#aad? ,,congress #b;d ,session ,9 ! ,h\se ( ,repres5tatives1 ,u4 ,s41 ,june #i1 #bjaf ,,am5dm5t3 ,t ! bill f ! ,s5ate 7,s4 #bcbh7 entitl$ ,an ,act to reau?orize & am5d ! ,national ,sea ,grant ,college ,program ,act1 & = o!r purposes41 d pass ) ! foll[+ ,/rike out all aft] ! enact+ clause & ins]t3 #a4 ,%ort title2 table ( cont5ts 7a7 ,%ort title ,?is ,act may be cit$ z ! ,pu]to ,rico ,ov]sight1 ,managem5t1 & ,economic ,/ability ,act or ,,promesa4 7b7 ,table ( cont5ts ,! table ( cont5ts ( ?is ,act is z foll[s3 ,sec4 #a4 ,%ort title2 table ( cont5ts4 ,sec4 #b4 ,effective date4 ,sec4 #c4 ,sev]ability4 ,sec4 #d4 ,supremacy4 ,sec4 #e4 ,def9itions4 ,sec4 #f4 ,placem5t4 ,sec4 #g4 ,compliance ) ,f$]al laws4 ,title ,i--,e/abli%m5t & ,organization ( ,ov]sight ,bo>d ,sec4 #aja4 ,f9ancial ,ov]sight & ,managem5t ,bo>d4 ,sec4 #ajb4 ,location ( ,ov]sight ,bo>d4 ,sec4 #ajc4 ,executive ,director & /aff ( ,ov]sight ,bo>d4 ,sec4 #ajd4 ,p[]s ( ,ov]sight ,bo>d4 ,sec4 #aje4 ,exemption f liability = claims4 ,sec4 #ajf4 ,treatm5t ( actions aris+ f ,act4 ,sec4 #ajg4 ,budget & fund+ = op]ation ( ,ov]sight ,bo>d4 ,sec4 #ajh4 ,autonomy ( ,ov]sight ,bo>d4 ,sec4 #aji4 ,e?ics4 ,title ,,ii--,responsibilities ( ,ov]sight ,bo>d ,sec4 #bja4 ,approval ( fiscal plans4 ,sec4 #bjb4 ,approval ( budgets4 ,sec4 #bjc4 ,effect ( f9d+ ( noncompliance ) budget4 ,sec4 #bjd4 ,review ( activities to ensure compliance ) fiscal plan4 ,sec4 #bje4 ,recomm5dations on f9ancial /ability & managem5t responsibility4 ,sec4 #bjf4 ,ov]sight ,bo>d duties relat$ to re/ructur+4 ,sec4 #bjg4 ,ov]sight ,bo>d au?ority relat$ to debt issuance4 ,sec4 #bjh4 ,requir$ reports4 ,sec4 #bji4 ,t]m9ation ( ,ov]sight ,bo>d4 ,sec4 #baj4 ,no full fai? & cr$it ( ! ,unit$ ,/ates4 ,sec4 #baa4 ,analysis ( p5sions4 ,sec4 #bab4 ,int]v5tion 9 litigation4 ,title ,,iii--,adju/m5ts ( ,debts ,sec4 #cja4 ,applicability ( o!r laws2 def9itions4 ,sec4 #cjb4 ,:o may be a debtor4 ,sec4 #cjc4 ,res]vation ( t]ritorial p[] to control t]ritory & t]ritorial in/rum5talities4 ,sec4 #cjd4 ,petition & proce$+s relat+ to petition4 ,sec4 #cje4 ,limitation on jurisdiction & p[]s ( c\rt4 ,sec4 #cjf4 ,jurisdiction4 ,sec4 #cjg4 ,v5ue4 ,sec4 #cjh4 ,selection ( presid+ judge4 ,sec4 #cji4 ,ab/5tion4 ,sec4 #caj4 ,applicable rules ( proc$ure4 ,sec4 #caa4 ,leases4 ,sec4 #cab4 ,fil+ ( plan ( adju/m5t4 ,sec4 #cac4 ,modification ( plan4 ,sec4 #cad4 ,confirmation4 ,sec4 #cae4 ,role & capacity ( ,ov]sight ,bo>d4 ,sec4 #caf4 ,comp5sation ( pr(essionals4 ,sec4 #cag4 ,int]im comp5sation4 ,title ,,iv--,miscellane\s ,provisions ,sec4 #dja4 ,rules ( con/ruction4 ,sec4 #djb4 ,"r ( ,pu]to ,rico to det]m9e its future political /atus4 ,sec4 #djc4 ,fir/ m9imum wage 9 ,pu]to ,rico4 ,sec4 #djd4 ,application ( regulation to ,pu]to ,rico4 ,sec4 #dje4 ,automatic /ay ^u enactm5t4 ,sec4 #djf4 ,pur*ases by t]ritory gov]nm5ts4 ,sec4 #djg4 ,protection f int]-debtor transf]s4 ,sec4 #djh4 ,,gao report on ,small ,bus9ess ,adm9i/ration programs 9 ,pu]to ,rico4 ,sec4 #dji4 ,congressional ,task ,=ce on ,economic ,gr[? 9 ,pu]to ,rico4 ,sec4 #daj4 ,report4 ,sec4 #daa4 ,report on t]ritorial debt4 ,sec4 #dab4 ,expansion ( ,h,u,b,zones 9 ,pu]to ,rico4 ,sec4 #dac4 ,det]m9ation on debt4 ,title ,v--,pu]to ,rico ,infra/ructure ,revitalization ,sec4 #eja4 ,def9itions4 ,sec4 #ejb4 ,position ( ,revitalization ,coord9ator4 ,sec4 #ejc4 ,critical projects4 ,sec4 #ejd4 ,miscellane\s provisions4 ,sec4 #eje4 ,f$]al ag5cy requirem5ts4 ,sec4 #ejf4 ,judicial review4 ,sec4 #ejg4 ,sav+s clause4 ,title ,,vi--,,cr$itor ,,collective ,,action ,sec4 #fja4 ,cr$itor ,collective action4 ,sec4 #fjb4 ,applicable law4 ,title ,,vii--,s5se ( ,congress reg>d+ p]man5t1 pro-gr[? fiscal re=ms ,sec4 #gja4 ,s5se ( ,congress reg>d+ p]man5t1 pro-gr[? fiscal re=ms4 #b4 ,effective date 7a7 ,9 g5]al ,except z provid$ 9 subsection 7b71 ?is ,act %all take effect on ! date ( ! enactm5t ( ?is ,act4 7b7 ,title ,,iii & title ,,vi 7#a7 ,title ,,iii %all apply ) respect to cases comm5c$ "u title ,,iii on or aft] ! date ( ! enactm5t ( ?is ,act4 7#b7 ,titles ,,iii & ,,vi %all apply ) respect to debts1 claims1 & li5s 7z su* t]ms are def9$ 9 section #aja ( title #aa1 ,unit$ ,/ates ,code7 creat$ be=e1 on1 or aft] su* date4 #c4 ,sev]ability 7a7 ,9 g5]al ,except z provid$ 9 subsection 7b71 if any provision ( ?is ,act or ! application !re( to any p]son or circum/ance is held invalid1 ! rema9d] ( ?is ,act1 or ! application ( t provision to p]sons or circum/ances o!r ?an ^? z to :i* x is held invalid1 is n affect$ !reby1 provid$ t title ,,iii is n sev]able f titles ,i & ,,ii1 & titles ,i & ,,ii are n sev]able f title ,,iii4 7b7 ,uni=mity ,if a c\rt holds invalid any provision ( ?is ,act or ! application !re( on ! gr\nd t ! provision fails to treat simil>ly situat$ t]ritories uni=mly1 !n ! c\rt %all1 9 grant+ a rem$y1 ord] t ! provision ( ?is ,act or ! application !re( be ext5d$ to any o!r simil>ly situat$ t]ritory1 provid$ t ! legislature ( t t]ritory adopts a resolution sign$ by ! t]ritory's gov]nor reque/+ ! e/abli%m5t & organization ( a ,f9ancial ,ov]sight & ,managem5t ,bo>d pursuant to section #aja4 #d4 ,supremacy ,! provisions ( ?is ,act %all prevail ov] any g5]al or specific provisions ( t]ritory law1 ,/ate law1 or regulation t is inconsi/5t ) ?is ,act4 #e4 ,def9itions ,9 ?is ,act-- 7#a7 ,agre$ acc\nt+ /&>ds ,! t]m agre$ acc\nt+ /&>ds means modifi$ accrual acc\nt+ /&>ds or1 = any p]iod dur+ :i* ! ,ov]sight ,bo>d det]m9es 9 its sole discretion t a t]ritorial gov]nm5t is n reasonably capable ( compreh5sive report+ t complies ) modifi$ accrual acc\nt+ /&>ds1 su* o!r acc\nt+ /&>ds z propos$ by ! ,ov]sight ,bo>d4 7#b7 ,bond ,! t]m ,bond means a bond1 loan1 lett] ( cr$it1 o!r borr[+ title1 obligation ( insurance1 or o!r f9ancial indebt$ness = borr[$ money1 includ+ rights1 entitlem5ts1 or obligations :e!r su* rights1 entitlem5ts1 or obligations arise f contract1 /atute1 or any o!r s\rce ( law1 9 any case1 relat$ to su* a bond1 loan1 lett] ( cr$it1 o!r borr[+ title1 obligation ( insurance1 or o!r f9ancial indebt$ness 9 physical or demat]ializ$ =m ( :i* ! issu]1 obligor1 or gu>antor is ! t]ritorial gov]nm5t4 7#c7 ,bond ,claim ,! t]m ,bond ,claim means1 z x relates to a ,bond-- 7,a7 "r to paym5t1 :e!r or n su* "r is r$uc$ to judgm5t1 liquidat$1 unliquidat$1 fix$1 cont+5t1 matur$1 unmatur$1 disput$1 undisput$1 legal1 equitable1 secur$1 or unsecur$2 or 7,b7 "r to an equitable rem$y = brea* ( p]=mance if su* brea* gives rise to a "r to paym5t1 :e!r or n su* "r to an equitable rem$y is r$uc$ to judgm5t1 fix$1 cont+5t1 matur$1 unmatur$1 disput$1 undisput$1 secur$1 or unsecur$4 7#d7 ,budget ,! t]m ,budget means ! ,t]ritory ,budget or an ,in/rum5tality ,budget1 z applicable4 7#e7 ,pu]to ,rico ,! t]m ,pu]to ,rico means ! ,commonweal? ( ,pu]to ,rico4 7#f7 ,compliant budget ,! t]m compliant budget means a budget t is prep>$ 9 accordance )-- 7,a7 agre$ acc\nt+ /&>ds2 & 7,b7 ! applicable ,fiscal ,plan4 7#g7 ,cov]$ t]ritorial in/rum5tality ,! t]m cov]$ t]ritorial in/rum5tality means a t]ritorial in/rum5tality designat$ by ! ,ov]sight ,bo>d pursuant to section #aja to be subject to ! requirem5ts ( ?is ,act4 7#h7 ,cov]$ t]ritory ,! t]m cov]$ t]ritory means a t]ritory = :i* an ,ov]sight ,bo>d has be5 e/abli%$ "u section #aja4 7#i7 ,executive director ,! t]m ,executive ,director means an ,executive ,director appo9t$ "u section #ajc7;a74 7#aj7 ,fiscal ,plan ,! t]m ,fiscal ,plan means a ,t]ritory ,fiscal ,plan or an ,in/rum5tality ,fiscal ,plan1 z applicable4 7#aa7 ,gov]nm5t ( ,pu]to ,rico ,! t]m ,gov]nm5t ( ,pu]to ,rico means ! ,commonweal? ( ,pu]to ,rico1 includ+ all its t]ritorial in/rum5talities4 7#ab7 ,gov]nor ,! t]m ,gov]nor means ! *ief executive ( a cov]$ t]ritory4 7#ac7 ,in/rum5tality ,budget ,! t]m ,in/rum5tality ,budget means a budget = a cov]$ t]ritorial in/rum5tality1 designat$ by ! ,ov]sight ,bo>d 9 accordance ) section #aja1 submitt$1 approv$1 & c]tifi$ 9 accordance ) section #bjb4 7#ad7 ,in/rum5tality ,fiscal ,plan ,! t]m ,in/rum5tality ,fiscal ,plan means a fiscal plan = a cov]$ t]ritorial in/rum5tality1 designat$ by ! ,ov]sight ,bo>d 9 accordance ) section #aja1 submitt$1 approv$1 & c]tifi$ 9 accordance ) section #bja4 7#ae7 ,legislature ,! t]m ,legislature means ! legislative body responsible = enact+ ! laws ( a cov]$ t]ritory4 7#af7 ,modifi$ accrual acc\nt+ /&>ds ,! t]m modifi$ accrual acc\nt+ /&>ds means recogniz+ rev5ues z !y become available & measurable & recogniz+ exp5ditures :5 liabilities are incurr$1 9 ea* case z def9$ by ! ,gov]nm5tal ,acc\nt+ ,/&>ds ,bo>d1 9 accordance ) g5]ally accept$ acc\nt+ pr9ciples4 7#ag7 ,ov]sight ,bo>d ,! t]m ,ov]sight ,bo>d means a ,f9ancial ,ov]sight & ,managem5t ,bo>d e/abli%$ 9 accordance ) section #aja4 7#ah7 ,t]ritorial gov]nm5t ,! t]m t]ritorial gov]nm5t means ! gov]nm5t ( a cov]$ t]ritory1 includ+ all cov]$ t]ritorial in/rum5talities4 7#ai7 ,t]ritorial in/rum5tality 7,a7 ,9 g5]al ,! t]m t]ritorial in/rum5tality means any political subdivision1 public ag5cy1 in/rum5tality--includ+ any in/rum5tality t is also a bank--or public corporation ( a t]ritory1 & ?is t]m %\ld be broadly con/ru$ to effectuate ! purposes ( ?is ,act4 7,b7 ,exclusion ,! t]m t]ritorial in/rum5tality does n include an ,ov]sight ,bo>d4 7#bj7 ,t]ritory ,! t]m t]ritory means-- 7,a7 ,pu]to ,rico2 7,b7 ,guam2 7,c7 ,am]ican ,samoa2 7,d7 ! ,commonweal? ( ! ,nor!rn ,m>iana ,isl&s2 or 7,e7 ! ,unit$ ,/ates ,virg9 ,isl&s4 7#ba7 ,t]ritory ,budget ,! t]m ,t]ritory ,budget means a budget = a t]ritorial gov]nm5t submitt$1 approv$1 & c]tifi$ 9 accordance ) section #bjb4 7#bb7 ,t]ritory ,fiscal ,plan ,! t]m ,t]ritory ,fiscal ,plan means a fiscal plan = a t]ritorial gov]nm5t submitt$1 approv$1 & c]tifi$ 9 accordance ) section #bja4 #f4 ,placem5t ,! ,law ,revision ,c\nsel is direct$ to place ?is ,act z *apt] #bj ( title #dh1 ,unit$ ,/ates ,code4 #g4 ,compliance ) ,f$]al laws ,except z o!rwise provid$ 9 ?is ,act1 no?+ 9 ?is ,act %all be con/ru$ z impair+ or 9 any mann] reliev+ a t]ritorial gov]nm5t1 or any t]ritorial in/rum5tality !re(1 f compliance ) ,f$]al laws or requirem5ts or t]ritorial laws & requirem5ts implem5t+ a f$]ally au?oriz$ or f$]ally delegat$ program protect+ ! heal?1 safety1 & environm5t ( p]sons 9 su* t]ritory4 ,i ,e/abli%m5t & ,organization ( ,ov]sight ,bo>d #aja4 ,f9ancial ,ov]sight & ,managem5t ,bo>d 7a7 ,purpose ,! purpose ( ! ,ov]sight ,bo>d is to provide a me?od = a cov]$ t]ritory to a*ieve fiscal responsibility & access to ! capital m>kets4 7b7 ,e/abli%m5t 7#a7 ,pu]to ,rico ,a ,f9ancial ,ov]sight & ,managem5t ,bo>d is h]eby e/abli%$ = ,pu]to ,rico4 7#b7 ,con/itutional basis ,! ,congress enacts ?is ,act pursuant to article ,,iv1 section #c ( ! ,con/itution ( ! ,unit$ ,/ates1 :i* provides ,congress ! p[] to dispose ( & make all ne$ful rules & regulations = t]ritories4 7c7 ,treatm5t ,an ,ov]sight ,bo>d e/abli%$ "u ?is section-- 7#a7 %all be creat$ z an entity )9 ! t]ritorial gov]nm5t = :i* x is e/abli%$ 9 accordance ) ?is title2 & 7#b7 %all n be consid]$ to be a dep>tm5t1 ag5cy1 e/abli%m5t1 or in/rum5tality ( ! ,f$]al ,gov]nm5t4 7d7 ,ov]sight ( t]ritorial in/rum5talities 7#a7 ,designation 7,a7 ,9 g5]al ,an ,ov]sight ,bo>d1 9 its sole discretion at su* "t z ! ,ov]sight ,bo>d det]m9es to be appropriate1 may designate any t]ritorial in/rum5tality z a cov]$ t]ritorial in/rum5tality t is subject to ! requirem5ts ( ?is ,act4 7,b7 ,budgets & reports ,! ,ov]sight ,bo>d may require1 9 its sole discretion1 ! ,gov]nor to submit to ! ,ov]sight ,bo>d su* budgets & mon?ly or qu>t]ly reports reg>d+ a cov]$ t]ritorial in/rum5tality z ! ,ov]sight ,bo>d det]m9es to be necess>y & may designate any cov]$ t]ritorial in/rum5tality to be includ$ 9 ! ,t]ritory ,budget2 except t ! ,ov]sight ,bo>d may n designate a cov]$ t]ritorial in/rum5tality to be includ$ 9 ! ,t]ritory ,budget if applicable t]ritory law does n require legislative approval ( su* cov]$ t]ritorial in/rum5tality's budget4 7,c7 ,sep>ate in/rum5tality budgets & reports ,! ,ov]sight ,bo>d 9 its sole discretion may or1 if x requires a budget f a cov]$ t]ritorial in/rum5tality ^: budget does n require legislative approval "u applicable t]ritory law1 %all designate a cov]$ t]ritorial in/rum5tality to be ! subject ( an ,in/rum5tality ,budget sep>ate f ! applicable ,t]ritory ,budget & require t ! ,gov]nor develop su* an ,in/rum5tality ,budget4 7,d7 ,inclusion 9 t]ritory fiscal plan ,! ,ov]sight ,bo>d may require1 9 its sole discretion1 ! ,gov]nor to include a cov]$ t]ritorial in/rum5tality 9 ! applicable ,t]ritory ,fiscal ,plan4 ,any cov]$ t]ritorial in/rum5tality submitt+ a sep>ate ,in/rum5tality ,fiscal ,plan mu/ also submit a sep>ate ,in/rum5tality ,budget4 7,e7 ,sep>ate in/rum5tality fiscal plans ,! ,ov]sight ,bo>d may designate1 9 its sole discretion1 a cov]$ t]ritorial in/rum5tality to be ! subject ( an ,in/rum5tality ,fiscal ,plan sep>ate f ! applicable ,t]ritory ,fiscal ,plan & require t ! ,gov]nor develop su* an ,in/rum5tality ,fiscal ,plan4 ,any cov]$ t]ritorial in/rum5tality submitt+ a sep>ate ,in/rum5tality ,fiscal ,plan %all also submit a sep>ate ,in/rum5tality ,budget4 7#b7 ,exclusion 7,a7 ,9 g5]al ,an ,ov]sight ,bo>d1 9 its sole discretion1 at su* "t z ! ,ov]sight ,bo>d det]m9es to be appropriate1 may exclude any t]ritorial in/rum5tality f ! requirem5ts ( ?is ,act4 7,b7 ,treatm5t ,a t]ritorial in/rum5tality exclud$ pursuant to ?is p>agraph %all n be consid]$ to be a cov]$ t]ritorial in/rum5tality4 7e7 ,memb]%ip 7#a7 ,9 g5]al 7,a7 ,! ,ov]sight ,bo>d %all consi/ ( sev5 memb]s appo9t$ by ! ,presid5t :o meet ! qualifications describ$ 9 subsection 7f7 & section #aji7;a74 7,b7 ,! ,bo>d %all be compris$ ( "o ,category ,a memb]1 "o ,category ,b memb]1 two ,category ,c memb]s1 "o ,category ,d memb]1 "o ,category ,e memb]1 & "o ,category ,f memb]4 7#b7 ,appo9t$ memb]s 7,a7 ,! ,presid5t %all appo9t ! individual memb]s ( ! ,ov]sight ,bo>d1 ( :i*-- 7i7 ! ,category ,a memb] %\ld be select$ f a li/ ( individuals submitt$ by ! ,speak] ( ! ,h\se ( ,repres5tatives2 7ii7 ! ,category ,b memb] %\ld be select$ f a sep>ate1 non-ov]lapp+ li/ ( individuals submitt$ by ! ,speak] ( ! ,h\se ( ,repres5tatives2 7iii7 ! ,category ,c memb]s %\ld be select$ f a li/ submitt$ by ! ,majority ,lead] ( ! ,s5ate2 7iv7 ! ,category ,d memb] %\ld be select$ f a li/ submitt$ by ! ,m9ority ,lead] ( ! ,h\se ( ,repres5tatives2 7v7 ! ,category ,e memb] %\ld be select$ f a li/ submitt$ by ! ,m9ority ,lead] ( ! ,s5ate2 & 7vi7 ! ,category ,f memb] may be select$ 9 ! ,presid5t's sole discretion4 7,b7 ,aft] ! ,presid5t's selection ( ! ,category ,f ,bo>d memb]1 = purposes ( subp>agraph 7,a7 & )9 a timely mann]-- 7i7 ! ,speak] ( ! ,h\se ( ,repres5tatives %all submit two non-ov]lapp+ li/s ( at lea/ ?ree individuals to ! ,presid5t2 "o li/ %all include ?ree individuals :o ma9ta9 a prim>y resid5ce 9 ! t]ritory or h a prim>y place ( bus9ess 9 ! t]ritory2 7ii7 ! ,s5ate ,majority ,lead] %all submit a li/ ( at lea/ f\r individuals to ! ,presid5t2 7iii7 ! ,m9ority ,lead] ( ! ,h\se ( ,repres5tatives %all submit a li/ ( at lea/ ?ree individuals to ! ,presid5t2 & 7iv7 ! ,m9ority ,lead] ( ! ,s5ate %all submit a li/ ( at lea/ ?ree individuals to ! ,presid5t4 7,c7 ,if ! ,presid5t does n select any ( ! names submitt$ "u subp>agraphs 7,a7 & 7,b71 !n :oev] submitt$ su* li/ may supplem5t ! li/s provid$ 9 ?is subsection ) additional names4 7,d7 ,! ,category ,a memb] %all ma9ta9 a prim>y resid5ce 9 ! t]ritory or h a prim>y place ( bus9ess 9 ! t]ritory4 7,e7 ,) respect to ! appo9tm5t ( a ,bo>d memb] 9 ,category ,a1 ,b1 ,c1 ,d1 or ,e1 su* an appo9tm5t %all be by & ) ! advice & cons5t ( ! ,s5ate1 unless ! ,presid5t appo9ts an individual f a li/1 z provid$ 9 ?is subsection1 9 :i* case no ,s5ate confirmation is requir$4 7,f7 ,9 ! ev5t ( a vacancy ( a ,category ,a1 ,b1 ,c1 ,d1 or ,e ,bo>d seat1 ! correspond+ congressional lead] ref]5c$ 9 subp>agraph 7,a7 %all submit a li/ pursuant to ?is subsection )9 a timely mann] ( ! ,bo>d memb]'s resignation or removal becom+ effective4 7,g7 ,) respect to an ,ov]sight ,bo>d = ,pu]to ,rico1 9 ! ev5t any ( ! #g memb]s h n be5 appo9t$ by ,septemb] #a1 #bjaf1 !n ! ,presid5t %all appo9t an individual f ! li/ = ! curr5t vacant category by ,septemb] #ae1 #bjaf1 provid$ t su* li/ includes at lea/ #b individuals p] vacancy :o meet ! requirem5ts set =? 9 subsection 7f7 & section #aji1 & are will+ to s]ve4 7#c7 ,ex (ficio memb] ,! ,gov]nor1 or ! ,gov]nor's designee1 %all be an ex (ficio memb] ( ! ,ov]sight ,bo>d )\t vot+ rights4 7#d7 ,*air ,! vot+ memb]s ( ! ,ov]sight ,bo>d %all designate "o ( ! vot+ memb]s ( ! ,ov]sight ,bo>d z ! ,*air ( ! ,ov]sight ,bo>d 7ref]r$ to h]eaft] 9 ?is ,act z ! ,*air7 )9 #cj days ( ! full appo9tm5t ( ! ,ov]sight ,bo>d4 7#e7 ,t]m ( s]vice 7,a7 ,9 g5]al ,ea* appo9t$ memb] ( ! ,ov]sight ,bo>d %all be appo9t$ = a t]m ( #c ye>s4 7,b7 ,removal ,! ,presid5t may remove any memb] ( ! ,ov]sight ,bo>d only = cause4 7,c7 ,cont9uation ( s]vice until successor appo9t$ ,^u ! expiration ( a t]m ( (fice1 a memb] ( ! ,ov]sight ,bo>d may cont9ue to s]ve until a successor has be5 appo9t$4 7,d7 ,reappo9tm5t ,an individual may s]ve consecutive t]ms z an appo9t$ memb]1 provid$ t su* reappo9tm5t occurs 9 compliance ) p>agraph 7#f74 7#f7 ,vacancies ,a vacancy on ! ,ov]sight ,bo>d %all be fill$ 9 ! same mann] 9 :i* ! orig9al memb] 0 appo9t$4 7f7 ,eligibility = appo9tm5ts ,an individual is eligible = appo9tm5t z a memb] ( ! ,ov]sight ,bo>d only if ! individual-- 7#a7 has k & exp]tise 9 f9ance1 municipal bond m>kets1 managem5t1 law1 or ! organization or op]ation ( bus9ess or gov]nm5t2 & 7#b7 prior to appo9tm5t1 an individual is n an (fic]1 elect$ (ficial1 or employee ( ! t]ritorial gov]nm5t1 a c&idate = elect$ (fice ( ! t]ritorial gov]nm5t1 or a =m] elect$ (ficial ( ! t]ritorial gov]nm5t4 7g7 ,no comp5sation = s]vice ,memb]s ( ! ,ov]sight ,bo>d %all s]ve )\t pay1 b may receive reimbursem5t f ! ,ov]sight ,bo>d = any reasonable & necess>y exp5ses incurr$ by reason ( s]vice on ! ,ov]sight ,bo>d4 7h7 ,adoption ( bylaws = conduct+ bus9ess ( ov]sight bo>d 7#a7 ,9 g5]al ,z soon z practicable aft] ! appo9tm5t ( all memb]s & appo9tm5t ( ! ,*air1 ! ,ov]sight ,bo>d %all adopt bylaws1 rules1 & proc$ures gov]n+ its activities "u ?is ,act1 includ+ proc$ures = hir+ exp]ts & consultants4 ,su* bylaws1 rules1 & proc$ures %all be public docum5ts1 & %all be submitt$ by ! ,ov]sight ,bo>d ^u adoption to ! ,gov]nor1 ! ,legislature1 ! ,presid5t1 & ,congress4 ,! ,ov]sight ,bo>d may hire pr(essionals z x det]m9es to be necess>y to c>ry out ?is ,act4 7#b7 ,activities requir+ approval ( majority ( memb]s ,"u ! bylaws adopt$ pursuant to p>agraph 7#a71 ! ,ov]sight ,bo>d may conduct its op]ations "u su* proc$ures z x consid]s appropriate1 except t an affirmative vote ( a majority ( ! memb]s ( ! ,ov]sight ,bo>d's full appo9t$ memb]%ip %all be requir$ 9 ord] = ! ,ov]sight ,bo>d to approve a ,fiscal ,plan "u section #bja1 to approve a ,budget "u section #bjb1 to cause a legislative act n to be en=c$ "u section #bjd1 or to approve or disapprove an infra/ructure project z a ,critical ,project "u section #ejc4 7#c7 ,adoption ( rules & regulations ( t]ritorial gov]nm5t ,! ,ov]sight ,bo>d may incorporate 9 its bylaws1 rules1 & proc$ures "u ?is subsection su* rules & regulations ( ! t]ritorial gov]nm5t z x consid]s appropriate to enable x to c>ry out its activities "u ?is ,act ) ! greate/ degree ( indep5d5ce practicable4 7#d7 ,executive session ,^u a majority vote ( ! ,ov]sight ,bo>d's full vot+ memb]%ip1 ! ,ov]sight ,bo>d may conduct its bus9ess 9 an executive session t consi/s solely ( ! ,ov]sight ,bo>d's vot+ memb]s & any pr(essionals ! ,ov]sight ,bo>d det]m9es necess>y & is clos$ to ! public1 b only = ! bus9ess items set =? z "p ( ! vote to conv5e an executive session4 #ajb4 ,location ( ,ov]sight ,bo>d ,! ,ov]sight ,bo>d %all h an (fice 9 ! cov]$ t]ritory & additional (fices z x deems necess>y4 ,at any "t1 any dep>tm5t or ag5cy ( ! ,unit$ ,/ates may provide ! ,ov]sight ,bo>d use ( ,f$]al facilities & equipm5t on a reimbursable or non-reimbursable basis & subject to su* t]ms & conditions z ! head ( t dep>tm5t or ag5cy may e/abli%4 #ajc4 ,executive ,director & /aff ( ,ov]sight ,bo>d 7a7 ,executive director ,! ,ov]sight ,bo>d %all h an ,executive ,director :o %all be appo9t$ by ! ,*air ) ! cons5t ( ! ,ov]sight ,bo>d4 ,! ,executive ,director %all be paid at a rate det]m9$ by ! ,ov]sight ,bo>d4 7b7 ,/aff ,) ! approval ( ! ,*air1 ! ,executive ,director may appo9t & fix ! pay ( additional p]sonnel z ! ,executive ,director consid]s appropriate1 except t no individual appo9t$ by ! ,executive ,director may be paid at a rate great] ?an ! rate ( pay = ! ,executive ,director unless ! ,ov]sight ,bo>d provides = o!rwise4 ,! /aff %all include a ,revitalization ,coord9ator appo9t$ pursuant to ,title ,v ( ?is ,act4 ,any su* p]sonnel may include private citiz5s1 employees ( ! ,f$]al ,gov]nm5t1 or employees ( ! t]ritorial gov]nm5t1 provid$1 h[ev]1 t ! ,executive ,director may n fix ! pay ( employees ( ! ,f$]al ,gov]nm5t or ! t]ritorial gov]nm5t4 7c7 ,inapplicability ( c]ta9 employm5t & procurem5t laws ,! ,executive ,director & /aff ( ! ,ov]sight ,bo>d may be appo9t$ & paid )\t reg>d to any provision ( ! laws ( ! cov]$ t]ritory or ! ,f$]al ,gov]nm5t gov]n+ appo9tm5ts & sal>ies4 ,any provision ( ! laws ( ! cov]$ t]ritory gov]n+ procurem5t %all n apply to ! ,ov]sight ,bo>d4 7d7 ,/aff ( ,f$]al ag5cies ,^u reque/ ( ! ,*air1 ! head ( any ,f$]al dep>tm5t or ag5cy may detail1 on a reimbursable or nonreimbursable basis1 & 9 accordance ) ! ,int]gov]nm5tal ,p]sonnel ,act ( #aigj 7#e ,u4,s4,c4 #ccga-ccge71 any ( ! p]sonnel ( t dep>tm5t or ag5cy to ! ,ov]sight ,bo>d to assi/ x 9 c>ry+ out its duties "u ?is ,act4 7e7 ,/aff ( t]ritorial gov]nm5t ,^u reque/ ( ! ,*air1 ! head ( any dep>tm5t or ag5cy ( ! cov]$ t]ritory may detail1 on a reimbursable or nonreimbursable basis1 any ( ! p]sonnel ( t dep>tm5t or ag5cy to ! ,ov]sight ,bo>d to assi/ x 9 c>ry+ out its duties "u ?is ,act4 #ajd4 ,p[]s ( ,ov]sight ,bo>d 7a7 ,he>+s & sessions ,! ,ov]sight ,bo>d may1 = ! purpose ( c>ry+ out ?is ,act1 hold he>+s1 sit & act at times & places1 take te/imony1 & receive evid5ce z ! ,ov]sight ,bo>d consid]s appropriate4 ,! ,ov]sight ,bo>d may adm9i/] oa?s or affirmations to witnesses appe>+ be=e x4 7b7 ,p[]s ( memb]s & ag5ts ,any memb] or ag5t ( ! ,ov]sight ,bo>d may1 if au?oriz$ by ! ,ov]sight ,bo>d1 take any action t ! ,ov]sight ,bo>d is au?oriz$ to take by ?is section4 7c7 ,obta9+ (ficial data 7#a7 ,f ,f$]al ,gov]nm5t ,not)/&+ sections #eeb 7commonly kn[n z ! ,fre$om ( ,in=mation ,act71 #eeb;a 7commonly kn[n z ! ,privacy ,act ( #aigd71 & #eeb;b 7commonly kn[n z ! ,gov]nm5t 9 ! ,sun%9e ,act7 ( title #e1 ,unit$ ,/ates ,code1 ! ,ov]sight ,bo>d may secure directly f any dep>tm5t or ag5cy ( ! ,unit$ ,/ates in=mation necess>y to enable x to c>ry out ?is ,act1 ) ! approval ( ! head ( t dep>tm5t or ag5cy4 7#b7 ,f t]ritorial gov]nm5t ,not)/&+ any o!r provision ( law1 ! ,ov]sight ,bo>d %all h ! "r to secure copies1 :e!r writt5 or electronic1 ( su* records1 docum5ts1 in=mation1 data1 or metadata f ! t]ritorial gov]nm5t necess>y to enable ! ,ov]sight ,bo>d to c>ry out its responsibilities "u ?is ,act4 ,at ! reque/ ( ! ,ov]sight ,bo>d1 ! ,ov]sight ,bo>d %all be grant$ direct access to su* in=mation sy/ems1 records1 docum5ts1 in=mation1 or data z w enable ! ,ov]sight ,bo>d to c>ry out its responsibilities "u ?is ,act4 ,! head ( ! entity ( ! t]ritorial gov]nm5t responsible %all provide ! ,ov]sight ,bo>d ) su* in=mation & assi/ance 7includ+ grant+ ! ,ov]sight ,bo>d direct access to automat$ or o!r in=mation sy/ems7 z ! ,ov]sight ,bo>d requires "u ?is p>agraph4 7d7 ,obta9+ cr$itor in=mation 7#a7 ,^u reque/ ( ! ,ov]sight ,bo>d1 ea* cr$itor or organiz$ gr\p ( cr$itors ( a cov]$ t]ritory or cov]$ t]ritorial in/rum5tality seek+ to p>ticipate 9 volunt>y negotiations %all provide to ! ,ov]sight ,bo>d1 & ! ,ov]sight ,bo>d %all make publicly available to any o!r p>ticipant1 a /atem5t sett+ =?-- 7,a7 ! "n & address ( ! cr$itor or ( ea* memb] ( an organiz$ gr\p ( cr$itors2 & 7,b7 ! nature & aggregate am\nt ( claims or o!r economic int]e/s held 9 relation to ! issu] z ( ! lat] (-- 7i7 ! date ! cr$itor acquir$ ! claims or o!r economic int]e/s or1 9 ! case ( an organiz$ gr\p ( cr$itors1 ! date ! gr\p 0 =m$2 or 7ii7 ! date ! ,ov]sight ,bo>d 0 =m$4 7#b7 ,= purposes ( ?is subsection1 an organiz$ gr\p %all mean multiple cr$itors t are-- 7,a7 act+ 9 conc]t to advance _! common int]e/s1 includ+1 b n limit$ to1 reta9+ legal c\nsel to repres5t su* multiple entities2 & 7,b7 n compos$ entirely ( affiliates or insid]s ( "o ano!r4 7#c7 ,! ,ov]sight ,bo>d may reque/ supplem5tal /atem5ts to be fil$ by ea* cr$itor or organiz$ gr\p ( cr$itors qu>t]ly1 or if any fact 9 ! mo/ rec5tly fil$ /atem5t has *ang$ mat]ially4 7e7 ,gifts1 beque/s1 & devises ,! ,ov]sight ,bo>d may accept1 use1 & dispose ( gifts1 beque/s1 or devises ( s]vices or prop]ty1 bo? real & p]sonal1 = ! purpose ( aid+ or facilitat+ ! "w ( ! ,ov]sight ,bo>d4 ,gifts1 beque/s1 or devises ( money & proce$s f sales ( o!r prop]ty receiv$ z gifts1 beque/s1 or devises %all be deposit$ 9 su* acc\nt z ! ,ov]sight ,bo>d may e/abli% & %all be available = disbursem5t ^u ord] ( ! ,*air1 consi/5t ) ! ,ov]sight ,bo>d's bylaws1 or rules & proc$ures4 ,all gifts1 beque/s or devises & ! id5tities ( ! donors %all be publicly disclos$ by ! ,ov]sight ,bo>d )9 #cj days ( receipt4 7f7 ,subpo5a p[] 7#a7 ,9 g5]al ,! ,ov]sight ,bo>d may issue subpo5as requir+ ! att5dance & te/imony ( witnesses & ! production ( books1 records1 correspond5ce1 memor&a1 pap]s1 docum5ts1 electronic files1 metadata1 tapes1 & mat]ials ( any nature relat+ to any matt] "u inve/igation by ! ,ov]sight ,bo>d4 ,jurisdiction to compel ! att5dance ( witnesses & ! production ( su* mat]ials %all be gov]n$ by ! /atute sett+ =? ! scope ( p]sonal jurisdiction ex]cis$ by ! cov]$ t]ritory1 or 9 ! case ( ,pu]to ,rico1 #cb ,l4,p4,r4,a4 ,app4 ,,iii4 ,r4 #d4 #g41 z am5d$4 7#b7 ,failure to obey a subpo5a ,if a p]son refuses to obey a subpo5a issu$ "u p>agraph 7#a71 ! ,ov]sight ,bo>d may apply to ! c\rt ( fir/ in/ance ( ! cov]$ t]ritory4 ,any failure to obey ! ord] ( ! c\rt may be puni%$ by ! c\rt 9 accordance ) civil contempt laws ( ! cov]$ t]ritory4 7#c7 ,s]vice ( subpo5as ,! subpo5a ( ! ,ov]sight ,bo>d %all be s]v$ 9 ! mann] provid$ by ! rules ( proc$ure = ! c\rts ( ! cov]$ t]ritory1 or 9 ! case ( ,pu]to ,rico1 ! ,rules ( ,civil ,proc$ure ( ,pu]to ,rico1 = subpo5as issu$ by ! c\rt ( fir/ in/ance ( ! cov]$ t]ritory4 7g7 ,au?ority ,to ent] into contracts ,! ,executive ,director may ent] into su* contracts z ! ,executive ,director consid]s appropriate 7subject to ! approval ( ! ,*air7 consi/5t ) ! ,ov]sight ,bo>d's bylaws1 rules1 & regulations to c>ry out ! ,ov]sight ,bo>d's responsibilities "u ?is ,act4 7h7 ,au?ority ,to en=ce c]ta9 laws ( ! cov]$ t]ritory ,! ,ov]sight ,bo>d %all ensure ! purposes ( ?is ,act are met1 includ+ by ensur+ ! prompt en=cem5t ( any applicable laws ( ! cov]$ t]ritory prohibit+ public sector employees f p>ticipat+ 9 a /rike or lock\t4 ,9 ! application ( ?is subsection1 ) respect to ,pu]to ,rico1 ! t]m applicable laws ref]s to #c ,l4,p4,r4,a4 #adeaq & #c ,l4,p4,r4,a4 #adear1 z am5d$4 7i7 ,volunt>y agreem5t c]tification 7#a7 ,9 g5]al ,! ,ov]sight ,bo>d %all issue a c]tification to a cov]$ t]ritory or cov]$ t]ritorial in/rum5tality if ! ,ov]sight ,bo>d det]m9es1 9 its sole discretion1 t su* cov]$ t]ritory or cov]$ t]ritorial in/rum5tality1 z applicable1 has successfully rea*$ a volunt>y agreem5t ) hold]s ( its ,bond ,claims to re/ructure su* ,bond ,claims-- 7,a7 except z provid$ 9 subp>agraph 7,c71 if an applicable ,fiscal ,plan has be5 c]tifi$1 9 a mann] t provides = a su/a9able level ( debt = su* cov]$ t]ritory or cov]$ t]ritorial in/rum5tality1 z applicable1 & is 9 con=mance ) ! applicable c]tifi$ ,fiscal ,plan2 7,b7 except z provid$ 9 subp>agraph 7,c71 if an applicable ,fiscal ,plan has n yet be5 c]tifi$1 9 a mann] t provides1 9 ! ,ov]sight ,bo>d's sole discretion1 = a su/a9able level ( debt = su* cov]$ t]ritory or cov]$ t]ritorial in/rum5tality2 or 7,c7 not)/&+ subp>agraphs 7,a7 & 7,b71 if an applicable ,fiscal ,plan has n yet be5 c]tifi$ & ! volunt>y agreem5t is limit$ solely to an ext5sion ( applicable pr9cipal maturities & int]e/ on ,bonds issu$ by su* cov]$ t]ritory or cov]$ t]ritorial in/rum5tality1 z applicable1 = a p]iod ( up to "o ye> dur+ :i* "t no int]e/ w be paid on ! ,bond ,claims affect$ by ! volunt>y agreem5t4 7#b7 ,effectiv5ess ,! effectiv5ess ( any volunt>y agreem5t ref]r$ to 9 p>agraph 7#a7 %all be condition$ on-- 7,a7 ! ,ov]sight ,bo>d deliv]+ ! c]tification describ$ 9 p>agraph 7#a72 & 7,b7 ! agreem5t ( a majority 9 am\nt ( ! ,bond ,claims ( a cov]$ t]ritory or a cov]$ t]ritorial in/rum5tality t are to be affect$ by su* agreem5t1 provid$1 h[ev]1 t su* agreem5t is solely = purposes ( s]v+ z a ,qualify+ ,modification pursuant to subsection #fja7;g7 ( ?is ,act & %all n alt] exi/+ legal rights ( hold]s ( ,bond ,claims aga9/ su* cov]$ t]ritory or cov]$ t]ritorial in/rum5tality t h n ass5t$ to su* agreem5t until an ord] approv+ ! ,qualify+ ,modification has be5 ent]$ pursuant to section #fja7m77#a77;,d7 ( ?is ,act4 7#c7 ,preexi/+ volunt>y agreem5ts ,any volunt>y agreem5t t ! t]ritorial gov]nm5t or any t]ritorial in/rum5tality has execut$ be=e ,may #ah1 #bjaf1 ) hold]s ( a majority 9 am\nt ( ,bond ,claims t are to be affect$ by su* agreem5t to re/ructure su* ,bond ,claims %all be deem$ to be 9 con=mance ) ! requirem5ts ( ?is subsection4 7j7 ,re/ructur+ fil+s 7#a7 ,9 g5]al ,subject to p>agraph 7#c71 be=e tak+ an action describ$ 9 p>agraph 7#b7 on behalf ( a debtor or pot5tial debtor 9 a case "u title ,,iii1 ! ,ov]sight ,bo>d mu/ c]tify ! action4 7#b7 ,actions describ$ ,! actions ref]r$ to 9 p>agraph 7#a7 are-- 7,a7 ! fil+ ( a petition2 or 7,b7 ! submission or modification ( a plan ( adju/m5t4 7#c7 ,condition = plans ( adju/m5t ,! ,ov]sight ,bo>d may c]tify a plan ( adju/m5t only if x det]m9es1 9 its sole discretion1 t x is consi/5t ) ! applicable c]tifi$ ,fiscal ,plan4 7k7 ,civil actions ,to en=ce p[]s ,! ,ov]sight ,bo>d may seek judicial en=cem5t ( its au?ority to c>ry out its responsibilities "u ?is ,act4 7l7 ,p5alties 7#a7 ,acts prohibit$ ,any (fic] or employee ( ! t]ritorial gov]nm5t :o prep>es1 pres5ts1 or c]tifies any in=mation or report = ! ,ov]sight ,bo>d or any ( its ag5ts t is int5tionally false or mislead+1 or1 ^u le>n+ t any su* in=mation is false or mislead+1 fails to imm$iately advise ! ,ov]sight ,bo>d or its ag5ts !re( 9 writ+1 %all be subject to prosecution & p5alties "u any laws ( ! t]ritory prohibit+ ! provision ( false in=mation to gov]nm5t (ficials1 :i* 9 ! case ( ,pu]to ,rico %all include #cc ,l4,p4,r4,a4 #dhhi1 z am5d$4 7#b7 ,adm9i/rative discipl9e ,9 addition to any o!r applicable p5alty1 any (fic] or employee ( ! t]ritorial gov]nm5t :o kn[+ly & willfully violates p>agraph 7#a7 or takes any su* action 9 violation ( any valid ord] ( ! ,ov]sight ,bo>d or fails or refuses to take any action requir$ by any su* ord]1 %all be subject to appropriate adm9i/rative discipl9e1 includ+ 7:5 appropriate7 susp5sion f duty )\t pay or removal f (fice1 by ord] ( ! ,gov]nor4 7#c7 ,report by gov]nor on discipl9>y actions tak5 ,9 ! case ( a violation ( p>agraph 7#b7 by an (fic] or employee ( ! t]ritorial gov]nm5t1 ! ,gov]nor %all imm$iately report to ! ,ov]sight ,bo>d all p]t95t facts toge!r ) a /atem5t ( ! action tak5 !reon4 7m7 ,electronic report+ ,! ,ov]sight ,bo>d may1 9 consultation ) ! ,gov]nor1 ensure ! prompt & effici5t paym5t & adm9i/ration ( taxes ?r\gh ! adoption ( electronic report+1 paym5t & audit+ te*nologies4 7n7 ,adm9i/rative support s]vices ,^u ! reque/ ( ! ,ov]sight ,bo>d1 ! ,adm9i/rator ( ,g5]al ,s]vices or o!r appropriate ,f$]al ag5cies %all promptly provide to ! ,ov]sight ,bo>d1 on a reimbursable or non-reimbursable basis1 ! adm9i/rative support s]vices necess>y = ! ,ov]sight ,bo>d to c>ry out its responsibilities "u ?is ,act4 7o7 ,inve/igation ( disclosure & sell+ practices ,! ,ov]sight ,bo>d may inve/igate ! disclosure & sell+ practices 9 connection ) ! pur*ase ( bonds issu$ by a cov]$ t]ritory = or on behalf ( any retail inve/ors includ+ any und]repres5tation ( risk = su* inve/ors & any relation%ips or conflicts ( int]e/ ma9ta9$ by su* brok]1 deal]1 or inve/m5t advis] is z provid$ 9 applicable laws & regulations4 7p7 ,f9d+s ( any inve/igation ,! ,ov]sight ,bo>d %all make public ! f9d+s ( any inve/igation ref]5c$ 9 subsection 7o74 #aje4 ,exemption f liability = claims ,! ,ov]sight ,bo>d1 its memb]s1 & its employees %all n be liable = any obligation ( or claim aga9/ ! ,ov]sight ,bo>d or its memb]s or employees or ! t]ritorial gov]nm5t result+ f actions tak5 to c>ry out ?is ,act4 #ajf4 ,treatm5t ( actions aris+ f ,act 7a7 ,jurisdiction ,except z provid$ 9 section #ajd7;f77#b7 7relat+ to ! issuance ( an ord] en=c+ a subpo5a71 & title ,,iii 7relat+ to adju/m5ts ( debts71 any action aga9/ ! ,ov]sight ,bo>d1 & any action o!rwise aris+ out ( ?is ,act1 9 :ole or 9 "p1 %all be br\ght 9 a ,unit$ ,/ates di/rict c\rt = ! cov]$ t]ritory or1 = any cov]$ t]ritory t does n h a di/rict c\rt1 9 ! ,unit$ ,/ates ,di/rict ,c\rt = ! ,di/rict ( ,hawaii4 7b7 ,appeal ,not)/&+ any o!r provision ( law1 any ord] ( a ,unit$ ,/ates di/rict c\rt t is issu$ pursuant to an action br\ght "u subsection 7a7 %all be subject to review only pursuant to a notice ( appeal to ! applicable ,unit$ ,/ates ,c\rt ( ,appeals4 7c7 ,tim+ ( relief ,except ) respect to any ord]s ent]$ to rem$y con/itutional violations1 no ord] ( any c\rt grant+ decl>atory or injunctive relief aga9/ ! ,ov]sight ,bo>d1 includ+ relief p]mitt+ or requir+ ! obligation1 borr[+1 or exp5diture ( funds1 %all take effect dur+ ! p5d5cy ( ! action be=e su* c\rt1 dur+ ! "t appeal may be tak51 or 7if appeal is tak57 dur+ ! p]iod be=e ! c\rt has ent]$ its f9al ord] dispos+ ( su* action4 7d7 ,exp$it$ consid]ation ,x %all be ! duty ( ! applicable ,unit$ ,/ates ,di/rict ,c\rt1 ! applicable ,unit$ ,/ates ,c\rt ( ,appeals1 &1 z applicable1 ! ,supreme ,c\rt ( ! ,unit$ ,/ates to advance on ! docket & to exp$ite to ! greate/ possible ext5t ! disposition ( any matt] br\ght "u ?is ,act4 7e7 ,review ( ,ov]sight ,bo>d c]tifications ,!re %all be no jurisdiction 9 any ,unit$ ,/ates di/rict c\rt to review *all5ges to ! ,ov]sight ,bo>d's c]tification det]m9ations "u ?is ,act4 #ajg4 ,budget & fund+ = op]ation ( ,ov]sight ,bo>d 7a7 ,submission ( budget ,! ,ov]sight ,bo>d %all submit a budget = ea* fiscal ye> dur+ :i* ! ,ov]sight ,bo>d is 9 op]ation1 to ! ,presid5t1 ! ,h\se ( ,repres5tatives ,committee on ,natural ,res\rces & ! ,s5ate ,committee on ,en]gy & ,natural ,res\rces1 ! ,gov]nor1 & ! ,legislature4 7b7 ,fund+ ,! ,ov]sight ,bo>d %all use its p[]s ) respect to ! ,t]ritory ,budget ( ! cov]$ t]ritory to ensure t suffici5t funds are available to cov] all exp5ses ( ! ,ov]sight ,bo>d4 7#a7 ,p]man5t fund+ ,)9 #cj days aft] ! date ( enactm5t ( ?is ,act1 ! t]ritorial gov]nm5t %all designate a d$icat$ fund+ s\rce1 n subject to subsequ5t legislative appropriations1 suffici5t to support ! annual exp5ses ( ! ,ov]sight ,bo>d z det]m9$ 9 ! ,ov]sight ,bo>d's sole & exclusive discretion4 7#b7 7,a7 ,initial fund+ ,on ! date ( e/abli%m5t ( an ,ov]sight ,bo>d 9 accordance ) section #aja7;b7 & on ! #e? day ( ea* mon? !reaft]1 ! ,gov]nor ( ! cov]$ t]ritory %all transf] or cause to be transf]r$ ! great] ( #b1jjj1jjj or su* am\nt z %all be det]m9$ by ! ,ov]sight ,bo>d pursuant to subsection 7a7 to a new acc\nt e/abli%$ by ! t]ritorial gov]nm5t1 :i* %all be available to & subject to ! exclusive control ( ! ,ov]sight ,bo>d1 )\t any legislative appropriations ( ! t]ritorial gov]nm5t4 7,b7 ,t]m9ation ,! initial fund+ requirem5ts "u subp>agraph 7,a7 %all t]m9ate ^u ! t]ritorial gov]nm5t designat+ a d$icat$ fund+ s\rce n subject to subsequ5t legislative appropriations "u p>agraph 7#a74 7#c7 ,remission ( excess funds ,if ! ,ov]sight ,bo>d det]m9es 9 its sole discretion t any funds transf]r$ "u ?is subsection exce$ ! am\nts requir$ = ! ,ov]sight ,bo>d's op]ations z e/abli%$ pursuant to subsection 7a71 any su* excess funds %all be p]iodically remitt$ to ! t]ritorial gov]nm5t4 #ajh4 ,autonomy ( ,ov]sight ,bo>d 7a7 ,9 g5]al ,nei!r ! ,gov]nor nor ! ,legislature may-- 7#a7 ex]cise any control1 sup]vision1 ov]sight1 or review ov] ! ,ov]sight ,bo>d or its activities2 or 7#b7 enact1 implem5t1 or en=ce any /atute1 resolution1 policy1 or rule t w\ld impair or defeat ! purposes ( ?is ,act1 z det]m9$ by ! ,ov]sight ,bo>d4 7b7 ,ov]sight ,bo>d legal repres5tation ,9 any action br\ght by1 on behalf (1 or aga9/ ! ,ov]sight ,bo>d1 ! ,ov]sight ,bo>d %all be repres5t$ by su* c\nsel z x may hire or reta9 s long z ! repres5tation complies ) ! applicable pr(essional rules ( conduct gov]n+ conflicts ( int]e/s4 #aji4 ,e?ics 7a7 ,conflict ( int]e/ ,not)/&+ any e?ics provision gov]n+ employees ( ! cov]$ t]ritory1 all memb]s & /aff ( ! ,ov]sight ,bo>d %all be subject to ! ,f$]al conflict ( int]e/ requirem5ts describ$ 9 section #bjh ( title #ah1 ,unit$ ,/ates ,code4 7b7 ,f9ancial disclosure ,not)/&+ any e?ics provision gov]n+ employees ( ! cov]$ t]ritory1 all memb]s ( ! ,ov]sight ,bo>d & /aff designat$ by ! ,ov]sight ,bo>d %all be subject to disclosure ( _! f9ancial int]e/s1 ! cont5ts ( :i* %all con=m to ! same requirem5ts set =? 