,,ii #aad? ,,congress #b;d ,session ,s4 #bfgf ,,9 ,,! ,,s5ate ,,( ,,! ,,unit$ ,,/ates ,m>* #ad1 #bjaf,mr4 ,m55dez 7= himself1 ,mr4 ,s*um]1 ,mr4 ,br[n1 ,ms4 ,cantwell1 ,mr4 ,blum5?al1 ,ms4 ,w>r51 & ,mr4 ,book]7 introduc$ ! foll[+ bill2 :i* 0 read twice & ref]r$ to ! ,committee on ,en]gy & ,natural ,res\rces ,a ,,bill ,to provide = ! adju/m5t ( ! debts ( ! ,commonweal? ( ,pu]to ,rico1 & = o!r purposes4 #a4 ,%ort title ,?is ,act may be cit$ z ! ,pu]to ,rico ,/ability ,act ( #bjaf4 #b4 ,table ( cont5ts ,! table ( cont5ts = ?is ,act is z foll[s3 ,sec4 #a4 ,%ort title4 ,sec4 #b4 ,table ( cont5ts4 ,,title ,i--,te*nical assi/ance & fiscal re=m ,subtitle ,a--,te*nical assi/ance ,sec4 #aja4 ,def9itions4 ,sec4 #ajb4 ,improv+ acc\nt+ & disclosure practices4 ,sec4 #ajc4 ,pur*ases by t]ritory gov]nm5t4 ,subtitle ,b--,fiscal /ability & re=m bo>ds & *ief f9ancial (fic]s ,sec4 #aaa4 ,e/abli%m5t ( ,fiscal ,/ability & ,re=m ,bo>d4 ,sec4 #aab4 ,e/abli%m5t ( ,*ief ,f9ancial ,(fic]4 ,sec4 #aac4 ,developm5t & approval ( fiscal plans4 ,sec4 #aad4 ,sev]ability4 ,,title ,,ii--,adju/m5ts ( debts ( a t]ritory or its municipalities ,subtitle ,a--,g5]al provisions ,sec4 #bja4 ,def9itions4 ,sec4 #bjb4 ,:o may be a debtor4 ,sec4 #bjc4 ,res]vation ( t]ritorial p[] to control municipalities4 ,sec4 #bjd4 ,limitation on jurisdiction & p[]s ( c\rt4 ,subtitle ,b--,initial /ay on litigation ,sec4 #baa4 ,def9itions4 ,sec4 #bab4 ,effective date4 ,sec4 #bac4 ,automatic /ay4 ,subtitle ,c--,adjudication & judicial review ,sec4 #bba4 ,petition & proce$+s relat+ to petition4 ,sec4 #bbb4 ,jurisdiction4 ,sec4 #bbc4 ,v5ue4 ,sec4 #bbd4 ,selection ( presid+ judge4 ,sec4 #bbe4 ,appellate review4 ,sec4 #bbf4 ,applicable rules ( proc$ure4 ,sec4 #bbg4 ,sev]ability4 ,subtitle ,d--,! plan ,sec4 #bca4 ,fil+ ( plan ( adju/m5t4 ,sec4 #bcb4 ,confirmation4 ,subtitle ,e--,additional provisions ,sec4 #bda4 ,comp5sation ( pr(essionals4 ,sec4 #bdb4 ,int]im comp5sation4 ,sec4 #bdc4 ,applicability ( o!r sections4 ,,title ,,iii--,pu]to ,rico *apt] #i uni=mity ,sec4 #cja4 ,%ort title4 ,sec4 #cjb4 ,am5dm5t4 ,sec4 #cjc4 ,effective date2 application ( am5dm5t4 ,sec4 #cjd4 ,sev]ability4 ,i ,te*nical assi/ance & fiscal re=m ,a ,te*nical assi/ance #aja4 ,def9itions ,9 ?is title3 7#a7 ,bo>d ,! t]m ,bo>d means a ,fiscal ,/ability & ,re=m ,bo>d e/abli%$ 9 accordance ) section #aaa4 7#b7 ,*ief ,f9ancial ,(fic] ,! t]m ,*ief ,f9ancial ,(fic] means a ,*ief ,f9ancial ,(fic] e/abli%$ 9 accordance ) section #aab4 7#c7 ,compliant budget ,! t]m compliant budget means a budget t is prep>$ 9 accordance )-- 7,a7 modifi$ accrual acc\nt+ /&>ds2 & 7,b7 ! applicable ,fiscal ,plan4 7#d7 ,cov]$ t]ritorial in/rum5tality ,! t]m cov]$ t]ritorial in/rum5tality means a t]ritorial in/rum5tality designat$ by ! ,bo>d pursuant to section #aaa7;b7 to be subject to ! requirem5ts ( subtitle ,b4 7#e7 ,cov]$ t]ritory ,! t]m cov]$ t]ritory means a t]ritory = :i* a ,bo>d has be5 e/abli%$ "u section #aaa4 7#f7 ,fiscal plan ,! t]m ,fiscal ,plan means a fiscal plan = a cov]$ t]ritory submitt$ & approv$ 9 accordance ) section #aac4 7#g7 ,gov]nor ,! t]m ,gov]nor means ! *ief executive ( a t]ritory4 7#h7 ,legislature 7,a7 ,9 g5]al ,! t]m legislature means ! legislative body responsible = enact+ ! laws ( a t]ritory4 7,b7 ,exclusion ,! t]m legislature does n include ,congress4 7#i7 ,modifi$ accrual acc\nt+ /&>ds ,! t]m modifi$ accrual acc\nt+ /&>ds means acc\nt+ /&>ds issu$ by ! ,gov]nm5tal ,acc\nt+ ,/&>ds ,bo>d t recognize-- 7,a7 rev5ues z !y become available & measur$2 & 7,b7 exp5ditures z liabilities are incurr$4 7#aj7 ,(fice ,! t]m ,(fice means an ,(fice ( ! ,*ief ,f9ancial ,(fic] e/abli%$ 9 accordance ) section #aab4 7#aa7 ,t]ritorial gov]nm5t ,! t]m t]ritorial gov]nm5t means ! gov]nm5t ( a cov]$ t]ritory1 includ+ ea* t]ritorial in/rum5tality ( ! gov]nm5t ( ! cov]$ t]ritory4 7#ab7 ,t]ritorial in/rum5tality 7,a7 ,9 g5]al ,! t]m t]ritorial in/rum5tality means a political subdivision1 public ag5cy1 in/rum5tality1 or public corporation ( a t]ritory4 7,b7 ,exclusion ,! t]m t]ritorial in/rum5tality does n include a ,bo>d4 7#ac7 ,t]ritory ,! t]m t]ritory means-- 7,a7 ! ,commonweal? ( ,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 #ajb4 ,improv+ acc\nt+ & disclosure practices 7a7 ,9 g5]al ,on reque/ ( ! applicable ,gov]nor1 legislature1 or ,bo>d 7if any71 ! ,secret>y ( ! ,treasury 7ref]r$ to 9 ?is section z ! ,secret>y7 may provide te*nical assi/ance to a t]ritory t ! ,secret>y det]m9es to be eligible = te*nical assi/ance relat+ to fiscal & f9ancial practices4 7b7 ,inclusions ,9 provid+ te*nical assi/ance "u subsection 7a71 ! ,secret>y may1 9 association ) any ,f$]al dep>tm5t or ag5cy or ! ,f$]al ,res]ve ,sy/em1 includ+ any ,f$]al ,res]ve ,bank1 provide assi/ance relat+ to-- 7#a7 in=mation te*nology upgrades2 7#b7 improv+ economic =eca/+1 includ+ multiye> fiscal =eca/+ capabilities2 7#c7 budget+1 tax collection1 ca% managem5t1 & sp5d+ controls2 7#d7 ensur+ t ag5cies 9 ! t]ritory use f9ancial sy/ems t are compatible ) ! sy/ems ( o!r ag5cies ( ! t]ritory & ,f$]al ag5cies to provide = consi/5t1 timely f9ancial report+ & visibility into exp5ses2 7#e7 improv+ & exp&+ economic indicators = ! t]ritory to make available = ! t]ritory ! indicators regul>ly us$ to track regional conditions on ! ,unit$ ,/ates ma9l&2 & 7#f7 su* o!r matt]s z ! ,secret>y1 9 consultation ) ! t]ritory1 det]m9es to be appropriate4 7c7 ,au?orization ( appropriations ,!re are au?oriz$ to be appropriat$ su* sums z are necess>y to c>ry out ?is section4 #ajc4 ,pur*ases by t]ritory gov]nm5t ,section #cjb ( ! ,omnibus ,insul> ,areas ,act ( #aiib 7#dh ,u4,s4,c4 #adfi;e7 is am5d$ to read z foll[s3 #cjb4 ,insul> gov]nm5t pur*ases ,! 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/ration4 4 ,b ,fiscal /ability & re=m bo>ds & *ief f9ancial (fic]s #aaa4 ,e/abli%m5t ( ,fiscal ,/ability & ,re=m ,bo>d 7a7 ,reque/ ,effective on ! date on :i* ! ,gov]nor ( a t]ritory signs a resolution adopt$ by ! legislature ( ! t]ritory to reque/ ! e/abli%m5t ( a ,fiscal ,/ability & ,re=m ,bo>d "u ?is subtitle1 a ,bo>d is e/abli%$ = ! t]ritory4 7b7 ,bo>d ov]sight ( t]ritorial in/rum5talities 7#a7 ,designation 7,a7 ,9 g5]al ,a ,bo>d1 at su* "t z ! ,bo>d det]m9es to be appropriate1 may designate a t]ritorial in/rum5tality z a cov]$ t]ritorial in/rum5tality t is subject to ! requirem5ts ( ?is subtitle4 7,b7 ,budgets & reports ,a ,bo>d may require ! ,gov]nor or ! ,*ief ,f9ancial ,(fic] ( ! applicable cov]$ t]ritory to submit to ! ,bo>d su* annual budgets or mon?ly or qu>t]ly reports relat+ to a cov]$ t]ritorial in/rum5tality z ! ,bo>d det]m9es to be necess>y4 7,c7 ,inclusion 9 fiscal plan ,! ,gov]nor ( ! applicable cov]$ t]ritory %all include 9 ! applicable ,fiscal ,plan a description ( ea* requirem5t "u section #aac7;c7 = ea* cov]$ t]ritorial in/rum5tality4 7#b7 ,exclusion 7,a7 ,9 g5]al ,a ,bo>d1 at su* "t z ! ,bo>d det]m9es to be appropriate1 may exclude any t]ritorial in/rum5tality ( ! cov]$ t]ritory f ! requirem5ts ( ?is subtitle4 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 7c7 ,exemption f liability = claims ,a ,bo>d1 & ea* memb] ( ! ,bo>d1 %all n be liable = any obligation (1 or claim aga9/1 ! applicable cov]$ t]ritory result+ f any action ( ! ,bo>d to c>ry out ?is subtitle4 7d7 ,memb]%ip 7#a7 ,9 g5]al ,a ,bo>d %all consi/ ( #i memb]s :o meet ! qualifications describ$ 9 p>agraph 7#f71 & ( :om3 7,a7 #b memb]s %all be appo9t$ by ! ,presid5t 9 accordance ) ! requirem5ts describ$ 9 p>agraph 7#e74 7,b7 #b memb]s %all be appo9t$ by ! ,gov]nor ( ! applicable cov]$ t]ritory4 7,c7 #a memb] %all be appo9t$ by ! *ief ju/ice ( ! highe/ appellate c\rt ( ! applicable cov]$ t]ritory4 7,d7 #d memb]s %all be appo9t$ by ! legislature ( ! applicable cov]$ t]ritory z foll[s3 7i7 ,if ! legislature has #b *amb]s-- 7,i7 #a memb] %all be appo9t$ by ! political p>ty hold+ ! mo/ seats 9 ! l[] *amb] ( ! legislature2 7,,ii7 #a memb] %all be appo9t$ by ! political p>ty hold+ ! second-mo/ seats 9 ! l[] *amb] ( ! legislature2 7,,iii7 #a memb] %all be appo9t$ by ! political p>ty hold+ ! mo/ seats 9 ! upp] *amb] ( ! legislature2 & 7,,iv7 #a memb] %all be appo9t$ by ! political p>ty hold+ ! second-mo/ seats 9 ! upp] *amb] ( ! legislature4 7ii7 ,if ! legislature has #a *amb]-- 7,i7 #b memb]s %all be appo9t$ by ! political p>ty hold+ ! mo/ seats 9 ! legislature2 & 7,,ii7 #b memb]s %all be appo9t$ by ! political p>ty hold+ ! second-mo/ seats 9 ! legislature4 7#b7 ,*airp]son ,! memb] appo9t$ "u p>agraph 7#a77;,c7 %all s]ve z ! *airp]son ( ! ,bo>d4 7#c7 ,p]iod ( appo9tm5t 7,a7 ,9 g5]al ,except = ! memb] appo9t$ "u p>agraph 7#a77;,c7 & = ! initial t]ms ( memb]s1 ea* memb] ( ! ,bo>d %all be-- 7i7 appo9t$ = a t]m ( #d ye>s2 & 7ii7 eligible = reappo9tm5t4 7,b7 ,initial t]ms 7i7 ,= memb]s appo9t$ "u p>agraph 7#a77;,a71 z designat$ by ! ,presid5t at ! "t ( appo9tm5t-- 7,i7 #a memb] %all be appo9t$ = a t]m ( #b ye>s2 & 7,,ii7 #a memb] %all be appo9t$ = a t]m ( #d ye>s4 7ii7 ,= memb]s appo9t$ "u p>agraph 7#a77;,b7-- 7,i7 bo? memb]s %all be appo9t$ to a t]m to t]m9ate #f mon?s aft] ! next gub]natorial election2 & 7,,ii7 9 ! ev5t t ! ,gov]nor ( a t]ritory signs a resolution adopt$ by ! legislature ( ! t]ritory to reque/ ! e/abli%m5t ( a ,bo>d "u ?is subtitle )9 #ab mon?s ( ! next gub]natorial election1 bo? memb]s %all be appo9t$ to a t]m ( #b ye>s4 7iii7 ,= memb]s appo9t$ "u p>agraph 7#a77;,c71 ! memb] %all rema9 appo9t$ = ! life ( ! ,bo>d4 7iv7 ,= memb]s appo9t$ "u p>agraph 7#a77;,d71 z designat$ by ! appo9t+ entity at ! "t ( appo9tm5t-- 7,i7 if ! legislature has #b *amb]s-- 7aa7 #a memb] %all be appo9t$ by ! political p>ty hold+ ! mo/ seats 9 ! l[] *amb] ( ! legislature to a t]m to t]m9ate #f mon?s aft] ! next legislative election ( ! applicable t]ritory2 7bb7 #a memb] %all be appo9t$ by ! political p>ty hold+ ! second-mo/ seats 9 ! l[] *amb] ( ! legislature to a t]m to t]m9ate #f mon?s aft] ! next legislative election ( ! applicable t]ritory2 7cc7 #a memb] %all be appo9t$ by ! political p>ty hold+ ! mo/ seats 9 ! upp] *amb] ( ! legislature to a t]m to t]m9ate #cj mon?s aft] ! next legislative election ( ! applicable t]ritory2 & 7dd7 #a memb] %all be appo9t$ by ! political p>ty hold+ ! second-mo/ seats 9 ! upp] *amb] ( ! legislature to a t]m to t]m9ate #cj mon?s aft] ! next legislative election ( ! applicable t]ritory2 & 7,,ii7 if ! legislature has #a *amb]-- 7aa7 #a memb] %all be appo9t$ by ! political p>ty hold+ ! mo/ seats 9 ! legislature to a t]m to t]m9ate #f mon?s aft] ! next legislative election ( ! applicable t]ritory2 7bb7 #a memb] %all be appo9t$ by ! political p>ty hold+ ! second-mo/ seats 9 ! legislature to a t]m to t]m9ate #f mon?s aft] ! next legislative election ( ! applicable t]ritory2 7cc7 #a memb] %all be appo9t$ by ! political p>ty hold+ ! mo/ seats 9 ! legislature to a t]m to t]m9ate #cj mon?s aft] ! next legislative election ( ! applicable t]ritory2 & 7dd7 #a memb] %all be appo9t$ by ! political p>ty hold+ ! second-mo/ seats 9 ! legislature to a t]m to t]m9ate #cj mon?s aft] ! next legislative election ( ! applicable t]ritory4 7#d7 ,vacancies 7,a7 ,9 g5]al ,ea* memb] %all rema9 appo9t$ z long z ! applicable qualifications ( appo9tm5t "u p>agraph 7#f7 rema9 satisfi$1 except t any memb] may be remov$ by ! orig9al appo9t+ entity4 7,b7 ,effect ,any vacancy 9 ! ,bo>d-- 7i7 %all n affect ! p[]s ( ! ,bo>d2 & 7ii7 %all be fill$ 9 ! same mann] z ! orig9al appo9tm5t by ! orig9al appo9t+ entity z soon z practicable aft] ! date on :i* ! vacancy occurs1 subject to ! approval describ$ 9 p>agraph 7#c74 7,c7 ,t]m ,a memb] appo9t$ to fill a vacancy %all s]ve = ! rema9d] ( ! t]m to :i* ! memb] 0 appo9t$4 7#e7 ,approval ( memb]%ip ,a new memb] appo9t$ %all be approv$ by ! full bo>d1 exclud+ ! memb] t ! new memb] 0 appo9t$ to replace4 7#f7 ,requirem5ts = presid5tial appo9tm5ts 7,a7 ,tim+2 requir$ consultation ,z soon z practicable aft] ! date on :i* a t]ritory submits to ! ,presid5t a resolution describ$ 9 subsection 7a71 & aft] consultation ) ! appropriate committees ( ,congress & ! ,gov]nor ( ! applicable cov]$ t]ritory1 ! ,presid5t %all appo9t memb]s to ! ,bo>d "u p>agraph 7#a77;,a74 7,b7 ,removal ,! ,presid5t may remove a memb] appo9t$ by ! ,presid5t only = cause4 7#g7 ,qualifications 7,a7 ,9 g5]al ,an individual meets ! qualifications = memb]%ip on ! ,bo>d if ! individual has k & exp]tise relat+ to f9ance1 managem5t1 economics1 or ! organization or op]ation ( bus9ess or gov]nm5t4 7,b7 ,connection to cov]$ t]ritory ,n less ?an #f memb]s %all h k & exp]tise relat+ to ! hi/ory1 socioeconomic circum/ances1 & h]itage ( ! applicable cov]$ t]ritory4 7,c7 ,resid5ce 9 cov]$ t]ritory ,n less ?an #f memb]s %all ma9ta9 a prim>y resid5ce 9 ! applicable cov]$ t]ritory4 7,d7 ,special limitation on memb]%ip ,no curr5t memb] ( ! applicable t]ritory's legislature %all be eligible to s]ve on ! ,bo>d4 7#h7 ,conflicts ( int]e/ 7,a7 ,9 g5]al ,an individual appo9t$ to s]ve z a memb] ( ! ,bo>d-- 7i7 %all be subject to-- 7,i7 ! ,f$]al conflict ( int]e/ requirem5ts describ$ 9 section #bjh ( title #ah1 ,unit$ ,/ates ,code1 except ) respect to subsection 7b7 ( t section2 & 7,,ii7 ! conflict ( int]e/ disclosure requirem5ts "u title ,i ( ! ,e?ics 9 ,gov]nm5t ,act ( #aigh 7#e ,u4,s4,c4 ,app472 & 7ii7 %all n h any o!r conflict ( int]e/ relat+ to ! duties ( ! ,bo>d1 includ+ own]%ip ( any debt security (-- 7,i7 ! applicable t]ritorial gov]nm5t2 or 7,,ii7 a t]ritorial in/rum5tality4 7,b7 ,def9ition ,= purposes ( subp>agraph 7,a77ii71 ! t]m conflict ( int]e/ includes ! int]e/s ( an organization 9 :i* ! individual is s]v+ z (fic]1 director1 tru/ee1 g5]al p>tn] or employee1 or any p]son or organization ) :om ! individual is negotiat+ or has any arrangem5t conc]n+ prospective employm5t4 7,c7 #c-ye> re/riction 7i7 ,9 g5]al ,any individual :o s]ves z a memb] ( ! ,bo>d %all n1 dur+ ! #c-ye> p]iod beg9n+ on ! date on :i* memb]%ip on ! ,bo>d t]m9ates1 kn[+ly make1 ) ! int5t to influ5ce1 any communication to or appe>ance be=e any memb] ( ! ,bo>d or ,*ief ,f9ancial ,(fic] on behalf ( any o!r p]son 7except ! ,unit$ ,/ates or a ,/ate or local gov]nm5t74 7ii7 ,p5alty ,any individual :o violates clause 7i7 %all be subject to ! p5alties describ$ 9 section #baf ( title #ah1 ,unit$ ,/ates ,code4 7iii7 ,violations ,if a memb] ( ! ,bo>d is det]m9$ to be 9 violation ( ! requirem5ts describ$ 9 subp>agraph 7,a71 ! memb] %all be remov$ f memb]%ip on ! ,bo>d & may be subject to additional actions or p5alties set =? "u ,f$]al e?ics rules4 7e7 ,no comp5sation = s]vice ,ea* memb] ( ! ,bo>d %all-- 7#a7 s]ve )\t comp5sation2 & 7#b7 be all[$ travel exp5ses1 includ+ p] diem 9 lieu ( subsi/5ce1 at rates au?oriz$ = employees ( ag5cies "u sub*apt] ,i ( *apt] #eg ( title #e1 ,unit$ ,/ates ,code1 :ile away f ! home or regul> place ( bus9ess ( ! memb] 9 ! p]=mance ( ! duties ( ! ,bo>d4 7f7 ,bylaws 7#a7 ,9 g5]al ,z soon z practicable aft] ! appo9tm5t ( all memb]s to ! ,bo>d1 ! ,bo>d %all adopt bylaws1 rules1 & proc$ures to gov]n ! activities ( ! ,bo>d "u ?is subtitle1 includ+ proc$ures = hir+ exp]ts & consultants4 7#b7 ,treatm5t ,! bylaws1 rules1 & proc$ures adopt$ pursuant to ?is subsection %all be-- 7,a7 public docum5ts2 & 7,b7 on adoption1 submitt$ by ! ,bo>d to-- 7i7 ! ,presid5t2 & 7ii7 ! ,gov]nor & legislature ( ! applicable cov]$ t]ritory4 7g7 ,/aff 7#a7 ,9 g5]al ,on ! approval ( ! *airp]son1 ! ,bo>d may appo9t su* /aff z are necess>y to enable ! ,bo>d to p]=m ! duties ( ! ,bo>d4 7#b7 ,eligible individuals ,= purposes ( *apt] #aa ( title #ah1 ,unit$ ,/ates ,code1 & section #bfce ( title #e1 ,code ( ,f$]al ,regulations1 or any successor !reto1 ! executive director & o!r /aff employ$ by ! ,bo>d %all be consid]$ employees ( an ,executive ag5cy 7z def9$ 9 section #aje ( title #e1 ,unit$ ,/ates ,code71 includ+ a memb] ( ! /aff :o is-- 7,a7 a private citiz52 7,b7 an employee ( ! applicable t]ritorial gov]nm5t2 or 7,c7 an employee ( ! ,f$]al ,gov]nm5t4 7#c7 ,detailees 7,a7 ,f$]al employees ,on reque/ ( ! *airp]son ( ! ,bo>d1 ! head ( a ,f$]al dep>tm5t or ag5cy may detail to ! ,bo>d1 on a reimbursable or nonreimbursable basis1 & 9 accordance ) ! ,int]gov]nm5tal ,p]sonnel ,act ( #aigj 7#db ,u4,s4,c4 #dgja et seq471 any ( ! p]sonnel ( ! dep>tm5t or ag5cy to assi/ ! ,bo>d 9 ! p]=mance ( ! duties ( ! ,bo>d4 7,b7 ,t]ritorial gov]nm5t employees ,on reque/ ( ! *airp]son ( ! ,bo>d1 ! head ( any dep>tm5t or ag5cy ( ! applicable t]ritorial gov]nm5t may detail to ! ,bo>d1 on a reimbursable or nonreimbursable basis1 any ( ! p]sonnel ( ! dep>tm5t or ag5cy to assi/ ! ,bo>d 9 ! p]=mance ( ! duties ( ! ,bo>d4 7#d7 ,(fic]s 7,a7 ,appo9tm5t ,! *airp]son may appo9t to ! ,bo>d an executive director or su* o!r (fic]s z ! *airp]son det]m9es to be necess>y to assi/ ! ,bo>d 9 ! p]=mance ( ! duties ( ! ,bo>d4 7,b7 ,t]m2 paym5t ,an executive director or (fic] appo9t$ pursuant to subp>agraph 7,a7 %all s]ve = su* p]iod & be paid su* comp5sation z ! ,bo>d det]m9es to be appropriate4 7h7 ,fund+ 7#a7 ,9 g5]al ,! ,bo>d-- 7,a7 may use funds provid$ by ! applicable t]ritorial gov]nm5t to ensure suffici5t funds are made available to cov] all exp5ses ( ! ,bo>d2 & 7,b7 %all submit to ! ,gov]nor & legislature ( ! applicable cov]$ t]ritory = inclusion 9 ! annual budget appropriations process ( ! applicable t]ritorial gov]nm5t a report describ+ any reque/ & use ( funds provid$ by ! applicable t]ritorial gov]nm5t4 7#b7 ,local fund+ ,a cov]$ t]ritory %all designate a d$icat$ t]ritorial gov]nm5t s\rce ( fund+1 n subject to subsequ5t legislative appropriation1 suffici5t to support ! annual co/s ( ! ,bo>d1 z det]m9$ by ! ,bo>d1 to c>ry out ?is subtitle4 7i7 ,p[]s 7#a7 ,he>+s ,! ,bo>d may1 = ! purpose ( p]=m+ ! duties ( ! ,bo>d-- 7,a7 hold su* he>+s1 meet & act at su* times & places1 take su* te/imony1 receive su* evid5ce1 & adm9i/] su* oa?s z ! ,bo>d consid]s to be appropriate2 & 7,b7 require1 by subpo5a or o!rwise1 ! att5dance & te/imony ( su* witnesses & ! production ( su* books1 records1 correspond5ce1 memor&a1 pap]s1 docum5ts1 tapes1 & mat]ials z ! ,bo>d consid]s to be appropriate4 7#b7 ,issuance & en=cem5t ( subpo5as 7,a7 ,issuance ,a subpo5a issu$ "u p>agraph 7#a77;,b7 %all-- 7i7 be> ! signature ( ! *airp]son ( ! ,bo>d2 & 7ii7 be s]v$ by any p]son or class ( p]sons designat$ by ! *airp]son to s]ve a subpo5a "u p>agraph 7#a77;,b74 7,b7 ,en=cem5t ,9 ! case ( contumacy or failure to obey a subpo5a issu$ "u p>agraph 7#a77;,b71 ! ,unit$ ,/ates di/rict c\rt = ! di/rict 9 :i* ! subpo5a$ p]son resides1 is s]v$1 or may be f\nd may issue an ord] requir+ ! p]son-- 7i7 to appe> at any designat$ place to te/ify2 or 7ii7 to produce docum5t>y or o!r evid5ce4 7,c7 ,noncompliance ,any failure to obey ! ord] ( a c\rt "u ?is p>agraph may be puni%$ by ! c\rt z a contempt ( c\rt4 7#c7 ,entrance into contracts ,! ,bo>d1 or any ( ! /aff ( ! ,bo>d on behalf ( ! ,bo>d1 may ent] into su* contracts z ! ,bo>d consid]s appropriate to c>ry out ! duties ( ! ,bo>d4 7j7 ,duties 7#a7 ,monitor+ & recomm5dations 7,a7 ,9 g5]al ,bas$ on in=mation provid$ 9 a mon?ly report submitt$ "u section #aab7;f77#a77;,a71 ! ,bo>d may recomm5d to ! ,gov]nor & legislature ( ! applicable cov]$ t]ritory policy adju/m5ts t %\ld be made to ensure ! exp5ditures & rev5ues ( ! adopt$ budget = ! applicable fiscal ye> are balanc$4 7#b7 ,improvem5ts to op]ational effici5cy 7,a7 ,9 g5]al ,! ,bo>d %all "w ) ! applicable t]ritorial gov]nm5t to improve ! op]ational effici5cy ( ! applicable t]ritorial gov]nm5t1 includ+ ! ef=ts ( ! applicable t]ritorial gov]nm5t-- 7i7 to /r5g!n f9ancial recordkeep+ & report+2 7ii7 to control ! numb] & co/ ( gov]nm5t contracts2 7iii7 to collect & en=ce ! collection ( taxes2 7iv7 to promote economic gr[?2 7v7 to improve ,f$]al grant managem5t2 & 7vi7 to increase ! effective use ( in=mation te*nology4 7,b7 ,report ,)9 a reasonable p]iod ( "t1 ! ,bo>d %all submit to ! applicable t]ritorial gov]nm5t a report describ+ recomm5dations to improve ! op]ational effici5cy ( ! applicable t]ritorial gov]nm5t1 includ+ ef=ts describ$ 9 subp>agraph 7,a74 7#c7 ,review ( budgets2 qu>t]ly reports 7,a7 ,budget propos$ by ,gov]nor 7i7 ,submission to bo>d ,! ,gov]nor ( ! applicable cov]$ t]ritory %all submit to ! ,bo>d = review a propos$ budget = ea* fiscal ye>1 9 consultation ) ! ,*ief ,f9ancial ,(fic] & bas$ on ! applicable =eca/ ( rev5ues submitt$ by ! ,*ief ,f9ancial ,(fic]1 by n lat] ?an ! e>li] (-- 7,i7 ! date t is #abj days be=e ! fir/ day ( ! fiscal ye> cov]$ by ! propos$ budget2 & 7,,ii7 ! date t is #fj days be=e ! date by :i* ! ,gov]nor is requir$ "u applicable law to submit to ! legislature ( ! applicable cov]$ t]ritory a propos$ budget = ! applicable fiscal ye>4 7ii7 ,det]m9ation ( compliant budget ,n lat] ?an ! date t is #ae days aft] ! date on :i* a ,bo>d receives a propos$ budget "u clause 7i71 ! ,bo>d %all-- 7,i7 det]m9e :e!r ! propos$ budget is a compliant budget2 & 7,,ii7 7aa7 if ! propos$ budget is a compliant budget-- 7,,aa7 approve ! compliant budget2 & 7,,bb7 submit ! compliant budget to ! legislature ( ! applicable cov]$ t]ritory2 or 7bb7 if ! propos$ budget is n a compliant budget1 provide to ! ,gov]nor ( ! applicable cov]$ t]ritory-- 7,,aa7 a notice ( violation t includes a description ( any corrective action sugge/$ by ! ,bo>d2 & 7,,bb7 an opportunity to correct ! violation by requir+ ! ,gov]nor to submit to ! ,bo>d a revis$ budget by n lat] ?an ! date t is #ae days aft] ! date on :i* ! notice ( violation "u subitem 7,,aa7 is provid$4 7iii7 ,revis$ budgets ,n lat] ?an ! date t is #g days aft] ! date on :i* ! ,bo>d receives a revis$ budget "u clause 7ii77,,ii77bb77,,bb71 ! ,bo>d %all-- 7,i7 det]m9e :e!r ! revis$ budget is a compliant budget 9 consultation ) ! ,*ief ,f9ancial ,(fic]2 & 7,,ii7 7aa7 if ! revis$ budget is a compliant budget-- 7,,aa7 approve ! compliant budget2 & 7,,bb7 submit ! compliant budget to ! legislature ( ! applicable cov]$ t]ritory2 or 7bb7 if ! revis$ budget is n a compliant budget-- 7,,aa7 issue a notice ( noncompliance2 7,,bb7 publicly submit recomm5dations ( ! ,bo>d & ! ,*ief ,f9ancial ,(fic] = adju/m5ts t %\ld be made to ensure ! adopt$ budget ( ! t]ritorial gov]nm5t = ! applicable fiscal ye> is a compliant budget2 7,,cc7 submit ! noncompliant budget to ! legislature ( ! applicable cov]$ t]ritory ) recomm5dations ( ! ,bo>d & ! ,*ief ,f9ancial ,(fic] = adju/m5ts t %\ld be made to ensure ! adopt$ budget ( ! t]ritorial gov]nm5t = ! applicable fiscal ye> is a compla9t budget2 & 7,,dd7 issue a directive t ! legislature %all /rive to adopt ! ,bo>d's recomm5dations 9 ! budget ( ! t]ritorial gov]nm5t = ! applicable fiscal ye>4 7,b7 ,budget approval by legislature 7i7 ,9 g5]al ,! legislature ( ! applicable cov]$ t]ritory %all submit to ! ,bo>d ! budget adopt$ by ! legislature n lat] ?an-- 7,i7 ! date t is #cj days be=e ! fir/ day ( ea* applicable fiscal ye>2 or 7,,ii7 ! date previ\sly approv$ 9 writ+ by ! ,bo>d n to exce$ #fj days aft] ! fir/ day ( ! applicable fiscal ye>1 if a date 0 approv$ 9 writ+4 7ii7 ,det]m9ation by bo>d ,n lat] ?an ! date t is #g days aft] ! date on :i* ! ,bo>d receives an adopt$ budget submitt$ "u clause 7i71 ! ,bo>d %all-- 7,i7 det]m9e :e!r ! adopt$ budget is a compliant budget 9 consultation ) ! ,*ief ,f9ancial ,(fic]2 & 7,,ii7 7aa7 if ! adopt$ budget is a compliant budget1 issue a compliance c]tification = ! compliant budget2 or 7bb7 if ! budget is n a compliant budget-- 7,,aa7 issue a c]tificate ( noncompliance2 7,,bb7 publicly submit recomm5dations ( ! ,bo>d & ! ,*ief ,f9ancial ,(fic] = adju/m5ts t %\ld be made to ! budget ( ! t]ritorial gov]nm5t = ! upcom+ fiscal ye> to ensure ! rev5ues & exp5ditures are consi/5t ) ! ,fiscal ,plan2 7,,cc7 provide to ! ,gov]nor & legislature ( ! applicable cov]$ t]ritory a c]tificate ( noncompliance t includes a description ( any recomm5dations ( ! ,bo>d & ! ,*ief ,f9ancial ,(fic] = adju/m5ts t %\ld be made to ! budget ( ! t]ritorial gov]nm5t = ! upcom+ fiscal ye> to ensure ! rev5ues & exp5ditures are consi/5t ) ! ,fiscal ,plan2 & 7,,dd7 issue a directive t ! ,gov]nor & ! legislature %all /rive to adopt ! ,bo>d's recomm5dations 9 ! budget ( ! t]ritorial gov]nm5t = ! upcom+ fiscal ye>4 7,c7 ,qu>t]ly reports ,on receipt ( a qu>t]ly report f ! ,*ief ,f9ancial ,(fic] "u section #aab7;f77#a77;,b71 ! ,bo>d %all-- 7i7 conduct a review to det]m9e :e!r ! actual qu>t]ly rev5ues & exp5ses = ! applicable t]ritorial gov]nm5t are 9 compliance ) ! applicable approv$ budget2 & 7ii7 if ! ,bo>d det]m9es t ! actual qu>t]ly rev5ues & exp5ses = ! applicable t]ritorial gov]nm5t are n 9 compliance ) ! applicable approv$ budget "u clause 7i71 provide to ! ,gov]nor recomm5dations = adju/m5ts t %\ld be made to ensure ! rev5ues & exp5ditures ( ! adopt$ budget ( ! applicable t]ritorial gov]nm5t = ! applicable fiscal ye> are balanc$4 7#d7 ,issuance ( debt ,no t]ritorial gov]nm5t may1 )\t provid+ prior writt5 & public notice to ! ,bo>d1 issue debt or gu>antee1 ex*ange1 modify1 repur*ase1 r$eem1 or ent] into a simil> transaction ) respect to ! debt ( ! t]ritorial gov]nm5t4 7#e7 ,au?ority to review discretion>y tax waiv]s 7,a7 ,9 g5]al ,n lat] ?an ! date t is #ahj days aft] ! date ( ! e/abli%m5t ( a ,bo>d "u subsection 7a71 ! ,gov]nor ( ! applicable cov]$ t]ritory %all submit to ! ,bo>d an audit$ report docum5t+ ea* out/&+ discretion>y tax waiv] agreem5t to :i* any entity ( ! applicable t]ritorial gov]nm5t is a p>ty1 includ+ ea* agreem5t pursuant to :i* ! applicable entity ( ! t]ritorial gov]nm5t waiv$1 *ang$ ! due date (1 or *ang$ ! am\nt ( taxes due4 7,b7 ,new tax waiv]s ,effective on ! date on :i* a ,bo>d is e/abli%$ "u subsection 7a71 no new tax waiv] agreem5t may be execut$ by ! applicable t]ritorial gov]nm5t )\t prior approval ( ! ,bo>d4 7k7 ,t]m9ation ( bo>d ,a ,bo>d %all t]m9ate on c]tification by ! ,bo>d t-- 7#a7 ! ,bo>d has be5 9 op]ation = n less ?an #c ye>s & ! applicable t]ritorial gov]nm5t has adequate access1 on an unsecur$ basis1 to %ort-t]m & long-t]m cr$it m>kets at reasonable int]e/ rates to meet ! borr[+ ne$s ( ! t]ritorial gov]nm5t us+ a compliant budget2 or 7#b7 = n less ?an #c consecutive fiscal ye>s prior to ! c]tification1 ! exp5ditures made by ! applicable t]ritorial gov]nm5t = ea* fiscal ye> did n exce$ ! rev5ues ( ! t]ritorial gov]nm5t dur+ t fiscal ye>1 us+ a compliant budget4 #aab4 ,e/abli%m5t ( ,*ief ,f9ancial ,(fic] 7a7 ,e/abli%m5t ( ,(fice 7#a7 ,9 g5]al ,effective on ! date on :i* ! ,gov]nor ( a t]ritory signs a resolution adopt$ by ! legislature ( ! t]ritory to reque/ ! e/abli%m5t ( a ,fiscal ,/ability & ,re=m ,bo>d "u ?is subtitle1 an ,(fice ( ! ,*ief ,f9ancial ,(fic] is e/abli%$ = ! t]ritory1 :i* %all be head$ by ! ,*ief ,f9ancial ,(fic] ( ! t]ritory4 7#b7 ,au?ority to reque/ ,effective ) ! appo9tm5t ( ! fir/ ,*ief ,f9ancial ,(fic] "u subsection 7d71 ! ,*ief ,f9ancial ,(fic] may reque/ o!r (fices be consolidat$ )9 ! (fice1 subject to ! approval ( ! applicable t]ritory's legislature1 ) ! function & p]sonnel ( ! (fices transf]r$ to ! (fice4 7#c7 ,ret5tion ( au?ority ,not)/&+ p>agraph 7#b71 ! applicable t]ritory %all reta9 its au?ority to appo9t & remove p]sonnel & ag5cy heads ( consolidat$ (fices4 7#d7 ,conflicts ( int]e/ 7,a7 ,9 g5]al ,an individual appo9t$ to s]ve z a ,*ief ,f9ancial ,(fic]-- 7i7 %all be subject to-- 7,i7 ! ,f$]al conflict ( int]e/ requirem5ts describ$ 9 section #bjh ( title #ah1 ,unit$ ,/ates ,code1 except ) respect to subsection 7b7 ( t section2 & 7,,ii7 ! conflict ( int]e/ disclosure requirem5ts "u title ,i ( ! ,e?ics 9 ,gov]nm5t ,act ( #aigh 7#e ,u4,s4,c4 ,app472 & 7ii7 %all n h any o!r conflict ( int]e/ relat+ to ! duties ( ! ,*ief ,f9ancial ,(fic]1 includ+ own]%ip ( any debt security (-- 7,i7 ! applicable t]ritorial gov]nm5t2 or 7,,ii7 a t]ritorial in/rum5tality4 7,b7 ,def9ition ,= purposes ( subp>agraph 7,a77ii71 ! t]m conflict ( int]e/ includes ! int]e/s ( an organization 9 :i* ! individual is s]v+ z (fic]1 director1 tru/ee1 g5]al p>tn] or employee1 or any p]son or organization ) :om ! individual is negotiat+ or has any arrangem5t conc]n+ prospective employm5t4 7,c7 #c-ye> re/riction 7i7 ,9 g5]al ,any individual :o s]ves z ,*ief ,f9ancial ,(fic] %all n1 dur+ ! #c-ye> p]iod beg9n+ on ! date on :i* 8 or h] t5ure z ,*ief ,f9ancial ,(fic] t]m9ates1 kn[+ly make1 ) ! int5t to influ5ce1 any communication to or appe>ance be=e any memb] ( ! ,bo>d or ,*ief ,f9ancial ,(fic] on behalf ( any o!r p]son 7except ! ,unit$ ,/ates or a ,/ate or local gov]nm5t74 7ii7 ,p5alty ,any individual :o violates clause 7i7 %all be subject to ! p5alties describ$ 9 section #baf ( title #ah1 ,unit$ ,/ates ,code4 7iii7 ,violations ,if a ,*ief ,f9ancial ,(fic] is det]m9$ to be 9 violation ( ! requirem5ts describ$ 9 ?is subp>agraph1 ! memb] %all be remov$ f ! position ( ,*ief ,f9ancial ,(fic] & may be subject to additional actions or p5alties set =? "u ,f$]al e?ics rules4 7b7 ,/aff 7#a7 ,9 g5]al ,! ,*ief ,f9ancial ,(fic] may appo9t su* /aff z are necess>y to enable ! ,(fice to p]=m ! duties ( ! ,(fice4 7#b7 ,eligible individuals ,= purposes ( *apt] #aa ( title #ah1 ,unit$ ,/ates ,code1 & section #bfce ( title #e1 ,code ( ,f$]al ,regulations1 or any successor !reto1 ! executive