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UNITED STATES DISTRICT COURT

DISTRICT OF PUERTO RICO

In re:

THE FINANCIAL OVERSIGHT AND 

MANAGEMENT BOARD FOR PUERTO RICO,

as representative of 

THE COMMONWEALTH OF PUERTO RICO, et al.,

Debtors.1

PROMESA

Title III

No. 17 BK 3283-LTS

(Jointly Administered)

NOTICE OF ANNUAL HOURLY RATE 

ADJUSTMENT PURSUANT TO ENGAGEMENT LETTER, DATED 

NOVEMBER 25, 2016, OF O’NEILL & BORGES LLC, AS ATTORNEYS FOR THE 

FINANCIAL OVERSIGHT AND MANAGEMENT BOARD FOR PUERTO RICO

PLEASE TAKE NOTICE that, pursuant to this Court’s Order Imposing Additional 

Presumptive Standards: Rate Increases and the Retention of Expert Witnesses or other SubRetained Professionals [Docket No. 7678] (the “Additional Presumptive Standards Order”),2

O’Neill & Borges LLC (“O&B”), as attorneys for the Financial Oversight and Management 

Board for Puerto Rico, as Title III representative of the Debtors in the Title III cases (the “Title 

III Cases”), hereby informs the Court and public of the automatic annual rate adjustment in its 

1 The Debtors in these Title III Cases, along with each Debtor’s respective Title III case number and the last four (4) 

digits of each Debtor’s federal tax identification number, as applicable, are the (i) Commonwealth of Puerto Rico 

(“Commonwealth”) (Bankruptcy Case No. 17-BK-3283- LTS) (Last Four Digits of Federal Tax ID: 3481); (ii) 

Puerto Rico Sales Tax Financing Corporation (“COFINA”) (Bankruptcy Case No. 17-BK-3284-LTS) (Last Four 

Digits of Federal Tax ID: 8474); (iii) Puerto Rico Highways and Transportation Authority (“HTA”) (Bankruptcy 

Case No. 17-BK-3567-LTS) (Last Four Digits of Federal Tax ID: 3808); (iv) Employees Retirement System of the 

Government of the Commonwealth of Puerto Rico (“ERS”) (Bankruptcy Case No. 17-BK-3566-LTS) (Last Four 

Digits of Federal Tax ID: 9686); (v) Puerto Rico Electric Power Authority (“PREPA”) (Bankruptcy Case No. 17-

BK-4780-LTS) (Last Four Digits of Federal Tax ID: 3747); and (vi) Puerto Rico Public Buildings Authority 

(“PBA”) (Bankruptcy Case No. 19-BK-5233-LTS) (Last Four Digits of Federal Tax ID: 3801) (Title III case 

numbers are listed as Bankruptcy Case numbers due to software limitations).

2 Capitalized terms used but not defined herein shall have the meanings ascribed to them in the Additional 

Presumptive Standards Order.

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engagement letter on a timekeeper-by-timekeeper basis (the “Rate Adjustment”), set forth on 

Exhibit A attached hereto and effective on March 2, 2023 (the “Effective Date”).

PLEASE TAKE FURTHER NOTICE that, in accordance with the Additional 

Presumptive Standards Order, attached hereto as Exhibit B is O&B’s certification in support of 

the Rate Adjustment.

Dated: February 8, 2023

San Juan, Puerto Rico

Respectfully submitted,

/s/ Carla García Benitez

Carla García Benítez

USDC No. 203708

O’NEILL & BORGES LLC

250 Muñoz Rivera Ave., Suite 800

San Juan, PR 00918-1813

Tel: (787) 764-8181

Fax: (787) 753-8944

Co-Attorneys for the Financial Oversight and 

Management Board as representative for the 

Debtors

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Exhibit A.

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EXHIBIT B

Certification of Carla García Benítez, Esq.

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UNITED STATES DISTRICT COURT 

DISTRICT OF PUERTO RICO

In re:

THE FINANCIAL OVERSIGHT AND 

MANAGEMENT BOARD FOR PUERTO RICO,

as representative of 

THE COMMONWEALTH OF PUERTO RICO, et al.,

Debtors.3

PROMESA

Title III

No. 17 BK 3283-LTS

(Jointly Administered)

In re: 

THE FINANCIAL OVERSIGHT AND

MANAGEMENT BOARD FOR PUERTO RICO,

as representative of 

PUERTO RICO ELECTRIC POWER

AUTHORITY,

Debtors.

PROMESA

Title III

No. 17 BK 4780-LTS

(Jointly Administered)

CERTIFICATION OF CARLA GARCÍA BENÍTEZ IN RESPECT OF AUTOMATIC 

HOURLY RATE ADJUSTMENT PURSUANT TO ENGAGEMENT LETTER,

DATED NOVEMBER 23, 2016, OF O’NEILL & BORGES LLC, AS ATTORNEYS FOR

THE FINANCIAL OVERSIGHT AND MANAGEMENT BOARD FOR PUERTO RICO

I, Carla García Benítez, hereby certify that:

1. I am a member of the law firm of O’Neill & Borges LLC (“O’Neill & Borges”), 

with offices located at 250 Muñoz Rivera Ave., Ste. 800, San Juan, Puerto Rico 00918-1813. 

