,,ii #aaf? ,,congress #a/ ,session ,s4 #acab ,,9 ,,! ,,s5ate ,,( ,,! ,,unit$ ,,/ates ,may #b1 #bjai,ms4 ,w>r5 7= h]self1 ,mr4 ,s&]s1 ,ms4 ,h>ris1 ,mr4 ,m>key1 & ,mrs4 ,gillibr&7 introduc$ ! foll[+ bill2 :i* 0 read twice & ref]r$ to ! ,committee on ,en]gy & ,natural ,res\rces ,a ,,bill ,to provide ! option ( dis*>g+ c]ta9 unsecur$ f9ancial obligations ( self-gov]n+ t]ritories ( ! ,unit$ ,/ates4 #a4 ,%ort title2 table ( cont5ts 7a7 ,%ort title ,?is ,act may be cit$ z ! ,unit$ ,/ates ,t]ritorial ,relief ,act ( #bjai4 7b7 ,table ( cont5ts ,! table ( cont5ts = ?is ,act is z foll[s3 ,sec4 #a4 ,%ort title2 table ( cont5ts4,sec4 #b4 ,def9itions4,sec4 #c4 ,f9d+s4,,title ,i--,t]ritorial relief,sec4 #aja4 ,relief ?r\gh ex]cise ( ! p[] to regulate comm]ce1 ! bankruptcy p[]1 & ! t]ritorial p[]4,sec4 #ajb4 ,effect ( dis*>ge4,sec4 #ajc4 ,actions relat+ to ! /atus ( f9ancial obligations4,sec4 #ajd4 ,notice ( dis*>ge4,sec4 #aje4 ,effective date4,,title ,,ii--,pu]to ,rico ,debt ,re/ructur+ ,comp5sation ,fund,sec4 #bja4 ,purpose4,sec4 #bjb4 ,def9itions4,sec4 #bjc4 ,adm9i/ration4,sec4 #bjd4 ,det]m9ation ( eligibility = comp5sation4,sec4 #bje4 ,pu]to ,rico ,debt ,re/ructur+ ,comp5sation ,fund4,sec4 #bjf4 ,regulations4,sec4 #bjg4 ,sunset4,,title ,,iii--,pu]to ,rico ,public ,cr$it ,compreh5sive ,audit ,commission,sec4 #cja4 ,def9itions4,sec4 #cjb4 ,e/abli%m5t2 dissolution4,sec4 #cjc4 ,reports4,sec4 #cjd4 ,duties4,sec4 #cje4 ,au?ority ( ! ,commission4,sec4 #cjf4 ,memb]%ip4,sec4 #cjg4 ,p[]s & responsibilities4,sec4 #cjh4 ,provision ( reque/$ in=mation4,sec4 #cji4 ,access to in=mation4,sec4 #caj4 ,fund+4,,title ,,iv--,severability,sec4 #dja4 ,sev]ability4 #b4 ,def9itions ,9 ?is ,act3 7#a7 ,atta*m5t ,! t]m atta*m5t means ! "t at :i* a security int]e/ becomes en=ceable aga9/ a debtor ) respect to collat]al4 7#b7 ,collat]al ,! t]m collat]al means prop]ty subject to a security int]e/4 7#c7 ,f9ancial gu>anty insurance ,! t]m f9ancial gu>anty insurance means a surety bond1 an insurance policy1 an indemnity contract1 or any simil> gu>anty1 "u :i* loss is payable on pro( ( a f9ancial loss to an insur$ claimant1 an obligee1 or an indemnitee z a result ( ! failure ( any obligor on or issu] ( any debt in/rum5t or o!r monet>y obligation to pay1 :5 due1 pr9cipal1 int]e/1 or any o!r am\nt due or payable ) respect to t in/rum5t or obligation1 if t failure to pay is ! result ( a f9ancial default1 a f9ancial insolv5cy1 or a dis*>ge 9 bankruptcy4 7#d7 ,f9ancial gu>anty insur] ,! t]m f9ancial gu>anty insur] means a p>ty t is obligat$ z a surety1 insur]1 or indemnitor "u a f9ancial gu>anty insurance contract4 7#e7 ,f9ancial obligation ,! t]m f9ancial obligation-- 7,a7 means an obligation validly ow$ z ( ! effective date ( ?is ,act by a qualify+ t]ritory or an in/rum5tality ( a qualify+ t]ritory !re( t arises f any-- 7i7 security issu$ by a qualify+ t]ritory or in/rum5tality ( a qualify+ t]ritory2 7ii7 loan tak5 out by a qualify+ t]ritory or in/rum5tality ( a qualify+ t]ritory2 7iii7 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 7iv7 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 & 7,b7 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$it4 7#f7 ,in/rum5tality ,! t]m in/rum5tality includes-- 7,a7 a political subdivision ( a qualify+ t]ritory2 7,b7 a public ag5cy ( a qualify+ t]ritory2 7,c7 a public corporation ( a qualify+ t]ritory2 & 7,d7 a bank+ corporation ( a qualify+ t]ritory4 7#g7 ,p] capita debt ( a t]ritory ,! t]m p] capita debt ( a t]ritory means ! quoti5t obta9$ by divid+-- 7,a7 ! aggregate am\nt ( ! f9ancial obligations ( a t]ritory & ! in/rum5talities ( ! t]ritory1 :i* %all n include-- 7i7 ! ,f$]al debt2 or 7ii7 ! unfund$ 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#h7 ,proce$s ,! t]m proce$s means-- 7,a7 :atev] is acquir$ ^u ! sale1 lease1 lic5se1 ex*ange1 or o!r disposition ( collat]al2 or 7,b7 :atev] is collect$ on1 or di/ribut$ on acc\nt (1 collat]al4 7#i7 ,qualify+ t]ritory ,! t]m qualify+ t]ritory means a t]ritory t meets n less ?an #b ( ! 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 #aja4 7,b7 ,! t]ritory has 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 #aja4 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#aj7 ,security agreem5t ,! t]m security agreem5t means an agreem5t or resolution t creates or provides = a security int]e/4 7#aa7 ,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 an 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 #aja1 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 #aja1 unless ! prop]ty con/itutes ! proce$s ( collat]al to :i* ! security int]e/ has atta*$ z ( ! date ( ! dis*>ge4 7#ab7 ,security int]e/ ,! t]m security int]e/-- 7,a7 means an int]e/ 9 prop]ty1 includ+ a li5 or o!r pl$ge ( prop]ty1 t secures a paym5t or ! p]=mance ( an obligation2 & 7,b7 does n include a pl$ge ( ! full fai? & cr$it ( a qualify+ t]ritory or its in/rum5tality1 ev5 9 ! case t su* pl$ge includes a promise ( all available res\rces ( ! qualify+ t]ritory or its in/rum5tality4 7#ac7 ,t]ritory ,! t]m t]ritory-- 7,a7 means any self-gov]n+ ,f$]al t]ritory2 & 7,b7 includes-- 7i7 ! ,commonweal? ( ,pu]to ,rico2 7ii7 ,guam2 7iii7 ! ,commonweal? ( ! ,nor!rn ,m>iana ,isl&s2 7iv7 ! ,unit$ ,/ates ,virg9 ,isl&s2 & 7v7 ,am]ican ,samoa4 7#ad7 ,unsecur$ f9ancial obligation ,! t]m unsecur$ f9ancial obligation means any f9ancial obligation to ! ext5t ! f9ancial obligation is n a secur$ f9ancial obligation4 #c4 ,f9d+s ,congress f9ds t-- 7#a7 millions ( citiz5s ( ! ,unit$ ,/ates reside 9 t]ritories ( ! ,unit$ ,/ates2 7#b7 ! ,f$]al ,gov]nm5t owes a special duty ( c>e & /ew>d%ip to ! citiz5s ( t]ritories ( ! ,unit$ ,/ates because-- 7,a7 hi/orically1 ,f$]al adm9i/ration ( ^! t]ritories 0 (t5 want+ & _m resid5ts ( ! t]ritories fac$ discrim9atory treatm5t by ! ,f$]al ,gov]nm5t2 7,b7 ! economies ( ^! t]ritories face special con/ra9ts1 includ+ dim9i%m5t ( prop]ty tax bases because ( l>ge1 untax$1 ,f$]al l& hold+s2 & 7,c7 ^! t]ritories lack ! b5efits ( _m ,f$]al programs1 su* z ,supplem5tal ,security ,income1 ! ,e>n$ ,income ,tax ,cr$it1 & full access to ,m$icaid2 7#c7 prolong$ economic d[nturns1 decl9es 9 population1 & natural disa/]s h result$ 9 "s t]ritories ( ! ,unit$ ,/ates & ! in/rum5talities ( ^? t]ritories hav+ unsupportable debt burd5s on f9ancial obligations1 :i* _c reali/ically be repaid )\t impos+ undue h>d%ip on ! citiz5s & resid5ts ( ^? t]ritories2 7#d7 disa/] recov]y funds t are provid$ by ! ,f$]al ,gov]nm5t %\ld be us$ = disa/] recov]y & n = direct or indirect debt paym5ts2 7#e7 unsecur$ cr$itors ( f9ancially di/ress$ t]ritories & in/rum5talities ( ^? t]ritories h little prospect ( recov]y ^u default because (-- 7,a7 ! sev]e indebt$ness ( ^? t]ritories2 & 7,b7 ! lack ( effective rem$ies = unsecur$ cr$itors aga9/ ^? t]ritories & ! in/rum5talities ( ^? t]ritories2 & 7#f7 ! p ( ! ,commonweal? ( ,pu]to ,rico des]ve to "k ab\t ! social1 political1 & legal factors associat$ ) ! am\nt ( ! public debt ( ! ,commonweal? ( ,pu]to ,rico accru$ ov] ! pa/ #e decades1 & ! ,f$]al ,gov]nm5t has a responsibility to support ef=ts to obta9 ^? answ]s1 includ+ public or private ef=ts to conduct a compreh5sive audit ( ! public debt ( ! ,commonweal? ( ,pu]to ,rico4 ,i ,t]ritorial relief #aja4 ,relief ?r\gh ex]cise ( ! p[] to regulate comm]ce1 ! bankruptcy p[]1 & ! t]ritorial p[] 7a7 ,9 g5]al ,pursuant to clauses #c & #d ( section #h ( article ,i & clause #b1 section #c ( article ,,iv ( ! ,con/itution ( ! ,unit$ ,/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 #a_/b ( ! 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 #b_/c ( ! 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]iod1 & 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$+ "u title ,,iii ( ,,promesa 7#dh ,u4,s4,c4 #bafa et seq471 a debt describ$ 9 section #b7e77;,b77ii74 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 ,act %all n be /ay$1 avoid$1 or o!rwise limit$ by op]ation ( any provision ( law or by ord] ( a c\rt1 ov]sight bo>d1 or adm9i/rative ag5cy 9 any proce$+4 7d7 ,secur$ f9ancial obligations unaffect$ 7#a7 ,9 g5]al ,except z provid$ 9 p>agraphs 7#a7 & 7#c7 ( section #ajb1 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 ,act %all be con/ru$ to op]ate z a /ay ( a p5d+ case br\ght "u title ,,iii ( ,,promesa 7#dh ,u4,s4,c4 #bafa et seq471 or ( any act ( an ov]sight bo>d appo9t$ "u t ,act1 or to re9/ate any f9ancial obligation dis*>g$ "u ?is ,act ?r\gh any proc$ure "u ,,promesa 7#dh ,u4,s4,c4 #baja et seq474 #ajb4 ,effect ( dis*>ge ,a dis*>ge "u section #aja %all-- 7#a7 except 9 reg>d to actions br\ght "u section #ajc1 op]ate z a p]man5t /ay1 applicable to all entities & en=ceable by ! qualify+ t]ritory or an in/rum5tality ( ! qualify+ t]ritory 9 any c\rt ) jurisdiction ov] an action describ$ 9 section #ajc7;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 #aja1 ! 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 !re( aft] ! date ( ! dis*>ge "u section #aja1 except to ! ext5t t su* prop]ty con/itutes ! proce$s ( collat]al to :i* ! security int]e/ _h atta*$ z ( ! date ( ! dis*>ge4 #ajc4 ,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 #aja4 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 #aja 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? ,am5dm5t ( ! ,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 9-- 7#a7 = a case fil$ "u subsection 7a77#a77;,a71 ! appropriate t]ritorial c\rt ( ! qualify+ t]ritory2 or 7#b7 = a case fil$ "u subsection 7a77#a77;,b71 ! 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 #aja2 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 #aja 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 *apt] #g ( title #aa1 ,unit$ ,/ates ,code2 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 #aja2 & 7,b7 fil$ 9-- 7i7 an appropriate t]ritorial c\rt ( ! qualify+ t]ritory2 or 7ii7 a di/rict c\rt ( ! ,unit$ ,/ates 9 ! 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 #aja1 reg>dless ( :e!r ^? proce$s1 products1 (fspr+1 or pr(its ( ! collat]al w\ld become collat]al subject to a security int]e/ aft] ! date ( a dis*>ge "u section #aja4 7,b7 ,any prop]ty acquir$ 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 #aja1 reg>dless ( :e!r t prop]ty1 :5 acquir$1 w\ld h become collat]al subject to a security int]e/4 7,c7 ,any contract "r to tax rev5ues t arise aft] ! date ( a dis*>ge "u section #aja4 #ajd4 ,notice ( dis*>ge 7a7 ,9 g5]al 7#a7 ,responsibilities ( a qualify+ t]ritory or an in/rum5tality ( a qualify+ t]ritory ,aft] a dis*>ge "u section #aja1 ! qualify+ t]ritory %all promptly-- 7,a7 notify ! ,secret>y ( ! ,treasury ( ! dis*>ge2 7,b7 provide actual notice ( ! dis*>ge & ( ! "r to br+ an action "u section #ajc to-- 7i7 any kn[n hold] ( a f9ancial obligation z ( ! date ( ! dis*>ge2 7ii7 any kn[n ind5ture tru/ee = a f9ancial obligation z ( ! date ( ! dis*>ge2 7iii7 any kn[n ag5t bank = ! loan1 swap1 repur*ase agreem5t1 or o!r d]ivative ( ! hold] ( a f9ancial obligation z ( ! date ( ! dis*>ge2 & 7iv7 any kn[n f9ancial gu>anty insur] ( a f9ancial obligation z ( ! date ( ! dis*>ge2 7,c7 publi% a g5]al notice1 9 ea* ( ! gov]nm5tal languages ( ! qualify+ t]ritory1 ( ! dis*>ge & ( ! "r to br+ an action "u section #ajc 9-- 7i7 n less ?an #a newspap] ( g5]al circulation ( ea* gov]nm5tal language publi%$ 9 ! qualify+ t]ritory2 & 7ii7 n less ?an #b daily newspap]s t ea* h a national circulation & 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$]al ,regi/] a notice ( t dis*>ge & ( ! "r to br+ an action "u section #ajc4 7b7 ,adequate notice 7#a7 ,hold]s ( f9ancial obligations 7,a7 ,9 g5]al ,a hold] ( a f9ancial obligation %all be presum$ to h receiv$ adequate notice ( a dis*>ge "u section #aja if1 dur+ ! #ahj-;day p]iod beg9n+ on ! date ( a dis*>ge "u section #aja1 a qualify+ t]ritory provides actual notice ( ! dis*>ge & ( ! "r to br+ an action "u section #ajc 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 #aja if1 dur+ ! #ahj-;day p]iod beg9n+ on ! date ( a dis*>ge "u section #aja1 ! f9ancial gu>anty insur] receives actual notice ( ! dis*>ge & ( ! "r to br+ an action "u section #ajc4 #aje4 ,effective date ,?is title %all take effect on ! date t is #fj days aft] ! date ( enactm5t ( ?is ,act4 ,,ii ,pu]to ,rico ,debt ,re/ructur+ ,comp5sation ,fund #bja4 ,purpose ,pursuant to clause #a1 section #h ( article ,i & clause #b1 section #c ( article ,,iv ( ! ,con/itution ( ! ,unit$ ,/ates1 ! purpose ( ?is title is to provide comp5sation to c]ta9 entities & natural p]sons t suff] economic losses due to a dis*>ge "u section #aja ( f9ancial obligations ow$ to ^? entities & natural p]sons by ! ,commonweal? ( ,pu]to ,rico or an in/rum5tality ( ! ,commonweal? ( ,pu]to ,rico4 #bjb4 ,def9itions ,9 ?is title-- 7#a7 ! t]m collat]al s\rce comp5sation-- 7,a7 means1 on ! date ( a det]m9ation "u section #bjd7;b77#b77;,a71 comp5sation t a claimant has receiv$ or is entitl$ to receive1 f a s\rce o!r ?an ! ,fund1 z a result ( ! dis*>ge ( ! debt ( ! ,commonweal? ( ,pu]to ,rico & ! in/rum5talities ( ! ,commonweal? ( ,pu]to ,rico "u section #aja2 & 7,b7 includes f9ancial gu>anty insurance2 7#b7 ! t]m ,fund means ! ,pu]to ,rico ,debt ,re/ructur+ ,comp5sation ,fund e/abli%$ "u section #bje7;a72 7#c7 ! t]m ineligible inve/m5t company means an inve/m5t company1 z def9$ 9 section #c ( ! ,inve/m5t ,company ,act ( #aidj 7#ae ,u4,s4,c4 #hj;a-#c71 t 0 n regi/]$ "u section #h ( t ,act 7#ae ,u4,s4,c4 #hj;a-#h7 on ! date on :i* ! inve/m5t company made an inve/m5t 9 a f9ancial obligation ( ! ,commonweal? ( ,pu]to ,rico or an in/rum5tality ( ! ,commonweal? ( ,pu]to ,rico2 7#d7 ! t]m ,pu]to ,rico public p5sion plan means a p5sion sy/em ( ! gov]nm5t ( ! ,commonweal? ( ,pu]to ,rico2 & 7#e7 ! t]m ,special ,ma/] means ! ,special ,ma/] appo9t$ "u section #bjc7;a74 #bjc4 ,adm9i/ration 7a7 ,special ,ma/] 7#a7 ,appo9tm5t 7,a7 ,9 g5]al ,n lat] ?an #fj days aft] ! date ( a dis*>ge ( ! debt ( ! ,commonweal? ( ,pu]to ,rico & ! in/rum5talities ( ! ,commonweal? ( ,pu]to ,rico "u section #aja1 ! ,*ief ,ju/ice ( ! ,supreme ,c\rt ( ! ,commonweal? ( ,pu]to ,rico %all appo9t a ,special ,ma/] to adm9i/] ! comp5sation program e/abli%$ "u ?is title4 7,b7 ,disqualification ,a ,special ,ma/] may n h a relation%ip to a p>ty1 attorney1 action1 or c\rt t w\ld require ! disqualification ( a judge "u section #dee ( title #bh1 ,unit$ ,/ates ,code1 unless1 aft] ! date on :i* ! ,special ,ma/] discloses any pot5tial gr\nd = disqualification1 ! p>ty1 attorney1 action1 or c\rt ) :i* ! ,special ,ma/] has a relation%ip1 ) ! approval ( ! ,*ief ,ju/ice ( ! ,supreme ,c\rt ( ! ,commonweal? ( ,pu]to ,rico1 cons5ts to ! appo9tm5t ( ! ,special ,ma/]4 7#b7 ,/atus ,! ,special ,ma/] %all be consid]$ to be an (ficial ( ! ,commonweal? ( ,pu]to ,rico4 7#c7 ,vacancy 7,a7 ,9 g5]al ,9 ! ev5t ( ! dea?1 resignation1 incapacity1 or o!r vacancy 9 ! position ( ! ,special ,ma/]1 ! position %all be fill$ 9 ! mann] describ$ 9 p>agraph 7#a74 7,b7 ,f$]al ,vacancies ,re=m ,act ,sections #ccde ?r\gh #ccdi;d ( title #e1 ,unit$ ,/ates ,code1 7commonly kn[n z ! ,f$]al ,vacancies ,re=m ,act ( #aiih7 %all n apply to vacancies 9 ! position ( ,special ,ma/]4 7b7 ,au?orization ( appropriations ,!re are au?oriz$ to be appropriat$ su* sums z may be necess>y to pay ! adm9i/rative & support co/s = ! ,special ,ma/] 9 c>ry+ out ?is title4 #bjd4 ,det]m9ation ( eligibility = comp5sation 7a7 ,fil+ ( claim 7#a7 ,9 g5]al ,a claimant may file a claim = comp5sation "u ?is title ) ! ,special ,ma/]4 ,! claim %all-- 7,a7 be on ! =m develop$ "u p>agraph 7#b72 7,b7 /ate ! factual basis1 z c]tifi$ by ! claimant1 = eligibility = comp5sation & ! am\nt ( comp5sation s\ght2 & 7,c7 