,i  #aaf? ,,congress  #b;d ,session  ,h4
 ,r4 #fige  ,,9 ,,! ,,h\se ,,(          
,,repres5tatives  ,may #bb1 #bjbj,mr4   
,grijalva 7= himself1 ,ms4 ,velzquez1   
,mr4 ,s]rano1 ,mr4 ,soto1 & ,ms4        
,ocasio-,cortez7 introduc$ ! foll[+     
bill2 :i* 0 ref]r$ to ! ,committee on   
,natural ,res\rces1 & 9 addition to !   
,committee on ! ,judici>y1 = a p]iod to 
be subsequ5tly det]m9$ by ! ,speak]1 9  
ea* case = consid]ation ( su* provisions
 z fall )9 ! jurisdiction ( ! committee 
conc]n$  ,a ,,bill  ,to am5d ! ,pu]to   
,rico ,ov]sight1 ,managem5t1 & ,economic
 ,/ability ,act or ,,promesa1 & = o!r   
purposes4  #a4 ,%ort title ,?is ,act may
 be cit$ z ! ,am5dm5ts to ,,promesa ,act
 ( #bjbj4  #b4 ,table ( cont5ts ,! table
 ( cont5ts = ?is ,act is z foll[s3 ,sec4
 #a4 ,%ort title4,sec4 #b4 ,table (     
cont5ts4,sec4 #c4 ,prev5t+ conflicts (  
int]e/ by ov]sight bo>d4,sec4 #d4 ,f$]al
 fund+ = op]ation ( ov]sight bo>d &     
title ,,iii proce$+s4,sec4 #e4 ,fund+ = 
ess5tial public s]vices4,sec4 #f4 ,fund+

 to promote economic gr[?4,sec4 #g4     
,fund+ = op]ation ( ! ,univ]sity (      
,pu]to ,rico4,sec4 #h4 ,disclosure by   
pr(essional p]sons employ$ by c\rt      
ord]4,sec4 #i4 ,disclosure by           
pr(essional p]sons employ$ by           
debtor4,sec4 #aj4 ,access to            
in=mation4,sec4 #aa4 ,,gao report on    
exp5ditures & op]ation ( ov]sight       
bo>d4,sec4 #ab4 ,pu]to ,rico            
,infra/ructure ,revitalization          
repeal$4,sec4 #ac4 ,t]ritorial relief = 
unsecur$ public debt4,sec4 #ad4 ,pu]to  
,rico ,public ,cr$it ,compreh5sive      
,audit ,commission4,sec4 #ae4           
,sev]ability clause4  #c4 ,prev5t+      
conflicts ( int]e/ by ov]sight bo>d  7a7
 ,eligibility = ,appo9tm5ts ,section    
#aja7;f77#b7 ( ! ,pu]to ,rico ,ov]sight1
 ,managem5t1 & ,economic ,/ability ,act 
7#dh ,u4,s4,c4 #baba7;f77#b77 is am5d$  
to read z foll[s3  7#b7 is n an (fic]1  
elect$ (ficial1 or employee ( !         
t]ritorial gov]nm5t1 a c&idate = elect$ 
(fice ( ! t]ritorial gov]nm5t1 a =m]    

elect$ (ficial ( ! t]ritorial gov]nm5t1 
has nev] s]v$ 9 any (ficial capacity 9 !
 t]ritorial gov]nm5t or 9 any ( !       
municipal gov]nm5ts or public           
corporations ( ! t]ritorial gov]nm5t1 or
 f9ancial in/itutions own$ by !         
t]ritorial gov]nm5t1 & has nev] be5 an  
employee or director ( any corporation1 
company1 or in/itution t sold1 pur*as$1 
or insur$ f9ancial assets to or f !     
t]ritorial gov]nm5t4  4  7b7 ,executive 
director & /aff ov]sight bo>d ,section  
#ajc ( ! ,pu]to ,rico ,ov]sight1        
,managem5t1 & ,economic ,/ability ,act  
7#dh ,u4,s4,c4 #babc7 is am5d$-- 7#a7 9 
subsection 7a71 by ins]t+ aft] ! p]iod  
at ! end ! foll[+3 ,an individual may n 
s]ve z ,executive ,director if t        
individual has s]v$ 9 an (ficial        
capacity 9 ! t]ritorial gov]nm5t1 9 a   
municipal gov]nm5t or public corporation
 ( ! t]ritorial gov]nm5t1 or 9 a        
f9ancial in/itution own$ by ! t]ritorial
 gov]nm5t1 or has be5 an employee or    
director ( a corporation1 company1 or   

in/itution t has sold f9ancial assets   
to1 pur*as$ f9ancial assets f1 or insur$
 f9ancial assets ( ! t]ritorial         
gov]nm5t42 &  7#b7 by am5d+ subsection  
7c7 to read z foll[s3  7c7 ,e?ics ,bo>d 
,n lat] ?an #cj days aft] ! date ( !    
enactm5t ( ! ,am5dm5ts to ,,promesa ,act
 ( #bjbj1 9 ! case ( ! ,ov]sight ,bo>d =
 ,pu]to ,rico1 or #cj days aft] !       
=mation ( an ,ov]sight ,bo>d1 = an      
,ov]sight ,bo>d =m$ aft] ! date ( !     
enactm5t ( ?is ,act1 ! ,ov]sight ,bo>d  
%all designate an e?ics bo>d compris$ ( 
#c nonexecutive bo>d memb]s4 ,! e?ics   
bo>d %all meet z ne$$1 b n less ?an once
 e #f mon?s1 to consid] ! compliance (  
memb]s1 ! ,executive ,director1         
employees1 contractors1 & subcontractors
 ( ! ,ov]sight ,bo>d ) all applicable   
,f$]al laws regulat+ ! conduct ( !      
,ov]sight ,bo>d1 includ+ conflict (     
int]e/1 f9ancial disclosure1 & op5      
gov]nm5t laws4  4  7c7 ,au?ority ,to    
ent] into contracts ,section #ajd7;g7 ( 
! ,pu]to ,rico ,ov]sight1 ,managem5t1 & 

,economic ,/ability ,act 7#dh ,u4,s4,c4 
#babd7;g77 is am5d$ by ins]t+ ,! total  
co/ ( contracts ent]$ into "u ?is       
subp>agraph = any fiscal ye> may n exce$
 #e p]c5t ( ! total op]at+ budget ( an  
,ov]sight ,bo>d = t fiscal ye>4 aft] !  
p]iod at ! end4  7d7 ,e?ics ,section    
#aji ( ! ,pu]to ,rico ,ov]sight1        
,managem5t1 & ,economic ,/ability ,act  
7#dh ,u4,s4,c4 #babi7 is am5d$-- 7#a7 9 
subsection 7a7-- 7,a7 by /rik+ & /aff   
aft] all memb]s & ins]t+ 1 employees1   
contractors1 & sub-contractors2  7,b7 by
 ins]t+ 1 )\t exception aft] ,unit$     
,/ates ,code2 &  7,c7 aft] ! p]iod at ! 
end1 by ins]t+ ,an individual may n s]ve
 on an ,ov]sight ,bo>d if t individual  
is 9 violation ( section #bjh ( title   
#ah1 ,unit$ ,/ates ,code42 &  7#b7 by   
add+ at ! end ! foll[+3  7c7 ,=mal      
writt5 /atem5t ,an individual1 includ+  
an individual "u consid]ation =         
appo9tm5t or s]v+ z a memb] ( an        
,ov]sight ,bo>d on ! date ( ! enactm5t (
 ?is subsection1 may n s]ve z a memb] ( 

an ,ov]sight ,bo>d or z an ,executive   
,director unless ! individual-- 7#a7 has
 issu$ a =mal /atem5t reg>d+ t          
individual's pa/ & pres5t compliance1 & 
int5t ( future compliance ) all         
applicable ,f$]al laws regulat+ !       
individual's conduct1 includ+ conflict (
 int]e/1 f9ancial disclosure1 & op5     
gov]nm5t laws2 &  7#b7 has committ$ 9   
writ+ to /rictly abide by section #bjh (
 title #ah1 ,unit$ ,/ates ,code1 & o!r  
applicable ,f$]al laws regulat+ _!      
conduct1 includ+ conflict ( int]e/1     
f9ancial disclosure1 & op5 gov]nm5t     
laws4  7d7 ,f$]al lobby+ ,section #aiac 
( title #ah1 ,unit$ ,/ates ,code1 %all  
apply to all funds made available to    
memb]s & /aff ( an ,ov]sight ,bo>d )\t  
reg>d to ! s\rce ( su* funds4  7e7      
,annual e?ics report ,n lat] ?an ,may   
#ae ea* ye>1 ! ,executive ,director &   
ea* memb] ( an ,ov]sight ,bo>d %all file
 a report ) ! e?ics bo>d4 ,su* annual   
reports %all-- 7#a7 be po/$ by ! e?ics  
bo>d on ! public electronic website ( an