director & o!r /aff employ$ by ! (fice %all be consid]$ employees ( an ,executive ag5cy 7z def9$ 9 section #aje ( title #e1 ,unit$ ,/ates ,code71 includ+ a memb] ( ! /aff :o is-- 7,a7 a private citiz52 7,b7 an employee ( ! applicable t]ritorial gov]nm5t2 or 7,c7 an employee ( ! ,f$]al ,gov]nm5t4 7#c7 ,detailees 7,a7 ,f$]al employees ,on reque/ ( ! ,*ief ,f9ancial ,(fic]1 ! head ( a ,f$]al dep>tm5t or ag5cy may detail to ! ,(fice1 on a reimbursable or nonreimbursable basis1 & 9 accordance ) ! ,int]gov]nm5tal ,p]sonnel ,act ( #aigj 7#db ,u4,s4,c4 #dgja et seq471 any ( ! p]sonnel ( ! dep>tm5t or ag5cy to assi/ ! ,(fice 9 ! p]=mance ( ! duties ( ! ,(fice4 7,b7 ,t]ritorial gov]nm5t employees ,on reque/ ( ! ,*ief ,f9ancial ,(fic]1 ! head ( any dep>tm5t or ag5cy ( ! applicable t]ritorial gov]nm5t may detail to ! ,(fice1 on a reimbursable or nonreimbursable basis1 any ( ! p]sonnel ( ! dep>tm5t or ag5cy to assi/ ! ,(fice 9 ! p]=mance ( ! duties ( ! ,(fice4 7c7 ,fund+ 7#a7 ,9 g5]al ,! ,*ief ,f9ancial ,(fic]-- 7,a7 may use funds provid$ by ! applicable t]ritorial gov]nm5t to ensure suffici5t funds are made available to cov] all exp5ses ( ! ,(fice2 & 7,b7 %all submit to ! ,gov]nor & legislature ( ! applicable cov]$ t]ritory = inclusion 9 ! annual budget appropriations process ( ! applicable t]ritorial gov]nm5t a report describ+ any reque/ & use ( funds provid$ by ! applicable t]ritorial gov]nm5t4 7#b7 ,local fund+ ,a cov]$ t]ritory %all designate a d$icat$ t]ritorial gov]nm5t s\rce ( fund+1 n subject to subsequ5t legislative appropriation1 suffici5t to support ! annual co/s ( ! ,(fice1 z det]m9$ by ! ,*ief ,f9ancial ,(fic]1 to c>ry out ?is subtitle4 7d7 ,appo9tm5t 7#a7 ,9 g5]al ,! ,*ief ,f9ancial ,(fic] %all be appo9t$ by ! applicable t]ritory's ,gov]nor z foll[s3 7,a7 ,prior to ! appo9tm5t ( ! ,*ief ,f9ancial ,(fic]1 ! ,bo>d may submit recomm5dations = ! appo9tm5t to ! applicable t]ritory's ,gov]nor4 7,b7 ,9 consultation ) ! ,bo>d & ! applicable t]ritory's legislature1 ! applicable t]ritory's ,gov]nor %all nom9ate an individual = appo9tm5t & notify ! applicable t]ritory's legislature ( ! nom9ation4 7,c7 ,aft] ! expiration ( ! #g-;day p]iod t beg9s on ! date ! applicable t]ritory's ,gov]nor notifies ! legislature ( ! nom9ation "u subp>agraph 7,b71 ! applicable t]ritory's ,gov]nor %all notify ! ,bo>d ( ! nom9ation4 7,d7 ,! nom9ation %all be effective subject to approval by a majority vote ( ! ,bo>d4 7#b7 ,removal ,! ,*ief ,f9ancial ,(fic] may be remov$ = cause by ! ,bo>d or by ! applicable t]ritory's ,gov]nor ) ! approval ( ! ,bo>d4 7#c7 ,sal>y ,! ,*ief ,f9ancial ,(fic] %all be paid at an annual rate det]m9$ by ! ,bo>d z ! ,bo>d det]m9es to be appropriate4 7e7 ,p[]s 7#a7 ,issuance & en=cem5t ( subpo5as 7,a7 ,purpose ,! ,*ief ,f9ancial ,(fic] may1 = ! purpose ( p]=m+ ! duties ( ! (fice1 require1 by subpo5a or o!rwise1 ! att5dance & te/imony ( su* witnesses & ! production ( su* books1 records1 correspond5ce1 memor&a1 pap]s1 docum5ts1 tapes1 & mat]ials z ! ,*ief ,f9ancial ,(fic] consid]s to be appropriate4 7,b7 ,issuance ,a subpo5a issu$ "u p>agraph 7#a77;,b7 %all-- 7i7 be> ! signature ( ! ,*ief ,f9ancial ,(fic]2 & 7ii7 be s]v$ by any p]son or class ( p]sons designat$ by ! ,*ief ,f9ancial ,(fic] to s]ve a subpo5a "u p>agraph 7#a77;,b74 7,c7 ,en=cem5t ,9 ! case ( contumacy or failure to obey a subpo5a issu$ "u p>agraph 7#a77;,b71 ! ,unit$ ,/ates di/rict c\rt = ! di/rict 9 :i* ! subpo5a$ p]son resides1 is s]v$1 or may be f\nd may issue an ord] requir+ ! p]son-- 7i7 to appe> at any designat$ place to te/ify2 or 7ii7 to produce docum5t>y or o!r evid5ce4 7,d7 ,noncompliance ,any failure to obey ! ord] ( a c\rt "u ?is p>agraph may be puni%$ by ! c\rt z a contempt ( c\rt4 7#b7 ,entrance into contracts ,! ,*ief ,f9ancial ,(fic]1 or any ( ! /aff ( ! (fice on behalf ( ! ,*ief ,f9ancial ,(fic]1 may ent] into su* contracts z ! ,*ief ,f9ancial ,(fic] consid]s appropriate to c>ry out ! duties ( ! (fice4 7f7 ,functions ,9 addition to any o!r duties necess>y & prop] to fulfill ! purposes ( ! ,(fice1 ! ,*ief ,f9ancial ,(fic] %all h ! foll[+ duties3 7#a7 ,mon?ly & qu>t]ly reports ,! ,*ief ,f9ancial ,(fic]1 9 consultation ) ! applicable t]ritorial gov]nm5t1 %all submit to ! ,bo>d3 7,a7 ,a report n lat] ?an ! date t is #g days aft] ! la/ day ( ea* mon? to provide-- 7i7 an acc\nt+ ( ! ca% balance ( ! applicable t]ritorial gov]nm5t2 & 7ii7 a description ( ! am\nt ( actual exp5ditures & rev5ues ( ! applicable t]ritorial gov]nm5t1 z comp>$ to ! am\nts budget$1 = ! applicable fiscal ye>4 7,b7 ,n lat] ?an ! date t is #ae days aft] ! la/ day ( ea* qu>t] ( a fiscal ye>1 ! ,*ief ,f9ancial ,(fic] 9 consultation ) ! ,gov]nor ( ! applicable cov]$ t]ritory %all submit to ! ,bo>d1 9 su* =m z ! ,bo>d may require1 a report describ+-- 7i7 ! actual ca% rev5ues1 ca% exp5ditures1 & ca% fl[s ( ! t]ritorial gov]nm5t = ! prec$+ qu>t]2 z comp>$ to 7ii7 ! actual ca% rev5ues1 ca% exp5ditures1 & ca% fl[s conta9$ 9 ! approv$ budget = ! applicable qu>t]4 7,c7 ,a report "u subp>agraph 7,b7 %all include-- 7i7 a description ( any accru$ rev5ues & exp5ditures dur+ ! applicable qu>t]1 z comp>$ to ! accru$ rev5ues & exp5ditures conta9$ 9 ! approv$ budget = ! qu>t]2 & 7ii7 a balance %eet1 if ! ,bo>d requires a balance %eet4 7#b7 ,rev5ue =eca/+ ,n lat] ?an ! date t is #ge days be=e ! date on :i* ! ,gov]nor ( ! applicable cov]$ t]ritory is requir$ "u applicable law to submit to ! legislature ( ! applicable cov]$ t]ritory a propos$ budget = ! upcom+ fiscal ye>1 ! ,*ief ,f9ancial ,(fic] %all submit to ! applicable t]ritorial gov]nm5t & ,bo>d a =eca/ ( rev5ues = ! upcom+ fiscal ye> to be us$ to develop ! budget4 7,a7 ,requirem5ts ,a =eca/ "u p>agraph 7#b7 %all be-- 7i7 bas$ on applicable law2 & 7ii7 prep>$ 9 accordance ) ! applicable ,fiscal ,plan4 7#c7 ,f9ancial & acc\nt+ in=mation ,! ,*ief ,f9ancial ,(fic] %all ensure ! foll[+3 7,a7 ,all f9ancial in=mation pres5t$ by ! applicable t]ritory is pres5t$ 9 a mann]1 & is o!rwise consi/5t ) any requirem5ts promulgat$ by ! ,bo>d4 7,b7 ,appropriate proc$ures are implem5t$ & in/itute su* programs1 sy/ems1 & p]sonnel policies )9 ! ,(fic]'s au?ority1 to ensure t ! applicable t]ritory's budget1 acc\nt+ & p]sonnel control sy/ems & /ructures are syn*roniz$ = budget+ & control purposes on a cont9u+ basis4 7,c7 ,appropriate =ms ( receipts1 v\*]s1 bills1 & claims to be us$ by all ag5cies1 (fices1 & in/rum5talities ( ! applicable t]ritorial gov]nm5t4 7#d7 ,acc\nt+ managem5t ,! ,*ief ,f9ancial ,(fic] %all3 7,a7 ,sup]vise ! applicable t]ritory's f9ancial transactions to ensure adequate control ( rev5ues & res\rces1 & to ensure t appropriations are n exce$$4 7,b7 ,ma9ta9 sy/ems ( acc\nt+ & int]nal control design$ to provide-- 7i7 full disclosure ( ! f9ancial impact ( ! activities ( ! applicable t]ritorial gov]nm5t2 7ii7 adequate f9ancial in=mation ne$$ by ! applicable t]ritorial gov]nm5t = managem5t purposes2 7iii7 effective control ov]1 & acc\ntability =1 all funds1 prop]ty1 & o!r assets ( ! applicable t]ritorial gov]nm5t2 & 7iv7 reliable acc\nt+ results to s]ve z ! basis = prep>+ & support+ ag5cy budget reque/s & controll+ ! execution ( ! budget ( ! applicable t]ritorial gov]nm5t4 7,c7 ,ma9ta9 acc\nt+ ( all public funds belong+ to or "u ! control ( ! applicable t]ritorial