9 section #ajb ( ! ,e?ics 9 ,gov]nm5t ,act ( #aigh 7#e ,u4,s4,c4 ,app474 ,,ii ,responsibilities ( ,ov]sight ,bo>d #bja4 ,approval ( fiscal plans 7a7 ,9 g5]al ,z soon z practicable aft] all ( ! memb]s & ! ,*air h be5 appo9t$ to ! ,ov]sight ,bo>d 9 accordance ) section #aja7;e7 9 ! fiscal ye> 9 :i* ! ,ov]sight ,bo>d is e/abli%$1 & 9 ea* fiscal ye> !reaft] dur+ :i* ! ,ov]sight ,bo>d is 9 op]ation1 ! ,ov]sight ,bo>d %all deliv] a notice to ! ,gov]nor provid+ a s*$ule = ! process ( developm5t1 submission1 approval1 & c]tification ( ,fiscal ,plans4 ,! notice may also set =? a s*$ule = revisions to any ,fiscal ,plan t has already be5 c]tifi$1 :i* revisions mu/ be subject to subsequ5t approval & c]tification by ! ,ov]sight ,bo>d4 ,! ,ov]sight ,bo>d %all consult ) ! ,gov]nor 9 e/abli%+ a s*$ule1 b ! ,ov]sight ,bo>d %all reta9 sole discretion to set or1 by deliv]y ( a subsequ5t notice to ! ,gov]nor1 *ange ! dates ( su* s*$ule z x deems appropriate & reasonably feasible4 7b7 ,requirem5ts 7#a7 ,9 g5]al ,a ,fiscal ,plan develop$ "u ?is section %all1 ) respect to ! t]ritorial gov]nm5t or cov]$ t]ritorial in/rum5tality1 provide a me?od to a*ieve fiscal responsibility & access to ! capital m>kets1 &-- 7,a7 provide = e/imates ( rev5ues & exp5ditures 9 con=mance ) agre$ acc\nt+ /&>ds & be bas$ on-- 7i7 applicable laws2 or 7ii7 specific bills t require enactm5t 9 ord] to reasonably a*ieve ! projections ( ! ,fiscal ,plan2 7,b7 ensure ! fund+ ( ess5tial public s]vices2 7,c7 provide adequate fund+ = public p5sion sy/ems2 7,d7 provide = ! elim9ation ( /ructural deficits2 7,e7 = fiscal ye>s cov]$ by a ,fiscal ,plan 9 :i* a /ay "u titles ,,iii or ,,iv is n effective1 provide = a debt burd5 t is su/a9able2 7,f7 improve fiscal gov]nance1 acc\ntability1 & int]nal controls2 7,g7 enable ! a*ievem5t ( fiscal t>gets2 7,h7 create indep5d5t =eca/s ( rev5ue = ! p]iod cov]$ by ! ,fiscal ,plan2 7,i7 include a debt su/a9ability analysis2 7,j7 provide = capital exp5ditures & inve/m5ts necess>y to promote economic gr[?2 7,k7 adopt appropriate recomm5dations submitt$ by ! ,ov]sight ,bo>d "u section #bje7;a72 7,l7 include su* additional in=mation z ! ,ov]sight ,bo>d deems necess>y2 7,m7 ensure t assets1 funds1 or res\rces ( a t]ritorial in/rum5tality are n loan$ to1 transf]r$ to1 or o!rwise us$ = ! b5efit ( a cov]$ t]ritory or ano!r cov]$ t]ritorial in/rum5tality ( a cov]$ t]ritory1 unless p]mitt$ by ! con/itution ( ! t]ritory1 an approv$ plan ( adju/m5t "u title ,,iii1 or a ,qualify+ ,modification approv$ "u title ,,vi2 & 7,n7 respect ! relative lawful priorities or lawful li5s1 z may be applicable1 9 ! con/itution1 o!r laws1 or agreem5ts ( a cov]$ t]ritory or cov]$ t]ritorial in/rum5tality 9 effect prior to ! date ( enactm5t ( ?is ,act4 7#b7 ,t]m ,a ,fiscal ,plan develop$ "u ?is section %all cov] a p]iod ( fiscal ye>s z det]m9$ by ! ,ov]sight ,bo>d 9 its sole discretion b 9 any case a p]iod ( n less ?an #e fiscal ye>s f ! fiscal ye> 9 :i* x is c]tifi$ by ! ,ov]sight ,bo>d4 7c7 ,developm5t1 review1 ,approval1 & c]tification ( fiscal plans 7#a7 ,tim+ requirem5t ,! ,gov]nor may n submit to ! ,legislature a ,t]ritory ,budget "u section #bjb = a fiscal ye> unless ! ,ov]sight ,bo>d has c]tifi$ ! ,t]ritory ,fiscal ,plan = t fiscal ye> 9 accordance ) ?is subsection1 unless ! ,ov]sight ,bo>d 9 its sole discretion waives ?is requirem5t4 7#b7 ,fiscal plan develop$ by gov]nor ,! ,gov]nor %all submit to ! ,ov]sight ,bo>d any propos$ ,fiscal ,plan requir$ by ! ,ov]sight ,bo>d by ! "t specifi$ 9 ! notice deliv]$ "u subsection 7a74 7#c7 ,review by ! ov]sight bo>d ,! ,ov]sight ,bo>d %all review any propos$ ,fiscal ,plan to det]m9e :e!r x satisfies ! requirem5ts set =? 9 subsection 7b7 &1 if ! ,ov]sight ,bo>d det]m9es 9 its sole discretion t ! propos$ ,fiscal ,plan-- 7,a7 satisfies su* requirem5ts1 ! ,ov]sight ,bo>d %all approve ! propos$ ,fiscal ,plan2 or 7,b7 does n satisfy su* requirem5ts1 ! ,ov]sight ,bo>d %all provide to ! ,gov]nor-- 7i7 a notice ( violation t includes recomm5dations = revisions to ! applicable ,fiscal ,plan2 & 7ii7 an opportunity to correct ! violation 9 accordance ) subsection 7d77#a74 7d7 ,revis$ fiscal plan 7#a7 ,9 g5]al ,if ! ,gov]nor receives a notice ( violation "u subsection 7c77#c71 ! ,gov]nor %all submit to ! ,ov]sight ,bo>d a revis$ propos$ ,fiscal ,plan 9 accordance ) subsection 7b7 by ! "t specifi$ 9 ! notice deliv]$ "u subsection 7a74 ,! ,gov]nor may submit z _m revis$ ,fiscal ,plans to ! ,ov]sight ,bo>d z ! s*$ule e/abli%$ 9 ! notice deliv]$ "u subsection 7a7 p]mits4 7#b7 ,developm5t by ov]sight bo>d ,if ! ,gov]nor fails to submit to ! ,ov]sight ,bo>d a ,fiscal ,plan t ! ,ov]sight ,bo>d det]m9es 9 its sole discretion satisfies ! requirem5ts set =? 9 subsection 7b7 by ! "t specifi$ 9 ! notice deliv]$ "u subsection 7a71 ! ,ov]sight ,bo>d %all develop & submit to ! ,gov]nor & ! ,legislature a ,fiscal ,plan t satisfies ! requirem5ts set =? 9 subsection 7b74 7e7 ,approval & c]tification 7#a7 ,approval ( fiscal plan develop$ by gov]nor ,if ! ,ov]sight ,bo>d approves a ,fiscal ,plan "u subsection 7c77#c71 x %all deliv] a compliance c]tification = su* ,fiscal ,plan to ! ,gov]nor & ! ,legislature4 7#b7 ,deem$ ,approval ( fiscal plan develop$ by ov]sight bo>d ,if ! ,ov]sight ,bo>d develops a ,fiscal ,plan "u subsection 7d77#b71 su* ,fiscal ,plan %all be deem$ approv$ by ! ,gov]nor1 & ! ,ov]sight ,bo>d %all issue a compliance c]tification = su* ,fiscal ,plan to ! ,gov]nor & ! ,legislature4 7f7 ,jo9t developm5t ( fiscal plan ,not)/&+ any o!r provision ( ?is section1 if ! ,gov]nor & ! ,ov]sight ,bo>d jo9tly develop a ,fiscal ,plan = ! fiscal ye> t meets ! requirem5ts "u ?is section1 & t ! ,gov]nor & ! ,ov]sight ,bo>d c]tify t ! fiscal plan reflects a cons5sus betwe5 ! ,gov]nor & ! ,ov]sight ,bo>d1 !n su* ,fiscal ,plan %all s]ve z ! ,fiscal ,plan = ! t]ritory or t]ritorial in/rum5tality = t fiscal ye>4 #bjb4 ,approval ( budgets 7a7 ,reasonable s*$ule = developm5t ( budgets ,z soon z practicable aft] all ( ! memb]s & ! ,*air h be5 appo9t$ to ! ,ov]sight ,bo>d 9 ! fiscal ye> 9 :i* ! ,ov]sight ,bo>d is e/abli%$1 & 9 ea* fiscal ye> !reaft] dur+ :i* ! ,ov]sight ,bo>d is 9 op]ation1 ! ,ov]sight ,bo>d %all deliv] a notice to ! ,gov]nor & ! ,legislature provid+ a s*$ule = develop+1 submitt+1 approv+1 & c]tify+ ,budgets = a p]iod ( fiscal ye>s z det]m9$ by ! ,ov]sight ,bo>d 9 its sole discretion b 9 any case a p]iod ( n less ?an "o fiscal ye> foll[+ ! fiscal ye> 9 :i* ! notice is deliv]$4 ,! notice may also set =? a s*$ule = revisions to ,budgets t h already be5 c]tifi$1 :i* revisions mu/ be subject to subsequ5t approval & c]tification by ! ,ov]sight ,bo>d4 ,! ,ov]sight ,bo>d %all consult ) ! ,gov]nor & ! ,legislature 9 e/abli%+ a s*$ule1 b ! ,ov]sight ,bo>d %all reta9 sole discretion to set or1 by deliv]y ( a subsequ5t notice to ! ,gov]nor & ! ,legislature1 *ange ! dates ( su* s*$ule z x deems appropriate & reasonably feasible4 7b7 ,rev5ue =eca/ ,! ,ov]sight ,bo>d %all submit to ! ,gov]nor & ,legislature a =eca/ ( rev5ues = ! p]iod cov]$ by ! ,budgets by ! "t specifi$ 9 ! notice deliv]$ "u subsection 7a71 = use by ! ,gov]nor 9 develop+ ! ,budget "u subsection 7c74 7c7 ,budgets develop$ by gov]nor 7#a7 ,gov]nor's propos$ budgets ,! ,gov]nor %all submit to ! ,ov]sight ,bo>d propos$ ,budgets by ! "t specifi$ 9 ! notice deliv]$ "u subsection 7a74 ,9 consultation ) ! ,gov]nor 9 accordance ) ! process specifi$ 9 ! notice deliv]$ "u subsection 7a71 ! ,ov]sight ,bo>d %all det]m9e 9 its sole discretion :e!r ea* propos$ ,budget is compliant ) ! applicable ,fiscal ,plan &-- 7,a7 if a propos$ ,budget is a compliant budget1 ! ,ov]sight ,bo>d %all-- 7i7 approve ! ,budget2 & 7ii7 if ! ,budget is a ,t]ritory ,budget1 submit ! ,t]ritory ,budget to ! ,legislature2 or 7,b7 if ! ,ov]sight ,bo>d det]m9es t ! ,budget is n a compliant budget1 ! ,ov]sight ,bo>d %all provide to ! ,gov]nor-- 7i7 a notice ( violation t includes a description ( any necess>y corrective action2 & 7ii7 an opportunity to correct ! violation 9 accordance ) p>agraph 7#b74 7#b7 ,gov]nor's revisions ,! ,gov]nor may correct any violations id5tifi$ by ! ,ov]sight ,bo>d & submit a revis$ propos$ ,budget to ! ,ov]sight ,bo>d 9 accordance ) p>agraph 7#a74 ,! ,gov]nor may submit z _m revis$ ,budgets to ! ,ov]sight ,bo>d z ! s*$ule e/abli%$ 9 ! notice deliv]$ "u subsection 7a7 p]mits4 ,if ! ,gov]nor fails to develop a ,budget t ! ,ov]sight ,bo>d det]m9es is a compliant budget by ! "t specifi$ 9 ! notice deliv]$ "u subsection 7a71 ! ,ov]sight ,bo>d %all develop & submit to ! ,gov]nor1 9 ! case ( an ,in/rum5tality ,budget1 & to ! ,gov]nor & ! ,legislature1 9 ! case ( a ,t]ritory ,budget1 a revis$ compliant budget4 7d7 ,budget ,approval by legislature 7#a7 ,legislature adopt$ budget ,! ,legislature %all submit to ! ,ov]sight ,bo>d ! ,t]ritory ,budget adopt$ by ! ,legislature by ! "t specifi$ 9 ! notice deliv]$ "u subsection 7a74 ,! ,ov]sight ,bo>d %all det]m9e :e!r ! adopt$ ,t]ritory ,budget is a compliant budget &-- 7,a7 if ! adopt$ ,t]ritory ,budget is a compliant budget1 ! ,ov]sight ,bo>d %all issue a compliance c]tification = su* compliant budget pursuant to subsection 7e72 & 7,b7 if ! adopt$ ,t]ritory ,budget is n a compliant budget1 ! ,ov]sight ,bo>d %all provide to ! ,legislature-- 7i7 a notice ( violation t includes a description ( any necess>y corrective action2 & 7ii7 an opportunity to correct ! violation 9 accordance ) p>agraph 7#b74 7#b7 ,legislature's revisions ,! ,legislature may correct any violations id5tifi$ by ! ,ov]sight ,bo>d & submit a revis$ ,t]ritory ,budget to ! ,ov]sight ,bo>d 9 accordance ) ! process e/abli%$ "u p>agraph 7#a7 & by ! "t specifi$ 9 ! notice deliv]$ "u subsection 7a74 ,! ,legislature may submit z _m revis$ adopt$ ,t]ritory ,budgets to ! ,ov]sight ,bo>d z ! s*$ule e/abli%$ 9 ! notice deliv]$ "u subsection 7a7 p]mits4 ,if ! ,legislature fails to adopt a ,t]ritory ,budget t ! ,ov]sight ,bo>d det]m9es is a compliant budget by ! "t specifi$ 9 ! notice deliv]$ "u subsection 7a71 ! ,ov]sight ,bo>d %all develop a revis$ ,t]ritory ,budget t is a compliant budget & submit x to ! ,gov]nor & ! ,legislature4 7e7 ,c]tification ( budgets 7#a7 ,c]tification ( develop$ & approv$ ,t]ritory ,budgets ,if ! ,gov]nor & ! ,legislature develop & approve a ,t]ritory ,budget t is a compliant budget by ! day be=e ! fir/ day ( ! fiscal ye> = :i* ! ,t]ritory ,budget is be+ develop$ & 9 accordance ) ! process e/abli%$ "u subsections 7c7 & 7d71 ! ,ov]sight ,bo>d %all issue a compliance c]tification to ! ,gov]nor & ! ,legislature = su* ,t]ritory ,budget4 7#b7 ,c]tification ( develop$ ,in/rum5tality ,budgets ,if ! ,gov]nor develops an ,in/rum5tality ,budget t is a compliant budget by ! day be=e ! fir/ day ( ! fiscal ye> = :i* ! ,in/rum5tality ,budget is be+ develop$ & 9 accordance ) ! process e/abli%$ "u subsection 7c71 ! ,ov]sight ,bo>d %all issue a compliance c]tification to ! ,gov]nor = su* ,in/rum5tality ,budget4 7#c7 ,deem$ c]tification ( ,t]ritory ,budgets ,if ! ,gov]nor & ! ,legislature fail to develop & approve a ,t]ritory ,budget t is a compliant budget by ! day be=e ! fir/ day ( ! fiscal ye> = :i* ! ,t]ritory ,budget is be+ develop$1 ! ,ov]sight ,bo>d %all submit a ,budget to ! ,gov]nor & ! ,legislature 7includ+ any revision to ! ,t]ritory ,budget made by ! ,ov]sight ,bo>d pursuant to subsection 7d77#b77 & su* ,budget %all be-- 7,a7 deem$ to be approv$ by ! ,gov]nor & ! ,legislature2 7,b7 ! subject ( a compliance c]tification issu$ by ! ,ov]sight ,bo>d to ! ,gov]nor & ! ,legislature2 & 7,c7 9 full =ce & effect beg9n+ on ! fir/ day ( ! applicable fiscal ye>4 7#d7 ,deem$ c]tification ( ,in/rum5tality ,budgets ,if ! ,gov]nor fails to develop an ,in/rum5tality ,budget t is a compliant budget by ! day be=e ! fir/ day ( ! fiscal ye> = :i* ! ,in/rum5tality ,budget is be+ develop$1 ! ,ov]sight ,bo>d %all submit an ,in/rum5tality ,budget to ! ,gov]nor 7includ+ any revision to ! ,in/rum5tality ,budget made by ! ,ov]sight ,bo>d pursuant to subsection 7c77#b77 & su* ,budget %all be-- 7,a7 deem$ to be approv$ by ! ,gov]nor2 7,b7 ! subject ( a compliance c]tification issu$ by ! ,ov]sight ,bo>d to ! ,gov]nor2 & 7,c7 9 full =ce & effect beg9n+ on ! fir/ day ( ! applicable fiscal ye>4 7f7 ,jo9t developm5t ( budgets ,not)/&+ any o!r provision ( ?is section1 if1 9 ! case ( a ,t]ritory ,budget1 ! ,gov]nor1 ! ,legislature1 & ! ,ov]sight ,bo>d1 or 9 ! case ( an ,in/rum5tality ,budget1 ! ,gov]nor & ! ,ov]sight ,bo>d1 jo9tly develop su* ,budget = ! fiscal ye> t meets ! requirem5ts "u ?is section1 & t ! relevant p>ties c]tify t su* budget reflects a cons5sus among !m1 !n su* ,budget %all s]ve z ! ,budget = ! t]ritory or t]ritorial in/rum5tality = t fiscal ye>4 #bjc4 ,effect ( f9d+ ( noncompliance ) budget 7a7 ,submission ( reports ,n lat] ?an #ae days aft] ! la/ day ( ea* qu>t] ( a fiscal ye> 7beg9n+ ) ! fiscal ye> det]m9$ by ! ,ov]sight ,bo>d71 ! ,gov]nor %all submit to ! ,ov]sight ,bo>d a report1 9 su* =m z ! ,ov]sight ,bo>d may require1 describ+-- 7#a7 ! actual ca% rev5ues1 ca% exp5ditures1 & ca% fl[s ( ! t]ritorial gov]nm5t = ! prec$+ qu>t]1 z comp>$ to ! project$ rev5ues1 exp5ditures1 & ca% fl[s conta9$ 9 ! c]tifi$ ,budget = su* prec$+ qu>t]2 & 7#b7 any o!r in=mation reque/$ by ! ,ov]sight ,bo>d1 :i* may include a balance %eet or a requirem5t t ! ,gov]nor provide in=mation = ea* cov]$ t]ritorial in/rum5tality sep>ately4 7b7 ,initial action by ov]sight bo>d 7#a7 ,9 g5]al ,if ! ,ov]sight ,bo>d det]m9es1 bas$ on reports submitt$ by ! ,gov]nor "u subsection 7a71 indep5d5t audits1 or su* o!r in=mation z ! ,ov]sight ,bo>d may obta91 t ! actual qu>t]ly rev5ues1 exp5ditures1 or ca% fl[s ( ! t]ritorial gov]nm5t are n consi/5t ) ! project$ rev5ues1 exp5ditures1 or ca% fl[s set =? 9 ! c]tifi$ ,budget = su* qu>t]1 ! ,ov]sight ,bo>d %all-- 7,a7 require ! t]ritorial gov]nm5t to provide su* additional in=mation z ! ,ov]sight ,bo>d det]m9es to be necess>y to expla9 ! inconsi/5cy2 & 7,b7 if ! additional in=mation provid$ "u subp>agraph 7,a7 does n provide an explanation = ! inconsi/5cy t ! ,ov]sight ,bo>d f9ds reasonable & appropriate1 advise ! t]ritorial gov]nm5t to correct ! inconsi/5cy by implem5t+ rem$ial action4 7#b7 ,deadl9es ,! ,ov]sight ,bo>d %all e/abli% ! deadl9es by :i* ! t]ritorial gov]nm5t %all meet ! requirem5ts ( subp>agraphs 7,a7 & 7,b7 ( p>agraph 7#a74 7c7 ,c]tification 7#a7 ,inconsi/5cy ,if ! t]ritorial gov]nm5t fails to provide additional in=mation "u subsection 7b77#a77;,a71 or fails to correct an inconsi/5cy "u subsection 7b77#a77;,b71 prior to ! applicable deadl9e "u subsection 7b77#b71 ! ,ov]sight ,bo>d %all c]tify to ! ,presid5t1 ! ,h\se ( ,repres5tatives ,committee on ,natural ,res\rces1 ! ,s5ate ,committee on ,en]gy & ,natural ,res\rces1 ! ,gov]nor1 & ! ,legislature t ! t]ritorial gov]nm5t is inconsi/5t ) ! applicable c]tifi$ ,budget1 & %all describe ! nature & am\nt ( ! inconsi/5cy4 7#b7 ,correction ,if ! ,ov]sight ,bo>d det]m9es t ! t]ritorial gov]nm5t has initiat$ su* measures z ! ,ov]sight ,bo>d consid]s suffici5t to correct an inconsi/5cy c]tifi$ "u p>agraph 7#a71 ! ,ov]sight ,bo>d %all c]tify ! correction to ! ,presid5t1 ! ,h\se ( ,repres5tatives ,committee on ,natural ,res\rces1 ! ,s5ate ,committee on ,en]gy & ,natural ,res\rces1 ! ,gov]nor1 & ! ,legislature4 7d7 ,budget r$uctions by ov]sight bo>d ,if ! ,ov]sight ,bo>d det]m9es t ! ,gov]nor1 9 ! case ( any !n-applicable c]tifi$ ,in/rum5tality ,budgets1 & ! ,gov]nor & ! ,legislature1 9 ! case ( ! !n-applicable c]tifi$ ,t]ritory ,budget1 h fail$ to correct an inconsi/5cy id5tifi$ by ! ,ov]sight ,bo>d "u subsection 7c71 ! ,ov]sight ,bo>d %all-- 7#a7 ) respect to ! t]ritorial gov]nm5t1 o!r ?an cov]$ t]ritorial in/rum5talities1 make appropriate r$uctions 9 nondebt exp5ditures to ensure t ! actual qu>t]ly rev5ues & exp5ditures = ! t]ritorial gov]nm5t are 9 compliance ) ! applicable c]tifi$ ,t]ritory ,budget or1 9 ! case ( ! fiscal ye> 9 :i* ! ,ov]sight ,bo>d is e/abli%$1 ! budget adopt$ by ! ,gov]nor & ! ,legislature2 & 7#b7 ) respect to cov]$ t]ritorial in/rum5talities at ! sole discretion ( ! ,ov]sight ,bo>d-- 7,a7 make r$uctions 9 nondebt exp5ditures to ensure t ! actual qu>t]ly rev5ues & exp5ses = ! cov]$ t]ritorial in/rum5tality are 9 compliance ) ! applicable c]tifi$ ,budget or1 9 ! case ( ! fiscal ye> 9 :i* ! ,ov]sight ,bo>d is e/abli%$1 ! budget adopt$ by ! ,gov]nor & ! ,legislature or ! cov]$ t]ritorial in/rum5tality1 z applicable2 or 7,b7 7i7 in/itute automatic hir+ freezes at ! cov]$ t]ritorial in/rum5tality2 & 7ii7 prohibit ! cov]$ t]ritorial in/rum5tality f ent]+ into any contract or engag+ 9 any f9ancial or o!r transactions1 unless ! contract or transaction 0 previ\sly approv$ by ! ,ov]sight ,bo>d4 7e7 ,t]m9ation ( budget r$uctions ,! ,ov]sight ,bo>d %all cancel ! r$uctions1 hir+ freezes1 or prohibition on contracts & f9ancial transactions "u subsection 7d7 if ! ,ov]sight ,bo>d det]m9es t ! t]ritorial gov]nm5t or cov]$ t]ritorial in/rum5tality1 z applicable1 has initiat$ appropriate measures to r$uce exp5ditures or increase rev5ues to ensure t ! t]ritorial gov]nm5t or cov]$ t]ritorial in/rum5tality is 9 compliance ) ! applicable c]tifi$ ,budget or1 9 ! case ( ! fiscal ye> 9 :i* ! ,ov]sight ,bo>d is e/abli%$1 ! budget adopt$ by ! ,gov]nor & ! ,legislature4 #bjd4 ,review ( activities to ensure compliance ) fiscal plan 7a7 ,submission ( legislative acts to ov]sight bo>d 7#a7 ,submission ( acts ,except to ! ext5t t ! ,ov]sight ,bo>d may provide o!rwise 9 its bylaws1 rules1 & proc$ures1 n lat] ?an #g bus9ess days aft] a t]ritorial gov]nm5t duly enacts any law dur+ any fiscal ye> 9 :i* ! ,ov]sight ,bo>d is 9 op]ation1 ! ,gov]nor %all submit ! law to ! ,ov]sight ,bo>d4 7#b7 ,co/ e/imate2 c]tification ( compliance or noncompliance ,! ,gov]nor %all include ) ea* law submitt$ to ! ,ov]sight ,bo>d "u p>agraph 7#a7 ! foll[+3 7,a7 ,a =mal e/imate prep>$ by an appropriate entity ( ! t]ritorial gov]nm5t ) exp]tise 9 budgets & f9ancial managem5t ( ! impact1 if any1 t ! law w h on exp5ditures & rev5ues4 7,b7 ,if ! appropriate entity describ$ 9 subp>agraph 7,a7 f9ds t ! law is n significantly inconsi/5t ) ! ,fiscal ,plan = ! fiscal ye>1 x %all issue a c]tification ( su* f9d+4 7,c7 ,if ! appropriate entity describ$ 9 subp>agraph 7,a7 f9ds t ! law is significantly inconsi/5t ) ! ,fiscal ,plan = ! fiscal ye>1 x %all issue a c]tification ( su* f9d+1 toge!r ) ! entity's reasons = su* f9d+4 7#c7 ,notification ,! ,ov]sight ,bo>d %all s5d a notification to ! ,gov]nor & ! ,legislature if-- 7,a7 ! ,gov]nor submits a law to ! ,ov]sight ,bo>d "u ?is subsection t is n accompani$ by ! e/imate requir$ "u p>agraph 7#b77;,a72 7,b7 ! ,gov]nor submits a law to ! ,ov]sight ,bo>d "u ?is subsection t is n accompani$ by ei!r a c]tification describ$ 9 p>agraph 7#b77;,b7 or 7#b77;,c72 or 7,c7 ! ,gov]nor submits a law to ! ,ov]sight ,bo>d "u ?is subsection t is accompani$ by a c]tification describ$ 9 p>agraph 7#b77;,c7 t ! law is significantly inconsi/5t ) ! ,fiscal ,plan4 7#d7 ,opportunity to respond to notification 7,a7 ,failure to provide e/imate or c]tification ,aft] s5d+ a notification to ! ,gov]nor & ! ,legislature "u p>agraph 7#c77;,a7 or 7#c77;,b7 ) respect to a law1 ! ,ov]sight ,bo>d may direct ! ,gov]nor to provide ! miss+ e/imate or c]tification 7z ! case may be71 9 accordance ) su* proc$ures z ! ,ov]sight ,bo>d may e/abli%4 7,b7 ,submission ( c]tification ( significant inconsi/5cy ) fiscal plan & budget ,9 accordance ) su* proc$ures z ! ,ov]sight ,bo>d may e/abli%1 aft] s5d+ a notification to ! ,gov]nor & ,legislature "u p>agraph 7#c77;,c7 t a law is significantly inconsi/5t ) ! ,fiscal ,plan1 ! ,ov]sight ,bo>d %all direct ! t]ritorial gov]nm5t to-- 7i7 correct ! law to elim9ate ! inconsi/5cy2 or 7ii7 provide an explanation = ! inconsi/5cy t ! ,ov]sight ,bo>d f9ds reasonable & appropriate4 7#e7 ,failure to comply ,if ! t]ritorial gov]nm5t fails to comply ) a direction giv5 by ! ,ov]sight ,bo>d "u p>agraph 7#d7 ) respect to a law1 ! ,ov]sight ,bo>d may take su* actions z x consid]s necess>y1 consi/5t ) ?is ,act1 to ensure t ! enactm5t or en=cem5t ( ! law w n adv]sely affect ! t]ritorial gov]nm5t's compliance ) ! ,fiscal ,plan1 includ+ prev5t+ ! en=cem5t or application ( ! law4 7#f7 ,prelim9>y review ( propos$ acts ,at ! reque/ ( ! ,legislature1 ! ,ov]sight ,bo>d may conduct a prelim9>y review ( propos$ legislation be=e ! ,legislature to det]m9e :e!r ! legislation z propos$ w\ld be consi/5t ) ! applicable ,fiscal ,plan "u ?is subtitle1 except t any su* prelim9>y review %all n be b9d+ on ! ,ov]sight ,bo>d 9 review+ any law subsequ5tly submitt$ "u ?is subsection4 7b7 ,effect ( ,approv$ fiscal plan on contracts1 rules1 & regulations 7#a7 ,transp>5cy 9 contract+ ,! ,ov]sight ,bo>d %all "w ) a cov]$ t]ritory's (fice ( ! comptroll] or any functionally equival5t entity to promote compliance ) ! applicable law ( any cov]$ t]ritory t requires ag5cies & in/rum5talities ( ! t]ritorial gov]nm5t to ma9ta9 a regi/ry ( all contracts execut$1 includ+ am5dm5ts !reto1 & to remit a copy to ! (fice ( ! comptroll] = inclusion 9 a compreh5sive database available to ! public4 ,) respect to ,pu]to ,rico1 ! t]m applicable law ref]s to #b ,l4,p4,r4,a4 #ig1 z am5d$4 7#b7 ,au?ority to review c]ta9 contracts ,! ,ov]sight ,bo>d may e/abli% policies to require prior ,ov]sight ,bo>d approval ( c]ta9 contracts1 includ+ leases & contracts to a gov]nm5tal entity or