 ,ov]sight ,bo>d n lat] ?an ,june #a/ ( 
ea* ye>2  7#b7 be fil$ 9 accordance )-- 
7,a7 ! ,e?ics 9 ,gov]nm5t ,act ( #aigh2 
&  7,b7 ! ,/op ,trad+ on ,congressional 
,k ,act ( #bjab2 &  7#c7 include        
in=mation detail+ ! foll[+ ) reg>d to ! 
individual dur+ ! ye> = :i* ! report is 
fil$3 7,a7 ,income ( ! individual4  7,b7
 ,honor>ia giv5 to ! individual4  7,c7  
,assets held by ! individual4  7,d7     
,f9ancial transactions by ! individual4 
7,e7 ,f9ancial liabilities ( !          
individual4  7,f7 ,positions held by !  
individual4  7,g7 ,agreem5ts to :i* !   
individual is a "p4  7,h7 ,travel tak5  
by ! individual4  7,i7 ,gifts receiv$ by
 ! individual4  7,j7 ,o!r details       
requir$ pursuant to p>agraph 7#b74  4   
7e7 ,requir$ reports ,section #bjh ( !  
,pu]to ,rico ,ov]sight1 ,managem5t1 &   
,economic ,/ability ,act 7#dh ,u4,s4,c4 
#badh7 is am5d$ by add+ at ! end !      
foll[+3  7d7 ,annual e?ics report  7#a7 
,annual report requir$ ,n lat] ?an ,june
 #cj? ( ea* ye>1 ! e?ics bo>d %all      

submit a report detail+ compliance by   
memb]s1 employees1 contractors1 &       
subcontractors ( an ,ov]sight ,bo>d )   
section #aji directly to-- 7,a7 !       
,presid5t2  7,b7 ! ,h\se (              
,repres5tatives ,committee on ,natural  
,res\rces2 &  7,c7 ! ,s5ate ,committee  
on ,en]gy & ,natural ,res\rces4  7#b7   
,confid5tiality requirem5t ,memb]s1     
employees1 contractors1 or              
subcontractors ( an ,ov]sight ,bo>d may 
n-- 7,a7 view any "p ( a report compil$ 
or be+ compil$ to comply ) ?is          
subsection be=e t report is submitt$ "u 
p>agraph 7#a72  7,b7 delay submission ( 
! report compil$ or be+ compil$ to      
comply ) ?is subsection2 &  7,c7 attempt
 to influ5ce ! e?ics bo>d to make any   
*ange to ! cont5t ( a report compil$ or 
be+ compil$ to comply ) ?is subsection4 
4  #d4 ,f$]al fund+ = op]ation (        
ov]sight bo>d & title ,,iii proce$+s    
,section #ajg ( ! ,pu]to ,rico          
,ov]sight1 ,managem5t1 & ,economic      
,/ability ,act 7#dh ,u4,s4,c4 #babg7 is 

am5d$-- 7#a7 by /rik+ subsection 7b72 & 
7#b7 by ins]t+ aft] subsection 7a7 !    
foll[+ new subsections3  7b7 ,fund+ ,!re
 is au?oriz$ to be appropriat$ su* sums 
z may be necess>y to c>ry out !         
op]ations & proce$+s ( an ,ov]sight     
,bo>d "u title ,,iii4  7c7 ,remission ( 
excess funds ,if an ,ov]sight ,bo>d     
det]m9es1 9 its sole discretion1 t funds
 made available to an ,ov]sight ,bo>d = 
! op]ations & proce$+s ( an ,ov]sight   
,bo>d "u title ,,iii exce$ ! am\nt      
requir$ = ^? op]ations & proce$+s dur+ a
 fiscal ye>1 ! excess funds %all be     
remitt$ by ! ,executive ,director to !  
,dep>tm5t ( ! ,treasury n lat] ?an #cj  
days aft] ! end ( ! fiscal ye>4  4  #e4 
,fund+ = ess5tial public s]vices        
,section #bja7;b77#a77;,b7 ( ! ,pu]to   
,rico ,ov]sight1 ,managem5t1 & ,economic
 ,/ability ,act 7#dh ,u4,s4,c4          
#bada7;b77#a77;,b77 is am5d$-- 7#a7 by  
ins]t+ full be=e fund+2 &  7#b7 by      
ins]t+ 1 includ+ public education1      
public safety1 heal? c>e1 & p5sions be=e

 ! semicolon4  #f4 ,fund+ to promote    
economic gr[? ,section #bja7;b77#a77;,j7
 ( ! ,pu]to ,rico ,ov]sight1 ,managem5t1
 & ,economic ,/ability ,act 7#dh        
,u4,s4,c4 #bada7;b77#a77;,j77 is am5d$  
by ins]t+ 1 includ+ inve/m5ts &         
exp5ditures to increase ! creation ( new
 jobs1 r$uce income inequality1 increase
 gross national product & gross dome/ic 
product1 exp& work=ce developm5t        
programs1 transition in=mal economic    
activity to ! =mal sector1 increase !   
m$ian h\sehold income1 & r$uce ! numb] (
 resid5ts liv+ "u ! pov]ty level be=e ! 
semicolon4  #g4 ,fund+ = op]ation ( !   
,univ]sity ( ,pu]to ,rico  7a7 ,am5dm5t 
,title ,,ii ( ! ,pu]to ,rico ,ov]sight1 
,managem5t1 & ,economic ,/ability ,act  
7#dh ,u4,s4,c4 #baja et seq47 is am5d$  
by add+ at ! end ! foll[+3  #bac4 ,fund+
 = ,op]ation ( ! ,univ]sity ( ,pu]to    
,rico ,until ! t]m9ation ( ! ,ov]sight  
,bo>d = ,pu]to ,rico pursuant to section
 #bji1 ! ,fiscal ,plan = ! ,commonweal? 
( ,pu]to ,rico & ! ,fiscal ,plan = !    

,univ]sity ( ,pu]to ,rico1 develop$ "u  
section #bja1 %all include an annual    
allocation ( public funds to !          
,univ]sity ( ,pu]to ,rico 9 an am\nt    
calculat$ "u ! fund+ =mula ( ,law       
#b-aiff or #hjj1jjj1jjj1 :i*ev] is      
great]1 to all[ ! ,univ]sity ( ,pu]to   
,rico to fulfill its major role z an    
ess5tial public s]vice & to comply      
effectively ) its obligations &         
accr$itation requirem5ts4  4  7b7       
,cl]ical am5dm5t ,! table ( cont5ts ( ! 
,pu]to ,rico ,ov]sight1 ,managem5t1 &   
,economic ,/ability ,act 7#dh ,u4,s4,c4 
#baja et seq47 is am5d$ by ins]t+ aft] !
 item relat+ to section #bab ! foll[+3  
,sec4 #bac4 ,fund+ = ,op]ation ( !      
,univ]sity ( ,pu]to ,rico4  4  #h4      
,disclosure by pr(essional p]sons       
employ$ by c\rt ord]  7a7 ,am5dm5ts     
,title ,,iii ( ! ,pu]to ,rico ,ov]sight1
 ,managem5t1 & ,economic ,/ability ,act 
7#dh ,u4,s4,c4 #baja et seq47 is am5d$  
by add+ at ! end ! foll[+3  #cah4       
,disclosure by pr(essional p]sons       