provide evid5ce t corroborates ! eligibility ( ! claimant = comp5sation & ! am\nt ( comp5sation s\ght4 7#b7 ,claim =m 7,a7 ,9 g5]al ,! ,special ,ma/] %all-- 7i7 develop a claim =m t claimants %all use :5 submitt+ claims "u p>agraph 7#a72 & 7ii7 ensure t ! =m develop$ "u clause 7i7 c be fil$ electronically4 7,b7 ,cont5ts ,! =m develop$ "u subp>agraph 7,a7 %all reque/ in=mation relat+ to ! claim ( ! claimant1 includ+ in=mation relat+ to-- 7i7 economic loss t ! claimant suff]$ z a result ( ! dis*>ge "u section #aja ( ! debt ( ! ,commonweal? ( ,pu]to ,rico & ! in/rum5talities ( ! ,commonweal? ( ,pu]to ,rico2 7ii7 collat]al s\rce comp5sation ! claimant has receiv$1 or is entitl$ to receive1 z a result ( ! dis*>ge describ$ 9 clause 7i72 & 7iii7 availability ( f9ancial gu>anty insurance cov]age to indemnify ! claimant4 7,c7 ,p5alty ,a claim submitt$ on ! =m develop$ "u subp>agraph 7,a7 %all-- 7i7 be submitt$ "u p5alty ( p]jury2 & 7ii7 include an atte/ation by ! claimant t ! claimant has n willfully attempt$ to evade or defeat ! eligibility re/rictions describ$ 9 subsection 7c74 7b7 ,review & det]m9ation 7#a7 ,review ,! ,special ,ma/] %all review a claim submitt$ "u subsection 7a7 & det]m9e-- 7,a7 :e!r ! claimant is an eligible p]son "u subsection 7c72 & 7,b7 ) respect to a claimant det]m9$ to be an eligible p]son "u subsections 7c77#b77;,a7 & 7c77#c7-- 7i7 ! ext5t ( ! economic loss to ! claimant2 & 7ii7 ! am\nt ( comp5sation to :i* ! claimant is entitl$ bas$ on ! economic losses to ! claimant1 ! facts ( ! claim1 & ! individual circum/ances ( ! claimant1 includ+-- 7,i7 ! /r5g? ( ! ties to ! ,commonweal? ( ,pu]to ,rico1 z def9$ 9 regulations promulgat$ "u section #bjf1 ( ! claimant2 7,,ii7 ! f9ancial ne$1 z def9$ 9 regulations promulgat$ "u section #bjf1 ( ! claimant2 7,,iii7 ! price at :i* ! claimant obta9$ t claim aga9/ ! ,commonweal? ( ,pu]to ,rico or ! in/rum5tality ( ! ,commonweal? ( ,pu]to ,rico2 & 7,,iv7 ! date on :i* ! claimant obta9$ ! claim aga9/ ! ,commonweal? ( ,pu]to ,rico or ! in/rum5tality ( ! ,commonweal? ( ,pu]to ,rico2 & 7,c7 ) respect to a claimant det]m9$ to be an eligible p]son "u subsection 7c77#b77;,b7 & 7c77#c7-- 7i7 ! ext5t ( ! economic loss to ! claimant2 & 7ii7 ! am\nt ( comp5sation to :i* ! claimant is entitl$ bas$ on ! economic loss to ! claimant1 ! facts ( ! claim1 & ! individual circum/ances ( ! claimant1 includ+-- 7,i7 ! f9ancial ne$1 z def9$ 9 regulations promulgat$ "u section #bjf1 ( ! claimant2 7,,ii7 ! price at :i* ! claimant obta9$ t claim aga9/ ! ,commonweal? ( ,pu]to ,rico or ! in/rum5tality ( ! ,commonweal? ( ,pu]to ,rico2 & 7,,iii7 ! date on :i* ! claimant obta9$ ! claim aga9/ ! ,commonweal? ( ,pu]to ,rico or ! in/rum5tality ( ! ,commonweal? ( ,pu]to ,rico4 7#b7 ,det]m9ation 7,a7 ,9 g5]al ,n lat] ?an #abj days aft] ! date on :i* a claim is det]m9$ to be sub/antially complete by ! ,special ,ma/]1 ! ,special ,ma/] %all complete a review1 make a det]m9ation1 & provide writt5 notice to ! claimant1 ) respect to ! matt]s t 7 ! subject ( ! claim "u review4 ,su* a det]m9ation %all be f9al & n subject to judicial review4 7,b7 ,rights ( claimants 7i7 ,he>+s ,be=e ! date on :i* a det]m9ation describ$ 9 subp>agraph 7,a7 is made1 a claimant 9 a review "u p>agraph 7#a7 %all h ! "r to an 9-p]son he>+ conduct$ by ! ,special ,ma/]4 7ii7 ,waiv] ,a claimant 9 a review "u p>agraph 7#a7 may waive ! "r to a he>+ describ$ 9 clause 7i74 7#c7 ,collat]al s\rce comp5sation ,! ,special ,ma/] %all r$uce ! am\nt ( comp5sation det]m9$ "u p>agraph 7#b7 by ! am\nt ( collat]al s\rce comp5sation4 7c7 ,eligibility 7#a7 ,9 g5]al ,a claimant %all be det]m9$ to be an eligible p]son = purposes ( ?is subsection if ! ,special ,ma/] det]m9es t su* claimant-- 7,a7 is a p]son describ$ 9 p>agraph 7#b72 & 7,b7 meets ! requirem5ts ( p>agraph 7#c74 7#b7 ,eligible p]sons 7,a7 ,eligible p]sons 9 ! ,commonweal? ( ,pu]to ,rico 7i7 ,9 g5]al ,a claimant is a p]son describ$ 9 ?is subp>agraph if ! claimant is-- 7,i7 a natural p]son :o-- 7aa7 0 domicil$ 9 ! ,commonweal? ( ,pu]to ,rico & 0 a citiz5 or lawful p]man5t resid5t ( ! ,unit$ ,/ates on ,septemb] #bj1 #bjag1 reg>dless ( :e!r t natural p]son 0 physically pres5t 9 ! ,commonweal? ( ,pu]to ,rico at t "t2 7bb7 is a b5eficial own] ( a security issu$ by ! ,commonweal? ( ,pu]to ,rico or an in/rum5tality ( ! ,commonweal? ( ,pu]to ,rico2 & 7cc7 became a b5eficial own] ( ! security describ$ 9 item 7bb7 n lat] ?an ,septemb] #bj1 #bjag2 7,,ii7 a bank or cr$it union t did bus9ess solely 9 ! ,commonweal? ( ,pu]to ,rico on ,septemb] #bj1 #bjag2 7,,iii7 a work] association or workplace association 9 ! ,commonweal? ( ,pu]to ,rico2 7,,iv7 a ,pu]to ,rico public p5sion plan2 7,v7 a bus9ess1 ( :i* ! pr9cipal place ( bus9ess 0 9 ! ,commonweal? ( ,pu]to ,rico on ,septemb] #bj1 #bjag2 or 7,,vi7 subject to clause 7ii71 any o!r p]son t ! ,special ,ma/] det]m9es is an eligible p]son4 7ii7 ,exclusions ,a claimant is n a p]son describ$ 9 ?is subp>agraph if ! claimant is-- 7,i7 an ineligible inve/m5t company2 7,,ii7 a f9ancial gu>anty insur]2 7,,iii7 z def9$ 9 section #aja ( title #aa1 ,unit$ ,/ates ,code-- 7aa7 a p>ty to a ma/] nett+ agreem5t2 7bb7 a p>ty to a repur*ase agreem5t2 or 7cc7 a p>ty to a