48 U.S.C. § 2152 — Intervention in litigation

Page 368 TITLE 48—TERRITORIES AND INSULAR POSSESSIONS § 2150 (A) the territorial government has devel- oped its Budgets in accordance with modi- fied accrual accounting standards; and (B) the expenditures made by the terri- torial government during each fiscal year did not exceed the revenues of the territorial government during that year, as determined in accordance with modified accrual ac- counting standards. (Pub. L. 114–187, title II, § 209, June 30, 2016, 130 Stat. 576.) § 2150. No full faith and credit of the United States (a) In general The full faith and credit of the United States is not pledged for the payment of any principal of or interest on any bond, note, or other obliga- tion issued by a covered territory or covered ter- ritorial instrumentality. The United States is not responsible or liable for the payment of any principal of or interest on any bond, note, or other obligation issued by a covered territory or covered territorial instrumentality. (b) Subject to appropriations Any claim to which the United States is deter- mined to be liable under this chapter shall be subject to appropriations. (c) Funding No Federal funds shall be authorized by this chapter for the payment of any liability of the territory or territorial instrumentality. (Pub. L. 114–187, title II, § 210, June 30, 2016, 130 Stat. 576.) Editorial Notes REFERENCES IN TEXT This chapter, referred to in subsecs. (b) and (c), 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. § 2151. Analysis of pensions (a) Determination If the Oversight Board determines, in its sole discretion, that a pension system of the terri- torial government is materially underfunded, the Oversight Board shall conduct an analysis prepared by an independent actuary of such pen- sion system to assist the Oversight Board in evaluating the fiscal and economic impact of the pension cash flows. (b) Provisions of analysis An analysis conducted under subsection (a) shall include— (1) an actuarial study of the pension liabil- ities and funding strategy that includes a for- ward looking projection of payments of at least 30 years of benefit payments and funding strategy to cover such payments; (2) sources of funding to cover such pay- ments; (3) a review of the existing benefits and their sustainability; and (4) a review of the system’s legal structure and operational arrangements, and any other studies of the pension system the Oversight Board shall deem necessary. (c) Supplementary information In any case, the analysis conducted under sub- section (a) shall include information regarding the fair market value and liabilities using an ap- propriate discount rate as determined by the Oversight Board. (Pub. L. 114–187, title II, § 211, June 30, 2016, 130 Stat. 576.) § 2152. Intervention in litigation (a) Intervention The Oversight Board may intervene in any litigation filed against the territorial govern- ment. (b) Injunctive relief (1) In general If the Oversight Board intervenes in a litiga- tion under subsection (a), the Oversight Board may seek injunctive relief, including a stay of litigation. (2) No independent basis for relief This section does not create an independent basis on which injunctive relief, including a stay of litigation, may be granted. (Pub. L. 114–187, title II, § 212, June 30, 2016, 130 Stat. 577.) SUBCHAPTER III—ADJUSTMENTS OF DEBTS § 2161. Applicability of other laws; definitions (a) Sections applicable to cases under this sub- chapter Sections 101 (except as otherwise provided in this section), 102, 104, 105, 106, 107, 108, 112, 333, 344, 347(b), 349, 350(b), 351, 361, 362, 364(c), 364(d), 364(e), 364(f), 365, 366, 501, 502, 503, 504, 506, 507(a)(2), 509, 510, 524(a)(1), 524(a)(2), 544, 545, 546, 547, 548, 549(a), 549(c), 549(d), 550, 551, 552, 553, 555, 556, 557, 559, 560, 561, 562, 902 (except as otherwise provided in this section), 922, 923, 924, 925, 926, 927, 928, 942, 944, 945, 946, 1102, 1103, 1109, 1111(b), 1122, 1123(a)(1), 1123(a)(2), 1123(a)(3), 1123(a)(4), 1123(a)(5), 1123(b), 1123(d), 1124, 1125, 1126(a), 1126(b), 1126(c), 1126(e), 1126(f), 1126(g), 1127(d), 1128, 1129(a)(2), 1129(a)(3), 1129(a)(6), 1129(a)(8), 1129(a)(10), 1129(b)(1), 1129(b)(2)(A), 1129(b)(2)(B), 1142(b), 1143, 1144, 1145, and 1146(a) of title 11 apply in a case under this subchapter and sec- tion 930 of title 11 applies in a case under this subchapter; however, section 930 shall not apply in any case during the first 120 days after the date on which such case is commenced under this subchapter. (b) Meanings of terms A term used in a section of title 11, made ap- plicable in a case under this subchapter by sub- section (a), has the meaning given to the term for the purpose of the applicable section, unless the term is otherwise defined in this subchapter. (c) Definitions In this subchapter: