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48 U.S.C. § 2142 — Exemption from liability for claims
Federal law — U.S. Code and appendices · legal_authorities
The Oversight Board, its members, and its employees shall not be liable for any obligation of or claim against the Oversight Board or its members or employees or the territorial government resulting from actions taken to carry out this chapter.
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Source file: Laws/federal/codes/united-states-code/title-48/section-2142-exemption-from-liability-for-claims--5ac38c0792.md
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Source location: Title 48, Chapter 20, § 2142; chapter-020-puerto-rico-oversight-management-and-economic-stability.md
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The Oversight Board, its members, and its employees shall not be liable for any obligation of or claim against the Oversight Board or its members or employees or the territorial government resulting from actions taken to carry out this chapter.
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Federal Points of Contact** At the request of the Revitalization Coordinator and within 30 days of receiving such a request, each Federal agency with jurisdiction over the permitting, or administrative or environmental review of private or public projects in Puerto Rico, shall name a Point of Contact who will serve as that agency’s liaison with the Revitalization Coordinator.
**(b) Federal grants and loans** For each Critical Project with a pending or potential Federal grant, loan, or loan guarantee application, the Revitalization Coordinator and the relevant Point of Contact shall cooperate with each other to ensure expeditious review of such application.
**(c) Expedited reviews and actions of Federal agencies** All reviews conducted and actions taken by any Federal agency relating to a Critical Project shall be expedited in a manner consistent with completion of the necessary reviews and approvals by the deadlines under the Expedited Permitting Process, but in no way shall the deadlines established through the Expedited Permitting Process be binding on any Federal agency.
Source: Supplied U.S. Code snapshot — release unconfirmed · 48 U.S.C. § 2101
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Federal law — U.S. Code and appendices · legal_authorities
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
Source: Supplied U.S. Code snapshot — release unconfirmed · 48 U.S.C. § 2124
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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
**(a) In general** As soon as practicable after all of the members and the Chair have been appointed to the Oversight Board in accordance with [section 2121(e) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title48-section2121/e&num=0&edition=prelim) in the fiscal year in which the Oversight Board is established, and in each fiscal year thereafter during which the Oversight Board is in operation, the Oversight Board shall deliver a notice to the Governor providing a schedule for the process of development, submission, approval, and certification of Fiscal Plans. The notice may also set forth a schedule for revisions to any Fiscal Plan that has already been certified, which revisions must be subject to subsequent approval and certification by the Oversight Board. The Oversight Board shall consult with the Governor in establishing a schedule, but the Oversight Board shall retain sole discretion to set or, by delivery of a subsequent notice to the Governor, change the dates of such schedule as it deems appropriate and reasonably feasible.
**(b) Requirements**
(1) **In general** — A Fiscal Plan developed under this section shall, with respect to the territorial government or covered territorial instrumentality, provide a method to achieve fiscal responsibility and access to the capital markets, and—
(A) provide for estimates of revenues and expenditures in conformance with agreed accounting standards and be based on—
(i) applicable laws; or
(ii) specific bills that require enactment in order to reasonably achieve the projections of the Fiscal Plan;
(B) ensure the funding of essential public services;
(C) provide adequate funding for public pension systems;
(D) provide for the elimination of structural deficits;
(E) for
Source: Supplied U.S. Code snapshot — release unconfirmed · 48 U.S.C. § 2147
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Federal law — U.S. Code and appendices · legal_authorities
Page 362
TITLE 48—TERRITORIES AND INSULAR POSSESSIONS
§ 2142
Editorial Notes
REFERENCES IN TEXT
Subchapter IV, referred to in subsec. (b)(1)(E), was in
the original a reference to title IV, meaning title IV of
Pub. L. 114–187, June 30, 2016, 130 Stat. 585, which is
classified principally to subchapter IV of this chapter.
For complete classification of title IV to the Code, see
Tables.
§ 2142. Approval of Budgets
(a) Reasonable schedule for development of
Budgets
As soon as practicable after all of the mem-
bers and the Chair have been appointed to the
Oversight Board in the fiscal year in which the
Oversight Board is established, and in each fis-
cal year thereafter during which the Oversight
Board is in operation, the Oversight Board shall
deliver a notice to the Governor and the Legisla-
ture providing a schedule for developing, sub-
mitting, approving, and certifying Budgets for a
period of fiscal years as determined by the Over-
sight Board in its sole discretion but in any case
a period of not less than one fiscal year fol-
lowing the fiscal year in which the notice is de-
livered. The notice may also set forth a schedule
for revisions to Budgets that have already been
certified, which revisions must be subject to
subsequent approval and certification by the
Oversight Board. The Oversight Board shall con-
sult with the Governor and the Legislature in
establishing a schedule, but the Oversight Board
shall retain sole discretion to set or, by delivery
of a subsequent notice to the Governor and the
Legislature, change the dates of such schedule
as it deems appropriate and reasonably feasible.
(b) Revenue forecast
The Oversight Board shall submit to the Gov-
ernor and Legislature a forecast of revenues for
the period covered by the Budgets
Source: Supplied 2024 U.S. Code historical extraction · 48 U.S.C. § 2142
Stored review status: historical_2024_not_currentness_verified. Same stored citation; legal effect and authority still require review.