swap agreem5t2 7,,iv7 any o!r f9ancial in/itution ) total consolidat$ assets great] ?an #b1jjj1jjj1jjj2 7,v7 a p]son t owns a %>e 9 an unregi/]$ inve/m5t fund t owns a security issu$ by ! ,commonweal? ( ,pu]to ,rico or an in/rum5tality ( ! ,commonweal? ( ,pu]to ,rico2 7,,vi7 a p]son t acquir$ a claim aga9/ ! ,commonweal? ( ,pu]to ,rico or an in/rum5tality ( ! ,commonweal? ( ,pu]to ,rico dur+ ! p]iod beg9n+ on ! date t is #ahj days be=e ! date ( a dis*>ge "u section #aja1 unless t claim 0 acquir$ ?r\gh devise1 desc5t1 or a divorce settlem5t2 7,,vii7 ! ,special ,ma/]2 or 7,,viii7 any o!r p]son t ! ,special ,ma/] det]m9es is n an eligible p]son4 7,b7 ,eligible p]sons n 9 ,pu]to ,rico 7i7 ,9 g5]al ,a claimant is a p]son describ$ 9 ?is subp>agraph if ! claimant 0 n domicil$ 9 ! ,commonweal? ( ,pu]to ,rico on ,septemb] #bj1 #bjag1 & ! claimant is-- 7,i7 a work] association or workplace association2 7,,ii7 a p5sion plan2 7,,iii7 a natural p]son :o-- 7aa7 is a b5eficial own] ( a security issu$ by ! ,commonweal? ( ,pu]to ,rico or an in/rum5tality ( ! ,commonweal? ( ,pu]to ,rico2 & 7bb7 became a b5eficial own] ( t security n lat] ?an ,septemb] #bj1 #bjag2 7,,iv7 subject to clause 7iii71 an op5-end mutual fund2 or 7,v7 subject to clause 7ii71 any o!r p]son t ! ,special ,ma/] det]m9es is an eligible p]son4 7ii7 ,exclusions ,a claimant is n a p]son describ$ 9 ?is subp>agraph if ! claimant 0 n domicil$ 9 ! ,commonweal? ( ,pu]to ,rico on ,septemb] #bj1 #bjag1 & ! claimant is-- 7,i7 an ineligible inve/m5t company2 7,,ii7 a clos$-end company1 z def9$ 9 section #e ( ! ,inve/m5t ,company ,act ( #aidj 7#ae ,u4,s4,c4 #hj;a-#e72 7,,iii7 a f9ancial gu>anty insur]2 7,,iv7 z def9$ 9 section #aja ( title #aa1 ,unit$ ,/ates ,code-- 7aa7 a p>ty to a ma/] nett+ agreem5t2 7bb7 a p>ty to a repur*ase agreem5t2 or 7cc7 a p>ty to a swap agreem5t2 7,v7 any o!r f9ancial in/itution ) total consolidat$ assets great] ?an #b1jjj1jjj1jjj2 7,,vi7 a p]son t owns a %>e 9 an unregi/]$ inve/m5t fund t owns a security issu$ by ! ,commonweal? ( ,pu]to ,rico or an in/rum5tality ( ! ,commonweal? ( ,pu]to ,rico2 7,,vii7 a p]son t acquir$ a claim aga9/ ! ,commonweal? ( ,pu]to ,rico or an in/rum5tality ( ! ,commonweal? ( ,pu]to ,rico dur+ ! p]iod beg9n+ on ! date t is #ahj days be=e ! date ( a dis*>ge "u section #aja1 unless t claim 0 acquir$ ?r\gh devise1 desc5t1 or a divorce settlem5t2 7,,viii7 ! ,special ,ma/]2 or 7,,ix7 any o!r p]son t ! ,special ,ma/] det]m9es is n an eligible p]son4 7iii7 ,eligibility ( op5-end mutual funds ,a claimant t is an op5-end mutual fund is n an eligible p]son describ$ 9 ?is subp>agraph unless ! manag] ( t op5-end mutual fund pl$ges to waive ! fee ( t manag] = any comp5sation ! op5-end mutual fund receives "u ?is title4 7#c7 ,requirem5ts = b5eficial own]s ( securities ,a p]son t is a b5eficial own] ( a security issu$ by ! ,commonweal? ( ,pu]to ,rico or an in/rum5tality ( ! ,commonweal? ( ,pu]to ,rico may file a claim "u subsection 7a7 if ! p]son1 z ( ! date on :i* ! claim is fil$-- 7,a7 has cont9u\sly held t security dur+ ! p]iod beg9n+ on ,septemb] #ai1 #bjag1 & end+ on ! date on :i* ! claim is fil$2 & 7,b7 ! claim is submitt$ n lat] ?an #ahj days aft] ! date ( a dis*>ge ( ! debt ( ! ,commonweal? ( ,pu]to ,rico & ! in/rum5talities ( ! ,commonweal? ( ,pu]to ,rico "u section #aja4 7d7 ,comp5sation 7#a7 ,9 g5]al ,a claimant may n receive comp5sation "u ?is title if t claimant is n det]m9$ to be an eligible p]son "u ?is subsection4 7#b7 ,limitations 7,a7 ,9 g5]al ,a claimant may n receive comp5sation "u ?is title t exce$s ! am\nt ( ! claim fil$ by ! claimant "u subsection 7a71 or seek or receive comp5sation = a debt describ$ 9 section #b7e77;,b77ii71 :i*-- 7i7 %all n be dis*>g$2 & 7ii7 %all be repaid 9 full z provid$ by section #aja7;b74 7,b7 ,assign$ claims ,9 ! case ( a claim t 0 assign$ to a claimant1 ! claimant may n receive comp5sation "u ?is title = t claim t exce$s ! am\nt paid by ! claimant = ! assignm5t ( t claim4 #bje4 ,pu]to ,rico ,debt ,re/ructur+ ,comp5sation ,fund 7a7 ,9 g5]al ,on ! date ( a dis*>ge ( ! debt ( ! ,commonweal? ( ,pu]to ,rico & ! in/rum5talities ( ! ,commonweal? ( ,pu]to ,rico "u section #aja1 !re is e/abli%$ 9 ! ,treasury ( ! ,unit$ ,/ates a fund to be kn[n z ! ,pu]to ,rico ,debt ,re/ructur+ ,comp5sation ,fund1 consi/+ ( am\nts appropriat$ into ! ,fund "u subsection 7b74 7b7 ,appropriation 7#a7 ,9 g5]al ,!re is appropriat$ to ! ,fund1 out ( any funds 9 ! ,treasury ( ! ,unit$ ,/ates n o!rwise appropriat$1 #ae1jjj1jjj1jjj1 :i* %all be available )\t fur!r appropriation to ! ,special ,ma/] to provide comp5sation = claims ( eligible p]sons "u ?is title4 7#b7 ,em]g5cy designation 7,a7 ,9 g5]al ,! am\nt necess>y to c>ry out ?is ,act is designat$ by ,congress z be+ = em]g5cy requirem5ts pursuant to section #bea7;b77#b77;,a77i7 ( ! ,balanc$ ,budget & ,em]g5cy ,deficit ,control ,act ( #aihe 7#b ,u4,s4,c4 #ija7;b77#b77;,a77i774 7,b7 ,,paygo 7i7 ,9 g5]al ,?is ,act is designat$ z an em]g5cy requirem5t pursuant to section #d7;g7 ( ! ,/atutory ,pay-,z-,y-,g ,act ( #bjaj 7#b ,u4,s4,c4 #icc7;g774 7ii7 ,designation 9 ,s5ate ,9 ! ,s5ate1 ?is ,act is designat$ z an em]g5cy requirem5t pursuant to section #djc7;a7 ( ,s5ate ,concurr5t ,resolution #ac1 #aaa? ,congress1 agre$ to ,april #bi1 #bjji4 7c7 ,di/ribution 7#a7 ,9 g5]al ,( ! am\nts appropriat$ into ! ,fund "u subsection 7b7-- 7,a7 #ej p]c5t %all be made available to pay claims ( eligible p]sons describ$ 9 section #bjd7;c77#b77;,a72 & 7,b7 #ej p]c5t %all be made available to pay claims ( eligible p]sons describ$ 9 section #bjd7;c77#b77;,b74 7#b7 ,claims exce$+ appropriat$ am\nts ,if ! claims ( eligible p]sons describ$ 9 section #bjd7;c77#b77;,a7 or ( eligible p]sons describ$ 9 section #bjd7;c77#b77;,b7 exce$ ! am\nts appropriat$ to pay ^? respective claims "u p>agraph 7#a71 any claim ( an eligible p]son )9 t respective category %all be r$uc$ on a pro rata basis4 7#c7 ,date ( di/ribution ,= ! purpose ( r$uc+ claims "u p>agraph 7#b71 ! ,special ,ma/] %all det]m9e a date on :i* all claims ( eligible p]sons %all be paid4 7d7 ,unobligat$ funds ,any am\nts made available "u subsection 7b7 t are n obligat$ by ! ,special ,ma/] z ( ! date t is #cf mon?s aft] ! date ( enactm5t ( ?is ,act %all be return$ to ! ,treasury ( ! ,unit$ ,/ates4 #bjf4 ,regulations 7a7 ,9 g5]al ,! ,special ,ma/] %all promulgate regulations1 ?r\gh notice & comm5t rulemak+ 9 compliance ) section #eec ( title #e1 ,unit$ ,/ates ,code1 to c>ry out ?is title4 7b7 ,notice ( propos$ rulemak+ ,n lat] ?an #fj days aft] ! date on :i* ! ,special ,ma/] is appo9t$ "u section #bjc7;a71 ! ,special ,ma/] %all publi% a notice ( propos$ rulemak+ 9 ! ,f$]al ,regi/]4 7c7 ,f9al rule ,n lat] ?an #fj days aft] ! date on :i* ! notice ( propos$ rulemak+ describ$ 9 subsection 7b7 is publi%$1 ! ,special ,ma/] %all promulgate f9al regulations to c>ry out ?is title4 7d7 ,vacancy 9 ! position ( ,special ,ma/] ,if promulgation ( regulations "u ?is section is complet$ be=e ! date on :i* a ,special ,ma/] is appo9t$ "u section #bjc7;a77#c77;,a71 t ,special ,ma/] is n requir$ to promulgate new regulations "u ?is section4 #bjg4 ,sunset ,! provisions ( ?is title %all be effective = ! p]iod beg9n+ on ! date ( enactm5t ( ?is ,act & end+ on ! date t is #cf mon?s aft] ! date ( enactm5t ( ?is ,act4 ,,iii ,pu]to ,rico ,public ,cr$it ,compreh5sive ,audit ,commission #cja4 ,def9itions ,9 ?is title-- 7#a7 ! t]m compreh5sive audit means a sup]visory action tak5 to exam9e & evaluate ! public debt contract+1 ref9anc+1 or r5egotiation process1 ! s\rce & int5d$ use ( res\rces1 & ! implem5tation ( programs & projects f9anc$ ) dome/ic or =eign debt1 9 ord] to det]m9e ! legitimacy1 lawfulness1 transp>5cy1 quality1 efficacy1 & effici5cy !re(1 consid]+ legal & f9ancial aspects1 & ! economic1 social1 g5d]1 regional1 ecological1 national1 & municipal impact !re(2 7#b7 ! t]m ,commission means ! ,pu]to ,rico ,public ,cr$it ,compreh5sive ,audit ,commission e/abli%$ "u section #cjb2 & 7#c7 ! t]m cr$it reque/ means reque/ or application = cr$it by ! ,commonweal? ( ,pu]to ,rico1 or any in/rum5tality ( ! ,commonweal? ( ,pu]to ,rico1 to obta9 cr$it f a gov]nm5t or a bank+ or multilat]al f9ancial sy/em 9 ! dome/ic or =eign private sector1 includ+ any agreem5t1 contract1 or o!r =m or me?od relat+ to t reque/ or application4 #cjb4 ,e/abli%m5t2 dissolution 7a7 ,e/abli%m5t ,!re is e/abli%$ an indep5d5t commission to be kn[n z ! ,pu]to ,rico ,public ,cr$it ,compreh5sive ,audit ,commission4 7b7 ,dissolution ,! ,commission %all only be dissolv$ aft] ! ,commission completes or fulfills ea* duty ( ! ,commission "u section #cjd & issues ! f9al report ( ! ,commission "u section #cjc7;b74 #cjc4 ,reports 7a7 ,9 g5]al ,n lat] ?an #a ye> aft] ! date ( enactm5t ( ?is ,act1 & n lat] ?an e #ahj days !reaft]1 ! ,commission %all make publicly available a report describ+ ! progress ( ! ,commission 9 c>ry+ out ! duties ( ! ,commission "u section #cjd z ( ! date on :i* ! report is releas$4 7b7 ,f9al report ,^u complet+ ! duties ( ! ,commission "u section #cjd1 ! ,commission %all make publicly available & submit to ! ,legislative ,assembly ( ! ,commonweal? ( ,pu]to ,rico & ! ,gov]nor ( ! ,commonweal? ( ,pu]to ,rico ! f9al report ( ! ,commission1 :i* %all /ate 9 detail ! f9d+s1 conclusions1 & recomm5dations ( ! ,commission relat+ to ! duties ( ! ,commission c>ri$ out "u section #cjd4 #cjd4 ,duties 7a7 ,9 g5]al ,! ,commission %all c>ry out ! duties describ$ 9 subsections 7b7 & 7c74 7b7 ,compreh5sive audit 7#a7 ,9 g5]al ,! ,commission %all conduct a compreh5sive audit ( all public debt ( ! ,commonweal? ( ,pu]to ,rico issu$ dur+ ! p]iod beg9n+ on ! fir/ day ( fiscal ye> #aigb & end+ on ! date ( enactm5t ( ?is ,act1 :i* %all include an audit ( agreem5ts1 contracts1 & o!r =ms or me?ods employ$ by ! ,commonweal? ( ,pu]to ,rico & any in/rum5tality !re( to obta9 cr$it f gov]nm5ts1 bank+ or multilat]al f9ancial sy/em in/itutions1 & ! dome/ic or =eign private sector4 7#b7 ,crit]ia ,9 ord] to conduct ! compreh5sive audit "u p>agraph 7#a71 ! ,commission %all e/abli% crit]ia to be us$ 9 evaluat+ ea* cr$it reque/ t %all include1 ) respect to ea* cr$it reque/-- 7,a7 any prec$5t1 /udy1 te*nical1 economic1 f9ancial1 or social viability score1 or o!r support+ docum5t t support$ ! cr$it reque/ at ! "t ! cr$it reque/ 0 made2 7,b7 ! am\nt ( ! cr$it reque/$ 9 ! cr$it reque/2 7,c7 ! curr5cy unit 9 :i* ! cr$it 0 