,,iii  #aah? ,,congress  #a/ ,session   
,s4 ,,con4 ,,res4 #ab  ,,9 ,,! ,,s5ate  
,,( ,,! ,,unit$ ,,/ates  ,july #ab1     
#bjbc,mr4 ,m55dez 7= himself & ,ms4     
,w>r57 submitt$ ! foll[+ concurr5t      
resolution2 :i* 0 ref]r$ to ! ,committee
 on ,en]gy & ,natural ,res\rces         
,,concurr5t ,,resolution  ,recogniz+ !  
ne$ = a su/a9able1 economically viable1 
& fair debt re/ructur+ plan = ! ,pu]to  
,rico ,electric ,p[] ,au?ority4  ,:]eas 
! electrical sy/em ( ,pu]to ,rico has   
be5 fragile & suff]$ f a lack ( inve/m5t
 = ye>s1 s9ce well be=e ,hurricane ,m>a 
de/roy$ ! sy/em 9 #bjag2 ,:]eas1 despite
 local & ,f$]al ef=ts to rebuild !      
electrical grid ( ,pu]to ,rico1 t       
electrical grid rema9s extremely fragile
 & vuln]able2 ,:]eas1 9 ,septemb] #bjbb1
 category-#a ,hurricane ,fiona trigg]$  
an isl&-wide black\t = #a1ejj1jjj       
cu/om]s2 ,:]eas ! population ( ,pu]to   
,rico1 ! m$ian h\sehold income ( :i* is 
less ?an  ( t ( ! population ( ! poore/ 
,/ate1 pays among ! highe/ electric     

rates 9 ! ,unit$ ,/ates2 ,:]eas !       
transition to r5ewable en]gy is key to  
r$uc+ electric rates 9 ,pu]to ,rico by  
elim9at+ dep5d5ce on import$1           
price-volatile fossil fuels1 :i*        
con/itute up to #fj p]c5t ( ! budget ( !
 ,pu]to ,rico ,electric ,p[] ,au?ority  
7ref]r$ to 9 ?is preamble z ! ,,prepa71 
b curr5tly only #c p]c5t ( ! en]gy on ! 
isl& ( ,pu]to ,rico comes f clean       
s\rces2 ,:]eas1 betwe5 #aigd & #bjaf1 ! 
,,prepa made num]\s bond issuances      
pursuant to ! ,tru/ ,agreem5t betwe5 !  
,pu]to ,rico ,wat] ,res\rces ,au?ority &
 ,fir/ ,national ,city ,bank dat$       
,janu>y #a1 #aigd1 rea*+ #h1cjj1jjj1jjj 
9 out/&+ bond debt2 ,:]eas ! ,,prepa is 
consid]$ to h ! l>ge/ debt ( all public 
entities 9 ,pu]to ,rico2 ,:]eas !       
retirem5t sy/em ( ! ,,prepa w>n$ t1 by  
,april #bjbc1 x w\ld run out ( funds to 
cov] ! obligations ow$ to its ne>ly     
#ab1jjj p5sion hold]s1 & has yet to     
articulate a plan t ensures future      
mon?ly paym5ts = retirees2 ,:]eas1 9    

,july #bjag1 ! ,f9ancial ,ov]sight &    
,managem5t ,bo>d = ,pu]to ,rico 7ref]r$ 
to 9 ?is preamble z ! ,,fomb7 fil$ a    
petition pursuant to title ,,iii ( !    
,pu]to ,rico ,ov]sight1 ,managem5t1 &   
,economic ,/ability ,act 7#dh ,u4,s4,c4 
#bafa et seq471 comm5c+ a debt adju/m5t 
proce$+ = ! ,,prepa2 ,:]eas1 9 #bjai1 ! 
,,fomb negotiat$ an agreem5t )          
bondhold]s t w\ld h result$ 9 a #aj- to 
#af-p]c5t increase ov] curr5t electric  
rates = ! foll[+ #dg ye>s2 ,:]eas t     
agreem5t 0 ultimately reject$ 9 #bjbb by
 ! local legislature & ,gov]nor ( ,pu]to
 ,rico1 :o recogniz$ t ! agreem5t 0     
unaf=dable & w\ld impose co/s t w\ld    
und]m9e ! recov]y & future economic gr[?
 ( ,pu]to ,rico2 ,:]eas1 on ,decemb]    
#af1 #bjbb1 ! ,,fomb fil$ a new         
re/ructur+ plan = ! ,,prepa t proposes  
to r$uce almo/  ( ! debt ( ! ,,prepa &  
impose a legacy *>ge = consum]s :o d n  
b5efit f subsidiz$ electric rates2      
,:]eas t plan 0 am5d$ on ,febru>y #i1   
#bjbc1 advocat+ = ! issuance (          

#e1gjj1jjj1jjj 9 bonds1 or              
#ac1jjj1jjj1jjj ov] #ce ye>s ) accru$   
int]e/1 to p>tially comp5sate ! cr$itors
 ( ! ,,prepa1 includ+ bondhold]s2 ,:]eas
 ! debt s]vice on ! new bonds w be paid 
(f via ! legacy *>ge1 :i* includes bo?  
fix$ mon?ly *>ges & *>ges t dep5d on !  
consumption ( electricity2 ,:]eas !     
e/imat$ legacy *>ge = nonexempt1        
resid5tial cu/om]s w\ld1 on av]age1 be  
ar\nd #ai p] mon?2 ,:]eas ! fix$ *>ge   
w\ld be betwe5 #af & #a1hjj p] mon? =   
comm]cial & indu/rial cu/om]s2 ,:]eas ^?
 *>ges repres5t an increase 9 mon?ly    
bills = av]age resid5ts & small         
bus9esses ( #ab to #ac p]c5t1 on top (  
rates t are already d\ble ! av]age price
 = electricity 9 ! cont95tal ,unit$     
,/ates2 ,:]eas1 accord+ to e/imates by  
small bus9ess repres5tatives 9 ,pu]to   
,rico1 once ! increases 9 en]gy bills "u
 ! curr5t re/ructur+ plan are en=c$1    
ne>ly #ab1jjj small bus9esses w\ld be   
=c$ to close1 a numb] #c times high] ?an
 9 #bjbj1 a ye> m>k$ by ! onset ( !     