employ$ by c\rt ord]  7a7 ,requir$      
disclosure ,9 a volunt>y case comm5c$ "u
 section #cjd1 an attorney1 acc\ntant1  
apprais]1 auctione]1 ag5t1 consultant1  
or o!r pr(essional p]son may n be       
comp5sat$ "u section #caf unless1 be=e  
mak+ a reque/ = comp5sation1 su* a      
pr(essional p]son submitt$ a v]ifi$     
/atem5t con=m+ to ! disclosure          
requirem5ts ( rule #bjad7;a7 ( ! ,f$]al 
,rules ( ,bankruptcy ,proc$ure sett+ =? 
! pr(essional p]son's connections )--   
7#a7 ! debt1 cr$itors1 any o!r p>ties 9 
int]e/2  7#b7 ! attorneys & acc\ntants (
 any p]son or entity li/$ pursuant to   
p>agraph 7#a72  7#c7 an ,ov]sight ,bo>d2
  7#d7 any p]son employ$ by an ,ov]sight
 ,bo>d2 &  7#e7 in=mation on ! id5tity (
 ea* entity or p]son ) :om su*          
pr(essional p]son has a connection4  7b7
 ,supplem5t ,a pr(essional p]son ref]r$ 
to 9 subsection 7a7 %all be requir$ to--
 7#a7 supplem5t su* v]ifi$ /atem5t z    
additional relevant in=mation becomes   
kn[n to su* p]son2 &  7#b7 annually file

 a notice confirm+ ! accuracy ( su*     
/atem5t4  7c7 ,review  7#a7 ,tru/ee ,!  
,unit$ ,/ates ,tru/ee-- 7,a7 %all review
 ea* v]ifi$ /atem5t submitt$ pursuant to
 subsection 7a72  7,b7 may file ) ! c\rt
 comm5ts on su* v]ifi$ /atem5ts be=e !  
pr(essionals fil+ su* /atem5ts seek     
comp5sation "u section #caf2 &  7,c7 may
 object to any comp5sation application  
fil$ "u section #caf t fails to satisfy 
! requirem5ts ( subsection 7d74  7#b7   
,/&+ ,a p]son hav+ /&+ "u section #aaji 
( title #aa1 ,unit$ ,/ates ,code1 %all  
also h /&+ "u ?is section4 ,! di/rict   
c\rt %all h jurisdiction to adjudicate  
all matt]s aris+ "u ?is section4  7d7   
,retroactivity ,if1 on ! date ( !       
enactm5t ( ?is section1 a c\rt has ent]$
 ord]s approv+ comp5sation "u cases     
comm5c$ "u section #cjd1 ea* pr(essional
 p]son previ\sly aw>d$ comp5sation %all 
file a v]ifi$ /atem5t 9 accordance )    
subsection 7a7 n lat] ?an #cj days aft] 
su* p]son's fir/ reque/ = comp5sation "u
 section #caf occurr+ aft] ! date ( !   

enactm5t ( ?is section4 ,! c\rt may n   
delay any proce$+ 9 connection ) a case 
comm5c$ "u section #cjd p5d+ ! fil+ ( a 
v]ifi$ /atem5t "u ?is subsection4  7e7  
,limitation on comp5sation ,9 a volunt>y
 case comm5c$ "u section #cjd1 9        
connection ) ! review & approval (      
pr(essional comp5sation "u section #caf1
 ! c\rt may d5y all[ance ( comp5sation =
 s]vices & reimbursem5t ( exp5ses accru+
 aft] ! date ( ! enactm5t ( ?is section 
to a pr(essional p]son if su*           
pr(essional p]son-- 7#a7 fail$ to file  
/atem5ts ( connections requir$ by       
subsection 7a7 or fil$ inadequate       
/atem5ts ( connections2  7#b7 is at any 
"t dur+ su* pr(essional p]son's         
employm5t 9 su* case n a dis9t]e/$ p]son
 z def9$ 9 section #aja7ad7 ( title #aa1
 ,unit$ ,/ates ,code2 or  7#c7          
repres5ts1 or holds an int]e/ adv]se to1
 ! int]e/ ( ! e/ate ) respect to ! matt]
 on :i* su* pr(essional p]son is        
employ$1 except t ! qualification /&>ds 
= committee pr(essionals %all be ^? set 

=? 9 section #aajc7;b7 ( title #aa1     
,unit$ ,/ates ,code4  4  7b7 ,cl]ical   
am5dm5t ,! table ( cont5ts ( ! ,pu]to   
,rico ,ov]sight1 ,managem5t1 & ,economic
 ,/ability ,act 7#dh ,u4,s4,c4 #baja et 
seq47 is am5d$ by ins]t+ aft] ! item    
relat+ to section #cag ! foll[+3  ,sec4 
#cah4 ,disclosure by pr(essional p]sons 
employ$ by c\rt ord]4  4  #i4           
,disclosure by pr(essional p]sons       
employ$ by debtor  7a7 ,requirem5ts     
,title ,,iii ( ! ,pu]to ,rico ,ov]sight1
 ,managem5t1 & ,economic ,/ability ,act 
7#dh ,u4,s4,c4 #baja et seq47 is am5d$--
 7#a7 9 section #cja7;a7-- 7,a7 by      
ins]t+ #cbg1 aft] #aab12 &  7,b7 by     
ins]t+ #cbh1 #cbi1 be=e #ccc12  7#b7 9  
section #caf7;a7 by ins]t+ & subject to 
sections #cbh & #cbi ( title #aa1 ,unit$
 ,/ates ,code1 aft] he>+12 &  7#c7 by   
add+ at ! end ! foll[+3  #cai4          
,disclosure by pr(essional p]sons       
employ$ by ! debtor  7a7 ,requir$       
disclosure  7#a7 ,disclosure requir$ ,an
 ord] approv+ ! employm5t ( attorneys1  

acc\ntants1 apprais]s1 auctione]s1      
ag5ts1 or o!r pr(essional p]sons        
pursuant to section #cbg ( title #aa1   
,unit$ ,/ates ,code 7z incorporat$ into 
?is title by section #cja ( ?is ,act71  
%all be accompani$ by a v]ifi$ /atem5t (
 ! pr(essional p]son to be employ$ sett+
 =? ! pr(essional p]son's individual    
connections 7if any7 )-- 7,a7 ! debtor1 
cr$itors1 any o!r p>ty 9 int]e/2  7,b7 !
 attorneys & acc\ntants ( any p]son or  
entity li/$ pursuant to p>agraph 7#a72  
7,c7 an ,ov]sight ,bo>d2 &  7,d7 any    
p]son employ$ by an ,ov]sight ,bo>d4    
7#b7 ,additional in=mation ,su* /atem5t 
%all include in=mation on ! id5tify (   
ea* entity or p]son li/$ 9 ! /atem5t    
requir$ "u p>agraph 7#a74  7b7          
,prohibition ,no claim ( privilege1 or (
 contractual or legal confid5tiality1   
%all be all[$ relat+ to any disclosure  
requir$ by subsection 7a7 or by ,rule   
#bjad7;a7 ( ! ,f$]al ,rules (           
,bankruptcy ,proc$ure4  4  7b7 ,cl]ical 
am5dm5t ,! table ( cont5ts ( ,pu]to     

,rico ,ov]sight1 ,managem5t1 & ,economic
 ,/ability ,act 7#dh ,u4,s4,c4 #baja et 
seq47 is am5d$ by ins]t+ aft] ! item    
relat+ to section #cah ! foll[+3  ,sec4 
#cai4 ,disclosure by pr(essional p]sons 
employ$ by ! debtor4  4  7c7 ,effective 
date2 application ( am5dm5ts  7#a7      
,effective date ,except z provid$ 9     
p>agraph 7#b71 ?is section & ! am5dm5ts 
made by ?is section %all take effect on 
,june #cj1 #bjaf4  7#b7 ,special        
application ,! am5dm5ts made by         
p>agraphs 7#a77;,a7 & 7#b7 ( subsection 
7a7 %all take effect #cj days aft] !    
date ( ! enactm5t ( ?is section4  #aj4  
,access to in=mation  7a7 ,am5dm5t      
,title ,,iii ( ! ,pu]to ,rico ,ov]sight1
 ,managem5t1 & ,economic ,/ability ,act 
7#dh ,u4,s4,c4 #baja et seq47 is am5d$  
by add+ aft] section #cai 7z add$ by    
section #i ( ?is ,act71 ! foll[+3  #cbj4
 ,access to in=mation relat+ to public  
debt ( ,pu]to ,rico  7a7 ,public        
docum5ts ,any docum5t1 record1 or       
in=mation relat+ to ! public debt (     