gov]nm5t-own$ corporations r ?an private ent]prises t are propos$ to be execut$ by ! t]ritorial gov]nm5t1 to ensure su* propos$ contracts promote m>ket competition & are n inconsi/5t ) ! approv$ ,fiscal ,plan4 7#c7 ,s5se ( ,congress ,x is ! s5se ( ,congress t any policies e/abli%$ by ! ,ov]sight ,bo>d pursuant to p>agraph 7#b7 %\ld be design$ to make ! gov]nm5t contract+ process m effective1 to increase ! public's fai? 9 ?is process1 to make appropriate use ( ! ,ov]sight ,bo>d's "t & res\rces1 to make ! t]ritorial gov]nm5t a facilitator & n a competitor to private ent]prise1 & to avoid creat+ any additional bureaucratic ob/acles to effici5t contract+4 7#d7 ,au?ority to review c]ta9 rules1 regulations1 & executive ord]s ,! provisions ( ?is p>agraph %all apply ) respect to a rule1 regulation1 or executive ord] propos$ to be issu$ by ! ,gov]nor 7or ! head ( any dep>tm5t or ag5cy ( ! t]ritorial gov]nm5t7 9 ! same mann] z su* provisions apply to a contract4 7#e7 ,failure to comply ,if a contract1 rule1 regulation1 or executive ord] fails to comply ) policies e/abli%$ by ! ,ov]sight ,bo>d "u ?is subsection1 ! ,ov]sight ,bo>d may take su* actions z x consid]s necess>y to ensure t su* contract1 rule1 executive ord] or regulation w n adv]sely affect ! t]ritorial gov]nm5t's compliance ) ! ,fiscal ,plan1 includ+ by prev5t+ ! execution or en=cem5t ( ! contract1 rule1 executive ord] or regulation4 7c7 ,re/rictions on budget>y adju/m5ts 7#a7 ,submissions ( reque/s to ov]sight bo>d ,if ! ,gov]nor submits a reque/ to ! ,legislature = ! reprogramm+ ( any am\nts provid$ 9 a c]tifi$ ,budget1 ! ,gov]nor %all submit su* reque/ to ! ,ov]sight ,bo>d1 :i* %all analyze :e!r ! propos$ reprogramm+ is significantly inconsi/5t ) ! ,budget1 & submit its analysis to ! ,legislature z soon z practicable aft] receiv+ ! reque/4 7#b7 ,no action p]mitt$ until analysis receiv$ ,! ,legislature %all n adopt a reprogramm+1 & no (fic] or employee ( ! t]ritorial gov]nm5t may c>ry out any reprogramm+1 until ! ,ov]sight ,bo>d has provid$ ! ,legislature ) an analysis t c]tifies su* reprogramm+ w n be inconsi/5t ) ! ,fiscal ,plan & ,budget4 7#c7 ,prohibition on action until ov]sight bo>d is appo9t$ 7,a7 ,dur+ ! p]iod aft] a t]ritory becomes a cov]$ t]ritory & prior to ! appo9tm5t ( all memb]s & ! ,*air ( ! ,ov]sight ,bo>d1 su* cov]$ t]ritory %all n enact new laws t ei!r p]mit ! transf] ( any funds or assets outside ! ord9>y c\rse ( bus9ess or t are inconsi/5t ) ! con/itution or laws ( ! t]ritory z ( ! date ( enactm5t ( ?is ,act1 provid$ t any executive or legislative action au?oriz+ ! movem5t ( funds or assets dur+ ?is "t p]iod may be subject to review & rescission by ! ,ov]sight ,bo>d ^u appo9tm5t ( ! ,ov]sight ,bo>d's full memb]%ip4 7,b7 ,^u appo9tm5t ( ! ,ov]sight ,bo>d's full memb]%ip1 ! ,ov]sight ,bo>d may review1 & 9 its sole discretion1 resc9d1 any law t-- 7i7 0 enact$ dur+ ! p]iod betwe51 ) respect to ,pu]to ,rico1 ,may #d1 #bjaf2 or ) respect to any o!r t]ritory1 #de days prior to ! e/abli%m5t ( ! ,ov]sight ,bo>d = su* t]ritory1 & ! date ( appo9tm5t ( all memb]s & ! ,*air ( ! ,ov]sight ,bo>d2 & 7ii7 alt]s pre-exi/+ priorities ( cr$itors 9 a mann] outside ! ord9>y c\rse ( bus9ess or inconsi/5t ) ! t]ritory's con/itution or ! laws ( ! t]ritory z (1 9 ! case ( ,pu]to ,rico1 ,may #d1 #bjaf1 or ) respect to any o!r t]ritory1 #de days prior to ! e/abli%m5t ( ! ,ov]sight ,bo>d = su* t]ritory2 b su* rescission %all only be to ! ext5t t ! law alt]s su* priorities4 7d7 ,implem5tation ( f$]al programs ,9 tak+ actions "u ?is ,act1 ! ,ov]sight ,bo>d %all n ex]cise applicable au?orities to imp$e t]ritorial actions tak5 to-- 7#a7 comply ) a c\rt-issu$ cons5t decree or injunction1 or an adm9i/rative ord] or settlem5t ) a ,f$]al ag5cy1 ) respect to ,f$]al programs2 7#b7 implem5t a f$]ally au?oriz$ or f$]ally delegat$ program2 7#c7 implem5t t]ritorial laws1 :i* are consi/5t ) a c]tifi$ ,fiscal ,plan1 t execute ,f$]al requirem5ts & /&>ds2 or 7#d7 pres]ve & ma9ta9 f$]ally fund$ mass transportation assets4 #bje4 ,recomm5dations on f9ancial /ability & managem5t responsibility 7a7 ,9 g5]al ,! ,ov]sight ,bo>d may at any "t submit recomm5dations to ! ,gov]nor or ! ,legislature on actions ! t]ritorial gov]nm5t may take to ensure compliance ) ! ,fiscal ,plan1 or to o!rwise promote ! f9ancial /ability1 economic gr[?1 managem5t responsibility1 & s]vice deliv]y effici5cy ( ! t]ritorial gov]nm5t1 includ+ recomm5dations relat+ to-- 7#a7 ! managem5t ( ! t]ritorial gov]nm5t's f9ancial affairs1 includ+ economic =eca/+ & multiye> fiscal =eca/+ capabilities1 in=mation te*nology1 plac+ controls on exp5ditures = p]sonnel1 r$uc+ b5efit co/s1 re=m+ procurem5t practices1 & plac+ o!r controls on exp5ditures2 7#b7 ! /ructural relation%ip ( dep>tm5ts1 ag5cies1 & indep5d5t ag5cies )9 ! t]ritorial gov]nm5t2 7#c7 ! modification ( exi/+ rev5ue /ructures1 or ! e/abli%m5t ( additional rev5ue /ructures2 7#d7 ! e/abli%m5t ( alt]natives = meet+ obligations to pay = ! p5sions ( t]ritorial gov]nm5t employees2 7#e7 modifications or transf]s ( ! types ( s]vices t are ! responsibility (1 & are deliv]$ by ! t]ritorial gov]nm5t2 7#f7 modifications ( ! types ( s]vices t are deliv]$ by entities o!r ?an ! t]ritorial gov]nm5t "u alt]native s]vice deliv]y me*anisms2 7#g7 ! effects ( ! t]ritory's laws & c\rt ord]s on ! op]ations ( ! t]ritorial gov]nm5t2 7#h7 ! e/abli%m5t ( a p]sonnel sy/em = employees ( ! t]ritorial gov]nm5t t is bas$ ^u employee p]=mance /&>ds2 7#i7 ! improvem5t ( p]sonnel tra9+ & pr(ici5cy1 ! adju/m5t ( /aff+ levels1 & ! improvem5t ( tra9+ & p]=mance ( managem5t & sup]visory p]sonnel2 & 7#aj7 ! privatization & comm]cialization ( entities )9 ! t]ritorial gov]nm5t4 7b7 ,response to recomm5dations by ! t]ritorial gov]nm5t 7#a7 ,9 g5]al ,9 ! case ( any recomm5dations submitt$ "u subsection 7a7 t are )9 ! au?ority ( ! t]ritorial gov]nm5t to adopt1 n lat] ?an #ij days aft] receiv+ ! recomm5dations1 ! ,gov]nor or ! ,legislature 7:i*ev] has ! au?ority to adopt ! recomm5dation7 %all submit a /atem5t to ! ,ov]sight ,bo>d t provides notice z to :e!r ! t]ritorial gov]nm5t w adopt ! recomm5dations4 7#b7 ,implem5tation plan requir$ = adopt$ recomm5dations ,if ! ,gov]nor or ! ,legislature 7:i*ev] is applicable7 notifies ! ,ov]sight ,bo>d "u p>agraph 7#a7 t ! t]ritorial gov]nm5t w adopt any ( ! recomm5dations submitt$ "u subsection 7a71 ! ,gov]nor or ! ,legislature 7:i*ev] is applicable7 %all include 9 ! /atem5t a writt5 plan to implem5t ! recomm5dation t includes-- 7,a7 specific p]=mance measures to det]m9e ! ext5t to :i* ! t]ritorial gov]nm5t has adopt$ ! recomm5dation2 & 7,b7 a cle> & specific timetable pursuant to :i* ! t]ritorial gov]nm5t w implem5t ! recomm5dation4 7#c7 ,explanations requir$ = recomm5dations n adopt$ ,if ! ,gov]nor or ! ,legislature 7:i*ev] is applicable7 notifies ! ,ov]sight ,bo>d "u p>agraph 7#a7 t ! t]ritorial gov]nm5t w n adopt any recomm5dation submitt$ "u subsection 7a7 t ! t]ritorial gov]nm5t has au?ority to adopt1 ! ,gov]nor or ! ,legislature %all include 9 ! /atem5t explanations = ! rejection ( ! recomm5dations1 & ! ,gov]nor or ! ,legislature %all submit su* /atem5t ( explanations to ! ,presid5t & ,congress4 #bjf4 ,ov]sight ,bo>d duties relat$ to re/ructur+ 7a7 ,requirem5ts = re/ructur+ c]tification ,! ,ov]sight ,bo>d1 prior to issu+ a re/ructur+ c]tification reg>d+ an entity 7z su* t]m is def9$ 9 section #aja ( title #aa1 ,unit$ ,/ates ,code71 %all det]m9e1 9 its sole discretion1 t-- 7#a7 ! entity has made good-fai? ef=ts to rea* a cons5sual re/ructur+ ) cr$itors2 7#b7 ! entity has-- 7,a7 adopt$ proc$ures necess>y to deliv] timely audit$ f9ancial /atem5ts2 & 7,b7 made public draft f9ancial /atem5ts & o!r in=mation suffici5t = any int]e/$ p]son to make an in=m$ decision ) respect to a possible re/ructur+2 7#c7 ! entity is ei!r a cov]$ t]ritory t has adopt$ a ,fiscal ,plan c]tifi$ by ! ,ov]sight ,bo>d1 a cov]$ t]ritorial in/rum5tality t is subject to a ,t]ritory ,fiscal ,plan c]tifi$ by ! ,ov]sight ,bo>d1 or a cov]$ t]ritorial in/rum5tality t has adopt$ an ,in/rum5tality ,fiscal ,plan c]tifi$ by ! ,ov]sight ,bo>d2 & 7#d7 7,a7 no ord] approv+ a ,qualify+ ,modification "u section #fja has be5 ent]$ ) respect to su* entity2 or 7,b7 if an ord] approv+ a ,qualify+ ,modification has be5 ent]$ ) respect to su* entity1 ! entity is unable to make its debt paym5ts not)/&+ ! approv$ ,qualify+ ,modification1 9 :i* case1 all claims affect$ by ! ,qualify+ ,modification %all be subject to a title ,,iii case4 7b7 ,issuance ( re/ructur+ c]tification ,! issuance ( a re/ructur+ c]tification "u ?is section requires a vote ( no few] ?an #e memb]s ( ! ,ov]sight ,bo>d 9 ! affirmative1 :i* %all satisfy ! requirem5t set =? 9 section #cjb7b7 ( ?is ,act4 #bjg4 ,ov]sight ,bo>d au?ority relat$ to debt issuance ,= s long z ! ,ov]sight ,bo>d rema9s 9 op]ation1 no t]ritorial gov]nm5t may1 )\t ! prior approval ( ! ,ov]sight ,bo>d1 issue debt or gu>antee1 ex*ange1 modify1 repur*ase1 r$eem1 or ent] into simil> transactions ) respect to its debt4 #bjh4 ,requir$ reports 7a7 ,annual report ,n lat] ?an #cj days aft] ! la/ day ( ea* fiscal ye>1 ! ,ov]sight ,bo>d %all submit a report to ! ,presid5t1 ,congress1 ! ,gov]nor & ! ,legislature1 describ+-- 7#a7 ! progress made by ! t]ritorial gov]nm5t 9 meet+ ! objectives ( ?is ,act dur+ ! fiscal ye>2 7#b7 ! assi/ance provid$ by ! ,ov]sight ,bo>d to ! t]ritorial gov]nm5t 9 meet+ ! purposes ( ?is ,act dur+ ! fiscal ye>2 7#c7 recomm5dations to ! ,presid5t & ,congress on *anges to ?is ,act or o!r ,f$]al laws1 or o!r actions ( ! ,f$]al ,gov]nm5t1 t w\ld assi/ ! t]ritorial gov]nm5t 9 comply+ ) any c]tifi$ ,fiscal ,plan2 7#d7 ! precise mann] 9 :i* funds allocat$ to ! ,ov]sight ,bo>d "u section #ajg &1 z applicable1 section #ajd7;e7 h be5 sp5t by ! ,ov]sight ,bo>d dur+ ! fiscal ye>2 & 7#e7 any o!r activities ( ! ,ov]sight ,bo>d dur+ ! fiscal ye>4 7b7 ,report on discretion>y tax abatem5t agreem5ts ,)9 six mon?s ( ! e/abli%m5t ( ! ,ov]sight ,bo>d1 ! ,gov]nor %all submit a report to ! ,ov]sight ,bo>d docum5t+ all exi/+ discretion>y tax abatem5t or simil> tax relief agreem5ts to :i* ! t]ritorial gov]nm5t1 or any t]ritorial in/rum5tality1 is a p>ty1 provid$ t-- 7#a7 no?+ 9 ?is ,act %all be int]pret$ to limit ! p[] ( ! t]ritorial gov]nm5t or any t]ritorial in/rum5tality to execute or modify discretion>y tax abatem5t or simil> tax relief agreem5ts1 or to en=ce compliance ) ! t]ms & conditions ( any discretion>y tax abatem5t or simil> tax relief agreem5t1 to :i* ! t]ritorial gov]nm5t or any t]ritorial in/rum5tality is a p>ty2 & 7#b7 ! memb]s & /aff ( ! ,ov]sight ,bo>d %all n disclose ! cont5ts ( ! report describ$ 9 ?is subsection1 & %all o!rwise comply ) all applicable t]ritorial & ,f$]al laws & regulations reg>d+ ! h&l+ ( confid5tial taxpay] in=mation4 7c7 ,qu>t]ly reports ( ca% fl[ ,! ,ov]sight ,bo>d1 :5 feasible1 %all report on ! am\nt ( ca% fl[ available = ! paym5t ( debt s]vice on all notes1 bonds1 deb5tures1 cr$it agreem5ts1 or o!r in/rum5ts = money borr[$ ^: en=cem5t is subject to a /ay or moratorium h]eund]1 toge!r ) any v>iance f ! am\nt set =? 9 ! debt su/a9ability analysis ( ! ,fiscal ,plan "u section #bja7;b77#a77;,i74 #bji4 ,t]m9ation ( ,ov]sight ,bo>d ,an ,ov]sight ,bo>d %all t]m9ate ^u c]tification by ! ,ov]sight ,bo>d t-- 7#a7 ! applicable t]ritorial gov]nm5t has adequate access to %ort-t]m & long-t]m cr$it m>kets at reasonable int]e/ rates to meet ! borr[+ ne$s ( ! t]ritorial gov]nm5t2 & 7#b7 = at lea/ #d consecutive fiscal ye>s-- 7,a7 ! t]ritorial gov]nm5t has develop$ its ,budgets 9 accordance ) modifi$ accrual acc\nt+ /&>ds2 & 7,b7 ! exp5ditures made by ! t]ritorial gov]nm5t dur+ ea* fiscal ye> did n exce$ ! rev5ues ( ! t]ritorial gov]nm5t dur+ t ye>1 z det]m9$ 9 accordance ) modifi$ accrual acc\nt+ /&>ds4 #baj4 ,no full fai? & cr$it ( ! ,unit$ ,/ates 7a7 ,9 g5]al ,! full fai? & cr$it ( ! ,unit$ ,/ates is n pl$g$ = ! paym5t ( any pr9cipal ( or int]e/ on any bond1 note1 or o!r obligation issu$ by a cov]$ t]ritory or cov]$ t]ritorial in/rum5tality4 ,! ,unit$ ,/ates is n responsible or liable = ! paym5t ( any pr9cipal ( or int]e/ on any bond1 note1 or o!r obligation issu$ by a cov]$ t]ritory or cov]$ t]ritorial in/rum5tality4 7b7 ,subject to appropriations ,any claim to :i* ! ,unit$ ,/ates is det]m9$ to be liable "u ?is ,act %all be subject to appropriations4 7c7 ,fund+ ,no ,f$]al funds %all be au?oriz$ by ?is ,act = ! paym5t ( any liability ( ! t]ritory or t]ritorial in/rum5tality4 #baa4 ,analysis ( p5sions 7a7 ,det]m9ation ,if ! ,ov]sight ,bo>d det]m9es1 9 its sole discretion1 t a p5sion sy/em ( ! t]ritorial gov]nm5t is mat]ially und]fund$1 ! ,ov]sight ,bo>d %all conduct an analysis prep>$ by an indep5d5t actu>y ( su* p5sion sy/em to assi/ ! ,ov]sight ,bo>d 9 evaluat+ ! fiscal & economic impact ( ! p5sion ca% fl[s4 7b7 ,provisions ( analysis ,an analysis conduct$ "u subsection 7a7 %all include-- 7#a7 an actu>ial /udy ( ! p5sion liabilities & fund+ /rategy t includes a =w>d look+ projection ( paym5ts ( at lea/ #cj ye>s ( b5efit paym5ts & fund+ /rategy to cov] su* paym5ts2 7#b7 s\rces ( fund+ to cov] su* paym5ts2 7#c7 a review ( ! exi/+ b5efits & _! su/a9ability2 & 7#d7 a review ( ! sy/em's legal /ructure & op]ational arrangem5ts1 & any o!r /udies ( ! p5sion sy/em ! ,ov]sight ,bo>d %all deem necess>y4 7c7 ,supplem5t>y in=mation ,9 any case1 ! analysis conduct$ "u subsection 7a7 %all include in=mation reg>d+ ! fair m>ket value & liabilities us+ an appropriate disc\nt rate z det]m9$ by ! ,ov]sight ,bo>d4 #bab4 ,int]v5tion 9 litigation 7a7 ,int]v5tion ,! ,ov]sight ,bo>d may int]v5e 9 any litigation fil$ aga9/ ! t]ritorial gov]nm5t4 7b7 ,injunctive relief 7#a7 ,9 g5]al ,if ! ,ov]sight ,bo>d int]v5es 9 a litigation "u subsection 7a71 ! ,ov]sight ,bo>d may seek injunctive relief1 includ+ a /ay ( litigation4 7#b7 ,no indep5d5t basis = relief ,?is section does n create an indep5d5t basis on :i* injunctive relief1 includ+ a /ay ( litigation1 may be grant$4 ,,iii ,adju/m5ts ( ,debts #cja4 ,applicability ( o!r laws2 def9itions 7a7 ,sections ,applicable to cases "u ?is title ,sections #aja 7except z o!rwise provid$ 9 ?is 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 z o!rwise provid$ 9 ?is 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 & #aadf7;a7 ( title #aa1 ,unit$ ,/ates ,code1 apply 9 a case "u ?is title & section #icj ( title #aa1 ,unit$ ,/ates ,code1 applies 9 a case "u ?is title2 h[ev]1 section #icj %all n apply 9 any case dur+ ! fir/ #abj days aft] ! date on :i* su* case is comm5c$ "u ?is title4 7b7 ,mean+s ( t]ms ,a t]m us$ 9 a section ( title #aa1 ,unit$ ,/ates ,code1 made applicable 9 a case "u ?is title by subsection 7a71 has ! mean+ giv5 to ! t]m = ! purpose ( ! applicable section1 unless ! t]m is o!rwise def9$ 9 ?is title4 7c7 ,def9itions ,9 ?is title3 7#a7 ,affiliate ,! t]m affiliate means1 9 addition to ! def9ition made applicable 9 a case "u ?is title by subsection 7a7-- 7,a7 = a t]ritory1 any t]ritorial in/rum5tality2 & 7,b7 = a t]ritorial in/rum5tality1 ! gov]n+ t]ritory & any ( ! o!r t]ritorial in/rum5talities ( ! t]ritory4 7#b7 ,debtor ,! t]m debtor means ! t]ritory or cov]$ t]ritorial in/rum5tality conc]n+ :i* a case "u ?is title has be5 comm5c$4 7#c7 ,hold] ( a claim or int]e/ ,! t]m hold] ( a claim or int]e/1 :5 us$ 9 section #aabf ( title #aa1 ,unit$ ,/ates ,code1 made applicable 9 a case "u ?is title by subsection 7a7-- 7,a7 %all exclude any ,issu] or ,au?oriz$ ,in/rum5tality ( ! ,t]ritory ,gov]nm5t ,issu] 7z def9$ "u ,title ,,vi ( ?is ,act7 or a corporation1 tru/ or o!r legal entity t is controll$ by ! ,issu] or an ,au?oriz$ ,t]ritorial ,in/rum5tality ( ! ,t]ritory ,gov]nm5t ,issu]1 provid$ t ! b5efici>ies ( su* claims1 to ! ext5t !y are n ref]5c$ 9 ?is subp>agraph1 %all n be exclud$1 & t1 = ea* exclud$ tru/ or o!r legal entity1 ! c\rt %all1 ^u ! reque/ ( any p>ticipant or b5efici>y ( su* tru/ or entity1 at any "t aft] ! comm5cem5t ( ! case1 ord] ! appo9tm5t ( a sep>ate committee ( cr$itors pursuant to section #aajb7;a77#b7 ( title #aa1 ,unit$ ,/ates ,code2 & 7,b7 ) ref]5ce to ,insur$ ,bonds1 %all mean ! monol9e insur] insur+ su* ,insur$ ,bond to ! ext5t su* insur] is grant$ ! "r to vote ,insur$ ,bonds = purposes ( direct+ rem$ies or cons5t+ to propos$ am5dm5ts or modifications z provid$ 9 ! applicable docum5ts pursuant to :i* su* ,insur$ ,bond 0 issu$ & insur$4 7#d7 ,insur$ bond ,! t]m ,insur$ ,bond means a bond subject to a f9ancial gu>antee or simil> insurance contract1 policy &_/or surety issu$ by a monol9e insur]4 7#e7 ,prop]ty ( ! e/ate ,! t]m prop]ty ( ! e/ate1 :5 us$ 9 a section ( title #aa1 ,unit$ ,/ates ,code1 made applicable 9 a case "u ?is title by subsection 7a71 means prop]ty ( ! debtor4 7#f7 ,/ate ,! t]m ,/ate :5 us$ 9 a section ( title #aa1 ,unit$ ,/ates ,code1 made applicable 9 a case "u ?is title by subsection 7a7 means ,/ate or t]ritory :5 us$ 9 ref]5ce to ! relation%ip ( a ,/ate to ! municipality ( ! ,/ate or ! t]ritorial in/rum5tality ( a t]ritory1 z applicable4 7#g7 ,tru/ee ,! t]m tru/ee1 :5 us$ 9 a section ( title #aa1 ,unit$ ,/ates ,code1 made applicable 9 a case "u ?is title by subsection 7a71 means ! ,ov]sight ,bo>d1 except z provid$ 9 section #ibf ( title #aa1 ,unit$ ,/ates ,code4 ,! t]m tru/ee z describ$ 9 ?is p>agraph does n mean ! ,u4,s4 ,tru/ee1 an (ficial ( ! ,unit$ ,/ates ,tru/ee ,program1 :i* is a compon5t ( ! ,unit$ ,/ates ,dep>tm5t ( ,ju/ice4 7d7 ,ref]5ce to title ,solely = purposes ( ?is title1 a ref]5ce to ?is title1 ?is *apt]1 or words ( simil> import 9 a section ( title #aa1 ,unit$ ,/ates ,code1 made applicable 9 a case "u ?is title by subsection 7a7 or to ?is title1 title #aa1 ,*apt] #i1 ,*apt] #aa1 ! ,code1 or words ( simil> import 9 ! ,f$]al ,rules ( ,bankruptcy ,proc$ure made applicable 9 a case "u ?is title %all be deem$ to be a ref]5ce to ?is title4 7e7 ,sub/antially simil> ,9 det]m9+ :e!r claims are sub/antially simil> = ! purpose ( section #aabb ( title #aa1 ,unit$ ,/ates ,code1 made applicable 9 a case "u ?is title by subsection 7a71 ! ,ov]sight ,bo>d %all consid] :e!r su* claims are secur$ & :e!r su* claims h priority ov] o!r claims4 7f7 ,op]ative clauses ,a section made applicable 9 a case "u ?is title by subsection 7a7 t is op]ative if ! bus9ess ( ! debtor is au?oriz$ to be op]at$ is op]ative 9 a case "u ?is title4 #cjb4 ,:o may be a debtor ,an entity may be a debtor "u ?is title if-- 7#a7 ! entity is-- 7,a7 a t]ritory t has reque/$ ! e/abli%m5t ( an ,ov]sight ,bo>d or has _h an ,ov]sight ,bo>d e/abli%$ = x by ! ,unit$ ,/ates ,congress 9 accordance ) section #aja ( ?is ,act2 or 7,b7 a cov]$ t]ritorial in/rum5tality ( a t]ritory describ$ 9 p>agraph 7#a77;,a72 7#b7 ! ,ov]sight ,bo>d has issu$ a c]tification "u section #bjf7;b7 ( ?is ,act = su* entity2 & 7#c7 ! entity desires to effect a plan to adju/ its debts4 #cjc4 ,res]vation ( t]ritorial p[] to control t]ritory & t]ritorial in/rum5talities ,subject to ! limitations set =? 9 titles ,i & ,,ii ( ?is ,act1 ?is title does n limit or impair ! p[] ( a cov]$ t]ritory to control1 by legislation or o!rwise1 ! t]ritory or any t]ritorial in/rum5tality !re( 9 ! ex]cise ( ! political or gov]nm5tal p[]s ( ! t]ritory or t]ritorial in/rum5tality1 includ+ exp5ditures = su* ex]cise1 b :e!r or n a case has be5 or c be comm5c$ "u ?is title-- 7#a7 a t]ritory law prescrib+ a me?od ( composition ( indebt$ness or a moratorium law1 b solely to ! ext5t t x prohibits ! paym5t ( pr9cipal or int]e/ by an entity n describ$ 9 section #aji7;b77#b7 ( title #aa1 ,unit$ ,/ates ,code1 may n b9d any cr$itor ( a cov]$ t]ritory or any cov]$ t]ritorial in/rum5tality !re( t does n cons5t to ! composition or moratorium2 7#b7 a judgm5t ent]$ "u a law describ$ 9 p>agraph 7#a7 may n b9d a cr$itor t does n cons5t to ! composition2 & 7#c7 unlawful executive ord]s t alt]1 am5d1 or modify rights ( hold]s ( any debt ( ! t]ritory or t]ritorial in/rum5tality1 or t div]t funds f "o t]ritorial in/rum5tality to ano!r or to ! t]ritory1 %all be preempt$ by ?is ,act4 #cjd4 ,petition & proce$+s relat+ to petition 7a7 ,comm5cem5t ( case ,a volunt>y case "u ?is title is comm5c$ by ! fil+ ) ! di/rict c\rt ( a petition by ! ,ov]sight ,bo>d pursuant to ! det]m9ation "u section #bjf ( ?is ,act4 7b7 ,objection to petition ,aft] any objection to ! petition1 ! c\rt1 aft] notice & a he>+1 may dismiss ! petition if ! petition does n meet ! requirem5ts ( ?is title2 h[ev]1 ?is subsection %all n apply 9 any case dur+ ! fir/ #abj days aft] ! date on :i* su* case is comm5c$ "u ?is title4 7c7 ,ord] = relief ,! comm5cem5t ( a case "u ?is title con/itutes an ord] = relief4 7d7 ,appeal ,! c\rt may n1 on acc\nt ( an appeal f an ord] = relief1 delay any proce$+ "u ?is title 9 ! case 9 :i* ! appeal is be+ tak51 nor %all any c\rt ord] a /ay ( su* proce$+ p5d+ su* appeal4 7e7 ,validity ( debt ,! rev]sal on appeal ( a f9d+ ( jurisdiction %all n affect ! validity ( any debt incurr$ t is au?oriz$ by ! c\rt "u section #cfd7;c7 or #cfd7;d7 ( title #aa1 ,unit$ ,/ates ,code4 7f7 ,jo9t fil+ ( petitions & plans p]mitt$ ,! ,ov]sight ,bo>d1 on behalf ( debtors "u ?is title1 may file petitions or submit or modify plans ( adju/m5t jo9tly if ! debtors are affiliates2 provid$1 h[ev]1 t no?+ 9 ?is title %all be con/ru$ z au?oriz+ sub/antive consolidation ( ! cases ( affiliat$ debtors4 7g7 ,jo9t adm9i/ration ( affiliat$ cases ,if ! ,ov]sight ,bo>d1 on behalf ( a debtor & "o or m affiliates1 has fil$ sep>ate cases & ! ,ov]sight ,bo>d1 on behalf ( ! debtor or "o ( ! affiliates1 files a motion to adm9i/] ! cases jo9tly1 ! c\rt may ord] a jo9t adm9i/ration ( ! cases4 7h7 ,public safety ,?is ,act may n be con/ru$ to p]mit ! dis*>ge ( obligations aris+ "u ,f$]al police or regulatory laws1 includ+ laws relat+ to ! environm5t1 public heal? or safety1 or t]ritorial laws implem5t+ su* ,f$]al legal provisions4 ,?is includes compliance obligations1 requirem5ts "u cons5t decrees or judicial ord]s1 & obligations to pay associat$ adm9i/rative1 civil1 or o!r p5alties4 7i7 ,vot+ on debt adju/m5t plans n /ay$ ,not)/&+ any provision 9 ?is title to ! contr>y1 includ+ sections ( title #aa1 ,unit$ ,/ates ,code1 incorporat$ by ref]5ce1 no?+ 9 ?is section %all prev5t ! hold] ( a claim f vot+ on or cons5t+ to a propos$ modification ( su* claim "u title ,,vi ( ?is ,act4 #cje4 ,limitation on jurisdiction & p[]s ( c\rt ,subject to ! limitations set =? 9 titles ,i & ,,ii ( ?is ,act1 not)/&+ any p[] ( ! c\rt1 unless ! ,ov]sight ,bo>d cons5ts or ! plan s provides1 ! c\rt may n1 by any /ay1 ord]1 or decree1 9 ! case or o!rwise1 int]f]e )-- 7#a7 any ( ! political or gov]nm5tal p[]s ( ! debtor2 7#b7 any ( ! prop]ty or rev5ues ( ! debtor2 or 7#c7 ! use or enjoym5t by ! debtor ( any income-produc+ prop]ty4 #cjf4 ,jurisdiction 7a7 ,f$]al subject matt] jurisdiction ,! di/rict c\rts %all h-- 7#a7 except z provid$ 9 p>agraph 7#b71 orig9al & exclusive jurisdiction ( all cases "u ?is title2 & 7#b7 except z provid$ 9 subsection 7b71 & not)/&+ any ,act ( ,congress t conf]s exclusive jurisdiction on a c\rt or c\rts o!r ?an ! di/rict c\rts1 orig9al b n exclusive jurisdiction ( all civil proce$+s aris+ "u ?is title1 or aris+ 9 or relat$ to cases "u ?is title4 7b7 ,prop]ty ,jurisdiction ,! di/rict c\rt 9 :i* a case "u ?is title is comm5c$ or is p5d+ %all h exclusive jurisdiction ( all prop]ty1 :]ev] locat$1 ( ! debtor z ( ! comm5cem5t ( ! case4 7c7 ,p]sonal jurisdiction ,! di/rict c\rt 9 :i* a case "u ?is title is p5d+ %all h p]sonal jurisdiction ov] any p]son or entity4 7d7 ,removal1 rem&1 & transf] 7#a7 ,removal ,a p>ty may remove any claim or cause ( action 9 a civil action1 o!r ?an a proce$+ be=e ! ,unit$ ,/ates ,tax ,c\rt or a civil action by a gov]nm5tal unit to en=ce ! police or regulatory p[] ( ! gov]nm5tal unit1 to ! di/rict c\rt = ! di/rict 9 :i* ! civil action is p5d+1 if ! di/rict c\rt has jurisdiction ( ! claim or cause ( action "u ?is section4 7#b7 ,rem& ,! di/rict c\rt to :i* ! claim or cause ( action is remov$ "u p>agraph 7#a7 may rem& ! claim or cause ( action on any equitable gr\nd4 ,an ord] ent]$ "u ?is subsection rem&+ a claim or cause ( action1 or a decision n to rem&1 is n reviewable by appeal or o!rwise by ! c\rt ( appeals "u section #aeh7;d71 #abia or #abib ( title #bh1 ,unit$ ,/ates ,code1 or by ! ,supreme ,c\rt ( ! ,unit$ ,/ates "u section #abed ( title #bh1 ,unit$ ,/ates ,code4 7#c7 ,transf] ,a di/rict c\rt %all transf] any civil proce$+ aris+ "u ?is title1 or aris+ 9 or relat$ to a case "u ?is title1 to ! di/rict c\rt 9 :i* ! case "u ?is title is p5d+4 7e7 ,appeal 7#a7 ,an appeal %all be tak5 9 ! same mann] z appeals 9 civil proce$+s g5]ally are tak5 to ! c\rts ( appeals f ! di/rict c\rt4 7#b7 ,! c\rt ( appeals = ! circuit 9 :i* a case "u ?is title has v5ue pursuant to section #cjg ( ?is title %all h jurisdiction ( appeals f all f9al decisions1 judgm5ts1 ord]s & decrees ent]$ "u ?is title by ! di/rict c\rt4 7#c7 ,! c\rt ( appeals = ! circuit 9 :i* a case "u ?is title has v5ue pursuant to section #cjg ( ?is title %all h jurisdiction to he> appeals ( int]locutory ord]s or decrees if-- 7,a7 ! di/rict c\rt on its own motion or on ! reque/ ( a p>ty to ! ord] or decree c]tifies t-- 7i7 ! ord] or decree involves a "q ( law z to :i* !re is no controll+ decision ( ! c\rt ( appeals = ! circuit or ( ! ,supreme ,c\rt ( ! ,unit$ ,/ates1 or involves a matt] ( public importance2 7ii7 ! ord] or decree involves a "q ( law requir+ ! resolution ( conflict+ decisions2 or 7iii7 an imm$iate appeal f ! ord] or decree may mat]ially advance ! progress ( ! case or proce$+ 9 :i* ! appeal is tak52 & 7,b7 ! c\rt ( appeals au?orizes ! direct appeal ( ! ord] or decree4 7#d7 ,if ! di/rict c\rt on its own motion or on ! reque/ ( a p>ty det]m9es t a circum/ance specifi$ 9 clauses 7i71 7ii71 or 7iii7 ( p>agraph 7#c77;,a7 exi/s1 !n ! di/rict c\rt %all make ! c]tification describ$ 9 p>agraph 7#c74 7#e7 ,! p>ties may supplem5t ! c]tification ) a %ort /atem5t ( ! basis = ! c]tification issu$ by ! di/rict c\rt "u p>agraph 7#c77;,a74 7#f7 ,except z provid$ 9 section #cjd7;d71 an appeal ( an int]locutory ord] or decree does n /ay any proce$+ ( ! di/rict c\rt f :i* ! appeal is tak5 unless ! di/rict c\rt1 or ! c\rt ( appeals 9 :i* ! appeal is p5d+1 issues a /ay ( su* proce$+s p5d+ ! appeal4 7#g7 ,any reque/ = a c]tification 9 respect to an int]locutory appeal ( an ord] or decree %all be made n lat] ?an #fj days aft] ! entry ( ! ord] or decree4 7f7 ,reallocation ( c\rt /aff ,not)/&+ any law to ! contr>y1 ! cl]k ( ! c\rt 9 :i* a case is p5d+ %all reallocate z _m /aff & assi/ants z ! cl]k deems necess>y to ensure t ! c\rt has adequate res\rces to provide = prop] case managem5t4 #cjg4 ,v5ue 7a7 ,9 g5]al ,v5ue %all be prop] 9-- 7#a7 ) respect to a t]ritory1 ! di/rict c\rt = ! t]ritory or1 = any t]ritory t does n h a di/rict c\rt1 ! ,unit$ ,/ates ,di/rict ,c\rt = ! ,di/rict ( ,hawaii2 & 7#b7 ) respect to a cov]$ t]ritorial in/rum5tality1 ! di/rict c\rt = ! t]ritory 9 :i* ! cov]$ t]ritorial in/rum5tality is locat$ or1 = any t]ritory t does n h a di/rict c\rt1 ! ,unit$ ,/ates ,di/rict ,c\rt = ! ,di/rict ( ,hawaii4 7b7 ,alt]native v5ue 7#a7 ,if ! ,ov]sight ,bo>d s det]m9es 9 its sole discretion1 !n v5ue %all be prop] 9 ! di/rict c\rt = ! jurisdiction 9 :i* ! ,ov]sight ,bo>d ma9ta9s an (fice t is locat$ outside ! t]ritory4 7#b7 ,) respect to p>agraph 7#a71 ! ,ov]sight ,bo>d may consid]1 among o!r ?+s-- 7,a7 ! res\rces ( ! di/rict c\rt to adjudicate a case or proce$+2 & 7,b7 ! impact on witnesses :o may be call$ 9 su* a case or proce$+4 #cjh4 ,selection ( presid+ judge 7a7 ,= cases 9 :i* ! debtor is a t]ritory1 ! ,*ief ,ju/ice ( ! ,unit$ ,/ates %all designate a di/rict c\rt judge to sit by designation to conduct ! case4 7b7 ,= cases 9 :i* ! debtor is n a t]ritory1 & no motion = jo9t adm9i/ration ( ! debtor's case ) ! case ( its affiliate t]ritory has be5 fil$ or !re is no case 9 :i* ! affiliate t]ritory is a debtor1 ! *ief judge ( ! c\rt ( appeals = ! circuit embrac+ ! di/rict 9 :i* ! case is comm5c$ %all designate a di/rict c\rt judge to conduct ! case4 #cji4 ,ab/5tion ,no?+ 9 ?is title prev5ts a di/rict c\rt 9 ! int]e/s ( ju/ice f ab/a9+ f he>+ a p>ticul> proce$+ aris+ 9 or relat$ to a case "u ?is title4 #caj4 ,applicable rules ( proc$ure ,! ,f$]al ,rules ( ,bankruptcy ,proc$ure %all apply to a case "u ?is title & to all civil proce$+s aris+ 9 or relat$ to cases "u ?is title4 #caa4 ,leases ,a lease to a t]ritory or t]ritorial in/rum5tality %all n be treat$ z an executory contract or unexpir$ lease = ! purposes ( section #cfe or #ejb7;b77#f7 ( title #aa1 ,unit$ ,/ates ,code1 solely by reason ( ! lease be+ subject to t]m9ation 9 ! ev5t ! debtor fails to appropriate r5t4 #cab4 ,fil+ ( plan ( adju/m5t 7a7 ,exclusivity ,only ! ,ov]sight ,bo>d1 aft] ! issuance ( a c]tificate pursuant to section #ajd7;j7 ( ?is ,act1 may file a plan ( adju/m5t ( ! debts ( ! debtor4 7b7 ,deadl9e = fil+ plan ,if ! ,ov]sight ,bo>d does n file a plan ( adju/m5t ) ! petition1 ! ,ov]sight ,bo>d %all file a plan ( adju/m5t at ! "t set by ! c\rt4 #cac4 ,modification ( plan ,! ,ov]sight ,bo>d1 aft] ! issuance ( a c]tification pursuant to section #ajd7;j7 ( ?is ,act1 may modify ! plan at any "t be=e confirmation1 b may n modify ! plan s t ! plan z modifi$ fails to meet ! requirem5ts ( ?is title4 ,aft] ! ,ov]sight ,bo>d files a modification1 ! plan z modifi$ becomes ! plan4 #cad4 ,confirmation 7a7 ,objection ,a special tax pay] may object to confirmation ( a plan4 7b7 ,confirmation ,! c\rt %all confirm ! plan if-- 7#a7 ! plan complies ) ! provisions ( title #aa ( ! ,unit$ ,/ates ,code1 made applicable to a case "u ?is title by section #cja ( ?is ,act2 7#b7 ! plan complies ) ! provisions ( ?is title2 7#c7 ! debtor is n prohibit$ by law f tak+ any action necess>y to c>ry out ! plan2 7#d7 except to ! ext5t t ! hold] ( a p>ticul> claim has agre$ to a diff]5t treatm5t ( su* claim1 ! plan provides t on ! effective date ( ! plan ea* hold] ( a claim ( a k9d specifi$ 9 #ejg7;a77#b7 ( title #aa1 ,unit$ ,/ates ,code1 w receive on acc\nt ( su* claim ca% equal to ! all[$ am\nt ( su* claim2 7#e7 any legislative1 regulatory1 or electoral approval necess>y "u applicable law 9 ord] to c>ry out any provision ( ! plan has be5 obta9$1 or su* provision is expressly condition$ on su* approval2 7#f7 ! plan is feasible & 9 ! be/ int]e/s ( cr$itors1 :i* %all require ! c\rt to consid] :e!r available rem$ies "u ! non-bankruptcy laws & con/itution ( ! t]ritory w\ld result 9 a great] recov]y = ! cr$itors ?an is provid$ by su* plan2 & 7#g7 ! plan is consi/5t ) ! applicable ,fiscal ,plan c]tifi$ by ! ,ov]sight ,bo>d "u title ,,ii4 7c7 ,confirmation = debtors ) a s+le class ( claims ,if all ( ! requirem5ts ( section #cad7;b7 ( ?is title & section #aabi7;a7 ( title #aa1 ,unit$ ,/ates ,code1 incorporat$ into ?is title by section #cja o!r ?an sections #aabi7;a77#h7 & #aabi7;a77#aj7 are met ) respect to a plan-- 7#a7 ) respect to :i* all claims are sub/antially simil> "u section #cja7;e7 ( ?is title2 7#b7 t includes only "o class ( claims1 :i* claims are impair$ claims2 & 7#c7 t 0 n accept$ by su* impair$ class1 ! c\rt %all confirm ! plan not)/&+ ! requirem5ts ( su* sections #aabi7;a77#h7 & #aabi7;a77#aj7 ( title #aa1 ,unit$ ,/ates ,code if ! plan is fair & equitable & does n discrim9ate unfairly ) respect to su* impair$ class4 #cae4 ,role & capacity ( ,ov]sight ,bo>d 7a7 ,actions ( ov]sight bo>d ,= ! purposes ( ?is title1 ! ,ov]sight ,bo>d may take any action necess>y on behalf ( ! debtor to prosecute ! case ( ! debtor1 includ+-- 7#a7 fil+ a petition "u section #cjd ( ?is ,act2 7#b7 submitt+ or modify+ a plan ( adju/m5t "u sections #cab & #cac2 or 7#c7 o!rwise g5]ally submitt+ fil+s 9 relation to ! case ) ! c\rt4 7b7 ,repres5tative ( debtor ,! ,ov]sight ,bo>d 9 a case "u ?is title is ! repres5tative ( ! debtor4 #caf4 ,comp5sation ( pr(essionals 7a7 ,aft] notice to ! p>ties 9 int]e/ & ! ,unit$ ,/ates ,tru/ee & a he>+1 ! c\rt may aw>d to a pr(essional p]son employ$ by ! debtor 79 ! debtor's sole discretion71 ! ,ov]sight ,bo>d 79 ! ,ov]sight ,bo>d's sole discretion71 a committee "u section #aajc ( title #aa1 ,unit$ ,/ates ,code1 or a tru/ee appo9t$ by ! c\rt "u section #ibf ( title #aa1 ,unit$ ,/ates ,code-- 7#a7 reasonable comp5sation = actual1 necess>y s]vices r5d]$ by ! pr(essional p]son1 or attorney & by any p>apr(essional p]son employ$ by any su* p]son2 & 7#b7 reimbursem5t = actual1 necess>y exp5ses4 7b7 ,! c\rt may1 on its own motion or on ! motion ( ! ,unit$ ,/ates ,tru/ee or any o!r p>ty 9 int]e/1 aw>d comp5sation t is less ?an ! am\nt ( comp5sation t is reque/$4 7c7 ,9 det]m9+ ! am\nt ( reasonable comp5sation to be aw>d$ to a pr(essional p]son1 ! c\rt %all consid] ! nature1 ! ext5t1 & ! value ( su* s]vices1 tak+ into acc\nt all relevant factors1 includ+-- 7#a7 ! "t sp5t on su* s]vices2 7#b7 ! rates *>g$ = su* s]vices2 7#c7 :e!r ! s]vices 7 necess>y to ! adm9i/ration (1 or b5eficial at ! "t at :i* ! s]vice 0 r5d]$ t[>d ! completion (1 a case "u ?is *apt]2 7#d7 :e!r ! s]vices 7 p]=m$ )9 a reasonable am\nt ( "t comm5surate ) ! complexity1 importance1 & nature ( ! problem1 issue1 or task address$2 7#e7 ) respect to a pr(essional p]son1 :e!r ! p]son is bo>d c]tifi$ or o!rwise has demon/rat$ skill & exp]i5ce 9 ! re/ructur+ field2 & 7#f7 :e!r ! comp5sation is reasonable bas$ on ! cu/om>y comp5sation *>g$ by comp>ably skill$ practition]s 9 cases o!r ?an cases "u ?is title or title #aa1 ,unit$ ,/ates ,code4 7d7 ,! c\rt %all n all[ comp5sation =-- 7#a7 unnecess>y duplication ( s]vices2 or 7#b7 s]vices t 7 n-- 7,a7 reasonably likely to b5efit ! debtor2 or 7,b7 necess>y to ! adm9i/ration ( ! case4 7e7 ,! c\rt %all r$uce ! am\nt ( comp5sation aw>d$ "u ?is section by ! am\nt ( any int]im comp5sation aw>d$ "u section #cag ( ?is title1 &1 if ! am\nt ( su* int]im comp5sation exce$s ! am\nt ( comp5sation aw>d$ "u ?is section1 may ord] ! return ( ! excess to ! debtor4 7f7 ,any comp5sation aw>d$ = ! prep>ation ( a fee application %all be bas$ on ! level & skill reasonably requir$ to prep>e ! application4 #cag4 ,int]im comp5sation ,a debtor's attorney1 or any pr(essional p]son employ$ by ! debtor 79 ! debtor's sole discretion71 ! ,ov]sight ,bo>d 79 ! ,ov]sight ,bo>d's sole discretion71 a committee "u section #aajc ( title #aa1 ,unit$ ,/ates ,code1 or a tru/ee appo9t$ by ! c\rt "u section #ibf ( title #aa1 ,unit$ ,/ates ,code1 may apply to ! c\rt n m ?an once e #abj days aft] an ord] = relief 9 a case "u ?is title1 or m (t5 if ! c\rt p]mits1 = su* comp5sation = s]vices r5d]$ be=e ! date ( su* an application or reimbursem5t = exp5ses incurr$ be=e su* date z is provid$ "u section #caf ( ?is title4 ,,iv ,miscellane\s ,provisions #dja4 ,rules ( con/ruction ,no?+ 9 ?is ,act is int5d$1 or may be con/ru$-- 7#a7 to limit ! au?ority ( ,congress to ex]cise legislative au?ority ov] ! t]ritories pursuant to ,article ,,iv1 section #c ( ! ,con/itution ( ! ,unit$ ,/ates2 7#b7 to au?orize ! application ( section #ajd7;f7 ( ?is ,act 7relat+ to issuance ( subpo5as7 to judicial (fic]s or employees ( t]ritory c\rts2 7#c7 to alt]1 am5d1 or abrogate any provision ( ! ,cov5ant ,to ,e/abli% a ,commonweal? ( ! ,nor!rn ,m>iana ,isl&s 9 ,political ,union ,) ! ,unit$ ,/ates ( ,am]ica 7#dh ,u4,s4,c4 #ahja et seq472 or 7#d7 to alt]1 am5d1 or abrogate ! treaties ( cession reg>d+ c]ta9 isl&s ( ,am]ican ,samoa 7#dh ,u4,s4,c4 #affa74 #djb4 ,"r ( ,pu]to ,rico to det]m9e its future political /atus ,no?+ 9 ?is ,act %all be int]pret$ to re/rict ,pu]to ,rico's "r to det]m9e its future political /atus1 includ+ by conduct+ ! plebiscite z au?oriz$ by ,public ,law #aac-gf4 #djc4 ,fir/ m9imum wage 9 ,pu]to ,rico ,section #f7;g7 ( ! ,fair ,labor ,/&>ds ,act ( #aich 7#bi ,u4,s4,c4 #bjf7;g77 is am5d$ by /rik+ p>agraphs 7#b7 ?r\gh 7#d7 & ins]t+ ! foll[+3 7#b7 ,9 lieu ( ! rate prescrib$ by subsection 7a77#a71 ! ,gov]nor ( ,pu]to ,rico1 subject to ! approval ( ! ,f9ancial ,ov]sight & ,managem5t ,bo>d e/abli%$ pursuant to section #aja ( ! ,pu]to ,rico ,ov]sight1 ,managem5t1 & ,economic ,/ability ,act1 may designate a "t p]iod n to exce$ f\r ye>s dur+ :i* employ]s 9 ,pu]to ,rico may pay employees :o are initially employ$ aft] ! date ( enactm5t ( su* ,act a wage :i* is n less ?an ! wage describ$ 9 p>agraph 7#a74 ,not)/&+ ! "t p]iod designat$1 su* wage %all n cont9ue 9 effect aft] su* ,bo>d t]m9ates 9 accordance ) section #bji ( su* ,act4 7#c7 ,no employ] may take any action to displace employees 7includ+ p>tial displacem5ts su* z r$uction 9 h\rs1 wages1 or employm5t b5efits7 = purposes ( hir+ individuals at ! wage au?oriz$ 9 p>agraph 7#a7 or 7#b74 7#d7 ,any employ] :o violates ?is subsection %all be consid]$ to h violat$ section #ae7;a77#c7 7#bi ,u4,s4,c4 #bae7;a77#c774 7#e7 ,?is subsection %all only apply to an employee :o has n atta9$ ! age ( #bj ye>s1 except 9 ! case ( ! wage applicable 9 ,pu]to ,rico1 #be ye>s1 until su* "t z ! ,bo>d describ$ 9 p>agraph 7#b7 t]m9ates 9 accordance ) section #bji ( ! ,act describ$ 9 su* p>agraph4 4 #djd4 ,application ( regulation to ,pu]to ,rico 7a7 ,special rule ,! regulations propos$ by ! ,secret>y ( ,labor relat+ to exemptions reg>d+ ! rates ( pay = executive1 adm9i/rative1 pr(essional1 outside sales1 & comput] employees1 & publi%$ 9 a notice 9 ! ,f$]al ,regi/] on ,july #f1 #bjae1 & any f9al regulations issu$ relat$ to su* notice1 %all h no =ce or effect 9 ! ,commonweal? ( ,pu]to ,rico until-- 7#a7 ! ,comptroll] ,g5]al ( ! ,unit$ ,/ates completes ! assessm5t & transmits ! report requir$ "u subsection 7b72 & 7#b7 ! ,secret>y ( ,labor1 tak+ into acc\nt ! assessm5t & report ( ! ,comptroll] ,g5]al1 provides a writt5 det]m9ation to ,congress t apply+ su* rule to ,pu]to ,rico w\ld n h a negative impact on ! economy ( ,pu]to ,rico4 7b7 ,assessm5t & report ,n lat] ?an two ye>s aft] ! date ( enactm5t ( ?is ,act1 ! ,comptroll] ,g5]al %all exam9e ! economic conditions 9 ,pu]to ,rico & %all transmit a report to ,congress assess+ ! impact ( apply+ ! regulations describ$ 9 subsection 7a7 to ,pu]to ,rico1 tak+ into consid]ation regional1 metropolitan1 & non-metropolitan sal>y & co/-(-liv+ diff]5ces4 7c7 ,s5se ( congress ,x is ! s5se ( ,congress t-- 7#a7 ! ,bureau ( ! ,c5sus %\ld conduct a /udy to det]m9e ! feasibility ( exp&+ data collection to include ,pu]to ,rico & ! o!r ,unit$ ,/ates t]ritories 9 ! ,curr5t ,population ,survey1 :i* is jo9tly adm9i/]$ by ! ,bureau ( ! ,c5sus & ! ,bureau ( ,labor ,/ati/ics1 & :i* is ! prim>y s\rce ( labor =ce /ati/ics = ! population ( ! ,unit$ ,/ates2 & 7#b7 if necess>y1 ! ,bureau ( ! ,c5sus %\ld reque/ ! fund+ requir$ to conduct ?is feasibility /udy z "p ( its budget submission to ,congress = fiscal ye> #bjah4 #dje4 ,automatic /ay ^u enactm5t 7a7 ,def9itions ,9 ?is section3 7#a7 ,liability ,! t]m ,liability means a bond1 loan1 lett] ( cr$it1 o!r borr[+ title1 obligation ( insurance1 or o!r f9ancial indebt$ness = borr[$ money1 includ+ rights1 entitlem5ts1 or obligations :e!r su* rights1 entitlem5ts1 or obligations arise f contract1 /atute1 or any o!r s\rce ( law relat$ to su* a bond1 loan1 lett] ( cr$it1 o!r borr[+ title1 obligation ( insurance1 or o!r f9ancial indebt$ness 9 physical or demat]ializ$ =m1 ( :i*-- 7,a7 ! issu]1 obligor1 or gu>antor is ! ,gov]nm5t ( ,pu]to ,rico2 & 7,b7 ! date ( issuance or incurr5ce prec$es ! date ( enactm5t ( ?is ,act4 7#b7 ,liability claim ,! t]m ,liability ,claim means1 z x relates to a ,liability-- 7,a7 "r to paym5t1 :e!r or n su* "r is r$uc$ to judgm5t1 liquidat$1 unliquidat$1 fix$1 cont+5t1 matur$1 unmatur$1 disput$1 undisput$1 legal1 equitable1 secur$1 or unsecur$2 or 7,b7 "r to an equitable rem$y = brea* ( p]=mance if su* brea* gives rise to a "r to paym5t1 :e!r or n su* "r to an equitable rem$y is r$uc$ to judgm5t1 fix$1 cont+5t1 matur$1 unmatur$1 disput$1 undisput$1 secur$1 or unsecur$4 7b7 ,9 g5]al ,except z provid$ 9 subsection 7c7 ( ?is section1 ! e/abli%m5t ( an ,ov]sight ,bo>d = ,pu]to ,rico 7i4e41 ! enactm5t ( ?is ,act7 9 accordance ) section #aja op]ates ) respect to a ,liability z a /ay1 applicable to all entities 7z su* t]m is def9$ 9 section #aja ( title #aa1 ,unit$ ,/ates ,code71 (-- 7#a7 ! comm5cem5t or cont9uation1 includ+ ! issuance or employm5t ( process1 ( a judicial1 adm9i/rative1 or o!r action or proce$+ aga9/ ! ,gov]nm5t ( ,pu]to ,rico t 0 or c\ld h be5 comm5c$ be=e ! enactm5t ( ?is ,act1 or to recov] a ,liability ,claim aga9/ ! ,gov]nm5t ( ,pu]to ,rico t arose be=e ! enactm5t ( ?is ,act2 7#b7 ! en=cem5t1 aga9/ ! ,gov]nm5t ( ,pu]to ,rico or aga9/ prop]ty ( ! ,gov]nm5t ( ,pu]to ,rico1 ( a judgm5t obta9$ be=e ! enactm5t ( ?is ,act2 7#c7 any act to obta9 possession ( prop]ty ( ! ,gov]nm5t ( ,pu]to ,rico or ( prop]ty f ! ,gov]nm5t ( ,pu]to ,rico or to ex]cise control ov] prop]ty ( ! ,gov]nm5t ( ,pu]to ,rico2 7#d7 any act to create1 p]fect1 or en=ce any li5 aga9/ prop]ty ( ! ,gov]nm5t ( ,pu]to ,rico2 7#e7 any act to create1 p]fect1 or en=ce aga9/ prop]ty ( ! ,gov]nm5t ( ,pu]to ,rico any li5 to ! ext5t t su* li5 secures a ,liability ,claim t arose be=e ! enactm5t ( ?is ,act2 7#f7 any act to collect1 assess1 or recov] a ,liability ,claim aga9/ ! ,gov]nm5t ( ,pu]to ,rico t arose be=e ! enactm5t ( ?is ,act2 & 7#g7 ! set(f ( any debt ow+ to ! ,gov]nm5t ( ,pu]to ,rico t arose be=e ! enactm5t ( ?is ,act aga9/ any ,liability ,claim aga9/ ! ,gov]nm5t ( ,pu]to ,rico4 7c7 ,/ay n op]able ,! e/abli%m5t ( an ,ov]sight ,bo>d = ,pu]to ,rico 9 accordance ) section #aja does n op]ate z a /ay-- 7#a7 solely "u subsection 7b77#a7 ( ?is section1 ( ! cont9uation (1 includ+ ! issuance or employm5t ( process1 ( a judicial1 adm9i/rative1 or o!r action or proce$+ aga9/ ! ,gov]nm5t ( ,pu]to ,rico t 0 comm5c$ on or be=e ,decemb] #ah1 #bjae2 or 7#b7 ( ! comm5cem5t or cont9uation ( an action or proce$+ by a gov]nm5tal unit to en=ce su* gov]nm5tal unit's or organization's police & regulatory p[]1 includ+ ! en=cem5t ( a judgm5t o!r ?an a money judgm5t1 obta9$ 9 an action or proce$+ by ! gov]nm5tal unit to en=ce su* gov]nm5tal unit's or organization's police or regulatory p[]4 7d7 ,cont9uation ( /ay ,except z provid$ 9 subsections 7e71 7f71 & 7g7 ! /ay "u subsection 7b7 cont9ues until ! e>li] (-- 7#a7 ! lat] (-- 7,a7 ! lat] (-- 7i7 ,febru>y #ae1 #bjag2 or 7ii7 six mon?s aft] ! e/abli%m5t ( an ,ov]sight ,bo>d = ,pu]to ,rico z e/abli%$ by section #aja7;b72 7,b7 ! date t is #ge days aft] ! date 9 subp>agraph 7,a7 if ! ,ov]sight ,bo>d deliv]s a c]tification to ! ,gov]nor t1 9 ! ,ov]sight ,bo>d's sole discretion1 an additional #ge days are ne$$ to seek to complete a volunt>y process "u title ,,vi ( ?is ,act ) respect to ! gov]nm5t ( ! ,commonweal? ( ,pu]to ,rico or any ( its t]ritorial in/rum5talities2 or 7,c7 ! date t is #fj days aft] ! date 9 subp>agraph 7,a7 if ! di/rict c\rt to :i* an application has be5 submitt$ "u subp>agraph #fja7m77#a77;,d7 ( ?is ,act det]m9es1 9 ! ex]cise ( ! c\rt's equitable p[]s1 t an additional #fj days are ne$$ to complete a volunt>y process "u title ,,vi ( ?is ,act ) respect to ! gov]nm5t ( ! ,commonweal? ( ,pu]to ,rico or any ( its t]ritorial in/rum5talities2 or 7#b7 ) respect to ! gov]nm5t ( ! ,commonweal? ( ,pu]to ,rico or any ( its t]ritorial in/rum5talities1 ! date on :i* a case is fil$ by or on behalf ( ! gov]nm5t ( ! ,commonweal? ( ,pu]to ,rico or any ( its t]ritorial in/rum5talities1 z applicable1 "u title ,,iii4 7e7 ,jurisdiction1 ,relief f /ay 7#a7 ,! ,unit$ ,/ates ,di/rict ,c\rt = ! ,di/rict ( ,pu]to ,rico %all h orig9al & exclusive jurisdiction ( any civil actions aris+ "u or relat$ to ?is section4 7#b7 ,on motion ( or action fil$ by a p>ty 9 int]e/ & aft] notice & a he>+1 ! ,unit$ ,/ates ,di/rict ,c\rt = ! ,di/rict ( ,pu]to ,rico1 = cause %[n1 %all grant relief f ! /ay provid$ "u subsection 7b7 ( ?is section4 7f7 ,t]m9ation ( /ay2 he>+ ,=ty-five days aft] a reque/ "u subsection 7e77#b7 = relief f ! /ay ( any act aga9/ prop]ty ( ! ,gov]nm5t ( ,pu]to ,rico "u subsection 7b71 su* /ay is t]m9at$ ) respect to ! p>ty 9 int]e/ mak+ su* reque/1 unless ! c\rt1 aft] notice & a he>+1 ord]s su* /ay cont9u$ 9 effect p5d+ ! conclusion (1 or z a result (1 a f9al he>+ & det]m9ation "u subsection 7e77#b74 ,a he>+ "u ?is subsection may be a prelim9>y he>+1 or may be consolidat$ ) ! f9al he>+ "u subsection 7e77#b74 ,! c\rt %all ord] su* /ay cont9u$ 9 effect p5d+ ! conclusion ( ! f9al he>+ "u subsection 7e77#b7 if !re is a reasonable likelihood t ! p>ty oppos+ relief f su* /ay w prevail at ! conclusion ( su* f9al he>+4 ,if ! he>+ "u ?is subsection is a prelim9>y he>+1 !n su* f9al he>+ %all be conclud$ n lat] ?an ?irty days aft] ! conclusion ( su* prelim9>y he>+1 unless ! ?irty-day p]iod is ext5d$ ) ! cons5t ( ! p>ties 9 int]e/ or = a specific "t :i* ! c\rt f9ds is requir$ by compell+ circum/ances4 7g7 ,relief ,to prev5t irrep>able damage ,^u reque/ ( a p>ty 9 int]e/1 ! c\rt1 ) or )\t a he>+1 %all grant su* relief f ! /ay provid$ "u subsection 7b7 z is necess>y to prev5t irrep>able damage to ! int]e/ ( an entity 9 prop]ty1 if su* int]e/ w suff] su* damage be=e !re is an opportunity = notice & a he>+ "u subsection 7e7 or 7f74 7h7 ,act 9 violation ( /ay is void ,any ord]1 judgm5t1 or decree ent]$ 9 violation ( ?is section & any act tak5 9 violation ( ?is section is void1 & %all h no =ce or effect1 & any p]son f\nd to violate ?is section may be liable = damages1 co/s1 & attorneys' fees incurr$ 9 def5d+ any action tak5 9 violation ( ?is section1 & ! ,ov]sight ,bo>d or ! ,gov]nm5t ( ,pu]to ,rico may seek an ord] f ! c\rt en=c+ ! provisions ( ?is section4 7i7 ,gov]nm5t ( pu]to rico ,= purposes ( ?is section1 ! t]m ,gov]nm5t ( ,pu]to ,rico1 9 addition to ! def9ition set =? 9 section #e7aa7 ( ?is ,act1 %all include-- 7#a7 ! individuals1 includ+ elect$ & appo9t$ (ficials1 directors1 (fic]s ( & employees act+ 9 _! (ficial capacity on behalf ( ! ,gov]nm5t ( ,pu]to ,rico2 & 7#b7 ! ,ov]sight ,bo>d1 includ+ ! directors & (fic]s ( & employees act+ 9 _! (ficial capacity on behalf ( ! ,ov]sight ,bo>d4 7j7 ,no default "u exi/+ contracts 7#a7 ,not)/&+ any contractual provision or applicable law to ! contr>y & s long z a /ay "u ?is section is 9 effect1 ! hold] ( a ,liability ,claim or any o!r claim 7z su* t]m is def9$ 9 section #aja ( title #aa1 ,unit$ ,/ates ,code7 may n ex]cise or cont9ue to ex]cise any rem$y "u a contract or applicable law 9 respect to ! ,gov]nm5t ( ,pu]to ,rico or any ( its prop]ty-- 7,a7 t is condition$ ^u ! f9ancial condition (1 or ! comm5cem5t ( a re/ructur+1 insolv5cy1 bankruptcy1 or o!r proce$+ 7or a simil> or analog\s process7 by1 ! ,gov]nm5t ( ,pu]to ,rico1 includ+ a default or an ev5t ( default !reund]2 or 7,b7 ) respect to ,liability ,claims-- 7i7 = ! non-paym5t ( pr9cipal or int]e/2 or 7ii7 = ! brea* ( any condition or cov5ant4 7#b7 ,! t]m rem$y z us$ 9 p>agraph 7#a7 %all be int]pret$ broadly1 & %all include any "r exi/+ 9 law or contract1 includ+ any "r to-- 7,a7 set(f2 7,b7 apply or appropriate funds2 7,c7 seek ! appo9tm5t ( a cu/odian 7z su* t]m is def9$ 9 section #aja7aa7 ( title #aa1 ,unit$ ,/ates ,code72 7,d7 seek to raise rates2 or 7,e7 ex]cise control ov] prop]ty ( ! ,gov]nm5t ( ,pu]to ,rico4 7#c7 ,not)/&+ any contractual provision or applicable law to ! contr>y & s long z a /ay "u ?is section is 9 effect1 a contract to :i* ! ,gov]nm5t ( ,pu]to ,rico is a p>ty may n be t]m9at$ or modifi$1 & any "r or obligation "u su* contract may n be t]m9at$ or modifi$1 solely because ( a provision 9 su* contract is condition$ on-- 7,a7 ! insolv5cy or f9ancial condition ( ! ,gov]nm5t ( ,pu]to ,rico at any "t prior to ! enactm5t ( ?is ,act2 7,b7 ! adoption ( a resolution or e/abli%m5t ( an ,ov]sight ,bo>d pursuant to section #aja ( ?is ,act2 or 7,c7 a default "u a sep>ate contract t is due to1 trigg]$ by1 or a result ( ! occurr5ce ( ! ev5ts or matt]s 9 p>agraph 7#a77;,b74 7#d7 ,not)/&+ any contractual provision to ! contr>y & s long z a /ay "u ?is section is 9 effect1 a c\nt]p>ty to a contract ) ! ,gov]nm5t ( ,pu]to ,rico = ! provision ( goods & s]vices %all1 unless ! ,gov]nm5t ( ,pu]to ,rico agrees to ! contr>y 9 writ+1 cont9ue to p]=m all obligations "u1 & comply ) ! t]ms (1 su* contract1 provid$ t ! ,gov]nm5t ( ,pu]to ,rico is n 9 default "u su* contract o!r ?an z a result ( a condition specifi$ 9 p>agraph 7#c74 7k7 ,effect ,?is section does n dis*>ge an obligation ( ! ,gov]nm5t ( ,pu]to ,rico or release1 invalidate1 or impair any security int]e/ or li5 secur+ su* obligation4 ,?is section does n impair or affect ! implem5tation ( any re/ructur+ support agreem5t execut$ by ! ,gov]nm5t ( ,pu]to ,rico to be implem5t$ pursuant to ,pu]to ,rico law specifically enact$ = t purpose prior to ! enactm5t ( ?is ,act or ! obligation ( ! ,gov]nm5t ( ,pu]to ,rico to proce$ 9 good fai? z set =? 9 any su* agreem5t4 7l7 ,paym5ts on liabilities ,no?+ 9 ?is section %all be con/ru$ to prohibit ! ,gov]nm5t ( ,pu]to ,rico f mak+ any paym5t on any ,liability :5 su* paym5t becomes due dur+ ! t]m ( ! /ay1 & to ! ext5t ! ,ov]sight ,bo>d1 9 its sole discretion1 det]m9es x is feasible1 ! ,gov]nm5t ( ,pu]to ,rico %all make int]e/ paym5ts on out/&+ indebt$ness :5 su* paym5ts become due dur+ ! l5g? ( ! /ay4 7m7 ,f9d+s ,congress f9ds ! foll[+3 7#a7 ,a comb9ation ( sev]e economic decl9e1 &1 at times1 accumulat$ op]at+ deficits1 lack ( f9ancial transp>5cy1 managem5t ineffici5cies1 & excessive borr[+ has creat$ a fiscal em]g5cy 9 ,pu]to ,rico4 7#b7 ,z a result ( its fiscal em]g5cy1 ! ,gov]nm5t ( ,pu]to ,rico has be5 unable to provide its citiz5s ) effective s]vices4 7#c7 ,! curr5t fiscal em]g5cy has also affect$ ! long-t]m economic /ability ( ,pu]to ,rico by contribut+ to ! accel]at$ outmigration ( resid5ts & bus9esses4 7#d7 ,a compreh5sive approa* to fiscal1 managem5t1 & /ructural problems & adju/m5ts t exempts no "p ( ! ,gov]nm5t ( ,pu]to ,rico is necess>y1 involv+ indep5d5t ov]sight & a ,f$]al /atutory au?ority = ! ,gov]nm5t ( ,pu]to ,rico to re/ructure debts 9 a fair & ord]ly process4 7#e7 ,additionally1 an imm$iate--b tempor>y--/ay is ess5tial to /abilize ! region = ! purposes ( resolv+ ?is t]ritorial crisis4 7,a7 ,! /ay advances ! be/ int]e/s common to all /akehold]s1 includ+ b n limit$ to a function+ indep5d5t ,ov]sight ,bo>d creat$ pursuant to ?is ,act to det]m9e :e!r to appe> or int]v5e on behalf ( ! ,gov]nm5t ( ,pu]to ,rico 9 any litigation t may h be5 comm5c$ prior to ! effectiv5ess or ^u expiration ( ! /ay4 7,b7 ,! /ay is limit$ 9 nature & n>r[ly tailor$ to a*ieve ! purposes ( ?is ,act1 includ+ to ensure all cr$itors h a fair opportunity to cons5sually r5egotiate t]ms ( repaym5t bas$ on accurate f9ancial in=mation t is review$ by an indep5d5t au?ority or1 at a m9imum1 receive a recov]y f ! ,gov]nm5t ( ,pu]to ,rico equal to _! be/ possible outcome abs5t ! provisions ( ?is ,act4 7#f7 ,f9ally1 ! ability ( ! ,gov]nm5t ( ,pu]to ,rico to obta9 funds f capital m>kets 9 ! future w be sev]ely dim9i%$ )\t congressional action to re/ore its f9ancial acc\ntability & /ability4 7n7 ,purposes ,! purposes ( ?is section are to-- 7#a7 provide ! ,gov]nm5t ( ,pu]to ,rico ) ! res\rces & ! tools x ne$s to address an imm$iate exi/+ & imm95t crisis2 7#b7 all[ ! ,gov]nm5t ( ,pu]to ,rico a limit$ p]iod ( "t dur+ :i* x c focus its res\rces on negotiat+ a volunt>y resolution ) its cr$itors in/ead ( def5d+ num]\s1 co/ly cr$itor lawsuits2 7#c7 provide an ov]sight me*anism to assi/ ! ,gov]nm5t ( ,pu]to ,rico 9 re=m+ its fiscal gov]nance & support ! implem5tation ( pot5tial debt re/ructur+2 7#d7 make available a ,f$]al re/ructur+ au?ority1 if necess>y1 to all[ = an ord]ly adju/m5t ( all ( ! ,gov]nm5t ( ,pu]to ,rico's liabilities2 & 7#e7 b5efit ! lives ( #c4e million ,am]ican citiz5s liv+ 9 ,pu]to ,rico by enc\rag+ ! ,gov]nm5t ( ,pu]to ,rico to resolve its long/&+ fiscal gov]nance issues & return to economic gr[?4 7o7 ,vot+ on volunt>y agreem5ts n /ay$ ,not)/&+ any provision 9 ?is section to ! contr>y1 no?+ 9 ?is section %all prev5t ! hold] ( a ,liability ,claim f vot+ on or cons5t+ to a propos$ modification ( su* ,liability ,claim "u title ,,vi ( ?is ,act4 #djf4 ,pur*ases by t]ritory gov]nm5ts ,! text ( section #cjb ( ! ,omnibus ,insul> ,areas ,act ( #aiib 7#dh ,u4,s4,c4 #adfi;e71 is am5d$ to read z foll[s3 ,! ,gov]nm5ts ( ! ,commonweal? ( ,pu]to ,rico1 ,guam1 ,am]ican ,samoa1 ! ,commonweal? ( ! ,nor!rn ,m>iana ,isl&s1 & ! ,unit$ ,/ates ,virg9 ,isl&s are au?oriz$ to make pur*ases ?r\gh ! ,g5]al ,s]vices ,adm9i/ration44 #djg4 ,protection f int]-debtor transf]s 7a7 ,protection ( ,cr$itors ,:ile an ,ov]sight ,bo>d = ,pu]to ,rico is 9 exi/5ce1 if any prop]ty ( any t]ritorial in/rum5tality ( ,pu]to ,rico is transf]r$ 9 violation ( applicable law "u :i* any cr$itor has a valid pl$ge (1 security int]e/ 91 or li5 on su* prop]ty1 or :i* deprives any su* t]ritorial in/rum5tality ( prop]ty 9 violation ( applicable law assur+ ! transf] ( su* prop]ty to su* t]ritorial in/rum5tality = ! b5efit ( its cr$itors1 !n ! transf]ee %all be liable = ! value ( su* prop]ty4 7b7 ,en=ceability ,a cr$itor may en=ce rights "u ?is section by br++ an action 9 ! ,unit$ ,/ates ,di/rict ,c\rt = ! ,di/rict ( ,pu]to ,rico aft] ! expiration or lift+ ( ! /ay ( section #dje1 unless a /ay "u title ,,iii is 9 effect4 #djh4 ,,gao report on ,small ,bus9ess ,adm9i/ration programs 9 ,pu]to ,rico ,section #ae ( ! ,small ,bus9ess ,act 7#ae ,u4,s4,c4 #fdd7 is am5d$ by add+ at ! end ! foll[+ new subsection3 7t7 ,,gao report on small bus9ess adm9i/ration programs 9 ,pu]to ,rico ,n lat] ?an "o ye> aft] ! date ( enactm5t ( ?is subsection1 ! ,comptroll] ,g5]al ( ! ,unit$ ,/ates %all submit to ! ,committee on ,small ,bus9ess ( ! ,h\se ( ,repres5tatives & ! ,committee on ,small ,bus9ess & ,entrepr5eur%ip ( ! ,s5ate a report on ! application & utilization ( contract+ activities ( ! ,adm9i/ration 7includ+ contract+ activities relat+ to ,h,u,b,zone small bus9ess conc]ns7 9 ,pu]to ,rico4 ,! report %all also id5tify any provisions ( ,f$]al law t may create an ob/acle to ! effici5t implem5tation ( su* contract+ activities4 4 #dji4 ,congressional ,task ,=ce on ,economic ,gr[? 9 ,pu]to ,rico 7a7 ,e/abli%m5t ,!re is e/abli%$ )9 ! legislative bran* a ,congressional ,task ,=ce on ,economic ,gr[? 9 ,pu]to ,rico 7h]e9aft] ref]r$ to z ! ,task ,=ce74 7b7 ,memb]%ip ,! ,task ,=ce %all be compos$ ( eight memb]s z foll[s3 7#a7 ,"o memb] ( ! ,h\se ( ,repres5tatives1 :o %all be appo9t$ by ! ,speak] ( ! ,h\se ( ,repres5tatives1 9 coord9ation ) ! ,*airman ( ! ,committee on ,natural ,res\rces ( ! ,h\se ( ,repres5tatives4 7#b7 ,"o memb] ( ! ,h\se ( ,repres5tatives1 :o %all be appo9t$ by ! ,speak] ( ! ,h\se ( ,repres5tatives1 9 coord9ation ) ! ,*airman ( ! ,committee on ,ways & ,means ( ! ,h\se ( ,repres5tatives4 7#c7 ,"o memb] ( ! ,h\se ( ,repres5tatives1 :o %all be appo9t$ by ! ,m9ority ,lead] ( ! ,h\se ( ,repres5tatives1 9 coord9ation ) ! rank+ m9ority memb] ( ! ,committee on ,natural ,res\rces ( ! ,h\se ( ,repres5tatives4 7#d7 ,"o memb] ( ! ,h\se ( ,repres5tatives1 :o %all be appo9t$ by ! ,m9ority ,lead] ( ! ,h\se ( ,repres5tatives1 9 coord9ation ) ! rank+ m9ority memb] ( ! ,committee on ,ways & ,means ( ! ,h\se ( ,repres5tatives4 7#e7 ,"o memb] ( ! ,s5ate1 :o %all be appo9t$ by ! ,majority ,lead] ( ! ,s5ate1 9 coord9ation ) ! ,*airman ( ! ,committee on ,en]gy & ,natural ,res\rces ( ! ,s5ate4 7#f7 ,"o memb] ( ! ,s5ate1 :o %all be appo9t$ by ! ,majority ,lead] ( ! ,s5ate1 9 coord9ation ) ! ,*airman ( ! ,committee on ,f9ance ( ! ,s5ate4 7#g7 ,"o memb] ( ! ,s5ate1 :o %all be appo9t$ by ! ,m9ority ,lead] ( ! ,s5ate1 9 coord9ation ) ! rank+ m9ority memb] ( ! ,committee on ,en]gy & ,natural ,res\rces ( ! ,s5ate4 7#h7 ,"o memb] ( ! ,s5ate1 :o %all be appo9t$ by ! ,m9ority ,lead] ( ! ,s5ate1 9 coord9ation ) ! rank+ m9ority memb] ( ! ,committee on ,f9ance ( ! ,s5ate4 7c7 ,deadl9e = appo9tm5t ,all appo9tm5ts to ! ,task ,=ce %all be made n lat] ?an #ae days aft] ! date ( enactm5t ( ?is ,act4 7d7 ,*air ,! ,speak] %all designate "o ,memb] to s]ve z *air ( ! ,task ,=ce4 7e7 ,vacancies ,any vacancy 9 ! ,task ,=ce %all be fill$ 9 ! same mann] z ! orig9al appo9tm5t4 7f7 ,/atus update ,betwe5 ,septemb] #a1 #bjaf1 & ,septemb] #ae1 #bjaf1 ! ,task ,=ce %all provide a /atus update to ! ,h\se & ,s5ate t includes-- 7#a7 in=mation ! ,task ,=ce has collect$2 & 7#b7 a discussion on matt]s ! *airman ( ! ,task ,=ce deems urg5t = consid]ation by ,congress4 7g7 ,report ,n lat] ?an ,decemb] #ca1 #bjaf1 ! ,task ,=ce %all issue a report ( its f9d+s to ! ,h\se & ,s5ate reg>d+-- 7#a7 imp$im5ts 9 curr5t ,f$]al law & programs to economic gr[? 