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48 U.S.C. § 2144 — Budget and funding for operation of Oversight Board
Federal law — U.S. Code and appendices · legal_authorities
**(a) Submission of budget** The Oversight Board shall submit a budget for each fiscal year during which the Oversight Board is in operation, to the President, the House of Representatives Committee on Natural Resources and the Senate Committee on Energy and Natural Resources, the Governor, and the Legislature.
**(b) Funding** The Oversight Board shall use its powers with respect to the Territory Budget of the covered territory to ensure that sufficient funds are available to cover all expenses of the Oversight Board.
(1) **Permanent funding** — Within 30 days after June 30, 2016, the territorial government shall designate a dedicated funding source, not subject to subsequent legislative appropriations, sufficient to support the annual expenses of the Oversight Board as determined in the Oversight Board’s sole and exclusive discretion.
(2)
(A) *Initial funding* — On the date of establishment of an Oversight Board in accordance with [section 2121(b) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title48-section2121/b&num=0&edition=prelim) and on the 5th day of each month thereafter, the Governor of the covered territory shall transfer or cause to be transferred the greater of $2,000,000 or such amount as shall be determined by the Oversight Board pursuant to subsection (a) to a new account established by the territorial government, which shall be available to and subject to the exclusive control of the Oversight Board, without any legislative appropriations of the territorial government.
(B) *Termination* — The initial funding requirements under subparagraph (A) shall terminate upon the territorial government designating a dedicated funding source not subject to subsequent legislative appropriations under paragraph (1).
(3) **Remiss
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Source file: Laws/federal/codes/united-states-code/title-48/section-2144-budget-and-funding-for-operation-of-oversight-board--882363494a.md
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Source location: Title 48, Chapter 20, § 2144; chapter-020-puerto-rico-oversight-management-and-economic-stability.md
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**(a) Submission of budget** The Oversight Board shall submit a budget for each fiscal year during which the Oversight Board is in operation, to the President, the House of Representatives Committee on Natural Resources and the Senate Committee on Energy and Natural Resources, the Governor, and the Legislature.
**(b) Funding** The Oversight Board shall use its powers with respect to the Territory Budget of the covered territory to ensure that sufficient funds are available to cover all expenses of the Oversight Board.
(1) **Permanent funding** — Within 30 days after June 30, 2016, the territorial government shall designate a dedicated funding source, not subject to subsequent legislative appropriations, sufficient to support the annual expenses of the Oversight Board as determined in the Oversight Board’s sole and exclusive discretion.
(2)
(A) *Initial funding* — On the date of establishment of an Oversight Board in accordance with [section 2121(b) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title48-section2121/b&num=0&edition=prelim) and on the 5th day of each month thereafter, the Governor of the covered territory shall transfer or cause to be transferred the greater of $2,000,000 or such amount as shall be determined by the Oversight Board pursuant to subsection (a) to a new account established by the territorial government, which shall be available to and subject to the exclusive control of the Oversight Board, without any legislative appropriations of the territorial government.
(B) *Termination* — The initial funding requirements under subparagraph (A) shall terminate upon the territorial government designating a dedicated funding source not subject to subsequent legislative appropriations under paragraph (1).
(3) **Remission of excess funds** — If the Oversight Board determines in its sole discretion that any funds transferred under this subsection exceed the amounts required for the Oversight Board’s operations as established pursuant to subsection (a), any such excess funds shall be periodically remitted to the territorial government.
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Purpose** The purpose of the Oversight Board is to provide a method for a covered territory to achieve fiscal responsibility and access to the capital markets.
**(b) Establishment**
(1) **Puerto Rico** — A Financial Oversight and Management Board is hereby established for Puerto Rico.
(2) **Constitutional basis** — The Congress enacts this chapter pursuant to article IV, section 3 of the Constitution of the United States, which provides Congress the power to dispose of and make all needful rules and regulations for territories.
**(c) Treatment** An Oversight Board established under this section—
(1) shall be created as an entity within the territorial government for which it is established in accordance with this subchapter; and
(2) shall not be considered to be a department, agency, establishment, or instrumentality of the Federal Government.
**(d) Oversight of territorial instrumentalities**
(1) **Designation**
(A) *In general* — An Oversight Board, in its sole discretion at such time as the Oversight Board determines to be appropriate, may designate any territorial instrumentality as a covered territorial instrumentality that is subject to the requirements of this chapter.
(B) *Budgets and reports* — The Oversight Board may require, in its sole discretion, the Governor to submit to the Oversight Board such budgets and monthly or quarterly reports regarding a covered territorial instrumentality as the Oversight Board determines to be necessary and may designate any covered territorial instrumentality to be included in the Territory Budget; except that the Oversight Board may not designate a covered territorial instrumentality to be included in the Territory Budget if applicable territory law does not require legislative approval of such covered ter
Source: Supplied U.S. Code snapshot — release unconfirmed · 48 U.S.C. § 2127
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Federal law — U.S. Code and appendices · legal_authorities
Page 364
TITLE 48—TERRITORIES AND INSULAR POSSESSIONS
§ 2144
(d) Budget reductions by Oversight Board
If the Oversight Board determines that the
Governor, in the case of any then-applicable cer-
tified Instrumentality Budgets, and the Gov-
ernor and the Legislature, in the case of the
then-applicable certified Territory Budget, have
failed to correct an inconsistency identified by
the Oversight Board under subsection (c), the
Oversight Board shall—
(1) with respect to the territorial govern-
ment, other than covered territorial instru-
mentalities, make appropriate reductions in
nondebt expenditures to ensure that the ac-
tual quarterly revenues and expenditures for
the territorial government are in compliance
with the applicable certified Territory Budget
or, in the case of the fiscal year in which the
Oversight Board is established, the budget
adopted by the Governor and the Legislature;
and
(2) with respect to covered territorial instru-
mentalities at the sole discretion of the Over-
sight Board—
(A) make reductions in nondebt expendi-
tures to ensure that the actual quarterly
revenues and expenses for the covered terri-
torial instrumentality are in compliance
with the applicable certified Budget or, in
the case of the fiscal year in which the Over-
sight Board is established, the budget adopt-
ed by the Governor and the Legislature or
the covered territorial instrumentality, as
applicable; or
(B)(i) institute automatic hiring freezes at
the covered territorial instrumentality; and
(ii) prohibit the covered territorial instru-
mentality from entering into any contract
or engaging in any financial or other trans-
actions, unless the contract or transaction
was previously approved by the Oversight
Board.
(e) Termination of Budget reductions
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