,pu]to ,rico or any ( its t]ritorial    
in/rum5talities1 includ+ any docum5t    
relat+ to any public (f]+1 contract1    
agreem5t1 ord]1 or report detail+ h[    
funds obta9$ are sp5t1 or contract or   
agreem5ts ) a cr$itor1 %all be-- 7#a7   
classifi$ z a public docum5t2 &  7#b7   
made accessible to any int]e/$ p]son4   
7b7 ,confid5tiality ,any claim (        
confid5tiality relat+ to in=mation      
describ$ 9 subsection 7a7 by any p]son1 
includ+ any entity1 curr5t or pa/       
(ficial ( ,pu]to ,rico1 or curr5t or pa/
 (ficial ( ! ,ov]sight ,bo>d = ,pu]to   
,rico %all be con/ru$ n>r[ly 9 favor (  
promot+ transp>5cy & ! "r ( ! public to 
t in=mation4  7c7 ,en=cem5t ,on         
compla9t1 ! ,unit$ ,/ates ,di/rict ,c\rt
 = ! di/rict ( ,pu]to ,rico %all h      
jurisdiction to enjo9 ! ,ov]sight ,bo>d 
= ,pu]to ,rico or any local ag5cy f     
)hold+ ag5cy records & to ord] !        
production ( any ag5cy records improp]ly
 )held f ! compla9ant4 ,9 su* a case1 ! 
,di/rict ,c\rt %all det]m9e ! matt] de  

novo & may exam9e ! cont5ts ( su* ag5cy 
records 9 cam]a to det]m9e :e!r !       
records1 9 :ole or 9 "p1 %\ld be )held  
"u any exemption set =? 9 section       
#eeb7;b7 ( title #e1 ,unit$ ,/ates ,code
 7commonly kn[n z ! ,fre$om ( ,in=mation
 ,act74 ,! ,ov]sight ,bo>d = ,pu]to     
,rico or a local ag5cy %all be> ! burd5 
( prov+ t an exemption applies4 ,!      
,di/rict ,c\rt's jurisdiction ov] ^!    
matt]s %all be nonexclusive & )\t       
prejudice to any rem$ies provid$ "u     
local law4  7d7 ,attorney fees ,! ,unit$
 ,/ates ,di/rict ,c\rt = ! di/rict (    
,pu]to ,rico may assess aga9/ !         
,ov]sight ,bo>d ( ,pu]to ,rico or a     
relevant local ag5cy reasonable attorney
 fees & o!r co/s reasonably incurr$ 9   
any case "u ?is section 9 :i* !         
compla9ant obta9$ any relief ?r\gh      
ei!r-- 7#a7 a judicial ord] or an       
en=ceable writt5 agreem5t or cons5t     
decree2 or  7#b7 a volunt>y or unilat]al
 *ange 9 position by ! ag5cy1 if !      
compla9ant's claim is n insub/antial4  4

  7b7 ,cl]ical am5dm5t ,! table (       
cont5ts ( ! ,pu]to ,rico ,ov]sight1     
,managem5t1 & ,economic ,/ability ,act  
7#dh ,u4,s4,c4 #baja et seq47 is am5d$  
by ins]t+ aft] ! item relat+ to section 
#cai ! foll[+3  ,sec4 #cbj4 ,access to  
in=mation relat+ to public debt ( ,pu]to
 ,rico4  4  #aa4 ,,gao report on        
exp5ditures & op]ation ( ov]sight bo>d  
7a7 ,am5dm5t ,title ,i ( ! ,pu]to ,rico 
,ov]sight1 ,managem5t1 & ,economic      
,/ability ,act 7#dh ,u4,s4,c4 #baja et  
seq47 is am5d$ by add+ at ! end !       
foll[+3  #aaj4 ,report on ,ov]sight     
,bo>d ,n lat] ?an #cj days aft] ! la/   
day ( ea* fiscal ye>1 ! ,comptroll]     
,g5]al ( ! ,unit$ ,/ates %all report to 
! ,presid5t1 ! ,h\se ( ,repres5tatives  
,committee on ,natural ,res\rces & !    
,s5ate ,committee on ,en]gy & ,natural  
,res\rces ! results ( an audit complet$ 
= ! cal5d> ye> be=e ! report conta9+--  
7#a7 details ( all matt]s relat$ to !   
receipt1 disbursem5t1 & use ( ,f$]al    
funds au?oriz$ "u section #d2  7#b7 an  

analysis ( ! exp5ditures & e/imate ( !  
co/ to ! ,unit$ ,/ates ( ! op]ation ( an
 ,ov]sight ,bo>d2  7#c7 ! compliance or 
noncompliance ( an ,ov]sight ,bo>d ) ?is
 ,act & all o!r applicable laws2 &  7#d7
 recomm5dations = improv+ ! op]ations ( 
an ,ov]sight ,bo>d4  4  7b7 ,cl]ical    
am5dm5t ,! table ( cont5ts ( ! ,pu]to   
,rico ,ov]sight1 ,managem5t1 & ,economic
 ,/ability ,act 7#dh ,u4,s4,c4 #baja et 
seq47 is am5d$ by ins]t+ aft] ! item    
relat+ to section #aji ! foll[+3  ,sec4 
#aaj4 ,report on ,ov]sight ,bo>d4  4    
#ab4 ,pu]to ,rico ,infra/ructure        
,revitalization repeal$ ,title ,v ( !   
,pu]to ,rico ,ov]sight1 ,managem5t1 &   
,economic ,/ability ,act 7#dh ,u4,s4,c4 
#bbaa et seq47 7relat+ to ,pu]to ,rico  
,infra/ructure ,revitalization7 is      
repeal$4  #ac4 ,t]ritorial relief =     
unsecur$ public debt  7a7 ,9 g5]al ,!   
,pu]to ,rico ,ov]sight1 ,managem5t1 &   
,economic ,/ability ,act 7#dh ,u4,s4,c4 
#baja et seq47 is am5d$ by add+ aft]    
title ,,vii1 ! foll[+3  ,,viii          

,,t]ritorial ,,relief  #hja4 ,def9itions
 ,= purposes ( ?is title3 7#a7          
,collat]al ,! t]m collat]al means       
prop]ty subject to a security int]e/4   
7#b7 ,f9ancial obligation ,! t]m        
f9ancial obligation means an obligation 
validly ow$ z ( ! effective date ( ?is  
title by a qualify+ t]ritory or an      
in/rum5tality ( a qualify+ t]ritory t   
arises f any-- 7,a7 security issu$ by a 
qualify+ t]ritory or in/rum5tality ( a  
qualify+ t]ritory2  7,b7 loan tak5 out  
by a qualify+ t]ritory or in/rum5tality 
( a qualify+ t]ritory2  7,c7 repur*ase  
or swap or o!r d]ivative contract ent]$ 
into by a qualify+ t]ritory or          
in/rum5tality ( a qualify+ t]ritory2 or 
7,d7 gu>anty ( any security or loan or  
repur*ase or swap or o!r d]ivative      
contract by a qualify+ t]ritory or      
in/rum5tality ( a qualify+ t]ritory2 &  
does n include any-- 7i7 claim made by a
 v5dor or s]vice provid] t is ow$ paym5t
 by a qualify+ t]ritory or an           
in/rum5tality ( a qualify+ t]ritory = a 

good or s]vice r5d]$ 9 ! ord9>y c\rse ( 
bus9ess2  7ii7 claim made by or on      
behalf ( a curr5t or =m] employee ( a   
qualify+ t]ritory or an in/rum5tality ( 
a qualify+ t]ritory t is ow$ paym5t = a 
p5sion or o!r retirem5t b5efit1 or = a  
heal? c>e b5efit ( any k9d2 or  7iii7   
claim aga9/ a qualify+ t]ritory or an   
in/rum5tality ( a qualify+ t]ritory = a 
p5d+ tax refund or tax cr$it4  7#c7     
,in/rum5tality ,! t]m in/rum5tality     
includes-- 7,a7 a political subdivision 
( a qualify+ t]ritory2  7,b7 a public   
ag5cy ( a qualify+ t]ritory2  7,c7 a    
public corporation ( a qualify+         
t]ritory2 &  7,d7 a bank+ corporation ( 
a qualify+ t]ritory4  7#d7 ,p] ,capita  
,debt ( ! ,t]ritory ,! t]m p] capita    
debt ( a t]ritory means ! quoti5t obta9$
 by divid+-- 7,a7 ! aggregate am\nt ( ! 
f9ancial obligations ( a t]ritory & !   
in/rum5talities ( ! t]ritory1 :i* %all n
 include-- 7i7 ,f$]al debt2 &  7ii7 !   
unfund$ liabilities ( a p5sion sy/em ( !
 gov]nm5t ( ! qualify+ t]ritory or any  

