,rico law for any ,critical ,project within the ,expedited ,permitting ,process established by the ,revitalization ,coordinator under section #ejc7;a77#c74 7#b7 ,composition ,the ,interagency ,environmental ,subcommittee shall consist of the ,revitalization ,coordinator1 and a representative selected by the ,governor in consultation with the ,revitalization ,coordinator representing each of the following agencies3 ,the ,environmental ,quality ,board1 the ,planning ,board1 the ,puerto ,rico ,department of ,natural and ,environmental ,resources1 and any other ,puerto ,rico ,agency determined to be relevant by the ,revitalization ,coordinator4 7b7 ,length of expedited permitting process ,with respect to a ,puerto ,rico ,agency's activities related only to a ,critical ,project1 such ,puerto ,rico ,agency shall operate as if the ,governor has declared an emergency pursuant to section #b of ,act #gf 7#c ,l4,p4,r4,a4 #aicb74 ,section #ab of ,act #gf 7#c ,l4,p4,r4,a4 #aidb7 shall not be applicable to ,critical ,projects4 ,furthermore1 any transactions1 processes1 projects1 works1 or programs essential to the completion of a ,critical ,project shall continue to be processed and completed under such ,expedited ,permitting ,process regardless of the termination of the ,oversight ,board under section #bji4 7c7 ,expedited permitting process compliance 7#a7 ,written notice ,a ,critical ,project ,sponsor may in writing notify the ,oversight ,board of the failure of a ,puerto ,rico ,agency or the ,revitalization ,coordinator to adhere to the ,expedited ,permitting ,process4 7#b7 ,finding of failure ,if the ,oversight ,board finds either the ,puerto ,rico ,agency or ,revitalization ,coordinator has failed to adhere to the ,expedited ,permitting ,process1 the ,oversight ,board shall direct the offending party to comply with the ,expedited ,permitting ,process4 ,the ,oversight ,board may take such enforcement action as necessary as provided by section #ajd7l74 7d7 ,review of legislature acts 7#a7 ,submission of acts to oversight board ,pursuant to section #bjd7;a71 the ,governor shall submit to the ,oversight ,board any law duly enacted during any fiscal year in which the ,oversight ,board is in operation that may affect the ,expedited ,permitting ,process4 7#b7 ,finding of oversight board ,upon receipt of a law under paragraph 7#a71 the ,oversight ,board shall promptly review whether the law would adversely impact the ,expedited ,permitting ,process and1 upon such a finding1 the ,oversight ,board may deem such law to be significantly inconsistent with the applicable ,fiscal ,plan4 7e7 ,establishment of certain terms and conditions ,no ,puerto ,rico ,agency may include in any certificate1 right-of-way1 permit1 lease1 or other authorization issued for a ,critical ,project any term or condition that may be permitted1 but is not required1 by any applicable ,puerto ,rico law1 if the ,revitalization ,coordinator determines the term or condition would prevent or impair the expeditious construction1 operation1 or expansion of the ,critical ,project4 ,the ,revitalization ,coordinator may request a ,puerto ,rico ,agency to include in any certificate1 right-of-way1 permit1 lease1 or other authorization1 a term or condition that may be permitted in accordance with applicable laws if the ,revitalization ,coordinator determines such inclusion would support the expeditious construction1 operation1 or expansion of any ,critical ,project4 7f7 ,disclosure ,all ,critical ,project reports1 and justifications for approval or rejection of ,critical ,project status1 shall be made publicly available online within #e days of receipt or completion4 #eje4 ,federal agency requirements 7a7 ,federal points of contact ,at the request of the ,revitalization ,coordinator and within #cj days of receiving such a request1 each ,federal agency with jurisdiction over the permitting1 or administrative or environmental review of private or public projects in ,puerto ,rico1 shall name a ,point of ,contact who will serve as that agency's liaison with the ,revitalization ,coordinator4 7b7 ,federal grants and loans ,for each ,critical ,project with a pending or potential ,federal grant1 loan1 or loan guarantee application1 the ,revitalization ,coordinator and the relevant ,point of ,contact shall cooperate with each other to ensure expeditious review of such application4 7c7 ,expedited reviews and actions of ,federal agencies ,all reviews conducted and actions taken by any ,federal agency relating to a ,critical ,project shall be expedited in a manner consistent with completion of the necessary reviews and approvals by the deadlines under the ,expedited ,permitting ,process1 but in no way shall the deadlines established through the ,expedited ,permitting ,process be binding on any ,federal agency4 7d7 ,transfer of study of electric rates ,section #i of the ,consolidated and ,further ,continuing ,appropriations ,act1 #bjae 7#dh ,u4,s4,c4 #adib;a7 is amended-- 7#a7 in subsection 7a77#e71 by inserting 1 except that1 with respect to ,puerto ,rico1 the term means1 the ,secretary of ,energy after ,secretary of the ,interior2 and 7#b7 in subsection 7b7-- 7,a7 by inserting 7except in the case of ,puerto ,rico1 in which case not later than #bgj days after the date of enactment of the ,puerto ,rico ,oversight1 ,management1 and ,economic ,stability ,act7 after of this ,act2 and 7,b7 by inserting 7except in the case of ,puerto ,rico7 after ,empowering ,insular ,communities activity4 #ejf4 ,judicial review 7a7 ,deadline for filing of a claim ,a claim arising under this title must be brought no later than #cj days after the date of the decision or action giving rise to the claim4 7b7 ,expedited consideration ,the ,district ,court for the ,district of ,puerto ,rico shall set any action brought under this title for expedited consideration1 taking into account the interest of enhancing ,puerto ,rico's infrastructure for electricity1 water and sewer services1 roads and bridges1 ports1 and solid waste management to achieve compliance with local and ,federal environmental laws1 regulations1 and policies while ensuring the continuity of adequate services to the people of ,puerto ,rico and ,puerto ,rico's sustainable economic development4 #ejg4 ,savings clause ,nothing in this title is intended to change or alter any ,federal legal requirements or laws4 ,,vi ,,creditor ,,collective ,,action #fja4 ,creditor ,collective action 7a7 ,definitions ,in this title3 7#a7 ,administrative supervisor ,the term ,administrative ,supervisor means the ,oversight ,board established under section #aja4 7#b7 ,authorized territorial instrumentality ,the term ,authorized ,territorial ,instrumentality means a covered territorial instrumentality authorized in accordance with subsection 7e74 7#c7 ,calculation agent ,the term ,calculation ,agent means a calculation agent appointed in accordance with subsection 7k74 7#d7 ,capital appreciation bond ,the term ,capital ,appreciation ,bond means a ,bond that does not pay interest on a current basis1 but for which interest amounts are added to principal over time as specified in the relevant offering materials for such ,bond1 including that the accreted interest amount added to principal increases daily4 7#e7 ,convertible capital appreciation bond ,the term ,convertible ,capital ,appreciation ,bond means a ,bond that does not pay interest on a current basis1 but for which interest amounts are added to principal over time as specified in the relevant offering materials and which converts to a current pay bond on a future date4 7#f7 ,information agent ,the term ,information ,agent means an information agent appointed in accordance with subsection 7l74 7#g7 ,insured bond ,the term ,insured ,bond means a bond subject to a financial guarantee or similar insurance contract1 policy or surety issued by a monoline insurer4 7#h7 ,issuer ,the term ,issuer means1 as applicable1 the ,territory ,government ,issuer or an ,authorized ,territorial ,instrumentality that has issued or guaranteed at least one ,bond that is ,outstanding4 7#i7 ,modification ,the term ,modification means any modification1 amendment1 supplement or waiver affecting one or more series of ,bonds1 including those effected by way of exchange1 repurchase1 conversion1 or substitution4 7#aj7 ,outstanding ,the term ,outstanding1 in the context of the principal amount of ,bonds1 shall be determined in accordance with subsection 7b74 7#aa7 ,outstanding principal ,the term ,outstanding ,principal means-- 7,a7 for a ,bond that is not a ,capital ,appreciation ,bond or a ,convertible ,capital ,appreciation ,bond1 the outstanding principal amount of such ,bond2 and 7,b7 for a ,bond that is a ,capital ,appreciation ,bond or a ,convertible ,capital ,appreciation ,bond1 the current accreted value of such ,capital ,appreciation ,bond or a ,convertible ,capital ,appreciation ,bond1 as applicable4 7#ab7 ,pool ,the term ,pool means a pool established in accordance with subsection 7d74 7#ac7 ,qualifying modification ,the term ,qualifying ,modification means a ,modification proposed in accordance with subsection 7g74 7#ad7 ,secured pool ,the term ,secured ,pool means a ,pool established in accordance with subsection 7d7 consisting only of ,bonds that are secured by a lien on property1 provided that the inclusion of a ,bond ,claim in such ,pool shall not in any way limit or prejudice the right of the ,issuer1 the ,administrative ,supervisor1 or any creditor to recharacterize or challenge such ,bond ,claim1 or any purported lien securing such ,bond ,claim1 in any other manner in any subsequent proceeding in the event a proposed ,qualifying ,modification is not consummated4 7#ae7 ,territory government issuer ,the term ,territory ,government ,issuer means the ,government of ,puerto ,rico or such covered territory for which an ,oversight ,board has been established pursuant to section #aja4 7b7 ,outstanding bonds ,in determining whether holders of the requisite principal amount of ,outstanding ,bonds have voted in favor of1 or consented to1 a proposed ,qualifying ,modification1 a ,bond will be deemed not to be outstanding1 and may not be counted in a vote or consent solicitation for or against a proposed ,qualifying ,modification1 if on the record date for the proposed ,qualifying ,modification-- 7#a7 the ,bond has previously been cancelled or delivered for cancellation or is held for reissuance but has not been reissued2 7#b7 the ,bond has previously been called for redemption in accordance with its terms or previously become due and payable at maturity or otherwise and the ,issuer has previously satisfied its obligation to make1 or provide for1 all payments due in respect of the ,bond in accordance with its terms2 7#c7 the ,bond has been substituted with a security of another series2 or 7#d7 the ,bond is held by the ,issuer or by an ,authorized ,territorial ,instrumentality of the ,territory ,government ,issuer or by a corporation1 trust or other legal entity that is controlled by the ,issuer or an ,authorized ,territorial ,instrumentality of the ,territory ,government ,issuer1 as applicable4 ,for purposes of this subsection1 a corporation1 trust or other legal entity is controlled by the ,issuer or by an ,authorized ,territorial ,instrumentality of the ,territory ,government ,issuer if the ,issuer or an ,authorized ,territorial ,instrumentality of the ,territory ,government ,issuer1 as applicable1 has the power1 directly or indirectly1 through the ownership of voting securities or other ownership interests1 by contract or otherwise1 to direct the management of or elect or appoint a majority of the board of directors or other persons performing similar functions in lieu of1 or in addition to1 the board of directors of that legal entity4 7c7 ,certification of disenfranchised bonds ,prior to any vote on1 or consent solicitation for1 a ,qualifying ,modification1 the ,issuer shall deliver to the ,calculation ,agent a certificate signed by an authorized representative of the ,issuer specifying any ,bonds that are deemed not to be ,outstanding for the purpose of subsection 7b7 above4 7d7 ,determination of pools for voting ,the ,administrative ,supervisor1 in consultation with the ,issuer1 shall establish ,pools in accordance with the following3 7#a7 ,not less than one ,pool shall be established for each ,issuer4 7#b7 ,a ,pool that contains one or more ,bonds that are secured by a lien on property shall be a ,secured ,pool4 7#c7 ,the ,administrative ,supervisor shall establish ,pools according to the following principles3 7,a7 ,for each ,issuer that has issued multiple ,bonds that are distinguished by specific provisions governing priority or security arrangements1 including ,bonds that have been issued as general obligations of the ,territory ,government ,issuer to which the ,territory ,government ,issuer pledged the full or good faith1 credit1 and taxing power of the ,territory ,government ,issuer1 separate ,pools shall be established corresponding to the relative priority or security arrangements of each holder of ,bonds against each ,issuer1 as applicable1 provided1 however1 that the term priority as used in this section shall not be understood to mean differing payment or maturity dates4 7,b7 ,for each ,issuer that has issued senior and subordinated ,bonds1 separate ,pools shall be established for the senior and subordinated ,bonds corresponding to the relative priority or security arrangements4 7,c7 ,for each ,issuer that has issued multiple ,bonds1 for at least some of which a