3 The Debtors in these Title III Cases, along with each Debtor’s respective Title III case number and the last four (4) 

digits of each Debtor’s federal tax identification number, as applicable, are the (i) Commonwealth of Puerto Rico 

(“Commonwealth”) (Bankruptcy Case No. 17-BK-3283- LTS) (Last Four Digits of Federal Tax ID: 3481); (ii) 

Puerto Rico Sales Tax Financing Corporation (“COFINA”) (Bankruptcy Case No. 17-BK-3284-LTS) (Last Four 

Digits of Federal Tax ID: 8474); (iii) Puerto Rico Highways and Transportation Authority (“HTA”) (Bankruptcy 

Case No. 17-BK-3567-LTS) (Last Four Digits of Federal Tax ID: 3808); (iv) Employees Retirement System of the 

Government of the Commonwealth of Puerto Rico (“ERS”) (Bankruptcy Case No. 17-BK-3566-LTS) (Last Four 

Digits of Federal Tax ID: 9686); (v) Puerto Rico Electric Power Authority (“PREPA”) (Bankruptcy Case No. 17-

BK-4780-LTS) (Last Four Digits of Federal Tax ID: 3747); and (vi) Puerto Rico Public Buildings Authority 

(“PBA”) (Bankruptcy Case No. 19-BK-5233-LTS) (Last Four Digits of Federal Tax ID: 3801) (Title III case 

numbers are listed as Bankruptcy Case numbers due to software limitations).

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O’Neill & Borges is Co-Attorney for the Financial Oversight and Management Board for Puerto 

Rico (the “Oversight Board”), the representative of the Debtors in the above-captioned Title III

cases (the “Title III Cases”) pursuant to section 315(b) of the Puerto Rico Oversight, Management, 

and Economic Stability Act (“PROMESA”).4 I have personal knowledge of all of the facts set 

forth in this certification, except as expressly stated herein.

2. In accordance with the Order Imposing Additional Presumptive Standards: Rate 

Increases and the Retention of Expert Witnesses or Other Sub-retained Professionals entered on

June 26, 2019 [Docket No. 7678] (the “Additional Presumptive Standards Order”), this 

certification is made in respect of O&B’s hourly rate adjustment provided for in its engagement 

letter dated November 23, 2016, on a timekeeper-by-timekeeper basis, (the “Rate Adjustment”), 

as set forth in Schedule I attached hereto, effective as of January 1, 2023 (the “Effective Date”).

3. In accordance with paragraph 2 of the Additional Presumptive Standards Order, I

hereby certify that:

a) O’Neill & Borges is authorized, pursuant to the terms of the contract 

between and among it and the Oversight Board, 5to increase the hourly rates 

for its timekeepers, both with respect to the Effective Date and the amounts 

set forth on Exhibit A to the Notice, on a timekeeper-by-timekeeper basis

at the end of its fiscal year. The Oversight Board is advised of O’Neill & 

Borges’ practice of periodic rate adjustments as set forth in the engagement 

letter dated November 23, 2016;

b) O&B negotiated this Rate Adjustment with the Oversight Board in good 

faith and at arms’ length in November 2016, and in February 8, 2023. The 

Oversight Board is advised of the Rate Adjustment as set forth in the 

Engagement Letter. O’Neill & Borges performs annual reviews of its 

associates’ work, and annual reviews of its paralegals’ work, based on 

demonstrated expertise, ability, level of responsibility, professional learning 

and other related factors, and adjusts compensation and hourly billing rates 

on a timekeeper-by-timekeeper basis as of November 30 of each year;

4 PROMESA has been codified at 48 U.S.C. §§ 2101-2241.

5 A copy of the engagement letter is available on the Oversight Board’s website at 

http://oversightboard.pr.gov/documents/ and at Docket No. 13891-7.

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c) Attached hereto as Schedule 1 is a true and complete hourly rate schedule 

for the firm’s professionals appearing in the Title III Cases, by year of bar 

admission, both before and after implementation of the proposed Rate 

Adjustment for O&B’s services to the Oversight Board;

d) The proposed Rate Adjustment imposed for O&B’s timekeepers working 

on these Title III Cases are presumptively reasonable and consistent, both 

in amount and timing, with those imposed for O&B’s timekeepers not 

working on these Title III Cases;

e) Pursuant to the Engagement Letter, O&B agreed to apply a 10% discount 

on fees on all subsequent invoices. In light of that, the rates charged by 

O&B timekeepers in these Title III Cases, even with the rate increase to 

become effective on March 2, 2023, are significantly below those charged 

by O&B’s timekeepers on matters other than these Title III Cases, and are 

presumptively reasonable. 

Dated: February 8, 2023

San Juan, Puerto Rico

Respectfully submitted,

/s/ Carla García Benítez

Carla García Benítez

USDC No. 215205

O’NEILL & BORGES LLC

250 Muñoz Rivera Ave., Suite 800

San Juan, PR 00918-1813

Tel: (787) 764-8181

Fax: (787) 753-8944

Co-Attorneys for the Financial Oversight and 

Management Board as representative for the 

Debtors

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Schedule I

Hourly Billing Rates of O’Neill & Borges LLC 

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