in/rum5tality ( a qualify+ t]ritory = ! 
paym5t ( p5sion & o!r retirem5t b5efits1
 or heal? c>e b5efits ( any k9d1 to     
curr5t or =m] employees ( ! qualify+    
t]ritory or ! in/rum5tality ( ! qualify+
 t]ritory t are ow$ paym5t = a p5sion or
 o!r retirem5t b5efit1 or = a heal? c>e 
b5efit ( any k9d2 by  7,b7 ! population 
( ! t]ritory 7bas$ on ! mo/ rec5t data  
available f ! ,bureau ( ! ,c5sus74  7#e7
 ,proce$s ,! t]m proce$s means am\nts-- 
7,a7 acquir$ f ! sale1 lease1 lic5se1   
ex*ange1 or o!r disposition ( collat]al2
 &  7,b7 collect$ f1 or di/ribut$ on    
acc\nt (1 collat]al4  7#f7 ,qualify+    
t]ritory ,! t]m qualify+ t]ritory means 
a t]ritory t meets two or m ( ! foll[+  
qualifications3 7,a7 ,! population ( !  
t]ritory1 bas$ on ! mo/ rec5t data      
available f ! ,bureau ( ! ,c5sus1 has   
decreas$ by m ?an #e p]c5t dur+ !       
#aj-ye> p]iod end+ on ! date ( a dis*>ge
 "u section #hjb4  7,b7 ,! t]ritory     
receiv$ major disa/] assi/ance "u !     
,rob]t ,t4 ,/af=d ,disa/] ,relief &     

,em]g5cy ,assi/ance ,act 7#db ,u4,s4,c4 
#eaba et seq47 dur+ ! #e-ye> p]iod end+ 
on ! date ( a dis*>ge "u section #hjb4  
7,c7 ,! p] capita debt ( ! t]ritory is  
great] ?an #ae1jjj 7z adju/$ annually to
 reflect ! p]c5tage *ange 9 ! ,consum]  
,price ,index = all ,urban ,consum]s    
publi%$ by ! ,bureau ( ,labor ,/ati/ics 
( ! ,dep>tm5t ( ,labor74  7#g7 ,secur$  
f9ancial obligation ,! t]m secur$       
f9ancial obligation means any f9ancial  
obligation to ! ext5t ( ! value ( any   
collat]al pl$g$ by a qualify+ t]ritory  
or any in/rum5tality ( a qualify+       
t]ritory to secure ! repaym5t ( !       
f9ancial obligation pursuant to a valid 
& p]fect$ security int]e/ "u applicable 
t]ritorial law1 n includ+-- 7,a7 any    
prop]ty acquir$ or anticipat$ to be     
acquir$ by a qualify+ t]ritory or an    
in/rum5tality ( a qualify+ t]ritory aft]
 ! date ( a dis*>ge "u section #hjb1 ev5
 if t prop]ty1 :5 acquir$1 w\ld h become
 collat]al subject to a security int]e/2
 or  7,b7 any proce$s1 products1 (fspr+1

 or pr(its ( ! collat]al n 9 exi/5ce on 
! date ( a dis*>ge "u section #hjb1     
unless ! prop]ty con/itutes ! proce$s ( 
a collat]al to :i* ! security int]e/ has
 atta*$ z ( ! date ( ! dis*>ge4  7#h7   
,t]ritory ,! t]m t]ritory has ! mean+   
giv5 su* t]m 9 section #e7bj7 exclud+   
subp>agraph 7,e7 ( su* section4  7#i7   
,unsecur$ f9ancial obligation ,! t]m    
unsecur$ f9ancial obligation means any  
f9ancial obligation to ! ext5t !        
f9ancial obligation is n a secur$       
f9ancial obligation4  #hjb4 ,relief     
?r\gh ex]cise ( ! p[] to regulate       
comm]ce1 ! bankruptcy p[]1 & !          
t]ritorial p[]  7a7 ,9 g5]al ,pursuant  
to clauses #c & #d ( section #h (       
article ,i & clause #b ( section #c (   
article ,,iv ( ! ,con/itution ( ! ,unit$
 ,/ates1 any unsecur$ f9ancial          
obligation ( a qualify+ t]ritory or an  
in/rum5tality ( a qualify+ t]ritory t is
 out/&+ is dis*>g$ on ! date on :i* a   
resolution /at+ t ! qualify+ t]ritory   
wi%es to dis*>ge ! unsecur$ f9ancial    

obligations ( ! qualify+ t]ritory & !   
in/rum5talities ( ! qualify+ t]ritory-- 
7#a7 is adopt$ by an affirmative vote ( 
m ?an #ej p]c5t ( ! memb]s ( ea* h\se ( 
! legislature ( t qualify+ t]ritory & is
 sign$ by ! *ief executive ( ! qualify+ 
t]ritory2 or  7#b7 is adopt$ by an      
affirmative vote ( n less ?an two-?irds 
( ! memb]s ( ea* h\se ( ! legislature ( 
t qualify+ t]ritory4  7b7 ,limitation ,a
 qualify+ t]ritory may dis*>ge unsecur$ 
f9ancial obligations ( ! qualify+       
t]ritory & ! in/rum5talities ( !        
qualify+ t]ritory "u ?is title n m      
frequ5tly ?an once dur+ any #g-ye>      
p]iod4 ,su* dis*>ge %all prohibit !     
qualify+ t]ritory f dis*>g+1 adju/+1 or 
impair+1 9 any mann] or degree includ+ 9
 a proce$+ "u title ,,iii1 a claim made 
by a v5dor or s]vice provid] t is ow$   
paym5t by a qualify+ t]ritory or an     
in/rum5tality ( a qualify+ t]ritory t is
 ow$ paym5t = a p5sion or o!r retirem5t 
b5efit1 or = a heal? c>e b5efit ( any   
k9d4  7c7 ,no /ay ( actions by qualify+ 

t]ritory ,to obta9 a dis*>ge ,not)/&+   
any o!r provision ( ,f$]al1 ,/ate1 or   
t]ritorial law1 ! ability ( a qualify+  
t]ritory to obta9 a dis*>ge "u ?is title
 %all n be /ay$1 avoid$1 or o!rwise     
limit$ by op]ation ( any provision ( law
 or by ord] ( a c\rt1 an ,ov]sight      
,bo>d1 or an adm9i/rative ag5cy 9 any   
proce$+4  7d7 ,secur$ f9ancial          
obligations unaffect$  7#a7 ,9 g5]al    
,except z provid$ 9 p>agraph 7#c7 (     
section #hjc1 no?+ 9 subsection 7a7 %all
 affect ! validity & en=ceability ( any 
f9ancial obligation ( a qualify+        
t]ritory or an in/rum5tality ( a        
qualify+ t]ritory to ! ext5t t !        
obligation is a secur$ f9ancial         
obligation4  7#b7 ,voidability ,not)/&+ 
p>agraph 7#a71 a secur$ f9ancial        
obligation ( a qualify+ t]ritory or an  
in/rum5tality ( a qualify+ t]ritory may 
be voidable or o!rwise impair$ "u any   
o!r applicable law4  7e7 ,rule (        
con/ruction ,no?+ 9 ?is title %all be   
con/ru$ to op]ate z a /ay ( a p5d+ case 

br\ght "u title ,,iii1 or ( any act ( an
 ,ov]sight ,bo>d appo9t$ "u ?is ,act1 or
 to re9/ate f9ancial obligations dis*>g$
 "u ?is title ?r\gh any proc$ure "u ?is 
,act4  #hjc4 ,effect ( dis*>ge ,a       
dis*>ge "u section #hjb %all-- 7#a7     
except ) reg>d to actions br\ght "u     
section #hjd1 op]ate z a p]man5t /ay1   
applicable to all entities & en=ceable  
by ! qualify+ t]ritory or an            
in/rum5tality ( ! qualify+ t]ritory 9   
any c\rt ) jurisdiction ov] an action   
describ$ 9 section #hjd7;a71 aga9/ !    
comm5cem5t or cont9uation ( an action1 !
 employm5t ( process1 or an act to      
collect1 recov]1 or (fset any out/&+    
f9ancial obligation to ! ext5t t !      
f9ancial obligation is n a secur$       
f9ancial obligation z ( ! date ( !      
dis*>ge1 reg>dless ( :e!r dis*>ge ( t   
unsecur$ f9ancial obligation is waiv$ by
 ! qualify+ t]ritory2  7#b7 void any    
out/&+ judgm5t ent]$ on an unsecur$     
f9ancial obligation ( ! qualify+        
t]ritory or an in/rum5tality ( !        

