Title 48 — Territories and Insular Possessions
Chapter 20 — Puerto Rico Oversight, Management, and Economic Stability
§ 2149. Termination of Oversight Board
Statutory text
An Oversight Board shall terminate upon certification by the Oversight Board that—
the applicable territorial government has adequate access to short-term and long-term credit markets at reasonable interest rates to meet the borrowing needs of the territorial government; and
for at least 4 consecutive fiscal years—
the territorial government has developed its Budgets in accordance with modified accrual accounting standards; and
the expenditures made by the territorial government during each fiscal year did not exceed the revenues of the territorial government during that year, as determined in accordance with modified accrual accounting standards.
Legislative history
Reconstructed from this section’s Code source credit and amendment notes, resolved against the local Statutes at Large. Editorial notes are evidence, not the law that made the change.
Puerto Rico Oversight, Management, and Economic Stability Act
Pub. L. 114–187 title II § 209 · 130 Stat. 549
Enacted · 48 U.S.C. § 2149
(Pub. L. 114–187, title II, § 209, June 30, 2016, 130 Stat. 576.)
Source evidence
Code source credit
(Pub. L. 114–187, title II, § 209, June 30, 2016, 130 Stat. 576.)Enacted provision · exact public law section
SEC. 209. TERMINATION OF OVERSIGHT BOARD. An Oversight Board shall terminate upon certification by the Oversight Board that— (1) the applicable territorial government has adequate access to short-term and long-term credit markets at reasonable interest rates to meet the borrowing needs of the territorial government; and (2) for at least 4 consecutive fiscal years— (A) the territorial government has developed its Budgets in accordance with modified accrual accounting standards; and (B) the expenditures made by the territorial government during each fiscal year did not exceed the revenues of the territorial government during that year, as determined in accordance with modified accrual accounting standards.
1 of 1 references resolved to an enrolled provision