9 ,pu]to ,rico includ+ equitable access to ,f$]al heal? c>e programs2 7#b7 recomm5d$ *anges to ,f$]al law & programs t1 if adopt$1 w\ld s]ve to spur su/a9able long-t]m economic gr[?1 job creation1 r$uce *ild pov]ty1 & attract inve/m5t 9 ,pu]to ,rico2 7#c7 ! economic effect ( ,adm9i/rative ,ord] ,no4 #cdf ( ! ,dep>tm5t ( ,heal? ( ! ,commonweal? ( ,pu]to ,rico 7relat+ to natural products1 natural supplem5ts1 & diet>y supplem5ts7 or any successor or sub/antially simil> ord]1 rule1 or guidance ( ! ,commonweal? ( ,pu]to ,rico2 & 7#d7 additional in=mation ! ,task ,=ce deems appropriate4 7h7 ,cons5sus views ,to ! greate/ ext5t practicable1 ! report issu$ "u subsection 7f7 %all reflect ! %>$ views ( all eight ,memb]s1 except t ! report may conta9 diss5t+ views4 7i7 ,he>+s & sessions ,! ,task ,=ce may1 = ! purpose ( c>ry+ out ?is section1 hold he>+s1 sit & act at times & places1 take te/imony1 & receive evid5ce z ! ,task ,=ce consid]s appropriate4 ,if ! ,task ,=ce holds he>+s1 at lea/ "o su* he>+ mu/ be held 9 ,pu]to ,rico4 7j7 ,/akehold] p>ticipation ,9 c>ry+ out its duties1 ! ,task ,=ce %all consult ) ! ,pu]to ,rico ,legislative ,assembly1 ! ,pu]to ,rico ,dep>tm5t ( ,economic ,developm5t & ,comm]ce1 & ! private sector ( ,pu]to ,rico4 7k7 ,res\rces ,! ,task ,=ce %all c>ry out its duties by utiliz+ exi/+ facilities1 s]vices1 & /aff ( ! ,h\se ( ,repres5tatives & ,s5ate1 except t no additional funds are au?oriz$ to be appropriat$ to c>ry out ?is section4 7l7 ,t]m9ation ,! ,task ,=ce %all t]m9ate ^u issu+ ! report requir$ "u subsection 7f74 #daj4 ,report ,n lat] ?an #ah mon?s aft] ! date ( ! enactm5t ( ?is ,act1 ! ,comptroll] ,g5]al %all submit a report to ! ,committee on ,natural ,res\rces ( ! ,h\se ( ,repres5tatives & ! ,committee on ,en]gy & ,natural ,res\rces ( ! ,s5ate describ+-- 7#a7 ! conditions :i* l$ to ! level ( debt1 :i* %\ld be analyz$1 p] capita & bas$ ^u ov]all economic activity2 7#b7 h[ actions ( ! t]ritorial gov]nm5t improv$ or impair$ ! t]ritory's f9ancial conditions2 & 7#c7 recomm5dations on non-fiscal actions1 or policies t w\ld n imp]il ,am]ica's homel& & national security1 t c\ld be tak5 by ,congress or ! ,adm9i/ration to av]t future indebt$ness ( t]ritories1 :ile respect+ sov]eignty & con/itutional p>amet]s4 #daa4 ,report on t]ritorial debt 7a7 ,report ,requir$ ,n lat] ?an "o ye> aft] ! date ( ! enactm5t ( ?is ,act1 & !reaft] n less ?an once e two ye>s1 ! ,comptroll] ,g5]al ( ! ,unit$ ,/ates %all submit to ,congress a report on ! public debt ( ea* t]ritory1 includ+-- 7#a7 ! hi/orical levels ( ea* t]ritory's public debt1 curr5t am\nt & composition ( ea* t]ritory's public debt1 & future projections ( ea* t]ritory's public debt2 7#b7 ! hi/orical levels ( ea* t]ritory's rev5ue1 curr5t am\nt & composition ( ea* t]ritory's rev5ue1 & future projections ( ea* t]ritory's rev5ue2 7#c7 ! driv]s & composition ( ea* t]ritory's public debt2 7#d7 ! effect ( ,f$]al laws1 m&ates1 rules1 & regulations on ea* t]ritory's public debt2 & 7#e7 ! ability ( ea* t]ritory to repay x's public debt4 7b7 ,mat]ials ,! gov]nm5t ( ea* t]ritory %all make available to ! ,comptroll] ,g5]al ( ! ,unit$ ,/ates all mat]ials necess>y to c>ry out ?is section4 #dab4 ,expansion ( ,h,u,b,zones 9 ,pu]to ,rico 7a7 ,9 g5]al 7#a7 ,section #c7p77#d77;,a7 ( ! ,small ,bus9ess ,act 7#ae ,u4,s4,c4 #fcb7p77#d77;,a77 is am5d$ to read z foll[s3 7,a7 ,qualifi$ ,c5sus ,tract 7i7 ,9 ,g5]al ,! t]m qualifi$ c5sus tract has ! mean+ giv5 t t]m 9 section #db7;d77#e77;,b77ii7 ( ! ,int]nal ,rev5ue ,code ( #aihf4 7ii7 ,exception ,= any metropolitan /ati/ical area 9 ! ,commonweal? ( ,pu]to ,rico1 ! t]m qualifi$ c5sus tract has ! mean+ giv5 t t]m 9 section #db7;d77#e77;,b77ii7 ( ! ,int]nal ,rev5ue ,code ( #aihf z appli$ )\t reg>d to subclause 7,,ii7 ( su* section1 except t ?is clause %all only apply-- 7,i7 #aj ye>s aft] ! date t ! ,adm9i/rator implem5ts ?is clause1 or 7,,ii7 ! date on :i* ! ,f9ancial ,ov]sight & ,managem5t ,bo>d = ! ,commonweal? ( ,pu]to ,rico creat$ by ! ,pu]to ,rico ,ov]sight1 ,managem5t1 & ,economic ,/ability ,act ceases to exi/1 :i*ev] ev5t occurs fir/4 4 7#b7 ,regulations ,! ,adm9i/rator ( ! ,small ,bus9ess ,adm9i/ration %all issue regulations to implem5t ! am5dm5t made by p>agraph 7#a7 n lat] ?an #ij days aft] ! date ( ! enactm5t ( ?is ,act4 7b7 ,improv+ ov]sight 7#a7 ,guidance ,n lat] ?an #bgj days aft] ! date ( ! enactm5t ( ?is ,act1 ! ,adm9i/rator ( ! ,small ,bus9ess ,adm9i/ration %all develop & implem5t crit]ia & guidance on us+ a risk-bas$ approa* to reque/+ & v]ify+ in=mation f entities apply+ to be designat$ or rec]tifi$ z qualifi$ ,h,u,b,zone small bus9ess conc]ns 7z def9$ 9 section #c7p77#e7 ( ! ,small ,bus9ess ,act 7#ae ,u4,s4,c4 #fcb7p77#e7774 7#b7 ,assessm5t ,n lat] #a ye> aft] ! date on :i* ! crit]ia & guidance describ$ 9 p>agraph 7#a7 is implem5t$1 ! ,comptroll] ,g5]al ( ! ,unit$ ,/ates %all beg9 an assessm5t ( su* crit]ia & guidance4 ,n lat] ?an #f mon?s aft] beg9n+ su* an assessm5t1 ! ,comptroll] ,g5]al %all submit a report to ! ,committee on ,small ,bus9ess & ,entrepr5eur%ip ( ! ,s5ate & ! ,committee on ,small ,bus9ess ( ! ,h\se ( ,repres5tatives t includes-- 7,a7 an assessm5t ( ! crit]ia & guidance issu$ by ! ,adm9i/rator ( ! ,small ,bus9ess ,adm9i/ration 9 accordance ) p>agraph 7#a72 7,b7 an assessm5t ( ! implem5tation ( ! crit]ia & guidance issu$ by issu$ by ! ,adm9i/rator ( ! ,small ,bus9ess ,adm9i/ration 9 accordance ) p>agraph 7#a72 7,c7 an assessm5t z to :e!r ^! measures h successfully ensur$ t only qualifi$ ,h,u,b,zone small bus9ess conc]ns are p>ticipat+ 9 ! ,h,u,b,zone program "u section #ca ( ! ,small ,bus9ess ,act 7#ae ,u4,s4,c4 #feg;a72 7,d7 an assessm5t z to :e!r ! re=ms made by ! crit]ia & guidance implem5t$ "u p>agraph 7#a7 h result$ 9 job creation 9 ! ,commonweal? ( ,pu]to ,rico2 & 7,e7 recomm5dations on h[ to improve controls 9 ! ,h,u,b,zone program4 #dac4 ,det]m9ation on debt ,no?+ 9 ?is ,act %all be int]pret$ to re/rict-- 7#a7 ! ability ( ! ,pu]to ,rico ,commission = ! ,compreh5sive ,audit ( ! ,public ,cr$it to file its reports2 or 7#b7 ! review & consid]ation ( ! ,pu]to ,rico ,commission's f9d+s by ,pu]to ,rico's gov]nm5t or an ,ov]sight ,bo>d = ,pu]to ,rico e/abli%$ "u section #aja4 ,v ,pu]to ,rico ,infra/ructure ,revitalization #eja4 ,def9itions ,9 ?is title3 7#a7 ,act #gf ,! t]m ,act #gf means ,pu]to ,rico ,act #gf-bjjj 7#c ,l4,p4,r4,a4 #aica et seq471 approv$ on ,may #e1 #bjjj1 z am5d$4 7#b7 ,critical ,project ,! t]m ,critical ,project means a project id5tifi$ "u ! provisions ( ?is title & intimately relat$ to address+ an em]g5cy ^: approval1 consid]ation1 p]mitt+1 & implem5tation %all be exp$it$ & /reaml9$ accord+ to ! /atutory process provid$ by ,act #gf1 or o!rwise adopt$ pursuant to ?is title4 7#c7 ,en]gy ,commission ( ,pu]to ,rico ,! t]m ,en]gy ,commission ( ,pu]to ,rico means ! ,pu]to ,rico ,en]gy ,commission z e/abli%$ by ,subtitle ,b ( ,pu]to ,rico ,act #eg-bjad4 7#d7 ,en]gy ,projects ,! t]m ,en]gy ,projects means ^? projects address+ ! g5]ation1 di/ribution1 or transmission ( en]gy4 7#e7 ,em]g5cy ,! t]m em]g5cy means any ev5t or grave problem ( det]ioration 9 ! physical infra/ructure = ! r5d]+ ( ess5tial s]vices to ! p1 or t endang]s ! life1 public heal?1 or safety ( ! population or ( a s5sitive ecosy/em1 or z o!rwise def9$ by section #a ( ,act #gf 7#c ,l4,p4,r4,a4 #aica74 ,?is %all include problems 9 ! physical infra/ructure = en]gy1 wat]1 sew]1 solid wa/e1 highways or roads1 ports1 telecommunications1 & o!r simil> infra/ructure4 7#f7 ,environm5tal ,quality ,bo>d ,! t]m ,environm5tal ,quality ,bo>d means ! ,pu]to ,rico ,environm5tal ,quality ,bo>d1 a bo>d )9 ! executive bran* ( ! ,gov]nm5t ( ,pu]to ,rico z e/abli%$ by section #g ( ,pu]to ,rico ,act #daf-bjjd 7#ab ,l4,p4,r4,a4 #hjjb;a74 7#g7 ,exp$it$ ,p]mitt+ ,process ,! t]m ,exp$it$ ,p]mitt+ ,process means a ,pu]to ,rico ,ag5cy's alt]nate proc$ures1 conditions1 & t]ms mirror+ ^? e/abli%$ "u ,act #gf 7#c ,l4,p4,r4,a4 #aicb7 & pursuant to ?is title %all n apply to any ,f$]al law1 /atute1 or requirem5t4 7#h7 ,gov]nor ,! t]m ,gov]nor means ! ,gov]nor ( ,pu]to ,rico4 7#i7 ,int]ag5cy ,environm5tal ,subcommittee ,! t]m ,int]ag5cy ,environm5tal ,subcommittee means ! ,int]ag5cy ,subcommittee on ,exp$it$ ,environm5tal ,regulations z fur!r describ$ by section #ejd4 7#aj7 ,legislature ,! t]m ,legislature means ! ,legislature ( ,pu]to ,rico4 7#aa7 ,plann+ ,bo>d ,! t]m ,plann+ ,bo>d means ! ,pu]to ,rico ,plann+ ,bo>d1 a bo>d )9 ! executive bran* ( ! ,gov]nm5t ( ,pu]to ,rico e/abli%$ by ,pu]to ,rico ,act #ge-aige 7#bc ,l4,p4,r4,a4 #fb et seq474 7#ab7 ,project sponsor ,! t]m ,project ,sponsor means a ,pu]to ,rico ,ag5cy or private p>ty propos+ ! developm5t ( an exi/+1 ongo+1 or new infra/ructure project or ,en]gy ,project4 7#ac7 ,pu]to ,rico ,ag5cy or ,ag5cies ,! t]ms ,pu]to ,rico ,ag5cy or ,pu]to ,rico ,ag5cies means any bo>d1 body1 bo>d ( exam9]s1 public corporation1 commission1 indep5d5t (fice1 division1 adm9i/ration1 bureau1 dep>tm5t1 au?ority1 (ficial1 p]son1 entity1 municipality1 or any in/rum5tality ( ,pu]to ,rico1 or an adm9i/rative body au?oriz$ by law to p]=m duties ( regulat+1 inve/igat+1 or t may issue a decision1 or ) ! p[] to issue lic5ses1 c]tificates1 p]mits1 concessions1 accr$itations1 privileges1 fran*ises1 except ! ,s5ate & ! ,h\se ( ,repres5tatives ( ! ,legislature & ! judicial bran*4 7#ad7 ,pu]to ,rico ,electric ,p[] ,au?ority ,! t]m ,pu]to ,rico ,electric ,p[] ,au?ority means ! ,pu]to ,rico ,electric ,p[] ,au?ority e/abli%$ by ,pu]to ,rico ,act #hc-aida4 #ejb4 ,position ( ,revitalization ,coord9ator 7a7 ,e/abli%m5t ,!re is e/abli%$1 "u ! ,ov]sight ,bo>d1 ! position ( ! ,revitalization ,coord9ator4 7b7 ,appo9tm5t 7#a7 ,9 g5]al ,! ,revitalization ,coord9ator %all be appo9t$ by ! ,gov]nor z foll[s3 7,a7 ,prior to ! appo9tm5t ( ! ,revitalization ,coord9ator & )9 #fj days ( ! appo9tm5t ( ! full memb]%ip ( ! ,ov]sight ,bo>d1 ! ,ov]sight ,bo>d %all submit to ! ,gov]nor no less ?an ?ree nom9ees = appo9tm5t4 7,b7 ,9 consultation ) ! ,ov]sight ,bo>d1 n lat] ?an #aj days aft] receiv+ ! nom9ations "u subp>agraph 7,a71 ! ,gov]nor %all appo9t "o ( ! nom9ees z ! ,revitalization ,coord9ator4 ,su* appo9tm5t %all be effective imm$iately4 7,c7 ,if ! ,gov]nor fails to select a ,revitalization ,coord9ator1 ! ,ov]sight ,bo>d %all1 by majority vote1 appo9t a ,revitalization ,coord9ator f ! li/ ( nom9ees provid$ "u p>agraph 7,a74 7#b7 ,qualifications ,9 select+ nom9ees "u p>agraph 7#a77;,a71 ! ,ov]sight ,bo>d %all only nom9ate p]sons :o-- 7,a7 h sub/antial k & exp]tise 9 ! plann+1 pr$evelopm5t1 f9anc+1 developm5t1 op]ations1 eng9e]+1 or m>ket p>ticipation ( infra/ructure projects1 provid$ t /rong] consid]ation may be giv5 to c&idates :o h exp]i5ce ) ,en]gy ,projects & ! laws & regulations ( ,pu]to ,rico t may be subject to an ,exp$it$ ,p]mitt+ ,process2 7,b7 does n curr5tly provide goods or s]vices to ! gov]nm5t ( ,pu]to ,rico 7&1 z applicable1 is n ! sp\se1 p>5t1 *ild1 or sibl+ ( a p]son :o provides or has provid$ goods & s]vices to ! gov]nm5t ( ,pu]to ,rico 9 ! prec$+ #c cal5d> ye>s72 & 7,c7 %all n be an (fic]1 employee (1 or =m] (fic] or employee ( ! gov]nm5t ( ,pu]to ,rico 9 ! prec$+ #c cal5d> ye>s4 7#c7 ,comp5sation ,! ,revitalization ,coord9ator %all be comp5sat$ at an annual rate det]m9$ by ! ,ov]sight ,bo>d suffici5t 9 ! judgm5t ( ! ,ov]sight ,bo>d to obta9 ! s]vices ( a p]son ) ! skills & exp]i5ce requir$ to dis*>ge ! duties ( ! position1 b su* comp5sation %all n exce$ ! annual sal>y ( ! ,executive ,director4 7c7 ,assignm5t ( p]sonnel ,! ,executive ,director ( ! ,ov]sight ,bo>d may assign ,ov]sight ,bo>d p]sonnel to assi/ ! ,revitalization ,coord9ator4 7d7 ,removal 7#a7 ,9 g5]al ,! ,revitalization ,coord9ator may be remov$ = any reason1 9 ! ,ov]sight ,bo>d's discretion4 7#b7 ,t]m9ation ( position ,^u ! t]m9ation ( ! ,ov]sight ,bo>d pursuant to section #bji ( ?is ,act1 ! position ( ! ,revitalization ,coord9ator %all t]m9ate4 #ejc4 ,critical projects 7a7 ,id5tification ( projects 7#a7 ,project submission ,any ,project ,sponsor may submit1 s long z ! ,ov]sight ,bo>d is 9 op]ation1 any exi/+1 ongo+1 or propos$ project to ! ,revitalization ,coord9ator4 ,! ,revitalization ,coord9ator %all require su* submission to include-- 7,a7 ! impact ! project w h on an em]g5cy2 7,b7 ! availability ( imm$iate private capital or o!r funds1 includ+ loan gu>antees1 loans1 or grants to implem5t1 op]ate1 or ma9ta9 ! project2 7,c7 ! co/ ( ! project & am\nt ( ,pu]to ,rico gov]nm5t funds1 if any1 necess>y to complete & ma9ta9 ! project2 7,d7 ! environm5tal & economic b5efits provid$ by ! project1 includ+ ! numb] ( jobs to be creat$ t w be held by resid5ts ( ,pu]to ,rico & ! expect$ economic impact1 includ+ ! impact on ratepay]s1 if applicable2 7,e7 ! /atus ( ! project if x is exi/+ or ongo+2 & 7,f7 9 addition to ! requirem5ts f\nd 9 subp>agraphs 7,a7 ?r\gh 7,e71 ! ,revitalization ,coord9ator may require su* submission to include any or all ( ! foll[+ crit]ia t assess h[ ! project w-- 7i7 r$uce reliance on oil = electric g5]ation 9 ,pu]to ,rico2 7ii7 improve p]=mance ( en]gy infra/ructure & ov]all en]gy effici5cy2 7iii7 exp$ite ! div]sification & conv]sion ( fuel s\rces = electric g5]ation f oil to natural gas & r5ewables 9 ,pu]to ,rico z def9$ "u applicable ,pu]to ,rico laws2 7iv7 promote ! developm5t & utilization ( en]gy s\rces f\nd on ,pu]to ,rico2 7v7 contribute to transition+ to privatiz$ g5]ation capacities 9 ,pu]to ,rico2 7vi7 support ! ,en]gy ,commission ( ,pu]to ,rico 9 a*ievem5t ( its goal ( r$uc+ en]gy co/s & ensur+ af=dable en]gy rates = consum]s & bus9ess2 or 7vii7 a*ieve 9 :ole or 9 "p ! recomm5dations1 if feasible1 ( ! /udy 9 section #eje7;d7 ( ?is title to ! ext5t su* /udy is complet$ & n inconsi/5t ) /udies or plans o!rwise requir$ "u ,pu]to ,rico laws4 7#b7 ,id5tification ( relevant ,pu]to ,rico ,ag5cies ,)9 #bj days ( receiv+ a project submission "u p>agraph 7#a71 ! ,revitalization ,coord9ator %all1 9 consultation ) ! ,gov]nor1 id5tify all ,pu]to ,rico ,ag5cies t w h a role 9 ! p]mitt+1 approval1 au?oriz+1 or o!r activity relat$ to ! developm5t ( su* project submission4 7#c7 ,exp$it$ p]mitt+ process 7,a7 ,submission ( exp$it$ p]mitt+ process ,n lat] ?an #bj days aft] receiv+ a project submission1 ea* ,pu]to ,rico ,ag5cy id5tifi$ 9 p>agraph 7#a7 %all submit to ! ,revitalization ,coord9ator ! ,ag5cy's ,exp$it$ ,p]mitt+ ,process4 7,b7 ,failure to provide exp$it$ p]mitt+ process ,if a ,pu]to ,rico ,ag5cy fails to provide an ,exp$it$ ,p]mitt+ ,process )9 #bj days ( receiv+ a project submission1 ! ,revitalization ,coord9ator %all consult ) ! ,gov]nor to develop )9 #bj days an ,exp$it$ ,p]mitt+ ,process = ! ,ag5cy4 7,c7 ,implem5tation & prioritization ,! ,revitalization ,coord9ator %all require ,pu]to ,rico ,ag5cies to implem5t ! ,exp$it$ ,p]mitt+ ,process = ,critical ,projects4 ,critical ,projects %all be prioritiz$ to ! maximum ext5t possible 9 ea* ,pu]to ,rico ,ag5cy reg>dless ( any agreem5ts transf]r+ or delegat+ p]mitt+ au?ority to any o!r ,t]ritorial ,in/rum5tality or municipality4 7b7 ,critical project report 7#a7 ,9 g5]al ,= ea* submitt$ project1 ! ,revitalization ,coord9ator 9 consultation ) ! ,gov]nor & relevant ,pu]to ,rico ,ag5cies id5tifi$ 9 subsection 7a77#b7 %all develop a ,critical ,project ,report )9 #fj days ( ! project submission1 :i* %all include3 7,a7 ,an assessm5t ( h[ well ! project meets ! crit]ia 9 subsection 7a77#a74 7,b7 ,a recomm5dation by ! ,gov]nor :e!r ! project %\ld be consid]$ a ,critical ,project4 ,if ! ,gov]nor fails to provide a recomm5dation dur+ ! developm5t ( ! ,critical ,project ,report1 ! failure %all con/itute a concurr5ce ) ! ,revitalization ,coord9ator's recomm5dation 9 subp>agraph 7,e74 7,c7 ,9 ! case ( a project t may affect ! implem5tation ( ,l&-,use ,plans1 z def9$ by ,pu]to ,rico ,act #eej-bjjd1 a det]m9ation by ! ,plann+ ,bo>d w be requir$ )9 ! #fj-;day timeframe4 ,if ! ,plann+ ,bo>d det]m9es su* project w be inconsi/5t ) relevant ,l&-,use ,plans1 !n ! project w be deem$ ineligible = ,critical ,project designation4 7,d7 ,9 ! case ( an ,en]gy ,project t w connect ) ! ,pu]to ,rico ,electric ,p[] ,au?ority's transmission or di/ribution facilities1 a recomm5dation by ! ,en]gy ,commission ( ,pu]to ,rico1 if ! ,en]gy ,commission det]m9es su* ,en]gy ,project w affect an approv$ ,integrat$ ,res\rce ,plan1 z def9$ "u ,pu]to ,rico ,act #ed-bjad4 ,if ! ,en]gy ,commission det]m9es ! ,en]gy ,project w adv]sely affect an approv$ ,integrat$ ,res\rce ,plan1 !n ! ,en]gy ,commission %all provide ! reasons = su* det]m9ation & ! ,en]gy ,project %all be ineligible = ,critical ,project designation1 provid$ t su* det]m9ation mu/ be made dur+ ! #fj-;day timeframe = ! developm5t ( ! ,critical ,project ,report4 7,e7 ,a recomm5dation by ! ,revitalization ,coord9ator :e!r ! project %\ld be consid]$ a ,critical ,project4 7#b7 ,public involvem5t ,imm$iately foll[+ ! completion ( ! ,critical ,project ,report1 ! ,revitalization ,coord9ator %all make su* ,critical ,project ,report public & all[ a p]iod ( #cj days = ! submission ( comm5ts by resid5ts ( ,pu]to ,rico specifically on matt]s relat+ to ! designation ( a project z a ,critical ,project4 ,! ,revitalization ,coord9ator %all respond to ! comm5ts )9 #cj days ( clos+ ! com+ p]iod & make ! responses publicly available4 7#c7 ,submission to ,ov]sight ,bo>d ,n lat] ?an #e days aft] ! ,revitalization ,coord9ator has respond$ to ! comm5ts "u p>agraph 7#b71 ! ,revitalization ,coord9ator %all submit ! ,critical ,project ,report to ! ,ov]sight ,bo>d4 7c7 ,action by ! ,ov]sight ,bo>d ,n lat] ?an #cj days aft] receiv+ ! ,critical ,project ,report1 ! ,ov]sight ,bo>d1 by majority vote1 %all approve or disapprove ! project z a ,critical ,project1 if ! ,ov]sight ,bo>d-- 7#a7 approves ! project1 ! project %all be deem$ a ,critical ,project2 & 7#b7 disapproves ! project1 ! ,ov]sight ,bo>d %all submit to ! ,revitalization ,coord9ator 9 writ+ ! reasons = disapproval4 #ejd4 ,miscellane\s provisions 7a7 ,creation ( int]ag5cy environm5tal subcommittee 7#a7 ,e/abli%m5t ,n lat] ?an #fj days aft] ! date on :i* ! ,revitalization ,coord9ator is appo9t$1 ! ,int]ag5cy ,environm5tal ,subcommittee %all be e/abli%$ & %all evaluate environm5tal docum5ts requir$ "u ,pu]to ,rico law = any ,critical ,project )9 ! ,exp$it$ ,p]mitt+ ,process e/abli%$ by ! ,revitalization ,coord9ator "u section #ejc7;a77#c74 7#b7 ,composition ,! ,int]ag5cy ,environm5tal ,subcommittee %all consi/ ( ! ,revitalization ,coord9ator1 & a repres5tative select$ by ! ,gov]nor 9 consultation ) ! ,revitalization ,coord9ator repres5t+ ea* ( ! foll[+ ag5cies3 ,! ,environm5tal ,quality ,bo>d1 ! ,plann+ ,bo>d1 ! ,pu]to ,rico ,dep>tm5t ( ,natural & ,environm5tal ,res\rces1 & any o!r ,pu]to ,rico ,ag5cy det]m9$ to be relevant by ! ,revitalization ,coord9ator4 7b7 ,l5g? ( exp$it$ p]mitt+ process ,) respect to a ,pu]to ,rico ,ag5cy's activities relat$ only to a ,critical ,project1 su* ,pu]to ,rico ,ag5cy %all op]ate z if ! ,gov]nor has decl>$ an em]g5cy pursuant to section #b ( ,act #gf 7#c ,l4,p4,r4,a4 #aicb74 ,section #ab ( ,act #gf 7#c ,l4,p4,r4,a4 #aidb7 %all n be applicable to ,critical ,projects4 ,fur!rmore1 any transactions1 processes1 projects1 works1 or programs ess5tial to ! completion ( a ,critical ,project %all cont9ue to be process$ & complet$ "u su* ,exp$it$ ,p]mitt+ ,process reg>dless ( ! t]m9ation ( ! ,ov]sight ,bo>d "u section #bji4 7c7 ,exp$it$ p]mitt+ process compliance 7#a7 ,writt5 notice ,a ,critical ,project ,sponsor may 9 writ+ notify ! ,ov]sight ,bo>d ( ! failure ( a ,pu]to ,rico ,ag5cy or ! ,revitalization ,coord9ator to adh]e to ! ,exp$it$ ,p]mitt+ ,process4 7#b7 ,f9d+ ( failure ,if ! ,ov]sight ,bo>d f9ds ei!r ! ,pu]to ,rico ,ag5cy or ,revitalization ,coord9ator has fail$ to adh]e to ! ,exp$it$ ,p]mitt+ ,process1 ! ,ov]sight ,bo>d %all direct ! (f5d+ p>ty to comply ) ! ,exp$it$ ,p]mitt+ ,process4 ,! ,ov]sight ,bo>d may take su* en=cem5t action z necess>y z provid$ by section #ajd7l74 7d7 ,review ( legislature acts 7#a7 ,submission ( acts to ov]sight bo>d ,pursuant to section #bjd7;a71 ! ,gov]nor %all submit to ! ,ov]sight ,bo>d any law duly enact$ dur+ any fiscal ye> 9 :i* ! ,ov]sight ,bo>d is 9 op]ation t may affect ! ,exp$it$ ,p]mitt+ ,process4 7#b7 ,f9d+ ( ov]sight bo>d ,^u receipt ( a law "u p>agraph 7#a71 ! ,ov]sight ,bo>d %all promptly review :e!r ! law w\ld adv]sely impact ! ,exp$it$ ,p]mitt+ ,process &1 ^u su* a f9d+1 ! ,ov]sight ,bo>d may deem su* law to be significantly inconsi/5t ) ! applicable ,fiscal ,plan4 7e7 ,e/abli%m5t ( c]ta9 t]ms & conditions ,no ,pu]to ,rico ,ag5cy may include 9 any c]tificate1 "r-(-way1 p]mit1 lease1 or o!r au?orization issu$ = a ,critical ,project any t]m or condition t may be p]mitt$1 b is n requir$1 by any applicable ,pu]to ,rico law1 if ! ,revitalization ,coord9ator det]m9es ! t]m or condition w\ld prev5t or impair ! exp$iti\s con/ruction1 op]ation1 or expansion ( ! ,critical ,project4 ,! ,revitalization ,coord9ator may reque/ a ,pu]to ,rico ,ag5cy to include 9 any c]tificate1 "r-(-way1 p]mit1 lease1 or o!r au?orization1 a t]m or condition t may be p]mitt$ 9 accordance ) applicable laws if ! ,revitalization ,coord9ator det]m9es su* inclusion w\ld support ! exp$iti\s con/ruction1 op]ation1 or expansion ( any ,critical ,project4 7f7 ,disclosure ,all ,critical ,project reports1 & ju/ifications = approval or rejection ( ,critical ,project /atus1 %all be made publicly available onl9e )9 #e days ( receipt or completion4 #eje4 ,f$]al ag5cy requirem5ts 7a7 ,f$]al po9ts ( contact ,at ! reque/ ( ! ,revitalization ,coord9ator & )9 #cj days ( receiv+ su* a reque/1 ea* ,f$]al ag5cy ) jurisdiction ov] ! p]mitt+1 or adm9i/rative or environm5tal review ( private or public projects 9 ,pu]to ,rico1 %all "n a ,po9t ( ,contact :o w s]ve z t ag5cy's liaison ) ! ,revitalization ,coord9ator4 7b7 ,f$]al grants & loans ,= ea* ,critical ,project ) a p5d+ or pot5tial ,f$]al grant1 loan1 or loan gu>antee application1 ! ,revitalization ,coord9ator & ! relevant ,po9t ( ,contact %all coop]ate ) ea* o!r to ensure exp$iti\s review ( su* application4 7c7 ,exp$it$ reviews & actions ( ,f$]al ag5cies ,all reviews conduct$ & actions tak5 by any ,f$]al ag5cy relat+ to a ,critical ,project %all be exp$it$ 9 a mann] consi/5t ) completion ( ! necess>y reviews & approvals by ! deadl9es "u ! ,exp$it$ ,p]mitt+ ,process1 b 9 no way %all ! deadl9es e/abli%$ ?r\gh ! ,exp$it$ ,p]mitt+ ,process be b9d+ on any ,f$]al ag5cy4 7d7 ,transf] ( /udy ( electric rates ,section #i ( ! ,consolidat$ & ,fur!r ,cont9u+ ,appropriations ,act1 #bjae 7#dh ,u4,s4,c4 #adib;a7 is am5d$-- 7#a7 9 subsection 7a77#e71 by ins]t+ 1 except t1 ) respect to ,pu]to ,rico1 ! t]m means1 ! ,secret>y ( ,en]gy aft] ,secret>y ( ! ,int]ior2 & 7#b7 9 subsection 7b7-- 7,a7 by ins]t+ 7except 9 ! case ( ,pu]to ,rico1 9 :i* case n lat] ?an #bgj days aft] ! date ( enactm5t ( ! ,pu]to ,rico ,ov]sight1 ,managem5t1 & ,economic ,/ability ,act7 aft] ( ?is ,act2 & 7,b7 by ins]t+ 7except 9 ! case ( ,pu]to ,rico7 aft] ,emp[]+ ,insul> ,communities activity4 #ejf4 ,judicial review 7a7 ,deadl9e = fil+ ( a claim ,a claim aris+ "u ?is title mu/ be br\ght no lat] ?an #cj days aft] ! date ( ! decision or action giv+ rise to ! claim4 7b7 ,exp$it$ consid]ation ,! ,di/rict ,c\rt = ! ,di/rict ( ,pu]to ,rico %all set any action br\ght "u ?is title = exp$it$ consid]ation1 tak+ into acc\nt ! int]e/ ( enhanc+ ,pu]to ,rico's infra/ructure = electricity1 wat] & sew] s]vices1 roads & bridges1 ports1 & solid wa/e managem5t to a*ieve compliance ) local & ,f$]al environm5tal laws1 regulations1 & policies :ile ensur+ ! cont9uity ( adequate s]vices to ! p ( ,pu]to ,rico & ,pu]to ,rico's su/a9able economic developm5t4 #ejg4 ,sav+s clause ,no?