qualify+ t]ritory to ! ext5t t su*      
judgm5t is a det]m9ation ( liability ( !
 qualify+ t]ritory or in/rum5tality2 &  
7#c7 if prior to ! date ( ! dis*>ge "u  
section #hjb1 ! qualify+ t]ritory or an 
in/rum5tality ( ! qualify+ t]ritory     
ent]$ into a security agreem5t secur+ a 
f9ancial obligation1 prev5t ! security  
int]e/ creat$ by ! security agreem5t f  
atta*+ to any prop]ty acquir$ by !      
qualify+ t]ritory or an in/rum5tality ( 
a qualify+ t]ritory aft] ! date ( !     
dis*>ge "u section #hjb1 except to !    
ext5t t su* prop]ty con/itutes ! proce$s
 ( collat]al to :i* ! security int]e/ _h
 atta*$ z ( ! date ( ! dis*>ge4  #hjd4  
,actions relat$ to ! /atus ( f9ancial   
obligations  7a7 ,9 g5]al ,any f9ancial 
obligation is conclusively deem$ to be  
an unsecur$ f9ancial obligation except  
to ! ext5t t ! hold] ( t obligation     
proves t ! f9ancial obligation is a     
secur$ f9ancial obligation 9 an action =
 a decl>atory judgm5t t is fil$-- 7#a7  
9-- 7,a7 an appropriate t]ritorial c\rt 

( ! qualify+ t]ritory2 or  7,b7 a       
di/rict c\rt ( ! ,unit$ ,/ates 9 !      
qualify+ t]ritory2 &  7#b7 n lat] ?an   
#ahj days aft] ! date ( a dis*>ge "u    
section #hjb4  7b7 ,burd5 ( pro( ,9 an  
action describ$ 9 subsection 7a71 !     
hold] ( an obligation %all be requir$ to
 prove by cle> & conv9c+ evid5ce t--    
7#a7 ! obligation is a secur$ f9ancial  
obligation2 &  7#b7 any rev5ues g5]at$  
aft] a dis*>ge "u section #hjb are !    
proce$s ( ! collat]al secur+ ! secur$   
f9ancial obligation4  7c7 ,exclusive    
jurisdiction ,not)/&+ title #bh1 ,unit$ 
,/ates ,code1 a c\rt describ$ 9         
subsection 7a77#a7 %all h exclusive     
jurisdiction ov] an action involv+1     
aris+ f1 or relat$ to ! /atus ( a       
f9ancial obligation z a secur$ or an    
unsecur$ f9ancial obligation "u         
subsection 7a71 includ+-- 7#a7 any      
action ass]t+ a tak+ "u ! fif? article (
 am5dm5t to ! ,con/itution ( ! ,unit$   
,/ates2 &  7#b7 any action = decl>atory 
judgm5t4  7d7 ,appeals ,any appeal f an 

action "u ?is section %all be he>d      
solely-- 7#a7 = a case fil$ "u          
subsection 7a77#a77;,a71 9 ! appropriate
 t]ritorial c\rt ( ! qualify+ t]ritory2 
or  7#b7 = a case fil$ "u subsection    
7a77#a77;,b71 9 ! appropriate c\rt (    
appeals ( ! ,unit$ ,/ates = ! qualify+  
t]ritory4  7e7 ,co/s ,all p>ties %all   
be> _! own co/s 9 an action "u ?is      
section4  7f7 ,e/oppel ,any p>ty to an  
action "u ?is section %all be e/opp$ 9  
o!r actions f claim+ t ! p>ty has be5   
depriv$ ( ! prop]ty ( t p>ty by virtue  
(-- 7#a7 a dis*>ge "u section #hjb2 or  
7#b7 a f9al rul+ 9 an action describ$ 9 
subsection 7a7 t a f9ancial obligation (
 a p>ty is an unsecur$ f9ancial         
obligation4  7g7 ,b> on avoidance       
actions by cr$itors ,not)/&+ any o!r    
provision ( law1 a cr$itor ( a qualify+ 
t]ritory or an in/rum5tality ( a        
qualify+ t]ritory t has receiv$ a       
dis*>ge "u ?is title may n avoid or br+ 
an action to avoid1 directly or         
d]ivatively1 any transf] ( prop]ty made 

by ! qualify+ t]ritory or in/rum5tality4
  7h7 ,avoidance ( security int]e/s by  
qualify+ t]ritories & in/rum5talities ( 
qualify+ t]ritories  7#a7 ,9 g5]al ,9   
addition to ! relief provid$ else:]e 9  
?is ,act1 a qualify+ t]ritory or an     
in/rum5tality ( a qualify+ t]ritory1 9 a
 civil action describ$ 9 p>agraph 7#b71 
may avoid any security int]e/-- 7,a7    
secur+ a f9ancial obligation t w\ld be  
avoidable by a tru/ee 9 a case "u *apt] 
#g ( title #aa1 ,unit$ ,/ates ,code1    
fil$ on ! date ( ! dis*>ge "u section   
#hjb if1 not)/&+ sections #aja7da7 &    
#aji7;a7 ( title #aa1 ,unit$ ,/ates     
,code1 or any /atute ( limitations "u t 
title1 ! qualify+ t]ritory or !         
in/rum5tality ( ! qualify+ t]ritory 7   
deem$ an eligible debtor "u su* *apt]   
#g2 or  7,b7 secur+ a f9ancial          
obligation to ! ext5t t ! am\nt ow$ on !
 f9ancial obligation exce$s ! value (   
any collat]al1 subject to re/rictions "u
 p>agraph 7#c71 secur+ ! f9ancial       
obligation4  7#b7 ,civil actions ,a     

civil action describ$ 9 ?is p>agraph    
%all be-- 7,a7 br\ght by a qualify+     
t]ritory1 an in/rum5tality ( a qualify+ 
t]ritory1 or a relator on behalf ( a    
qualify+ t]ritory or an in/rum5tality ( 
a qualify+ t]ritory n lat] ?an #b ye>s  
aft] ! date ( a dis*>ge "u section #hjb2
 &  7,b7 fil$ 9-- 7i7 an appropriate    
t]ritorial c\rt ( ! qualify+ t]ritory2  
or  7ii7 a di/rict c\rt ( ! ,unit$      
,/ates = ! qualify+ t]ritory4  7#c7     
,value ( collat]al ,= ! purpose (       
det]m9+ ! value ( collat]al "u p>agraph 
7#a77;,b71 ! foll[+ %all n be includ$3  
7,a7 ,any proce$s1 products1 (fspr+1 or 
pr(its ( ! collat]al n 9 exi/5ce on !   
date ( a dis*>ge "u section #hjb1       
reg>dless ( :e!r ^? proce$s1 products1  
(f-spr+1 or pr(its ( ! collat]al w\ld   
become collat]al subject to a security  
int]e/ aft] ! date ( a dis*>ge "u       
section #hjb4  7,b7 ,any prop]ty acquir$
 or anticipat$ to be acquir$ by a       
qualify+ t]ritory or an in/rum5tality ( 
a qualify+ t]ritory aft] ! date ( a     