guarantee of repayment has been provided by the ,territory ,government ,issuer1 separate ,pools shall be established for such guaranteed and non-guaranteed ,bonds4 7,d7 ,subject to the other requirements contained in this section1 for each ,issuer that has issued multiple ,bonds1 for at least some of which a dedicated revenue stream has been pledged for repayment1 separate ,pools for such ,issuer shall be established as follows-- 7i7 for each dedicated revenue stream that has been pledged for repayment1 not less than one ,secured ,pool for ,bonds for which such revenue stream has been pledged1 and separate ,secured ,pools shall be established for ,bonds of different priority2 and 7ii7 not less than one ,pool for all other ,bonds issued by the ,issuer for which a dedicated revenue stream has not been pledged for repayment4 7,e7 ,the ,administrative ,supervisor shall not place into separate ,pools ,bonds of the same ,issuer that have identical rights in security or priority4 7#d7 ,notwithstanding the preceding provisions of this subsection1 solely with respect to a preexisting voluntary agreement as described in section #ajd7;i77#c7 of this ,act1 such voluntary agreement may classify ,insured ,bonds and uninsured bonds in different ,pools and provide different treatment thereof so long as the preexisting voluntary agreement has been agreed to by-- 7,a7 holders of a majority in amount of all uninsured bonds outstanding in the modified ,pool2 and 7,b7 holders 7including insurers with power to vote7 of a majority in amount of all ,insured ,bonds4 7e7 ,authorization of territory instrumentalities ,a covered territorial instrumentality is an ,authorized ,territorial ,instrumentality if it has been specifically authorized to be eligible to avail itself of the procedures under this section by the ,administrative ,supervisor4 7f7 ,information delivery requirement ,before solicitation of acceptance or rejection of a ,modification under subsection 7h71 the ,issuer shall provide to the ,calculation ,agent1 the ,information ,agent1 and the ,administrative ,supervisor1 the following information-- 7#a7 a description of the ,issuer's economic and financial circumstances which are1 in the ,issuer's opinion1 relevant to the request for the proposed ,qualifying ,modification1 a description of the ,issuer's existing debts1 a description of the impact of the proposed ,qualifying ,modification on the territory's or its territorial instrumentalities' public debt2 7#b7 if the ,issuer is seeking ,modifications affecting any other ,pools of ,bonds of the ,territory ,government ,issuer or its ,authorized ,territorial ,instrumentalities1 a description of such other ,modifications2 7#c7 if a ,fiscal ,plan with respect to such ,issuer has been certified1 the applicable ,fiscal ,plan certified in accordance with section #bja2 and 7#d7 such other information as may be required under applicable securities laws4 7g7 ,qualifying modification ,a ,modification is a ,qualifying ,modification if one of the following processes has occurred3 7#a7 ,consultation ,process4-- 7,a7 the ,issuer proposing the ,modification has consulted with holders of ,bonds in each ,pool of such ,issuer prior to soliciting a vote on such ,modification2 7,b7 each exchanging1 repurchasing1 converting1 or substituting holder of ,bonds of any series in a ,pool affected by that ,modification is offered the same amount of consideration per amount of principal1 the same amount of consideration per amount of interest accrued but unpaid and the same amount of consideration per amount of past due interest1 respectively1 as that offered to each other exchanging1 repurchasing1 converting1 or substituting holder of ,bonds of any series in a ,pool affected by that ,modification 7or1 where a menu of instruments or other consideration is offered1 each exchanging1 repurchasing1 converting1 or substituting holder of ,bonds of any series in a ,pool affected by that ,modification is offered the same amount of consideration per amount of principal1 the same amount of consideration per amount of interest accrued but unpaid and the same amount of consideration per amount of past due interest1 respectively1 as that offered to each other exchanging1 repurchasing1 converting1 or substituting holder of ,bonds of any series in a ,pool affected by that ,modification electing the same option under such menu of instruments72 and 7,c7 the ,modification is certified by the ,administrative ,supervisor as being consistent with the requirements set forth