48 U.S.C. § 2104 — Definitions

Page 352 TITLE 48—TERRITORIES AND INSULAR POSSESSIONS § 2102 be cited as the ‘Puerto Rico Recovery Accuracy in Dis- closures Act of 2021’ or ‘PRRADA’.’’ SHORT TITLE Pub. L. 114–187, § 1(a), June 30, 2016, 130 Stat. 549, pro- vided that: ‘‘This Act [enacting this chapter, amending sections 1469e and 1492a of this title, sections 632 and 644 of Title 15, Commerce and Trade, and section 206 of Title 29, Labor, and enacting provisions set out as a note under section 632 of Title 15] may be cited as the ‘Puerto Rico Oversight, Management, and Economic Stability Act’ or ‘PROMESA’.’’ § 2102. Severability (a) In general Except as provided in subsection (b), if any provision of this chapter or the application thereof to any person or circumstance is held in- valid, the remainder of this chapter, or the ap- plication of that provision to persons or cir- cumstances other than those as to which it is held invalid, is not affected thereby, provided that subchapter III is not severable from sub- chapters I and II, and subchapters I and II are not severable from subchapter III. (b) Uniformity If a court holds invalid any provision of this chapter or the application thereof on the ground that the provision fails to treat similarly situ- ated territories uniformly, then the court shall, in granting a remedy, order that the provision of this chapter or the application thereof be ex- tended to any other similarly situated territory, provided that the legislature of that territory adopts a resolution signed by the territory’s governor requesting the establishment and orga- nization of a Financial Oversight and Manage- ment Board pursuant to section 2121 of this title. (Pub. L. 114–187, § 3, June 30, 2016, 130 Stat. 550.) Editorial Notes REFERENCES IN TEXT This chapter, referred to in text, was in the original ‘‘this Act’’, meaning Pub. L. 114–187, June 30, 2016, 130 Stat. 549, known as the Puerto Rico Oversight, Manage- ment, and Economic Stability Act and also as PROMESA, which is classified principally to this chap- ter. For complete classification of this Act to the Code, see Short Title note set out under section 2101 of this title and Tables. § 2103. Supremacy The provisions of this chapter shall prevail over any general or specific provisions of terri- tory law, State law, or regulation that is incon- sistent with this chapter. (Pub. L. 114–187, § 4, June 30, 2016, 130 Stat. 551.) Editorial Notes REFERENCES IN TEXT This chapter, referred to in text, was in the original ‘‘this Act’’, meaning Pub. L. 114–187, June 30, 2016, 130 Stat. 549, known as the Puerto Rico Oversight, Manage- ment, and Economic Stability Act and also as PROMESA, which is classified principally to this chap- ter. For complete classification of this Act to the Code, see Short Title note set out under section 2101 of this title and Tables. § 2104. 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 capa- ble 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, entitle- ments, or obligations whether such rights, en- titlements, 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 in- surance, 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, un- liquidated, fixed, contingent, matured, unmatured, disputed, undisputed, legal, eq- uitable, 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 judg- ment, fixed, contingent, matured, unmatured, disputed, undisputed, secured, or unsecured. (4) Budget The term ‘‘Budget’’ means the Territory Budget or an Instrumentality Budget, as ap- plicable. (5) Puerto Rico The term ‘‘Puerto Rico’’ means the Com- monwealth of Puerto Rico. (6) Compliant budget The term ‘‘compliant budget’’ means a budg- et that is prepared in accordance with— (A) agreed accounting standards; and (B) the applicable Fiscal Plan. (7) Covered territorial instrumentality The term ‘‘covered territorial instrumen- tality’’ means a territorial instrumentality designated by the Oversight Board pursuant to section 2121 of this title to be subject to the requirements of this chapter. (8) Covered territory The term ‘‘covered territory’’ means a terri- tory for which an Oversight Board has been es- tablished under section 2121 of this title. (9) Executive Director The term ‘‘Executive Director’’ means an Executive Director appointed under section 2123(a) of this title. Page 353 TITLE 48—TERRITORIES AND INSULAR POSSESSIONS § 2106 (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, in- cluding all its territorial instrumentalities. (12) Governor The term ‘‘Governor’’ means the chief execu- tive of a covered territory. (13) Instrumentality Budget The term ‘‘Instrumentality Budget’’ means a budget for a covered territorial instrumen- tality, designated by the Oversight Board in accordance with section 2121 of this title, sub- mitted, approved, and certified in accordance with section 2142 of this title. (14) Instrumentality Fiscal Plan The term ‘‘Instrumentality Fiscal Plan’’ means a fiscal plan for a covered territorial in- strumentality, designated by the Oversight Board in accordance with section 2121 of this title, submitted, approved, and certified in ac- cordance with section 2141 of this title. (15) Legislature The term ‘‘Legislature’’ means the legisla- tive 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 Gov- ernmental Accounting Standards Board, in ac- cordance with generally accepted accounting principles. (17) Oversight Board The term ‘‘Oversight Board’’ means a Finan- cial Oversight and Management Board estab- lished in accordance with section 2121 of this title. (18) Territorial government The term ‘‘territorial government’’ means the government of a covered territory, includ- ing all covered territorial instrumentalities. (19) Territorial instrumentality (A) In general The term ‘‘territorial instrumentality’’ means any political subdivision, public agen- cy, instrumentality—including any instru- mentality that is also a bank—or public cor- poration of a territory, and this term should be broadly construed to effectuate the pur- poses 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 budg- et for a territorial government submitted, ap- proved, and certified in accordance with sec- tion 2142 of this title. (22) Territory Fiscal Plan The term ‘‘Territory Fiscal Plan’’ means a fiscal plan for a territorial government sub- mitted, approved, and certified in accordance with section 2141 of this title. (Pub. L. 114–187, § 5, June 30, 2016, 130 Stat. 551.) Editorial Notes REFERENCES IN TEXT This chapter, referred to in text, was in the original ‘‘this Act’’, meaning Pub. L. 114–187, June 30, 2016, 130 Stat. 549, known as the Puerto Rico Oversight, Manage- ment, and Economic Stability Act and also as PROMESA, which is classified principally to this chap- ter. For complete classification of this Act to the Code, see Short Title note set out under section 2101 of this title and Tables. § 2105. Placement The Law Revision Counsel is directed to place this Act as chapter 20 of title 48. (Pub. L. 114–187, § 6, June 30, 2016, 130 Stat. 553.) Editorial Notes REFERENCES IN TEXT This Act, referred to in text, is Pub. L. 114–187, June 30, 2016, 130 Stat. 549, known as the Puerto Rico Over- sight, Management, and Economic Stability Act and also as PROMESA, which is classified principally to this chapter. For complete classification of this Act to the Code, see Short Title note set out under section 2101 of this title and Tables. § 2106. Compliance with Federal laws Except as otherwise provided in this chapter, nothing in this chapter shall be construed as im- pairing or in any manner relieving a territorial government, or any territorial instrumentality thereof, from compliance with Federal laws or requirements or territorial laws and require- ments implementing a federally authorized or federally delegated program protecting the health, safety, and environment of persons in such territory. (Pub. L. 114–187, § 7, June 30, 2016, 130 Stat. 553.) Editorial Notes REFERENCES IN TEXT This chapter, referred to in text, was in the original ‘‘this Act’’, meaning Pub. L. 114–187, June 30, 2016, 130 Stat. 549, known as the Puerto Rico Oversight, Manage- ment, and Economic Stability Act and also as PROMESA, which is classified principally to this chap- ter. For complete classification of this Act to the Code, see Short Title note set out under section 2101 of this title and Tables.