dis*>ge "u section #hjb1 reg>dless (    
:e!r t prop]ty1 :5 acquir$1 w\ld h      
become collat]al subject to a security  
int]e/4  7,c7 ,any contract "r to tax   
rev5ues t arise aft] ! date ( a dis*>ge 
"u section #hjb4  #hje4 ,notice (       
dis*>ge  7a7 ,9 g5]al  7#a7             
,responsibilities ( a qualify+ t]ritory 
or an in/rum5tality ( a qualify+        
t]ritory ,aft] a dis*>ge "u section     
#hjb1 ! qualify+ t]ritory %all          
promptly-- 7,a7 notify ! ,secret>y ( !  
,treasury ( ! dis*>ge2  7,b7 provide    
actual notice ( ! dis*>ge & ( ! "r to   
br+ an action "u section #hjd to-- 7i7  
any kn[n hold] ( a f9ancial obligation z
 ( ! date ( ! dis*>ge2  7ii7 any kn[n   
ind5ture tru/ee = a f9ancial obligation 
z ( ! date ( ! dis*>ge2  7iii7 any kn[n 
ag5t bank = ! loan1 swap1 repur*ase     
agreem5t1 or o!r d]ivative ( ! hold] ( a
 f9ancial obligation z ( ! date ( !     
dis*>ge2 &  7iv7 any kn[n f9ancial      
gu>anty insur] ( a f9ancial obligation z
 ( ! date ( ! dis*>ge2  7,c7 publi% a   

g5]al notice1 9 ea* ( ! gov]nm5tal      
languages ( ! qualify+ t]ritory1 ( !    
dis*>ge & ( ! "r to br+ an action "u    
section #hjd 9-- 7i7 n less ?an #a      
newspap] ( g5]al circulation ( ea*      
gov]nm5tal language publi%$ 9 ! qualify+
 t]ritory2 &  7ii7 n few] ?an #b daily  
newspap]s t ea* h a national circulation
 9 ! ,unit$ ,/ates & a g5]al audi5ce2 & 
7,d7 publi% ! g5]al notice describ$ 9   
subp>agraph 7,c7 9 ! newspap]s describ$ 
9 subp>agraph 7,c7 n less ?an once ea*  
week dur+ ! #c-week p]iod beg9n+ on !   
date on :i* t g5]al notice is fir/      
publi%$4  7#b7 ,notice 9 ! f$]al regi/] 
,on ! date on :i* ! ,secret>y ( !       
,treasury receives ! notice describ$ 9  
p>agraph 7#a77;,a71 ! ,secret>y ( !     
,treasury %all promptly cause to be     
publi%$ 9 ! ,f$]al ,regi/] a notice ( t 
dis*>ge & ( ! "r to br+ an action "u    
section #hjd4  7b7 ,adequate notice     
7#a7 ,hold]s ( f9ancial obligations     
7,a7 ,9 g5]al ,a hold] ( a f9ancial     
obligation %all be presum$ to h receiv$ 

adequate notice ( a dis*>ge "u section  
#hjb if1 dur+ ! #ahj-;day p]iod beg9n+  
on ! date ( a dis*>ge "u section #hjb1 a
 qualify+ t]ritory provides actual      
notice ( ! dis*>ge & ( ! "r to br+ an   
action "u section #hjd to-- 7i7 ! hold] 
( ! f9ancial obligation z ( ! date ( !  
dis*>ge2  7ii7 an ind5ture tru/ee = !   
security ( ! hold] z ( ! date ( !       
dis*>ge2 or  7iii7 an ag5t bank = !     
loan1 swap1 repur*ase agreem5t1 or o!r  
d]ivative ( ! hold] ( a f9ancial        
obligation z ( ! date ( ! dis*>ge4  7,b7
 ,rebuttable presumption ,! presumption 
describ$ 9 subp>agraph 7,a7 may be      
rebutt$ by cle> & conv9c+ evid5ce t !   
hold] ( ! f9ancial obligation did n     
receive adequate evid5ce4  7#b7 ,notice 
to a f9ancial gu>anty insur] ,a f9ancial
 gu>anty insur] %all be conclusively    
deem$ to h receiv$ adequate notice ( a  
dis*>ge "u section #hjb if1 dur+ !      
#ahj-;day beg9n+ on ! date ( a dis*>ge  
"u section #hjb1 ! f9ancial gu>anty     
insur] receives actual notice ( !       

dis*>ge & ( ! "r to br+ an action "u    
section #hjd4  #hjf4 ,applicability ,?is
 title %all n apply to ,am]ican ,samoa1 
! ,commonweal? ( ! ,nor!rn ,m>iana      
,isl&s1 ,guam1 or ! ,virg9 ,isl&s ( !   
,unit$ ,/ates4  #hjg4 ,effective date   
,?is title %all take effect #fj days    
aft] ! date ( ! enactm5t ( ! ,am5dm5ts  
to ,,promesa ,act ( #bjbj4  4  7b7      
,cl]ical am5dm5t ,! table ( cont5ts ( ! 
,pu]to ,rico ,ov]sight1 ,managem5t1 &   
,economic ,/ability ,act 7#dh ,u4,s4,c4 
#baja et seq47 is am5d$ by ins]t+ aft] !
 items relat+ to title ,,vii ! foll[+3  
,,title ,,viii--,,t]ritorial ,,relief   
,sec4 #hja4 ,def9itions4 ,sec4 #hjb4    
,relief ?r\gh ex]cise ( ! p[] to        
regulate comm]ce1 ! bankruptcy p[]1 & ! 
t]ritorial p[]4 ,sec4 #hjc4 ,effect (   
dis*>ge4 ,sec4 #hjd4 ,actions relat$ to 
! /atus ( f9ancial obligations4 ,sec4   
#hje4 ,notice ( dis*>ge4 ,sec4 #hjf4    
,applicability4 ,sec4 #hjg4 ,effective  
date4  4  #ad4 ,pu]to ,rico ,public     
,cr$it ,compreh5sive ,audit ,commission 

7a7 ,9 g5]al ,! ,pu]to ,rico ,ov]sight1 
,managem5t1 & ,economic ,/ability ,act  
7#dh ,u4,s4,c4 #baja note et seq47 7z   
am5d$ by section #ac ( ?is ,act7 is     
fur!r am5d$ by add+ at ! end ! foll[+3  
,,ix ,,public ,,cr$it ,,compreh5sive    
,,audit  #ija4 ,pu]to ,rico ,public     
,cr$it ,compreh5sive ,audit ,commission 
7a7 ,def9itions ,9 ?is title1 ! foll[+  
def9itions apply3 7#a7 ,audit actions ,!
 t]m audit actions means-- 7,a7 ! public
 debt contract+1 ref9anc+1 or           
r5egotiation process2  7,b7 ! s\rce &   
int5d$ use ( res\rces2 &  7,c7 !        
implem5tation ( programs & projects     
f9anc$ ) dome/ic or =eign debt4  7#b7   
,commission ,! t]m ,commission means !  
,pu]to ,rico ,public ,cr$it             
,compreh5sive ,audit ,commission4  7#c7 
,compreh5sive audit ,! t]m compreh5sive 
audit means a sup]visory action tak5    
to-- 7,a7 exam9e & evaluate audit       
actions2  7,b7 consid] legal & f9ancial 
aspects1 & ! economic1 social1          
ecological1 national1 & municipal       

impacts ( audit actions2 &  7,c7 us+ !  
in=mation obta9$ aft] complet+ !        
requirem5ts "u p>agraphs 7#a7 & 7#b71   
det]m9e ! legitimacy1 lawfulness1       
transp>5cy1 quality1 efficacy1 &        
effici5cy ( ! audit actions4  7#d7      
,coop]ative sector ,! t]m coop]ative    
sector means autonom\s associations (   
p]sons unit$ volunt>ily to meet _!      
common ne$s & aspirations ?r\gh a jo9tly
 own$ & democratically-controll$        
ent]prise4  7b7 ,e/abli%m5t2 dissolution
 ,!re is e/abli%$ an indep5d5t          
commission to be kn[n z ! ,pu]to ,rico  
,public ,cr$it ,compreh5sive ,audit     
,commission4 ,! ,commission-- 7#a7 %all 
be creat$ z an indep5d5t entity )9 !    
t]ritorial gov]nm5t2  7#b7 %all n be a  
dep>tm5t1 ag5cy1 e/abli%m5t1 or         
in/rum5tality ( ! ,f$]al ,gov]nm5t2 &   
7#c7 %all dissolve aft] ! ,commission   
completes or fulfills ea* duty ( !      
,commission "u subsection 7c7 & issues !
 f9al report ( ! ,commission "u         
subsection 7g74  7c7 ,duties ,!         