gov]nm5t 7or any dep>tm5t or ag5cy ( ! applicable t]ritorial gov]nm5t74 7,d7 ,ma9ta9 acc\nt+ ( all inve/m5t & inve/$ funds ( ! applicable t]ritorial gov]nm5t or 9 possession ( ! applicable t]ritorial gov]nm5t 9 a fiduci>y capacity4 7,e7 ,submit to ! applicable t]ritorial gov]nm5t a f9ancial /atem5t ( ! applicable t]ritorial gov]nm5t1 conta9+ su* details & at su* times z ! applicable t]ritorial gov]nm5t may specify4 7#e7 ,c]tify+ contracts ,all contracts 7:e!r directly or ?r\gh delegation7 %all be c]tifi$ by ! ,*ief ,f9ancial ,(fic] prior to execution z to ! availability ( funds to meet ! obligations expect$ to be incurr$ by ! applicable t]ritorial gov]nm5t "u su* contracts dur+ ! ye>4 7#f7 ,audit+ ,! ,*ief ,f9ancial ,(fic] %all p]=m int]nal audits ( acc\nts & op]ations & records ( ! applicable t]ritorial gov]nm5t1 includ+ ! exam9ation ( any acc\nts or records ( f9ancial transactions1 giv+ due consid]ation to ! effectiv5ess ( acc\nt+ sy/ems1 int]nal control1 & relat$ adm9i/rative practices ( ! dep>tm5ts & ag5cies ( ! applicable t]ritorial gov]nm5t4 #aac4 ,developm5t & approval ( fiscal plans 7a7 ,9 g5]al ,n lat] ?an ! date t is #fj days be=e ! date on :i* ! ,gov]nor ( an applicable cov]$ t]ritory is requir$ "u applicable law to submit to ! legislature ( ! applicable cov]$ t]ritory a propos$ budget = ! upcom+ fiscal ye>1 ! ,gov]nor1 9 consultation ) ! ,*ief ,f9ancial ,(fic]1 %all develop & submit to ! ,bo>d & applicable t]ritorial gov]nm5t a ,fiscal ,plan = ! applicable t]ritorial gov]nm5t 9 accordance ) ?is section4 7b7 ,initial fiscal plan ,! ,gov]nor ( an applicable cov]$ t]ritory 9 consultation ) ! ,*ief ,f9ancial ,(fic] %all develop an initial ,fiscal ,plan 9 accordance ) subsection 7a7 )9 #ij days ( ! ,gov]nor ( ! applicable cov]$ t]ritory sign+ a resolution adopt$ by ! legislature ( ! t]ritory to reque/ ! e/abli%m5t ( a ,fiscal ,/ability & ,re=m ,bo>d "u ?is subtitle1 or n lat] ?an ! date t is #fj days be=e ! date on :i* ! ,gov]nor ( ! applicable cov]$ t]ritory is requir$ "u applicable law to submit to ! legislature ( ! applicable cov]$ t]ritory a propos$ budget = ! upcom+ fiscal ye>1 :i*ev] comes *ronologically fir/4 7c7 ,requirem5ts 7#a7 ,9 g5]al ,a ,fiscal ,plan %all1 to ! maximum ext5t practicable1 ) respect to ! applicable t]ritorial gov]nm5t-- 7,a7 provide = e/imates ( rev5ues & exp5ditures 9 accordance ) modifi$ accrual acc\nt+ /&>ds & bas$ on-- 7i7 applicable laws2 or 7ii7 specific laws t require enactm5t 9 ord] to reasonably a*ieve ! projections ( ! ,fiscal ,plan2 7,b7 ensure ! fund+ ( ess5tial public s]vices2 7,c7 provide full fund+ to cov] all exi/+ public p5sion obligations2 7,d7 provide = ! elim9ation ( budget gaps 9 f9anc+2 7,e7 provide = a r$uction 9 ! debt burd5 to a level t is su/a9able2 7,f7 improve fiscal gov]nance2 7,g7 enable ! a*ievem5t ( fiscal t>gets2 7,h7 create indep5d5t =eca/s ( rev5ue = ! p]iod cov]$ by ! ,fiscal ,plan2 & 7,i7 n imp$e inve/m5ts to promote su/a9$ economic gr[?4 7#b7 ,t]m ,a ,fiscal ,plan %all be 9 effect = a p]iod ( n less ?an #e ye>s4 7#c7 ,transp>5cy ,a ,fiscal ,plan %all be made publicly available no less ?an #ae days aft] f9al approval z specifi$ )9 subsection 7d74 7d7 ,approval by bo>d 7#a7 ,requirem5t ,! ,gov]nor ( a cov]$ t]ritory %all n submit to ! legislature ( ! applicable cov]$ t]ritory an annual budget = a fiscal ye> unless ! ,fiscal ,plan has be5 approv$ = t fiscal ye> 9 accordance ) ?is subsection4 7#b7 ,approval ,n lat] ?an ! date t is #ae days aft] ! date on :i* ! ,gov]nor submits a ,fiscal ,plan to ! ,bo>d "u subsection 7a71 ! ,bo>d %all-- 7,a7 c]tify ! ,fiscal ,plan2 or 7,b7 fail to c]tify ! ,fiscal ,plan & provide to ! ,gov]nor recomm5dations = revisions to ! ,fiscal ,plan4 7#c7 ,revis$ fiscal plan 7,a7 ,9 g5]al ,n lat] ?an ! date t is #ae days aft] ! date on :i* ! ,bo>d submits recomm5dations to ! ,gov]nor "u p>agraph 7#b77;,b71 ! ,gov]nor %all submit to ! ,bo>d a revis$ ,fiscal ,plan4 7,b7 ,approval2 disapproval ,n lat] ?an ! date t is #g days aft] ! date on :i* ! ,gov]nor submits to ! ,bo>d a revis$ ,fiscal ,plan "u subp>agraph 7,a71 ! ,bo>d %all-- 7i7 c]tify ! revis$ ,fiscal ,plan2 or 7ii7 disapprove ! revis$ ,fiscal ,plan4 7#d7 ,developm5t by bo>d 7,a7 ,9 g5]al 7i7 ,nonaction by gov]nor ,if ! ,gov]nor ( a cov]$ t]ritory fails to submit to ! ,bo>d a revis$ ,fiscal ,plan on or be=e ! date specifi$ 9 p>agraph 7#c77;,a71 ! ,bo>d %all develop & submit to ! ,gov]nor a f9al revis$ ,fiscal ,plan n lat] ?an ! date t is #bb days aft] ! date on :i* recomm5dations are provid$ to ! ,gov]nor "u p>agraph 7#b77;,b74 7ii7 ,disapproval by ,bo>d ,if ! ,bo>d disapproves a revis$ ,fiscal ,plan "u p>agraph 7#c77;,b77ii71 ! ,bo>d %all develop & submit to ! ,gov]nor a f9al revis$ ,fiscal ,plan n lat] ?an ! date t is #g days aft] ! date ( disapproval4 #aad4 ,sev]ability ,if any provision ( ?is subtitle or ! application ( su* provision to any p]son or circum/ance is held to be uncon/itutional1 ! rema9d] ( ?is subtitle1 & ! application ( ! provision to any o!r p]son or circum/ance1 %all n be affect$4 ,,ii ,adju/m5ts ( debts ( a t]ritory or its municipalities ,a ,g5]al provisions #bja4 ,def9itions ,9 ?is title3 7#a7 ,affiliate ,! t]m affiliate means1 9 addition to ! def9ition made applicable 9 a case "u ?is title by section #bdc7;a7-- 7,a7 = a ,t]ritory1 any municipality ( ! ,t]ritory2 & 7,b7 = a municipality1 ! gov]n+ ,t]ritory & any ( ! ,t]ritory's o!r municipalities4 7#b7 ,bond ,! t]m ,bond means a bond1 loan1 l9e ( cr$it1 note1 or o!r borr[+ title1 9 physical or demat]ializ$ =m1 ( :i*-- 7,a7 ! issu]1 borr[]1 or gu>antor is ! municipality or ,t]ritory z def9$ by p>agraphs 7#e7 & 7#aa72 & 7,b7 ! date ( issuance or incurr5ce ( debt prec$es ! date ( enactm5t ( ?is ,act4 7#c7 ,c\rt ,! t]m c\rt means ! di/rict c\rt = ! t]ritory 9 :i* ! debtor is locat$ or1 = any t]ritory 9 :i* ! debtor is locat$ t does n h a di/rict c\rt1 ! ,unit$ ,/ates ,di/rict ,c\rt = ! ,di/rict ( ,hawaii4 7#d7 ,debtor ,! t]m debtor means ! ,t]ritory or municipality conc]n+ :i* a case "u ?is title has be5 comm5c$4 7#e7 ,municipality ,! t]m municipality-- 7,a7 includes any political subdivision1 public ag5cy1 in/rum5tality or in/rum5tality ( a ,t]ritory2 & 7,b7 %\ld be broadly con/ru$ to effectuate ! purposes ( ?is title4 7#f7 ,prop]ty ( ! e/ate ,! t]m prop]ty ( ! e/ate1 :5 us$ 9 section #eda ( title #aa1 ,unit$ ,/ates ,code1 made applicable 9 a case "u ?is title by section #bdc7;a7 means prop]ty ( ! debtor4 7#g7 ,special rev5ues ,! t]m special rev5ues means receipts d]iv$ f ! own]%ip1 op]ation1 or disposition ( projects or sy/ems ( ! debtor t are prim>ily us$ or int5d$ to be us$ prim>ily to provide transportation1 utility1 or o!r s]vices1 includ+ ! proce$s ( borr[+s to f9ance ! projects or sy/ems4 7#h7 ,special tax pay] ,! t]m special tax pay] means record own] or hold] ( legal or equitable title to real prop]ty aga9/ :i* a special assessm5t or special tax has be5 levi$ ! proce$s ( :i* are ! sole s\rce ( paym5t ( an obligation issu$ by ! debtor to defray ! co/ ( an improvem5t relat+ to su* real prop]ty4 7#i7 ,special tax pay] affect$ by ! plan ,! t]m special tax pay] affect$ by ! plan means special tax pay] ) respect to ^: real prop]ty ! plan proposes to increase ! proportion ( special assessm5ts or special taxes ref]r$ to 9 p>agraph 7#b7 assess$ aga9/ su* real prop]ty4 7#aj7 ,/ate ,! t]m ,/ate :5 us$ 9 a section ( title #aa1 ,unit$ ,/ates ,code1 made applicable 9 a case "u ?is title by section #bdc7;a7 means ,/ate or ,t]ritory :5 us$ 9 ref]5ce to a ! relation%ip ( a ,/ate to ! municipality ( ! ,/ate4 7#aa7 ,t]ritory ,! t]m ,t]ritory means ! ,commonweal? ( ,pu]to ,rico1 ,guam1 ,am]ican ,samoa1 ! ,commonweal? ( ! ,nor!rn ,m>iana ,isl&s1 or ! ,unit$ ,/ates ,virg9 ,isl&s4 7#ab7 ,tru/ee ,! t]m tru/ee :5 us$ 9 a section ( title #aa1 ,unit$ ,/ates ,code1 made applicable 9 a case "u ?is title by section #bdc7;a7 means debtor1 except z provid$ 9 section #ibf ( title #aa1 ,unit$ ,/ates ,code4 #bjb4 ,:o may be a debtor ,an entity may be a debtor "u ?is title if ! entity-- 7#a7 is-- 7,a7 a ,t]ritory t has reque/$ ! e/abli%m5t ( a ,fiscal ,/ability & ,re=m ,bo>d 9 accordance ) section #aaa2 or 7,b7 a municipality-- 7i7 ( a ,t]ritory t has reque/$ ! e/abli%m5t ( a ,fiscal ,/ability & ,re=m ,bo>d 9 accordance ) section #aaa2 & 7ii7 t has be5 specifically au?oriz$1 9 its capacity z a municipality or by "n1 to be a debtor "u ?is title by ,t]ritory law1 or by a gov]nm5tal (fic] or organization emp[]$ by ,t]ritory law to au?orize su* entity to be a debtor "u ?is title2 & 7#b7 desires to effect a plan to adju/ its debts4 #bjc4 ,res]vation ( t]ritorial p[] to control municipalities ,subject to ! limitations impos$ by title ,,iii1 ?is title does n limit or impair ! p[] ( a ,t]ritory to control1 by legislation or o!rwise1 a municipality ( or 9 ! ,t]ritory 9 ! ex]cise ( ! political or gov]nm5tal p[]s ( su* municipality1 includ+ exp5ditures = su* ex]cise1 b-- 7#a7 a ,t]ritory law prescrib+ a me?od ( composition ( indebt$ness ( su* municipality may n b9d any cr$itor t does n cons5t to su* composition2 & 7#b7 a judgm5t ent]$ "u su* a law may n b9d a cr$itor t does n cons5t to su* composition4 #bjd4 ,limitation on jurisdiction & p[]s ( c\rt ,subject to ! limitations impos$ by title ,,ii1 not)/&+ any p[] ( ! c\rt1 unless ! debtor 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 ! debtor's use or enjoym5t ( any income-produc+ prop]ty4 ,b ,initial /ay on litigation #baa4 ,def9itions ,9 ?is subtitle1 any t]m n def9$ "u section #bja t is def9$ 9 title #aa1 ,unit$ ,/ates ,code1 has ! mean+ giv5 t t]m "u title #aa1 ,unit$ ,/ates ,code4 #bab4 ,effective date ,effective on ! date on :i* ! ,gov]nor ( a t]ritory signs a resolution adopt$ by ! legislature ( ! t]ritory to reque/ ! e/abli%m5t ( a ,fiscal ,/ability & ,re=m ,bo>d "u section #aaa1 section #bac %all take effect4 #bac4 ,automatic /ay 7a7 ,except z o!rwise provid$ 9 ?is section1 ! adoption ( a resolution "u section #aaa op]ates ) respect to any claim1 debt1 or cause ( action relat$ to a ,bond 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$+ aga9/ a ,t]ritory or municipality1 or to recov] a claim aga9/ a ,t]ritory or municipality2 7#b7 ! en=cem5t1 aga9/ a ,t]ritory or municipality or aga9/ prop]ty ( a ,t]ritory or municipality1 ( a judgm5t2 7#c7 any act to obta9 possession ( prop]ty ( a ,t]ritory or municipality1 or ( prop]ty f a ,t]ritory or municipality1 or to ex]cise control ov] prop]ty ( a ,t]ritory or municipality2 7#d7 any act to create1 p]fect1 or en=ce any li5 aga9/ prop]ty ( a ,t]ritory or municipality2 7#e7 any act to create1 p]fect1 or en=ce aga9/ prop]ty ( a ,t]ritory or municipality any li5 to ! ext5t t su* li5 secures a claim2 7#f7 any act to collect1 assess1 or recov] a claim aga9/ a ,t]ritory or municipality2 & 7#g7 ! set(f ( any debt ow+ to a ,t]ritory or municipality aga9/ any claim aga9/ a ,t]ritory or municipality4 7b7 ,! adoption ( a resolution "u section #aaa does n op]ate z a /ay "u subsection 7a7 ( ?is section ( ! cont9uation (1 includ+ ! issuance or employm5t ( process1 a judicial1 adm9i/rative1 or o!r action or proce$+ aga9/ a ,t]ritory or municipality t 0 comm5c$ on or be=e ! date ( ! adoption ( ! resolution "u section #aaa4 7c7 ,except z provid$ 9 subsection 7d71 7e71 or 7f71 a /ay ( an act "u subsection 7a7 %all cease to h effect no lat] ?an #ab mon?s aft] ! date ( ! adoption ( a resolution "u section #aaa1 or ^u a ! comm5cem5t ( a volunt>y case "u ?is title by ! fil+ ) ! bankruptcy c\rt ( a petition by an entity t may be a debtor "u section #bjb1 :i*ev] comes *ronologically fir/4 7d7 ,on motion ( a p>ty 9 int]e/ & aft] notice & a he>+1 ! c\rt may grant relief f a /ay "u subsection 7a7-- 7#a7 = cause1 includ+ ! lack ( adequate protection ( a security int]e/ 9 prop]ty ( su* p>ty 9 int]e/2 or 7#b7 ) respect to a /ay ( an act aga9/ prop]ty "u subsection 7a71 if-- 7,a7 ! debtor does n h an equity 9 su* prop]ty2 & 7,b7 su* prop]ty is n necess>y = a ,t]ritory or municipality to provide ess5tial s]vices4 7e7 ,?irty days aft] a reque/ "u subsection 7d7 ( ?is section = relief f ! /ay ( any act aga9/ prop]ty ( a ,t]ritory or municipality "u subsection 7a7 ( ?is section1 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 7d7 ( ?is section4 ,a he>+ "u ?is subsection may be a prelim9>y he>+1 or may be consolidat$ ) ! f9al he>+ "u subsection 7d7 ( ?is section4 ,! c\rt %all ord] su* /ay cont9u$ 9 effect p5d+ ! conclusion ( ! f9al he>+ "u subsection 7d7 ( ?is section 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 #cj days aft] ! conclusion ( su* prelim9>y he>+1 unless ! #cj-;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 7f7 ,^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 7a7 ( ?is section z is necess>y to prev5t irrep>able damage to ! secur$ 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 7d7 or 7e7 ( ?is section4 7g7 ,no ord]1 judgm5t1 or decree ent]$ 9 violation ( ?is section %all h any =ce or effect4 7h7 ,9 any he>+ "u subsection 7d7 or 7e7 conc]n+ relief f a /ay-- 7#a7 ! p>ty reque/+ su* relief has ! burd5 ( pro( on ! issue ( ! debtor's equity 9 prop]ty2 & 7#b7 ! p>ty oppos+ su* relief has ! burd5 ( pro( on all o!r issues4 ,c ,adjudication & judicial review #bba4 ,petition & proce$+s relat+ to petition 7a7 ,a volunt>y case "u ?is title is comm5c$ by ! fil+ ) ! bankruptcy c\rt ( a petition by an entity t may be a debtor "u section #bjb4 7b7 ,not)/&+ section #bjb & subsection 7a71 a case "u ?is title conc]n+ an un9corporat$ tax or special assessm5t di/rict t does n h its own (ficials is comm5c$ by ! fil+ "u subsection 7a7 ( a petition by ! gov]n+ au?ority ( ! di/rict or ! bo>d or body hav+ au?ority to levy taxes or assessm5ts to meet ! obligations ( su* di/rict4 7c7 ,aft] any objection to ! petition1 ! c\rt1 aft] notice & a he>+1 may dismiss ! petition if-- 7#a7 ! debtor did n file ! petition 9 good fai?2 or 7#b7 ! petition does n meet ! requirem5ts ( ?is title4 7d7 ,if ! petition is n dismiss$ "u subsection 7c71 ! c\rt %all ord] relief "u ?is title4 7e7 ,! c\rt may n-- 7#a7 on acc\nt ( an appeal f an ord] = relief1 delay any proce$+ "u ?is title 9 ! case 9 :i* ! appeal is be+ tak52 or 7#b7 ord] a /ay ( su* proce$+ p5d+ su* appeal4 7f7 ,! 