48 U.S.C. § 2104 Definitions

• Library: United States Statutes
• Edition: 2023
• Currency: Current through P.L. 118-34 (published on www.congress.gov on 12/26/2023), except for [P. L. 118-31]
• Year: 2023
• Citation: 48 U.S.C. § 2104

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 budget" means a budget that is prepared in accordance with-

(A) agreed accounting standards; and

(B) the applicable Fiscal Plan.

(7) Covered territorial instrumentality

The term "covered territorial instrumentality" 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 territory for which an Oversight Board has been established 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.

(10) Fiscal Plan

The term "Fiscal Plan" means a Territory Fiscal Plan or an Instrumentality Fiscal Plan, as applicable.