,commission %all-- 7#a7 ord] a          
compreh5sive audit ( all public debt (  
,pu]to ,rico & its in/rum5talities1 9   
con=mity ) ! ,gov]nm5t ,acc\ntability   
,(fice's ,g5]ally ,accept$ ,gov]nm5t    
,audit+ ,/&>ds 7also kn[n z ! ,yell[    
,book72 &  7#b7 audit all public debt   
issu$ dur+ ! p]iod beg9n+ on ! fir/ day 
( fiscal ye> #aigb & end+ on ! date (   
enactm5t ( ?is section1 includ+-- 7,a7 a
 curr5t & complete acc\nt+ z to ! am\nt 
( out/&+ indebt$ness z ( ! date ( !     
enactm5t ( ?is section2  7,b7 an        
analysis ( ! su/a9ability ( out/&+      
debts2  7,c7 an assessm5t ( h[ rules1   
policies1 & controls ov] ! use ( debt c 
be improv$ ^u to ensure t 9 ! future    
,pu]to ,rico's debt load is su/a9able & 
issu$ 9 a mann] t effectively protects !
 legal & f9ancial int]e/s ( ! ,gov]nm5t 
( ,pu]to ,rico2 &  7,d7 an inve/igation 
into any irregul>ities1 app>5t or       
alleg$1 :]e9 probable cause (           
malfeasance or misfeasance is f\nd4  7d7
 ,organizational ,responsibilities ,!   

,commission %all-- 7#a7 adopt int]nal   
bylaws z appropriate = ! prop] op]ations
 & fulfillm5t ( ! objectives ( !        
,commission2  7#b7 designate & hire a   
m9imum numb] ( regul> p]sonnel requir$  
to c>ry out ! duties & fulfill !        
objectives ( ! ,commission2  7#c7 />t   
its exam9ation ( ! debt f ! mo/ rec5tly 
issu$ bonds & review issuances 9 rev]se 
*ronological ord]2 &  7#d7 hold a regul>
 meet+ n less ?an once ea* mon?4  7e7   
,au?ority  7#a7 ,9 g5]al ,to c>ry out   
its duties "u ?is section 7c71 !        
,commission-- 7,a7 may audit1 & ensure !
 transp>5cy (1 ! indebt$ness process (  
,pu]to ,rico & ea* in/rum5tality ( !    
,commonweal? ( ,pu]to ,rico2 &  7,b7    
%all h prim>y jurisdiction to int]v5e1 h
 k (1 & conduct1 on ! initiative ( !    
,commission1 any inve/igation on any    
matt] or dispute relat+ to any          
indebt$ness process describ$ 9          
subp>agraph 7,a74  7#b7 ,subpo5a p[]    
7,a7 ,9 g5]al ,! ,commission 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 !         
,commission4 ,jurisdiction to compel !  
att5dance ( witnesses & ! production (  
su* mat]ials %all be gov]n$ by #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 subp>agraph 7,a71 ! ,commission
 may apply to ! c\rt ( fir/ in/ance (   
,pu]to ,rico4 ,any failure to obey !    
ord] ( ! c\rt may be puni%$ by ! c\rt 9 
accordance ) civil contempt laws (      
,pu]to ,rico4  7,c7 ,s]vice ( subpo5as  
,! subpo5a ( ! ,commission %all be s]v$ 
9 ! mann] provid$ by ! rules ( proc$ure 
= ! c\rts ( ,pu]to ,rico1 ! ,rules (    
,civil ,proc$ure ( ,pu]to ,rico4  7f7   
,appo9tm5t ( ,memb]s  7#a7 ,9 g5]al ,n  
lat] ?an #ahj days aft] ! date ( !      
enactm5t ( ?is section1 ! ,gov]nor (    
,pu]to ,rico %all appo9t ! foll[+       

individuals to s]ve on ! ,commission3   
7,a7 ,"o pr(essor ( economics f any     
public high] education in/itution locat$
 9 ,pu]to ,rico4  7,b7 ,"o pr(essor (   
f9ance f any public high] education     
in/itution locat$ 9 ,pu]to ,rico4  7,c7 
,"o pr(essor ( acc\nt+ f any public     
high] education in/itution locat$ 9     
,pu]to ,rico4  7,d7 ,"o pr(essor (      
/ati/ics f any public high] education   
in/itution locat$ 9 ,pu]to ,rico4  7,e7 
,"o pr(essor ( law f any public high]   
education in/itution locat$ 9 ,pu]to    
,rico4  7,f7 ,"o pr(essor ( sociology f 
any public high] education in/itution   
locat$ 9 ,pu]to ,rico4  7,g7 ,"o        
repres5tative ( ! labor union sector 9  
,pu]to ,rico4  7,h7 ,"o repres5tative ( 
! bus9ess community 9 ,pu]to ,rico1 )   
pref]5ce giv5 to a repres5tative f a    
small- or m$ium-siz$ bus9ess locat$ 9   
,pu]to ,rico4  7,i7 ,"o repres5tative ( 
! coop]ative sector 9 ,pu]to ,rico4     
7,j7 ,"o individual :o is a c]tifi$     
translator or int]pret] ( ,engli% &     

,spani%4  7#b7 ,failure to ,appo9t      
,memb]s ,if ! ,gov]nor ( ,pu]to ,rico   
fails to appo9t any memb] ( !           
,commission 9 accordance ) p>agraph     
7#a71 n lat] ?an #cfj days aft] ! date (
 ! enactm5t ( ! ,am5dm5ts to ,,promesa  
,act ( #bjbj1 ! ,presid5t ( ! ,s5ate (  
,pu]to ,rico & ! ,speak] ( ! ,h\se (    
,repres5tatives ( ,pu]to ,rico %all     
jo9tly appo9t any memb] :o has n be5    
appo9t$4  7g7 ,*airp]son  7#a7 ,9 g5]al 
,aft] ! memb]s ( ! ,commission are      
appo9t$ "u subsection 7f71 ! memb]s %all
 elect "o memb] to s]ve z ! ,*airp]son (
 ! ,commission4  7#b7 ,duties ,!        
,*airp]son %all-- 7,a7 call & preside   
ov] meet+s ( ! ,commission2  7,b7 s]ve z
 ! legal repres5tative ( ! ,commission2 
&  7,c7 h ! det]m9ative vote 9 ! case ( 
a tie vote ( ! ,commission4  7h7 ,t]m   
,memb]s ( ! ,commission %all be appo9t$ 
= ! life ( ! ,commission4  7i7          
,vacancies ,any vacancy 9 ! ,commission 
%all n affect ! p[]s ( ! ,commission &  
%all be fill$ 9 ! same mann] z ! orig9al

 appo9tm5t or election4  7j7 ,reports ,n
 lat] ?an #ahj days aft] ! date (       
enactm5t ( ?is section1 & n lat] ?an e  
#ahj days !reaft]1 ! ,commission %all   
file ) ! ,presid5t1 ! ,committee on     
,natural ,res\rces ( ! ,h\se (          
,repres5tatives1 ! ,committee on ,en]gy 
& ,natural ,res\rces ( ! ,s5ate1 !      
,gov]nor ( ,pu]to ,rico1 & ! legislature
 ( ,pu]to ,rico1 & make publicly        
available1 a report describ+ ! progress 
( ! ,commission 9 c>ry+ out ! duties ( !
 ,commission "u subsection 7c74  7k7    
,fund+ ,!re is au?oriz$ to be           
appropriat$ su* sums z may be necess>y  
to c>ry out ?is title4  4  7b7 ,cl]ical 
am5dm5t ,! table ( cont5ts = ! ,pu]to   
,rico ,ov]sight1 ,managem5t1 & ,economic
 ,/ability ,act 7#dh ,u4,s4,c4 #baja et 
seq47 7z am5d$ by ?is ,act7 is fur!r    
am5d$ by add+ at ! end ! foll[+3        
,,title ,,ix--,,public ,,cr$it          
,,compreh5sive ,,audit ,sec4 #ija4      
,pu]to ,rico ,public ,cr$it             
,compreh5sive ,audit ,commission4  4    

#ae4 ,sev]ability clause ,if any        
provision ( ?is ,act or an am5dm5t made 
by ?is ,act1 or ! application ( a       
provision or am5dm5t to any p]son or    
circum/ance1 is held to be invalid = any
 reason 9 any c\rt ( compet5t           
jurisdiction1 ! rema9d] ( ?is ,act &    
am5dm5ts made by ?is ,act1 & !          
application ( ! provisions & am5dm5t to 
any o!r p]son or circum/ance1 %all n be 
affect$4