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 7g7 ,= purposes ( ?is title1 ! ,gov]nor may take any action necess>y on behalf ( ! debtor to prosecute ! debtor's case2 includ+-- 7#a7 fil+ a petition2 7#b7 submitt+ or modify+ a plan ( adju/m5t2 or 7#c7 o!rwise g5]ally submitt+ fil+s 9 relation to ! re/ructur+ case ) ! c\rt4 7h7 ,debtors "u ?is title may file petitions or submit or modify plans ( adju/m5t jo9tly if !y are affiliates4 7i7 ,except z provid$ 9 subsection 7j71 ?is title %all take effect on ! date ( ! enactm5t ( ?is ,act4 7j7 ,?is title %all apply ) respect to-- 7#a7 cases comm5c$ "u ?is title on or aft] ! date ( ! enactm5t ( ?is ,act2 & 7#b7 debts1 claims1 & li5s creat$ be=e1 on1 or aft] su* date4 #bbb4 ,jurisdiction 7a7 ,! di/rict c\rts %all h orig9al & exclusive jurisdiction ( a case "u ?is title4 7b7 ,section #aeg ( title #bh1 ,unit$ ,/ates ,code1 %all apply to a case "u ?is title4 #bbc4 ,v5ue ,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 9 ! ,unit$ ,/ates ,di/rict ,c\rt = ! ,di/rict ( ,hawaii2 & 7#b7 ) respect to a municipality1 ! di/rict c\rt = ! ,t]ritory 9 :i* ! municipality is locat$ or1 = any t]ritory t does n h a di/rict c\rt1 9 ! ,unit$ ,/ates ,di/rict ,c\rt = ! ,di/rict ( ,hawaii4 #bbd4 ,selection ( presid+ judge 7a7 ,= cases 9 :i* ! debtor is a ,t]ritory1 ! *ief judge ( ! c\rt ( appeals = ! circuit embrac+ ! di/rict 9 :i* ! case is comm5c$ %all designate a bankruptcy judge to conduct ! case4 7b7 ,= cases 9 :i* ! debtor is n a ,t]ritory1 & ! case has n be5 jo9tly fil$ ) ! case ( a ,t]ritory 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 bankruptcy judge to conduct ! case4 7c7 ,a bankruptcy judge designat$ "u subsection 7a7 or 7b7 %all be subject to ! provisions ( *apt] #f ( title #bh1 ,unit$ ,/ates ,code4 7d7 ,not)/&+ section #aef1 ( title #bh1 ,unit$ ,/ates ,code1 ! bankruptcy judge designat$ "u subsection 7a7 or 7b7 may appo9t z _m law cl]ks & additional judicial assi/ants z ! judge deems necess>y to assi/ 9 presid+ ov] cases comm5c$ "u ?is title4 #bbe4 ,appellate review 7a7 ,except z provid$ 9 subsection 7b71 subsections 7a7 & 7d7 ( section #aeh ( title #bh1 ,unit$ ,/ates ,code1 %all apply to a case "u ?is title4 7b7 ,only an ord] confirm+ a plan ( adju/m5t or dismiss+ a petition %all be consid]$ f9al = purposes ( section #aeh7;a7 ( title #bh1 ,unit$ ,/ates ,code4 #bbf4 ,applicable rules ( proc$ure ,= all cases br\ght "u ?is title1 ! ,f$]al ,rules ( ,bankruptcy ,proc$ure %all apply4 #bbg4 ,sev]ability ,if any provision ( ?is title or ! application !re( to any p]son or circum/ance is held invalid1 ! rema9d] ( ?is title1 or ! application ( t provision to p]sons or circum/ances o!r ?an ^? z to :i* x is held invalid1 is n affect$ !reby4 ,d ,! plan #bca4 ,fil+ ( plan ( adju/m5t ,! debtor %all file a plan = ! adju/m5t ( ! debtor's debts4 ,if su* a plan is n fil$ ) ! petition1 ! debtor %all file su* a plan at su* lat] "t z ! c\rt fixes4 #bcb4 ,confirmation 7a7 ,a special tax pay] may object to confirmation ( a plan4 7b7 ,! c\rt %all confirm ! plan if-- 7#a7 ! plan complies ) ! provisions ( title #aa1 ,unit$ ,/ates ,code1 made applicable 9 a case "u ?is title by section #bdc7;a72 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 section #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 regulatory or electoral approval necess>y "u applicable nonbankruptcy 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 9 ! be/ int]e/s ( cr$itors & is feasible2 7#g7 ! plan is consi/5t ) ! ,fiscal ,plan submitt$ "u title ,,ii2 7#h7 ! plan ensures t accru$ p5sion liability 9 ! ,commonweal? ,employee ,retirem5t ,sy/em & ,tea*] ,retirem5t ,sy/em %all be treat$ z s5ior1 fir/ priority secur$ debt1 s5ior to any exi/+ s5ior secur$ debt by /atutory li5 & not)/&+ any o!r provision ( law may be satisfi$ by paym5t f ! g5]al rev5ues ( ! ,commonweal?1 provid$ t ! maximum claim to be treat$ z secur$ by ?is s5ior1 fir/ priority secur$ /atutory li5 ( an active annuitant %all be equal to ! ,p5sion ,b5efit ,gu>anty ,corporation maximum gu>antee = p>ticipants 9 a s+le-employ] plan & t ! maximum claim to be treat$ z secur$ by ?is s5ior1 fir/ priority secur$ /atutory li5 ( an active or ve/$ inactive p>ticipant 9 said p5sion funds %all be equal to ! full b5efit accru$ by su* active or inactive p>ticipant2 & 7#i7 feasible & equitable ! plan does n unduly impair ! claims ( hold]s ( bonds t are-- 7,a7 g5]al obligations ( ! ,t]ritory to :i* ! ,t]ritory pl$g$ ! full fai? & cr$it & ! tax+ p[] ( ! ,t]ritory2 & 7,b7 id5tifi$ 9 an applicable nonbankruptcy law z hav+ a fir/ claim on available ,t]ritory res\rces4 ,e ,additional provisions #bda4 ,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 ! debtor1 9 ! debtor's sole discretion1 or employ$ by a committee "u section #aajc ( 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 ( any 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 title2 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 #bdb1 &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 #bdb4 ,int]im comp5sation ,a debtor's attorney1 or any pr(essional p]son employ$ by ! debtor1 9 ! debtor's sole discretion1 or employ$ by a committee "u section #aajc ( 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 #bda4 ,aft] notice & a he>+1 ! c\rt may all[ to su* applicant su* comp5sation or reimbursem5t4 #bdc4 ,applicability ( o!r sections 7a7 ,sections #aja1 #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;a77l71 #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 #ibb1 #ibc1 #ibd1 #ibe1 #ibf1 #ibg1 #ibh1 #ibi1 #icj1 #idb1 #idd1 #ide1 #idf1 #aajb1 #aajc1 #aaji1 #aaaa7;b71 #aaac1 #aabb1 #aabc7;a77l71 #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;b77l71 #aabi7;b77#b77;,a71 #aabi7;b77#b77;,b71 #aadb7;b71 #aadc1 #aadd1 & #aade ( title #aa1 ,unit$ ,/ates ,code1 apply 9 a case "u ?is title4 7b7 ,a t]m us$ 9 a section ( title #aa1 ,unit$ ,/ates ,code1 made applicable 9 a case "u ?is title by subsection 7a7 has ! mean+ def9$ = su* t]m = ! purpose ( su* applicable section1 unless su* t]m is o!rwise def9$ 9 section #bja4 7c7 ,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 7d7 ,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 or words ( simil> import 9 a section ( title #bh1 ,unit$ ,/ates ,code1 made applicable 9 a case "u ?is title by section #bbb or #bbe or 9 ! ,f$]al ,rules ( ,bankruptcy ,proc$ure made applicable 9 a case "u ?is title by section #bbf %all be deem$ to be a ref]5ce to ?is title4 ,,iii ,pu]to ,rico *apt] #i uni=mity #cja4 ,%ort title ,?is title may be cit$ z ! ,pu]to ,rico ,*apt] #i ,uni=mity ,act ( #bjae4 #cjb4 ,am5dm5t ,section #aja7eb7 ( title #aa1 ,unit$ ,/ates ,code1 is am5d$ to read z foll[s3 7#eb7 ,! t]m ,/ate includes ,pu]to ,rico &1 except = ! purpose ( def9+ :o may be a debtor "u *apt] #i ( ?is title1 includes ! ,di/rict ( ,columbia4 4 #cjc4 ,effective date2 application ( am5dm5t 7a7 ,effective date ,except z provid$ 9 subsection 7b71 ?is ,act & ! am5dm5t made by ?is ,act %all take effect on ! date ( ! enactm5t ( ?is ,act4 7b7 ,application ( am5dm5t ,! am5dm5t made by ?is title %all apply ) respect to-- 7#a7 cases comm5c$ "u title #aa ( ! ,unit$ ,/ates ,code on or aft] ! date ( ! enactm5t ( ?is ,act2 & 7#b7 debts1 claims1 & li5s creat$ be=e1 on1 or aft] su* date4 #cjd4 ,sev]ability ,if any provision ( ?is title or any am5dm5t made by ?is title1 or ! application ( su* provision or am5dm5t to any p]son or circum/ance1 is held to be uncon/itutional1 ! rema9d] ( ?is title & ! am5dm5ts made by ?is title1 or ! application ( t provision or am5dm5t to o!r p]sons or circum/ances1 %all n be affect$4