48 U.S.C. § 2124 — Definitions

In this chapter— (1) **Agreed accounting standards** — The term “agreed accounting standards” means modified accrual accounting standards or, for any period during which the Oversight Board determines in its sole discretion that a territorial government is not reasonably capable of comprehensive reporting that complies with modified accrual accounting standards, such other accounting standards as proposed by the Oversight Board. (2) **Bond** — The term “Bond” means a bond, loan, letter of credit, other borrowing title, obligation of insurance, or other financial indebtedness for borrowed money, including rights, entitlements, or obligations whether such rights, entitlements, or obligations arise from contract, statute, or any other source of law, in any case, related to such a bond, loan, letter of credit, other borrowing title, obligation of insurance, or other financial indebtedness in physical or dematerialized form of which the issuer, obligor, or guarantor is the territorial government. (3) **Bond Claim** — The term “Bond Claim” means, as it relates to a Bond— (A) right to payment, whether or not such right is reduced to judgment, liquidated, unliquidated, fixed, contingent, matured, unmatured, disputed, undisputed, legal, equitable, secured, or unsecured; or (B) right to an equitable remedy for breach of performance if such breach gives rise to a right to payment, whether or not such right to an equitable remedy is reduced to judgment, fixed, contingent, matured, unmatured, disputed, undisputed, secured, or unsecured. (4) **Budget** — The term “Budget” means the Territory Budget or an Instrumentality Budget, as applicable. (5) **Puerto Rico** — The term “Puerto Rico” means the Commonwealth of Puerto Rico. (6) **Compliant budget** — The term “compliant budget” means a budget that is prepared in accordance with— (A) agreed accounting standards; and (B) the applicable Fiscal Plan. (7) **Covered territorial instrumentality** — The term “covered territorial instrumentality” means a territorial instrumentality designated by the Oversight Board pursuant to [section 2121 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title48-section2121&num=0&edition=prelim) to be subject to the requirements of this chapter. (8) **Covered territory** — The term “covered territory” means a territory for which an Oversight Board has been established under [section 2121 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title48-section2121&num=0&edition=prelim). (9) **Executive Director** — The term “Executive Director” means an Executive Director appointed under [section 2123(a) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title48-section2123/a&num=0&edition=prelim). (10) **Fiscal Plan** — The term “Fiscal Plan” means a Territory Fiscal Plan or an Instrumentality Fiscal Plan, as applicable. (11) **Government of Puerto Rico** — The term “Government of Puerto Rico” means the Commonwealth of Puerto Rico, including all its territorial instrumentalities. (12) **Governor** — The term “Governor” means the chief executive of a covered territory. (13) **Instrumentality Budget** — The term “Instrumentality Budget” means a budget for a covered territorial instrumentality, designated by the Oversight Board in accordance with [section 2121 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title48-section2121&num=0&edition=prelim), submitted, approved, and certified in accordance with [section 2142 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title48-section2142&num=0&edition=prelim). (14) **Instrumentality Fiscal Plan** — The term “Instrumentality Fiscal Plan” means a fiscal plan for a covered territorial instrumentality, designated by the Oversight Board in accordance with [section 2121 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title48-section2121&num=0&edition=prelim), submitted, approved, and certified in accordance with [section 2141 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title48-section2141&num=0&edition=prelim). (15) **Legislature** — The term “Legislature” means the legislative body responsible for enacting the laws of a covered territory. (16) **Modified accrual accounting standards** — The term “modified accrual accounting standards” means recognizing revenues as they become available and measurable and recognizing expenditures when liabilities are incurred, in each case as defined by the Governmental Accounting Standards Board, in accordance with generally accepted accounting principles. (17) **Oversight Board** — The term “Oversight Board” means a Financial Oversight and Management Board established in accordance with [section 2121 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title48-section2121&num=0&edition=prelim). (18) **Territorial government** — The term “territorial government” means the government of a covered territory, including all covered territorial instrumentalities. (19) **Territorial instrumentality** (A) *In general* — The term “territorial instrumentality” means any political subdivision, public agency, instrumentality—including any instrumentality that is also a bank—or public corporation of a territory, and this term should be broadly construed to effectuate the purposes of this chapter. (B) *Exclusion* — The term “territorial instrumentality” does not include an Oversight Board. (20) **Territory** — The term “territory” means— (A) Puerto Rico; (B) Guam; (C) American Samoa; (D) the Commonwealth of the Northern Mariana Islands; or (E) the United States Virgin Islands. (21) **Territory Budget** — The term “Territory Budget” means a budget for a territorial government submitted, approved, and certified in accordance with [section 2142 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title48-section2142&num=0&edition=prelim). (22) **Territory Fiscal Plan** — The term “Territory Fiscal Plan” means a fiscal plan for a territorial government submitted, approved, and certified in accordance with [section 2141 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title48-section2141&num=0&edition=prelim).