+ 9 ?is title is int5d$ to *ange or alt] any ,f$]al legal requirem5ts or laws4 ,,vi ,,cr$itor ,,collective ,,action #fja4 ,cr$itor ,collective action 7a7 ,def9itions ,9 ?is title3 7#a7 ,adm9i/rative sup]visor ,! t]m ,adm9i/rative ,sup]visor means ! ,ov]sight ,bo>d e/abli%$ "u section #aja4 7#b7 ,au?oriz$ t]ritorial in/rum5tality ,! t]m ,au?oriz$ ,t]ritorial ,in/rum5tality means a cov]$ t]ritorial in/rum5tality au?oriz$ 9 accordance ) subsection 7e74 7#c7 ,calculation ag5t ,! t]m ,calculation ,ag5t means a calculation ag5t appo9t$ 9 accordance ) subsection 7k74 7#d7 ,capital appreciation bond ,! t]m ,capital ,appreciation ,bond means a ,bond t does n pay int]e/ on a curr5t basis1 b = :i* int]e/ am\nts are add$ to pr9cipal ov] "t z specifi$ 9 ! relevant (f]+ mat]ials = su* ,bond1 includ+ t ! accret$ int]e/ am\nt add$ to pr9cipal increases daily4 7#e7 ,conv]tible capital appreciation bond ,! t]m ,conv]tible ,capital ,appreciation ,bond means a ,bond t does n pay int]e/ on a curr5t basis1 b = :i* int]e/ am\nts are add$ to pr9cipal ov] "t z specifi$ 9 ! relevant (f]+ mat]ials & :i* conv]ts to a curr5t pay bond on a future date4 7#f7 ,in=mation ag5t ,! t]m ,in=mation ,ag5t means an in=mation ag5t appo9t$ 9 accordance ) subsection 7l74 7#g7 ,insur$ bond ,! t]m ,insur$ ,bond means a bond subject to a f9ancial gu>antee or simil> insurance contract1 policy or surety issu$ by a monol9e insur]4 7#h7 ,issu] ,! t]m ,issu] means1 z applicable1 ! ,t]ritory ,gov]nm5t ,issu] or an ,au?oriz$ ,t]ritorial ,in/rum5tality t has issu$ or gu>ante$ at lea/ "o ,bond t is ,out/&+4 7#i7 ,modification ,! t]m ,modification means any modification1 am5dm5t1 supplem5t or waiv] affect+ "o or m s]ies ( ,bonds1 includ+ ^? effect$ by way ( ex*ange1 repur*ase1 conv]sion1 or sub/itution4 7#aj7 ,out/&+ ,! t]m ,out/&+1 9 ! context ( ! pr9cipal am\nt ( ,bonds1 %all be det]m9$ 9 accordance ) subsection 7b74 7#aa7 ,out/&+ pr9cipal ,! t]m ,out/&+ ,pr9cipal means-- 7,a7 = a ,bond t is n a ,capital ,appreciation ,bond or a ,conv]tible ,capital ,appreciation ,bond1 ! out/&+ pr9cipal am\nt ( su* ,bond2 & 7,b7 = a ,bond t is a ,capital ,appreciation ,bond or a ,conv]tible ,capital ,appreciation ,bond1 ! curr5t accret$ value ( su* ,capital ,appreciation ,bond or a ,conv]tible ,capital ,appreciation ,bond1 z applicable4 7#ab7 ,pool ,! t]m ,pool means a pool e/abli%$ 9 accordance ) subsection 7d74 7#ac7 ,qualify+ modification ,! t]m ,qualify+ ,modification means a ,modification propos$ 9 accordance ) subsection 7g74 7#ad7 ,secur$ pool ,! t]m ,secur$ ,pool means a ,pool e/abli%$ 9 accordance ) subsection 7d7 consi/+ only ( ,bonds t are secur$ by a li5 on prop]ty1 provid$ t ! inclusion ( a ,bond ,claim 9 su* ,pool %all n 9 any way limit or prejudice ! "r ( ! ,issu]1 ! ,adm9i/rative ,sup]visor1 or any cr$itor to re*>act]ize or *all5ge su* ,bond ,claim1 or any purport$ li5 secur+ su* ,bond ,claim1 9 any o!r mann] 9 any subsequ5t proce$+ 9 ! ev5t a propos$ ,qualify+ ,modification is n consummat$4 7#ae7 ,t]ritory gov]nm5t issu] ,! t]m ,t]ritory ,gov]nm5t ,issu] means ! ,gov]nm5t ( ,pu]to ,rico or su* cov]$ t]ritory = :i* an ,ov]sight ,bo>d has be5 e/abli%$ pursuant to section #aja4 7b7 ,out/&+ bonds ,9 det]m9+ :e!r hold]s ( ! requisite pr9cipal am\nt ( ,out/&+ ,bonds h vot$ 9 favor (1 or cons5t$ to1 a propos$ ,qualify+ ,modification1 a ,bond w be deem$ n to be out/&+1 & may n be c\nt$ 9 a vote or cons5t solicitation = or aga9/ a propos$ ,qualify+ ,modification1 if on ! record date = ! propos$ ,qualify+ ,modification-- 7#a7 ! ,bond has previ\sly be5 cancell$ or deliv]$ = cancellation or is held = reissuance b has n be5 reissu$2 7#b7 ! ,bond has previ\sly be5 call$ = r$emption 9 accordance ) its t]ms or previ\sly become due & payable at maturity or o!rwise & ! ,issu] has previ\sly satisfi$ its obligation to make1 or provide =1 all paym5ts due 9 respect ( ! ,bond 9 accordance ) its t]ms2 7#c7 ! ,bond has be5 sub/itut$ ) a security ( ano!r s]ies2 or 7#d7 ! ,bond is held by ! ,issu] or by an ,au?oriz$ ,t]ritorial ,in/rum5tality ( ! ,t]ritory ,gov]nm5t ,issu] or by a corporation1 tru/ or o!r legal entity t is controll$ by ! ,issu] or an ,au?oriz$ ,t]ritorial ,in/rum5tality ( ! ,t]ritory ,gov]nm5t ,issu]1 z applicable4 ,= purposes ( ?is subsection1 a corporation1 tru/ or o!r legal entity is controll$ by ! ,issu] or by an ,au?oriz$ ,t]ritorial ,in/rum5tality ( ! ,t]ritory ,gov]nm5t ,issu] if ! ,issu] or an ,au?oriz$ ,t]ritorial ,in/rum5tality ( ! ,t]ritory ,gov]nm5t ,issu]1 z applicable1 has ! p[]1 directly or indirectly1 ?r\gh ! own]%ip ( vot+ securities or o!r own]%ip int]e/s1 by contract or o!rwise1 to direct ! managem5t ( or elect or appo9t a majority ( ! bo>d ( directors or o!r p]sons p]=m+ simil> functions 9 lieu (1 or 9 addition to1 ! bo>d ( directors ( t legal entity4 7c7 ,c]tification ( dis5fran*is$ bonds ,prior to any vote on1 or cons5t solicitation =1 a ,qualify+ ,modification1 ! ,issu] %all deliv] to ! ,calculation ,ag5t a c]tificate sign$ by an au?oriz$ repres5tative ( ! ,issu] specify+ any ,bonds t are deem$ n to be ,out/&+ = ! purpose ( subsection 7b7 above4 7d7 ,det]m9ation ( pools = vot+ ,! ,adm9i/rative ,sup]visor1 9 consultation ) ! ,issu]1 %all e/abli% ,pools 9 accordance ) ! foll[+3 7#a7 ,n less ?an "o ,pool %all be e/abli%$ = ea* ,issu]4 7#b7 ,a ,pool t conta9s "o or m ,bonds t are secur$ by a li5 on prop]ty %all be a ,secur$ ,pool4 7#c7 ,! ,adm9i/rative ,sup]visor %all e/abli% ,pools accord+ to ! foll[+ pr9ciples3 7,a7 ,= ea* ,issu] t has issu$ multiple ,bonds t are di/+ui%$ by specific provisions gov]n+ priority or security arrangem5ts1 includ+ ,bonds t h be5 issu$ z g5]al obligations ( ! ,t]ritory ,gov]nm5t ,issu] to :i* ! ,t]ritory ,gov]nm5t ,issu] pl$g$ ! full or good fai?1 cr$it1 & tax+ p[] ( ! ,t]ritory ,gov]nm5t ,issu]1 sep>ate ,pools %all be e/abli%$ correspond+ to ! relative priority or security arrangem5ts ( ea* hold] ( ,bonds aga9/ ea* ,issu]1 z applicable1 provid$1 h[ev]1 t ! t]m priority z us$ 9 ?is section %all n be und]/ood to mean diff]+ paym5t or maturity dates4 7,b7 ,= ea* ,issu] t has issu$ s5ior & subord9at$ ,bonds1 sep>ate ,pools %all be e/abli%$ = ! s5ior & subord9at$ ,bonds correspond+ to ! relative priority or security arrangem5ts4 7,c7 ,= ea* ,issu] t has issu$ multiple ,bonds1 = at lea/ "s ( :i* a gu>antee ( repaym5t has be5 provid$ by ! ,t]ritory ,gov]nm5t ,issu]1 sep>ate ,pools %all be e/abli%$ = su* gu>ante$ & non-gu>ante$ ,bonds4 7,d7 ,subject to ! o!r requirem5ts conta9$ 9 ?is section1 = ea* ,issu] t has issu$ multiple ,bonds1 = at lea/ "s ( :i* a d$icat$ rev5ue /ream has be5 pl$g$ = repaym5t1 sep>ate ,pools = su* ,issu] %all be e/abli%$ z foll[s-- 7i7 = ea* d$icat$ rev5ue /ream t has be5 pl$g$ = repaym5t1 n less ?an "o ,secur$ ,pool = ,bonds = :i* su* rev5ue /ream has be5 pl$g$1 & sep>ate ,secur$ ,pools %all be e/abli%$ = ,bonds ( diff]5t priority2 & 7ii7 n less ?an "o ,pool = all o!r ,bonds issu$ by ! ,issu] = :i* a d$icat$ rev5ue /ream has n be5 pl$g$ = repaym5t4 7,e7 ,! ,adm9i/rative ,sup]visor %all n place into sep>ate ,pools ,bonds ( ! same ,issu] t h id5tical rights 9 security or priority4 7#d7 ,not)/&+ ! prec$+ provisions ( ?is subsection1 solely ) respect to a preexi/+ volunt>y agreem5t z describ$ 9 section #ajd7;i77#c7 ( ?is ,act1 su* volunt>y agreem5t may classify ,insur$ ,bonds & un9sur$ bonds 9 diff]5t ,pools & provide diff]5t treatm5t !re( s long z ! preexi/+ volunt>y agreem5t has be5 agre$ to by-- 7,a7 hold]s ( a majority 9 am\nt ( all un9sur$ bonds out/&+ 9 ! modifi$ ,pool2 & 7,b7 hold]s 7includ+ insur]s ) p[] to vote7 ( a majority 9 am\nt ( all ,insur$ ,bonds4 7e7 ,au?orization ( t]ritory in/rum5talities ,a cov]$ t]ritorial in/rum5tality is an ,au?oriz$ ,t]ritorial ,in/rum5tality if x has be5 specifically au?oriz$ to be eligible to avail itself ( ! proc$ures "u ?is section by ! ,adm9i/rative ,sup]visor4 7f7 ,in=mation deliv]y requirem5t ,be=e solicitation ( acceptance or rejection ( a ,modification "u subsection 7h71 ! ,issu] %all provide to ! ,calculation ,ag5t1 ! ,in=mation ,ag5t1 & ! ,adm9i/rative ,sup]visor1 ! foll[+ in=mation-- 7#a7 a description ( ! ,issu]'s economic & f9ancial circum/ances :i* are1 9 ! ,issu]'s op9ion1 relevant to ! reque/ = ! propos$ ,qualify+ ,modification1 a description ( ! ,issu]'s exi/+ debts1 a description ( ! impact ( ! propos$ ,qualify+ ,modification on ! t]ritory's or its t]ritorial in/rum5talities' public debt2 7#b7 if ! ,issu] is seek+ ,modifications affect+ any o!r ,pools ( ,bonds ( ! ,t]ritory ,gov]nm5t ,issu] or its ,au?oriz$ ,t]ritorial ,in/rum5talities1 a description ( su* o!r ,modifications2 7#c7 if a ,fiscal ,plan ) respect to su* ,issu] has be5 c]tifi$1 ! applicable ,fiscal ,plan c]tifi$ 9 accordance ) section #bja2 & 7#d7 su* o!r in=mation z may be requir$ "u applicable securities laws4 7g7 ,qualify+ modification ,a ,modification is a ,qualify+ ,modification if "o ( ! foll[+ processes has occurr$3 7#a7 ,consultation ,process4-- 7,a7 ! ,issu] propos+ ! ,modification has consult$ ) hold]s ( ,bonds 9 ea* ,pool ( su* ,issu] prior to solicit+ a vote on su* ,modification2 7,b7 ea* ex*ang+1 repur*as+1 conv]t+1 or sub/itut+ hold] ( ,bonds ( any s]ies 9 a ,pool affect$ by t ,modification is (f]$ ! same am\nt ( consid]ation p] am\nt ( pr9cipal1 ! same am\nt ( consid]ation p] am\nt ( int]e/ accru$ b unpaid & ! same am\nt ( consid]ation p] am\nt ( pa/ due int]e/1 respectively1 z t (f]$ to ea* o!r ex*ang+1 repur*as+1 conv]t+1 or sub/itut+ hold] ( ,bonds ( any s]ies 9 a ,pool affect$ by t ,modification 7or1 :]e a m5u ( in/rum5ts or o!r consid]ation is (f]$1 ea* ex*ang+1 repur*as+1 conv]t+1 or sub/itut+ hold] ( ,bonds ( any s]ies 9 a ,pool affect$ by t ,modification is (f]$ ! same am\nt ( consid]ation p] am\nt ( pr9cipal1 ! same am\nt ( consid]ation p] am\nt ( int]e/ accru$ b unpaid & ! same am\nt ( consid]ation p] am\nt ( pa/ due int]e/1 respectively1 z t (f]$ to ea* o!r ex*ang+1 repur*as+1 conv]t+1 or sub/itut+ hold] ( ,bonds ( any s]ies 9 a ,pool affect$ by t ,modification elect+ ! same option "u su* m5u ( in/rum5ts72 & 7,c7 ! ,modification is c]tifi$ by ! ,adm9i/rative ,sup]visor z be+ consi/5t ) ! requirem5ts set =? 9 section #ajd7;i77#a7 & is 9 ! be/ int]e/s ( ! cr$itors & is feasible4 7#b7 ,volunt>y agreem5t process ,! ,adm9i/rative ,sup]visor has issu$ a c]tification t-- 7,a7 ! requirem5ts set =? 9 section #ajd7;i77#b7 & section #fja7;g77#a77;,b7 h be5 satisfi$2 or 7,b7 ! ,modification is consi/5t ) a re/ructur+ support or simil> agreem5t to be implem5t$ pursuant to ! law ( ! cov]$ t]ritory execut$ by ! ,issu] prior to ! e/abli%m5t ( an ,ov]sight ,bo>d = ! relevant t]ritory4 7h7 ,solicitation 7#a7 ,^u receipt ( a c]tification f ! ,adm9i/rative ,sup]visor "u subsection 7g71 ! ,in=mation ,ag5t %all1 if practical & except z provid$ 9 p>agraph 7#b71 submit to ! hold]s ( any ,out/&+ ,bonds ( ! relevant ,issu]1 includ+ hold]s ( ! "r to vote su* ,out/&+ ,bonds1 ! in=mation submitt$ by ! relevant ,issu] "u subsection 7f77#a7 9 ord] to solicit ! vote ( su* hold]s to approve or reject ! ,qualify+ ,modification4 7#b7 ,if ! ,in=mation ,ag5t is unable to id5tify ! address ( hold]s ( any ,out/&+ ,bonds ( ! relevant ,issu]1 ! ,in=mation ,ag5t may solicit ! vote or cons5t ( su* hold]s by-- 7,a7 deliv]+ ! solicitation to ! pay+ ag5t = any su* ,issu] or ,depository ,tru/ ,corporation if x s]ves z ! cle>+ sy/em = any ( ! ,issu]'s ,out/&+ ,bonds2 or 7,b7 deliv]+ or publi%+ ! solicitation by :atev] additional means ! ,in=mation ,ag5t1 aft] consultation ) ! ,issu]1 deems necess>y & appropriate 9 ord] to make a reasonable ef=t to in=m hold]s ( any ,out/&+ ,bonds ( ! ,issu] :i* may include1 notice by mail1 publication 9 electronic m$ia1 publication on a website ( ! ,issu]1 or publication 9 newspap]s ( national circulation 9 ! ,unit$ ,/ates & 9 a newspap] ( g5]al circulation 9 ! t]ritory4 7i7 ,:o may propose a modification ,= ea* ,issu]1 a ,modification may be propos$ to ! ,adm9i/rative ,sup]visor by ! ,issu] or by "o or m hold]s ( ! "r to vote ! ,issu]'s ,out/&+ ,bonds4 ,to ! ext5t a ,modification propos$ by "o or m hold]s ( ! "r to vote ,out/&+ ,bonds o!rwise complies ) ! requirem5ts ( ?is title1 ! ,adm9i/rative ,sup]visor may accept su* ,modification on behalf ( ! ,issu]1 9 :i* case ! ,adm9i/rative ,sup]visor w in/ruct ! ,issu] to provide ! in=mation requir$ 9 subsection 7f74 7j7 ,vot+ ,= ea* ,issu]1 any ,qualify+ ,modification may be made ) ! affirmative vote ( ! hold]s ( ! "r to vote at lea/ two-?irds ( ! ,out/&+ ,pr9cipal am\nt ( ! ,out/&+ ,bonds 9 ea* ,pool t h vot$ to approve or reject ! ,qualify+ ,modification1 provid$ t hold]s ( ! "r to vote n less ?an a majority ( ! aggregate ,out/&+ ,pr9cipal am\nt ( all ! ,out/&+ ,bonds 9 ea* ,pool h vot$ to approve ! ,qualify+ ,modification4 ,! hold] ( ! "r to vote ! ,out/&+ ,bonds t are ,insur$ ,bonds %all be ! monol9e insur] insur+ su* ,insur$ ,bond to ! ext5t su* insur] is grant$ ! "r to vote ,insur$ ,bonds = purposes ( direct+ rem$ies or cons5t+ to propos$ am5dm5ts or modifications z provid$ 9 ! applicable docum5ts pursuant to :i* su* ,insur$ ,bond 0 issu$ & insur$4 7k7 ,calculation ag5t ,= ! purpose ( calculat+ ! pr9cipal am\nt ( ! ,bonds ( any s]ies eligible to p>ticipate 9 su* a vote or cons5t solicitation & tabulat+ su* votes or cons5ts1 ! ,t]ritory ,gov]nm5t ,issu] may appo9t a ,calculation ,ag5t = ea* ,pool reasonably acceptable to ! ,adm9i/rative ,sup]visor4 7l7 ,in=mation ag5t ,= ! purpose ( adm9i/]+ a vote ( hold]s ( ,bonds1 includ+ ! hold]s ( ! "r to vote su* ,bonds1 or seek+ ! cons5t ( hold] ( ,bonds1 includ+ ! hold]s ( ! "r to vote su* ,bonds1 to a writt5 action "u ?is section1 ! ,t]ritory ,gov]nm5t ,issu] may appo9t an ,in=mation ,ag5t = ea* ,pool reasonably acceptable to ! ,adm9i/rative ,sup]visor4 7m7 ,b9d+ effect 7#a7 ,a ,qualify+ ,modification w be conclusive & b9d+ on all hold]s ( ,bonds :e!r or n !y h giv5 su* cons5t1 & on all future hold]s ( ^? ,bonds :e!r or n notation ( su* ,qualify+ ,modification is made ^u ! ,bonds1 if-- 7,a7 ! hold]s ( ! "r to vote ! ,out/&+ ,bonds 9 e ,pool ( ! ,issu] pursuant to subsection 7j7 h cons5t$ to or approv$ ! ,qualify+ ,modification2 7,b7 ! ,adm9i/rative ,sup]visor c]tifies t-- 7i7 ! vot+ requirem5ts ( ?is section h be5 satisfi$2 7ii7 ! ,qualify+ ,modification complies ) ! requirem5ts set =? 9 section #ajd7;i77#a72 & 7iii7 except = su* conditions t h be5 id5tifi$ 9 ! ,qualify+ ,modification z be+ non-waivable1 any conditions on ! effectiv5ess ( ! ,qualify+ ,modification h be5 satisfi$ or1 9 ! ,adm9i/rative ,sup]visor's sole discretion1 satisfaction ( su* conditions has be5 waiv$2 7,c7 ) respect to a ,bond ,claim t is secur$ by a li5 on prop]ty & ) respect to :i* ! hold] ( su* ,bond ,claim has reject$ or n cons5t$ to ! ,qualify+ ,modification1 ! hold] ( su* ,bond-- 7i7 reta9s ! li5 secur+ su* ,bond ,claims2 or 7ii7 receives on acc\nt ( su* ,bond ,claim1 ?r\gh def]r$ ca% paym5ts1 sub/itute collat]al1 or o!rwise1 at lea/ ! equival5t value ( ! less] ( ! am\nt ( ! ,bond ,claim or ( ! collat]al secur+ su* ,bond ,claim2 & 7,d7 ! di/rict c\rt = ! t]ritory or1 = any t]ritory t does n h a di/rict c\rt1 ! ,unit$ ,/ates ,di/rict ,c\rt = ! ,di/rict ( ,hawaii1 has1 aft] review+ an application submitt$ to x by ! applicable ,issu] = an ord] approv+ ! ,qualify+ ,modification1 ent]$ an ord] t ! requirem5ts ( ?is section h be5 satisfi$4 7#b7 ,^u ! entry ( an ord] "u p>agraph 7#a77;,d71 ! conclusive & b9d+ ,qualify+ ,modification %all be valid & b9d+ on any p]son or entity ass]t+ claims or o!r rights1 includ+ a b5eficial int]e/ 7directly or indirectly1 z pr9cipal1 ag5t1 c\nt]p>t1 subrogee1 insur] or o!rwise7 9 respect ( ,bonds subject to ! ,qualify+ ,modification1 any tru/ee1 any collat]al ag5t1 any ind5ture tru/ee1 any fiscal ag5t1 & any bank t receives or holds funds relat$ to su* ,bonds4 ,all prop]ty ( an ,issu] = :i* an ord] has be5 ent]$ "u p>agraph 7#a77;,d7 %all ve/ 9 ! ,issu] free & cle> ( all claims 9 respect ( any ,bonds ( any o!r ,issu]4 ,su* ,qualify+ ,modification w be full1 f9al1 complete1 b9d+1 & conclusive z to ! t]ritorial gov]nm5t ,issu]1 o!r t]ritorial in/rum5talities ( ! t]ritorial gov]nm5t ,issu]1 & any cr$itors ( su* entities1 & %\ld n be subject to any collat]al attack or o!r *all5ge by any su* entities 9 any c\rt or o!r =um4 ,o!r ?an z provid$ h]e91 ! =ego+ %all n prejudice ! rights & claims ( any p>ty t insur$ ! ,bonds1 includ+ ! "r to ass]t claims "u ! ,bonds z modifi$ foll[+ any paym5t "u ! insurance policy1 & no claim or "r t may be ass]t$ by any p>ty 9 a capacity o!r ?an hold] ( a ,bond affect$ by ! ,qualify+ ,modification %all be satisfi$1 releas$1 dis*>g$1 or enjo9$ by ?is provision4 7n7 ,judicial review 7#a7 ,! di/rict c\rt = ! t]ritory or1 = any t]ritory t does n h a di/rict c\rt1 ! ,unit$ ,/ates ,di/rict ,c\rt = ! ,di/rict ( ,hawaii %all h orig9al & exclusive jurisdiction ov] civil actions aris+ "u ?is section4 7#b7 ,not)/&+ section #ajf7;e71 !re %all be a cause ( action to *all5ge unlawful application ( ?is section4 7#c7 ,! di/rict c\rt %all nullify a ,modification & any effects on ! rights ( ! hold]s ( ,bonds result+ f su* ,modification if & only if ! di/rict c\rt det]m9es t su* ,modification is manife/ly inconsi/5t ) ?is section4 #fjb4 ,applicable law ,9 any judicial proce$+ reg>d+ ?is title1 ,f$]al1 ,/ate1 or t]ritorial laws ( ! ,unit$ ,/ates1 z applicable1 %all gov]n & be appli$ )\t reg>d or ref]5ce to any law ( any int]national or =eign jurisdiction4 ,,vii ,s5se ( ,congress reg>d+ p]man5t1 pro-gr[? fiscal re=ms #gja4 ,s5se ( ,congress reg>d+ p]man5t1 pro-gr[? fiscal re=ms ,x is ! s5se ( ! ,congress t any durable solution = ,pu]to ,rico's fiscal & economic crisis %\ld include p]man5t1 pro-gr[? fiscal re=ms t feature1 among o!r elem5ts1 a free fl[ ( capital betwe5 possessions ( ! ,unit$ ,/ates & ! re/ ( ! ,unit$ ,/ates4 ,cl]k4