,coronavirus ,disease #bjai             
7,,covid-#ai7 p&emic2 ,:]eas1 accord+ to
 ! #bjag te/imony ( ,&rew ,wolfe1 an    
economic exp]t repres5t+ ! ,,fomb1 ^?   
increases w\ld ev5tually contribute to a
 d[nw>d economic spiral t w\ld result 9 
,pu]to ,rico return+ to a pa? ( decl9+  
economic activity1 :i* w\ld 9 turn      
adv]sely impact ! dem& = electricity & 9
 ! end lead to ano!r debt s]vice paym5ts
 crisis = ,,prepa2 ,:]eas ! ,,fomb      
proposes to raise electric rates 9      
,pu]to ,rico 9 spite ( a prior economic 
analysis ( ! ,,fomb %[+ t electric rates
 9 ,pu]to ,rico are unsu/a9able at      
curr5t levels2 ,:]eas1 9 #bjbb1         
,congress pass$ ! ,pu]to ,rico ,recov]y 
,accuracy 9 ,disclosures ,act ( #bjba   
7,public ,law #aag-hb2 #dh ,u4,s4,c4    
#bagh7 to impose disclosure requirem5ts 
on all ( ! advis]s & consultants ( !    
,,fomb1 clos+ ! loophole 9 ! ,pu]to     
,rico ,ov]sight1 ,managem5t1 & ,economic
 ,/ability ,act 7#dh ,u4,s4,c4 #baja et 
seq47 t has disadvantag$ ! p ( ,pu]to   

,rico 9 ! debt re/ructur+ process = !   
isl&2 ,:]eas1 9 #bjbb1 ! ,wall ,/reet   
,j\rnal report$ t /akehold]s hir$ to    
consult on ! bankruptcy proce$+s =      
,pu]to ,rico initially fail$ to disclose
 connections to companies involv$ 9 !   
,,prepa debt re/ructur+ deal1 rais+ !   
pot5tial = conflicts ( int]e/2 ,:]eas ! 
late/ re/ructur+ plan = ! ,,prepa fil$  
by ! ,,fomb does n repres5t a durable   
solution = ,pu]to ,rico's fiscal &      
economic crisis includ+ p]man5t1        
pro-gr[? fiscal re=ms1 z in/ruct$ by    
,congress 9 title ,,vii ( ! ,pu]to ,rico
 ,ov]sight1 ,managem5t1 & ,economic     
,/ability ,act 7#dh ,u4,s4,c4 #bbda72   
,:]eas1 9 ,june #bjbc1 ! ,unit$ ,/ates  
,di/rict ,c\rt = ! ,di/rict ( ,pu]to    
,rico susp5d$ ! proce$+s to evaluate &  
confirm t late/ re/ructur+ plan2 &      
,:]eas1 on ,june #bc1 #bjbc1 ! ,,fomb   
fil$ a #bjbc ,c]tifi$ ,fiscal ,plan = ! 
,,prepa ackn[l$g+ t ! late/ propos$     
re/ructur+ plan is n su/a9able1 &       
ann\nc$ t x w\ld pres5t an am5d$        

re/ructur+ plan = ! ,,prepa by ,july    
#ad1 #bjbc3 ,n[1 !re=e1 be x ,t         
,congress-- 7#a7 recognizes t ! debt    
adju/m5t proce$+ = ! ,pu]to ,rico       
,electric ,p[] ,au?ority 7ref]r$ to 9   
?is resolution z ! ,,prepa7 has be5 &   
cont9ues to be ( great int]e/ to ,pu]to 
,ricans & to ,congress2  7#b7 recognizes
 t ! cont9uity ( unsu/a9able electric   
rates w result 9-- 7,a7 accel]at$       
out-migration f ! isl& ( ,pu]to ,rico2 &
  7,b7 bus9ess closures & unemploym5t 9 
,pu]to ,rico2  7#c7 recognizes t !      
cont9uity ( unsu/a9able electric rates w
 fur!r %r9k ! dem&-base & rev5ues ( !   
,,prepa1 increas+ pressure on !         
electrical sy/em to cut labor &         
ma9t5ance co/s & inhibit+ !             
recon/ruction ( ! sy/em & ! transition  
to r5ewable en]gy2  7#d7 urges !        
,f9ancial ,ov]sight & ,managem5t ,bo>d =
 ,pu]to ,rico to put =? a re/ructur+    
plan = ! ,,prepa t-- 7,a7 is            
economically viable = ! ,,prepa1 cu/om]s
 ( ! ,,prepa1 & ,,prepa retirees2  7,b7 

all[s = ! rehabilitation ( ! electrical 
sy/em ( ,pu]to ,rico2 &  7,c7 does n    
impose additional increases to electric 
rates = resid5ts1 bus9ess own]s1 & us]s 
( ! electric grid2 &  7#e7 reaffirms !  
int5t ( ,congress to create durable     
solutions = ,pu]to ,rico's fiscal &     
economic crisis ?r\gh ! adoption (      
p]man5t1 pro-gr[? fiscal re=ms1 z /at$ 9
 title ,,vii ( ! ,pu]to ,rico ,ov]sight1
 ,managem5t1 & ,economic ,/ability ,act 
7#dh ,u4,s4,c4 #bbda74