in section #ajd7;i77#a7 and is in the best interests of the creditors and is feasible4 7#b7 ,voluntary agreement process ,the ,administrative ,supervisor has issued a certification that-- 7,a7 the requirements set forth in section #ajd7;i77#b7 and section #fja7;g77#a77;,b7 have been satisfied2 or 7,b7 the ,modification is consistent with a restructuring support or similar agreement to be implemented pursuant to the law of the covered territory executed by the ,issuer prior to the establishment of an ,oversight ,board for the relevant territory4 7h7 ,solicitation 7#a7 ,upon receipt of a certification from the ,administrative ,supervisor under subsection 7g71 the ,information ,agent shall1 if practical and except as provided in paragraph 7#b71 submit to the holders of any ,outstanding ,bonds of the relevant ,issuer1 including holders of the right to vote such ,outstanding ,bonds1 the information submitted by the relevant ,issuer under subsection 7f77#a7 in order to solicit the vote of such holders to approve or reject the ,qualifying ,modification4 7#b7 ,if the ,information ,agent is unable to identify the address of holders of any ,outstanding ,bonds of the relevant ,issuer1 the ,information ,agent may solicit the vote or consent of such holders by-- 7,a7 delivering the solicitation to the paying agent for any such ,issuer or ,depository ,trust ,corporation if it serves as the clearing system for any of the ,issuer's ,outstanding ,bonds2 or 7,b7 delivering or publishing the solicitation by whatever additional means the ,information ,agent1 after consultation with the ,issuer1 deems necessary and appropriate in order to make a reasonable effort to inform holders of any ,outstanding ,bonds of the ,issuer which may include1 notice by mail1 publication in electronic media1 publication on a website of the ,issuer1 or publication in newspapers of national circulation in the ,united ,states and in a newspaper of general circulation in the territory4 7i7 ,who may propose a modification ,for each ,issuer1 a ,modification may be proposed to the ,administrative ,supervisor by the ,issuer or by one or more holders of the right to vote the ,issuer's ,outstanding ,bonds4 ,to the extent a ,modification proposed by one or more holders of the right to vote ,outstanding ,bonds otherwise complies with the requirements of this title1 the ,administrative ,supervisor may accept such ,modification on behalf of the ,issuer1 in which case the ,administrative ,supervisor will instruct the ,issuer to provide the information required in subsection 7f74 7j7 ,voting ,for each ,issuer1 any ,qualifying ,modification may be made with the affirmative vote of the holders of the right to vote at least two-thirds of the ,outstanding ,principal amount of the ,outstanding ,bonds in each ,pool that have voted to approve or reject the ,qualifying ,modification1 provided that holders of the right to vote not less than a majority of the aggregate ,outstanding ,principal amount of all the ,outstanding ,bonds in each ,pool have voted to approve the ,qualifying ,modification4 ,the holder of the right to vote the ,outstanding ,bonds that are ,insured ,bonds shall be the monoline insurer insuring such ,insured ,bond to the extent such insurer is granted the right to vote ,insured ,bonds for purposes of directing remedies or consenting to proposed amendments or modifications as provided in the applicable documents pursuant to which such ,insured ,bond was issued and insured4 7k7 ,calculation agent ,for the purpose of calculating the principal amount of the ,bonds of any series eligible to participate in such a vote or consent solicitation and tabulating such votes or consents1 the ,territory ,government ,issuer may appoint a ,calculation ,agent for each ,pool reasonably acceptable to the ,administrative ,supervisor4 7l7 ,information agent ,for the purpose of administering a vote of holders of ,bonds1 including the holders of the right to vote such ,bonds1 or seeking the consent of holder of ,bonds1 including the holders of the right to vote such ,bonds1 to a written action under this section1 the ,territory ,government ,issuer may appoint an ,information ,agent for each ,pool reasonably acceptable to the ,administrative ,supervisor4 7m7 ,binding effect 7#a7 ,a ,qualifying ,modification will be conclusive and binding on all holders of ,bonds whether or not they have given such consent1 and on all future holders of those ,bonds whether or not notation of such ,qualifying ,modification is made upon the ,bonds1 if-- 7,a7 the holders of the right to vote the ,outstanding ,bonds in every ,pool of the ,issuer pursuant to subsection 7j7 have consented to or approved the ,qualifying ,modification2 7,b7 the ,administrative ,supervisor certifies that-- 7i7 the voting requirements of this section have been satisfied2 7ii7 the ,qualifying ,modification complies with the requirements set forth in section #ajd7;i77#a72 and 7iii7 except for such conditions that have been identified in the ,qualifying ,modification as being non-waivable1 any conditions on the effectiveness of the ,qualifying ,modification have been satisfied or1 in the ,administrative ,supervisor's sole discretion1 satisfaction of such conditions has been waived2 7,c7 with respect to a ,bond ,claim that is secured by a lien on property and with respect to which the holder of such ,bond ,claim has rejected or not consented to the ,qualifying ,modification1 the holder of such ,bond-- 7i7 retains the lien securing such ,bond ,claims2 or 7ii7 receives on account of such ,bond ,claim1 through deferred cash payments1 substitute collateral1 or otherwise1 at least the equivalent value of the lesser of the amount of the ,bond ,claim or of the collateral securing such ,bond ,claim2 and 7,d7 the district court for the territory or1 for any territory that does not have a district court1 the ,united ,states ,district ,court for the ,district of ,hawaii1 has1 after reviewing an application submitted to it by the applicable ,issuer for an order approving the ,qualifying ,modification1 entered an order that the requirements of this section have been satisfied4 7#b7 ,upon the entry of an order under paragraph 7#a77;,d71 the conclusive and binding ,qualifying ,modification shall be valid and binding on any person or entity asserting claims or other rights1 including a beneficial interest 7directly or indirectly1 as principal1 agent1 counterpart1 subrogee1 insurer or otherwise7 in respect of ,bonds subject to the ,qualifying ,modification1 any trustee1 any collateral agent1 any indenture trustee1 any fiscal agent1 and any bank that receives or holds funds related to such ,bonds4 ,all property of an ,issuer for which an order has been entered under paragraph 7#a77;,d7 shall vest in the ,issuer free and clear of all claims in respect of any ,bonds of any other ,issuer4 ,such ,qualifying ,modification will be full1 final1 complete1 binding1 and conclusive as to the territorial government ,issuer1 other territorial instrumentalities of the territorial government ,issuer1 and any creditors of such entities1 and should not be subject to any collateral attack or other challenge by any such entities in any court or other forum4 ,other than as provided herein1 the foregoing shall not prejudice the rights and claims of any party that insured the ,bonds1 including the right to assert claims under the ,bonds as modified following any payment under the insurance policy1 and no claim or right that may be asserted by any party in a capacity other than holder of a ,bond affected by the ,qualifying ,modification shall be satisfied1 released1 discharged1 or enjoined by this provision4 7n7 ,judicial review 7#a7 ,the district court for the territory or1 for any territory that does not have a district court1 the ,united ,states ,district ,court for the ,district of ,hawaii shall have original and exclusive jurisdiction over civil actions arising under this section4 7#b7 ,notwithstanding section #ajf7;e71 there shall be a cause of action to challenge unlawful application of this section4 7#c7 ,the district court shall nullify a ,modification and any effects on the rights of the holders of ,bonds resulting from such ,modification if and only if the district court determines that such ,modification is manifestly inconsistent with this section4 #fjb4 ,applicable law ,in any judicial proceeding regarding this title1 ,federal1 ,state1 or territorial laws of the ,united ,states1 as applicable1 shall govern and be applied without regard or reference to any law of any international or foreign jurisdiction4 ,,vii ,sense of ,congress regarding permanent1 pro-growth fiscal reforms #gja4 ,sense of ,congress regarding permanent1 pro-growth fiscal reforms ,it is the sense of the ,congress that any durable solution for ,puerto ,rico's fiscal and economic crisis should include permanent1 pro-growth fiscal reforms that feature1 among other elements1 a free flow of capital between possessions of the ,united ,states and the rest of the ,united ,states4 ,clerk4