48 U.S.C. § 2127 — Budget and funding for operation of Over-

Page 359 TITLE 48—TERRITORIES AND INSULAR POSSESSIONS § 2127 cient payment and administration of taxes through the adoption of electronic reporting, payment and auditing technologies. (n) Administrative support services Upon the request of the Oversight Board, the Administrator of General Services or other ap- propriate Federal agencies shall promptly pro- vide to the Oversight Board, on a reimbursable or non-reimbursable basis, the administrative support services necessary for the Oversight Board to carry out its responsibilities under this chapter. (o) Investigation of disclosure and selling prac- tices The Oversight Board may investigate the dis- closure and selling practices in connection with the purchase of bonds issued by a covered terri- tory for or on behalf of any retail investors in- cluding any underrepresentation of risk for such investors and any relationships or conflicts of interest maintained by such broker, dealer, or investment adviser is as provided in applicable laws and regulations. (p) Findings of any investigation The Oversight Board shall make public the findings of any investigation referenced in sub- section (o). (Pub. L. 114–187, title I, § 104, June 30, 2016, 130 Stat. 558.) Editorial Notes REFERENCES IN TEXT This chapter, referred to in subsecs. (a), (c), (g), (h), (k), and (n), was in the original ‘‘this Act’’, meaning Pub. L. 114–187, June 30, 2016, 130 Stat. 549, known as the Puerto Rico Oversight, 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. § 2125. Exemption from liability for claims The Oversight Board, its members, and its em- ployees shall not be liable for any obligation of or claim against the Oversight Board or its members or employees or the territorial govern- ment resulting from actions taken to carry out this chapter. (Pub. L. 114–187, title I, § 105, June 30, 2016, 130 Stat. 561.) 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. § 2126. Treatment of actions arising from chapter (a) Jurisdiction Except as provided in section 2124(f)(2) of this title (relating to the issuance of an order enforc- ing a subpoena), and subchapter III (relating to adjustments of debts), any action against the Oversight Board, and any action otherwise aris- ing out of this chapter, in whole or in part, shall be brought in a United States district court for the covered territory or, for any covered terri- tory that does not have a district court, in the United States District Court for the District of Hawaii. (b) Appeal Notwithstanding any other provision of law, any order of a United States district court that is issued pursuant to an action brought under subsection (a) shall be subject to review only pursuant to a notice of appeal to the applicable United States Court of Appeals. (c) Timing of relief Except with respect to any orders entered to remedy constitutional violations, no order of any court granting declaratory or injunctive re- lief against the Oversight Board, including relief permitting or requiring the obligation, bor- rowing, or expenditure of funds, shall take effect during the pendency of the action before such court, during the time appeal may be taken, or (if appeal is taken) during the period before the court has entered its final order disposing of such action. (d) Expedited consideration It shall be the duty of the applicable United States District Court, the applicable United States Court of Appeals, and, as applicable, the Supreme Court of the United States to advance on the docket and to expedite to the greatest possible extent the disposition of any matter brought under this chapter. (e) Review of Oversight Board certifications There shall be no jurisdiction in any United States district court to review challenges to the Oversight Board’s certification determinations under this chapter. (Pub. L. 114–187, title I, § 106, June 30, 2016, 130 Stat. 562.) Editorial Notes REFERENCES IN TEXT This chapter, referred to in subsecs. (a), (d), and (e), was in the original ‘‘this Act’’, meaning Pub. L. 114–187, June 30, 2016, 130 Stat. 549, known as the Puerto Rico Oversight, 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. § 2127. Budget and funding for operation of Over- sight Board (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 Page 360 TITLE 48—TERRITORIES AND INSULAR POSSESSIONS § 2128 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 terri- torial government shall designate a dedicated funding source, not subject to subsequent leg- islative 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 and on the 5th day of each month thereafter, the Governor of the covered terri- tory 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, with- out any legislative appropriations of the terri- torial government. (B) Termination The initial funding requirements under sub- paragraph (A) shall terminate upon the terri- torial government designating a dedicated funding source not subject to subsequent legis- lative 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 estab- lished pursuant to subsection (a), any such ex- cess funds shall be periodically remitted to the territorial government. (Pub. L. 114–187, title I, § 107, June 30, 2016, 130 Stat. 562.) § 2128. Autonomy of Oversight Board (a) In general Neither the Governor nor the Legislature may— (1) exercise any control, supervision, over- sight, or review over the Oversight Board or its activities; or (2) enact, implement, or enforce any statute, resolution, policy, or rule that would impair or defeat the purposes of this chapter, as de- termined by the Oversight Board. (b) Oversight Board legal representation In any action brought by, on behalf of, or against the Oversight Board, the Oversight Board shall be represented by such counsel as it may hire or retain so long as the representation complies with the applicable professional rules of conduct governing conflicts of interests. (Pub. L. 114–187, title I, § 108, June 30, 2016, 130 Stat. 563.) Editorial Notes REFERENCES IN TEXT This chapter, referred to in subsec. (a)(2), was in the original ‘‘this Act’’, meaning Pub. L. 114–187, June 30, 2016, 130 Stat. 549, known as the Puerto Rico Oversight, Management, 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. § 2129. Ethics (a) Conflict of interest Notwithstanding any ethics provision gov- erning employees of the covered territory, all members and staff of the Oversight Board shall be subject to the Federal conflict of interest re- quirements described in section 208 of title 18. (b) Financial disclosure Notwithstanding any ethics provision gov- erning employees of the covered territory, all members of the Oversight Board and staff des- ignated by the Oversight Board shall be subject to disclosure of their financial interests, the contents of which shall conform to the same re- quirements set forth in section 13104 of title 5. (Pub. L. 114–187, title I, § 109, June 30, 2016, 130 Stat. 563; Pub. L. 117–286, § 4(c)(45), Dec. 27, 2022, 136 Stat. 4359.) Editorial Notes AMENDMENTS 2022—Subsec. (b). Pub. L. 117–286 substituted ‘‘section 13104 of title 5.’’ for ‘‘section 102 of the Ethics in Gov- ernment Act of 1978 (5 U.S.C. App.).’’ SUBCHAPTER II—RESPONSIBILITIES OF OVERSIGHT BOARD § 2141. Approval of Fiscal Plans (a) In general As soon as practicable after all of the mem- bers and the Chair have been appointed to the Oversight Board in accordance with section 2121(e) of this title in the fiscal year in which the Oversight Board is established, and in each fiscal year thereafter during which the Over- sight Board is in operation, the Oversight Board shall deliver a notice to the Governor providing a schedule for the process of development, sub- mission, 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 con- sult with the Governor in establishing a sched- ule, 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 govern- ment or covered territorial instrumentality, provide a method to achieve fiscal responsi- bility and access to the capital markets, and— (A) provide for estimates of revenues and expenditures in conformance with agreed ac- counting standards and be based on—