obta9$ ?r\gh ! cr$it reque/2 7,d7 ! total am\nt ( any subsequ5t increase or ext5sion ( cr$it f ! orig9al am\nt ( cr$it obta9$ ?r\gh ! cr$it reque/2 7,e7 ! economic1 f9ancial1 & bus9ess conditions agre$ ^u "u ! cr$it reque/2 7,f7 ! economic1 f9ancial1 & bus9ess conditions effectively appli$ "u ! cr$it reque/2 7,g7 any condition conta9$ 9 ! cr$it reque/2 7,h7 ! int5d$ & actual use ( any res\rces fund$ by ! cr$it reque/2 7,i7 ! total impact ( any project fund$ by ! cr$it reque/2 7,j7 ! "n ( ea* individual :o1 on behalf ( any p>ty to ! cr$it reque/1 transact$ or execut$ ! cr$it reque/2 7,k7 ea* me?od or me*anism us$ to meet any obligation agre$ to "u ! cr$it reque/2 & 7,l7 any o!r circum/ance or in=mation det]m9$ by ! ,commission to be p]t95t 9 det]m9+ ! legitimacy1 lawfulness1 transp>5cy1 quality1 efficacy1 & effici5cy ( ea* cr$it reque/1 consid]+-- 7i7 ! legal & f9ancial aspects ( ! cr$it reque/2 & 7ii7 ! economic1 social1 g5d]1 regional1 ecological1 national1 & municipal impact ( ! cr$it reque/4 7c7 ,data transp>5cy database ,! ,commission %all e/abli% & ma9ta9 a publicly available data transp>5cy database t %all conta9 any in=mation relat+ to any public1 private1 dome/ic1 or =eign debt held by a public in/itution ( ! ,commonweal? ( ,pu]to ,rico collect$ ?r\gh ! compreh5sive audit "u subsection 7b74 #cje4 ,au?ority ( ! ,commission ,9 ord] to c>ry out ! duties describ$ 9 section #cjd1 ! ,commission-- 7#a7 may audit1 & ensure ! transp>5cy (1 ! indebt$ness process ( ! ,commonweal? ( ,pu]to ,rico & ea* in/rum5tality ( ! ,commonweal? ( ,pu]to ,rico2 & 7#b7 %all h prim>y jurisdiction to int]v5e1 h k (1 & conduct1 on ! initiative ( ! ,commission1 any inve/igation on any matt] or dispute relat+ to any indebt$ness process describ$ 9 p>agraph 7#a74 #cjf4 ,memb]%ip 7a7 ,9 g5]al ,! ,commission %all be compos$ (-- 7#a7 an individual :o-- 7,a7 n lat] ?an #ahj days aft] ! date ( enactm5t ( ?is ,act1 except z provid$ 9 subsection 7e71 %all be select$ by ! bo>d ( directors ( ! ,pu]to ,rico ,in/itute ( ,/ati/ics f a li/ ( c&idates submitt$ to ! bo>d ( directors by sci5tific associations & o!r relevant pr(essional gr\ps 9 ! ,commonweal? ( ,pu]to ,rico2 7,b7 has demon/rat$ exp]tise & advanc$ academic prep>ation 9-- 7i7 /ati/ics2 7ii7 economics2 or 7iii7 gov]nm5t plann+2 & 7,c7 7i7 dur+ ! #e-ye> p]iod end+ on ! date on :i* ! individual is select$ "u subp>agraph 7,a71 has n-- 7,i7 held an elect$ pubic (fice 9 ! ,commonweal? ( ,pu]to ,rico2 or 7,,ii7 made any f9ancial contribution to1 or p>ticipat$ 91 any political campaign relat+ to ! ,commonweal? ( ,pu]to ,rico2 & 7ii7 does n h any o!r direct political connection to ! gov]nm5t ( ! ,commonweal? ( ,pu]to ,rico2 & 7#b7 ! foll[+ individuals1 :o %all be appo9t$ n lat] ?an #ahj days aft] ! date ( enactm5t ( ?is ,act by ! ,gov]nor ( ! ,commonweal? ( ,pu]to ,rico to s]ve on ! ,commission3 7,a7 ,"o repres5tative ( ea* p>liam5t>y majority 9 ! ,legislative ,assembly4 7,b7 ,"o repres5tative ( ea* p>liam5t>y m9ority 9 ! ,legislative ,assembly4 7,c7 ,"o pr(essor ( economics f any public high] education in/itution locat$ 9 ! ,commonweal? ( ,pu]to ,rico4 7,d7 ,"o pr(essor ( f9ance f any public high] education in/itution locat$ 9 ! ,commonweal? ( ,pu]to ,rico4 7,e7 ,"o pr(essor ( acc\nt+ f any public high] education in/itution locat$ 9 ! ,commonweal? ( ,pu]to ,rico4 7,f7 ,"o pr(essor ( /ati/ics f any public high] education in/itution locat$ 9 ! ,commonweal? ( ,pu]to ,rico4 7,g7 ,"o pr(essor ( law f any public high] education in/itution locat$ 9 ! ,commonweal? ( ,pu]to ,rico4 7,h7 ,"o repres5tative ( ! labor union sector 9 ! ,commonweal? ( ,pu]to ,rico4 7,i7 ,"o repres5tative ( ! bus9ess community 9 ! ,commonweal? ( ,pu]to ,rico1 ) pref]5ce giv5 to a repres5tative f a small- or m$ium-siz$ bus9ess locat$ 9 ! ,commonweal? ( ,pu]to ,rico4 7,j7 ,"o repres5tative ( ! coop]ative sector 9 ! ,commonweal? ( ,pu]to ,rico4 7,k7 ,"o pr(essor ( sociology f any public high] education in/itution :o has publi%$ "w 9 #a or m pe]-review$ j\rnals t indicates exp]tise 9 data relat+ to ,pu]to ,rico4 7,l7 ,"o individual :o is a translator or int]pret] ( ,engli% & ,spani%4 7b7 ,*airp]son 7#a7 ,9 g5]al ,aft] ea* ( ! memb]s ( ! ,commission are appo9t$ "u subsection 7a71 ! memb]s ( ! ,commission %all elect f among ! memb]s ( ! ,commission #a individual to s]ve z ! ,*airp]son ( ! ,commission4 7#b7 ,duties ,! ,*airp]son ( ! ,commission %all-- 7,a7 call & preside ov] meet+s ( ! ,commission2 & 7,b7 be ! legal repres5tative ( ! ,commission4 7#c7 ,tie vote ,9 ! case ( a tie vote among ! memb]s ( ! ,commission1 ! vote ( ! ,*airp]son %all be det]m9ative4 7c7 ,p]iod ( appo9tm5t ,memb]s ( ! ,commission %all be appo9t$ = ! life ( ! ,commission4 7d7 ,vacancies ,any vacancy 9 ! ,commission %all n affect ! p[]s ( ! ,commission b %all be fill$ 9 ! same mann] z ! orig9al appo9tm5t or election4 7e7 ,memb] ( ! ,commission select$ by ! ,pu]to ,rico ,in/itute ( ,/ati/ics ,if1 on ! date ( enactm5t ( ?is ,act1 ! ,pu]to ,rico ,in/itute ( ,/ati/ics has be5 disb&$ or reorganiz$ to be a "p ( ano!r gov]nm5t dep>tm5t ( ! ,commonweal? ( ,pu]to ,rico1 ! individual describ$ 9 subsection 7a77#a7 %all be select$ by ! ,presid5t ( ! ,s5ate ( ! ,commonweal? ( ,pu]to ,rico & ! ,speak] ( ! ,h\se ( ,repres5tatives ( ,pu]to ,rico4 7f7 ,failure ,to appo9t ,commission memb]s ,if ! ,gov]nor ( ! ,commonweal? ( ,pu]to ,rico fails to appo9t any memb] ( ! ,commission describ$ "u subsection 7a77#b7 dur+ ! p]iod describ$ 9 t subsection1 n lat] ?an #ahj days aft] ! expiration ( t p]iod1 ! ,presid5t ( ! ,s5ate ( ! ,commonweal? ( ,pu]to ,rico & ! ,speak] ( ! ,h\se ( ,repres5tatives ( ! ,commonweal? ( ,pu]to ,rico %all jo9tly appo9t any memb] t has n be5 appo9t$4 #cjg4 ,p[]s & responsibilities ,to c>ry out ! duties ( ! ,commission "u section #cjd1 ! ,commission %all-- 7#a7 adopt int]nal bylaws z appropriate = ! prop] op]ations & fulfillm5t ( ! objectives ( ! ,commission2 7#b7 def9e & propose to ! ,secret>y ( ! ,treasury ! hir+ ( /aff to conduct audits 9 accordance ) ! rules & adm9i/rative proc$ures set =? by ! laws ( ! ,commonweal? ( ,pu]to ,rico relat+ to te*nical audits2 7#c7 designate & hire a m9imum numb] ( regul> p]sonnel requir$ to c>ry out ! duties & fulfill ! objectives ( ! ,commission2 7#d7 read reports relat+ to ! audit processes & o!r /udies t h be5 entru/$ to commissions & te*nical units relat+ to audits ( public debt2 7#e7 review & approve ! annual budget & op]ational plan ( ! ,commission bas$ on ^? devis$ by ! ,director ( ! ,(fice ( ,managem5t & ,budget2 7#f7 z appropriate1 reque/ te*nical support f any public in/itution1 includ+ by1 z necess>y1 ?r\gh ! reque/ = ! transf]1 on a tempor>y assignm5t1 ( any te*nical p]sonnel requir$ to c>ry out a specific program ( ! ,commission aft] /at+ ! l5g? ( ! p]iod = :i* ! transf] w be requir$2 7#g7 hold-- 7,a7 a regul> meet+ n less ?an twice ea* mon?2 & 7,b7 a special meet+ ^u ! reque/ ( n less ?an #c ( ! memb]s ( ! ,commission2 7#h7 access ! in=mation necess>y to dis*>ge ! duties ( ! ,commission2 7#i7 file ) ! ,legislative ,assembly ( ! ,commonweal? ( ,pu]to ,rico & ! ,gov]nor ( ! ,commonweal? ( ,pu]to ,rico p]iodic reports /at+ a*ievem5ts ( ! ,commission 9 c>ry+ out ! duties ( ! ,commission "u section #cjd1 :i* %all include any recomm5dation or sugge/ion t ! ,commission det]m9es to be p]t95t1 includ+ any relevant recomm5dation ( ! ,commission relat+ to ! comm5cem5t ( any appropriate adm9i/rative1 civil1 or crim9al action relat+ to ! f9d+s ( ! ,commission2 & 7#aj7 propose rules & policies relat+ to /r5g!n+ ! proc$ures relat+ to audits ( public debt z a p]man5t duty ( ! ,commonweal? ( ,pu]to ,rico4 #cjh4 ,provision ( reque/$ in=mation 7a7 ,9 g5]al ,ea* entity1 (ficial1 or =m] (ficial ( ! ,commonweal? ( ,pu]to ,rico %all provide any in=mation reque/$ by ! ,commission 9 c>ry+ out ! duties ( ! ,commission "u section #cjd by summons or z requir$ by law4 7b7 ,ord] ,to comply ,any entity1 (ficial1 or =m] (ficial describ$ 9 subsection 7a7 t does n obey a summons or reque/ ( ! ,commission = in=mation requir$ by ! ,commission to c>ry out ! duties ( ! ,commission "u section #cjd1 ! appropriate di/rict c\rt ( ! ,commonweal? ( ,pu]to ,rico %all1 on ! reque/ ( ! ,commission1 issue an ord] compell+ t entity1 (ficial1 or =m] (ficial to produce ! reque/$ in=mation1 z appropriate4 7c7 ,contempt ,any entity1 (ficial1 or =m] (ficial describ$ 9 subsection 7a7 t does n comply ) an ord] ( ! c\rt "u subsection 7b7 %all be held 9 contempt = fail+ to obey t ord]4 #cji4 ,access to in=mation 7a7 ,public docum5ts 7#a7 ,9 g5]al ,any docum5t1 record1 or in=mation relat+ to ! public debt ( ! ,commonweal? ( ,pu]to ,rico1 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$itor ( ! ,commonweal? ( ,pu]to ,rico1 %all be-- 7,a7 classifi$ z a public docum5t2 & 7,b7 made accessible to any int]e/$ p>ty4 7#b7 ,confid5tiality ,any claim ( confid5tiality relat+ to in=mation describ$ 9 p>agraph 7#a7 by any p]son1 includ+ any entity1 (ficial1 or =m] (ficial ( ! ,commonweal? ( ,pu]to ,rico1 %all be con/ru$ n>r[ly & 9 favor ( promot+ transp>5cy & ! "r ( ! public to t in=mation4 7b7 ,confid5tial in=mation 7#a7 ,9 g5]al ,! ,commission %all h ! au?ority to obta9 confid5tial in=mation necess>y to c>ry out ! duties ( ! ,commission "u section #cjd4 7#b7 ,confid5tiality ,! ,commission %all keep any in=mation describ$ "u subsection 7a7 confid5tial z requir$ "u ! ,con/itution ( ! ,commonweal? ( ,pu]to ,rico4 7c7 ,rule ( con/ruction ,no?+ 9 ?is title %all be con/ru$ to grant any special p[] to ! ,commission to conceal in=mation f ! public bas$ on any rule relat+ to confid5tiality4 ,?is title %all be int]pret$ broadly to favor ! "r ( ! public to in=mation relat+ to ! activities ( ! ,commission4 #caj4 ,fund+ ,! ,legislative ,assembly ( ! ,commonweal? ( ,pu]to ,rico %all provide ! ,commission ) suffici5t funds to c>ry out ! duties ( ! ,commission "u section #cjd1 includ+ funds to pay fair comp5sation to memb]s & /aff ( ! ,commission1 bas$ on ! annual budget prep>$ = ! ,commission by ! ,(fice ( ,managem5t & ,budget1 :i* %all be includ$ 9 ! g5]al budget ( ! ,commonweal? ( ,pu]to ,rico4 ,,iv ,sev]ability #dja4 ,sev]ability ,if any provision ( ?is ,act or ! application ( su* provision to any p]son or circum/ance is held to be invalid or uncon/itutional1 ! rema9d] ( ?is ,act & ! application ( ! provisions ( ?is ,act to any p]son or circum/ance %all rema9 & %all n be affect$ !reby4