EXHIBIT 51 

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RESOLUTIONS ADOPTED AT THE SEVENTH PUBLIC MEETING OF THE FINANCIAL OVERSIGHT AND 

MANAGEMENT BOARD FOR PUERTO RICO HELD ON APRIL 28, 2107 IN NEW YORK, NEW YORK

RESOLUTION #1

Between the adjournment of this meeting and the opening of the Board’s next public meeting, the 

Board may consider in executive session any and all matters that it is authorized to consider under 

PROMESA, including (1) any certification determinations authorized by PROMESA, including 

certification determinations under Section 206 of PROMESA, and (2) any filings authorized under Title 

III of PROMESA, in each case that are set forth as part of the vote to convene such executive 

session. The Board may also act by unanimous written consent between meetings in accordance with 

the Bylaws, with such consent to include consent by email.

RESOLUTION #2

WHEREAS, on June 30, 2016, the federal Puerto Rico Oversight, Management, and Economic Stability 

Act (“PROMESA”) was enacted; and

WHEREAS section 101 of PROMESA created the Financial Oversight and Management Board for Puerto 

Rico (“the Board”); and

WHEREAS section 201 of PROMESA establishes a multi-step procedure for the development, review, 

and approval of fiscal plans for covered territorial instrumentalities, requiring that (i) the proposed 

fiscal plans be submitted to the Board; (ii) the Board must review the proposed plans and determine 

either that it satisfies PROMESA’s requirements or that it does not, in which case, the Board must 

issue a notice of violation and recommended revisions giving an opportunity to correct the violations; 

(iii) revised proposed plans be then submitted to the Board; and (iv) if there is a failure to submit 

timely a proposed plan the Board determines in its sole discretion satisfies PROMESA’s requirements, 

the Board shall develop and submit to the Governor and the Legislature its own compliant fiscal plan; 

and

WHEREAS, on March 13, 2017, the Board announced that it had received a proposed fiscal plan for 

Government Development Bank for Puerto Rico (GDB); and

WHEREAS, after reviewing the proposed plan with the Governor’s representatives and analyzing and 

deliberating over it with the Board’s members, economist, consultants, and attorneys, the Board 

recommended revisions to the same and gave the Governor’s representatives the opportunity to 

revise the proposed fiscal plan; and

WHEREAS representatives of the Governor and the Board’s experts, consultants, and attorneys 

engaged in extensive discussions about the proposed fiscal plan and the Board’s concerns about the 

plan, resulting in further changes incorporated into the proposed plan; and

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WHEREAS, on April 28, 2017, the Board held an open meeting at which the Governor’s representatives 

presented the final proposed fiscal plan to the Board and the public; and

WHEREAS the Board has had the opportunity to consider the latest proposed plan and discuss it with 

its experts, consultants, and attorneys, and believes that the plan complies with PROMESA; and

WHEREAS the Board provided an opportunity for public comment on the proposed fiscal plan; and

WHEREAS, after substantial deliberations, the Board has determined to approve and certify the latest 

proposed fiscal plan; and

NOW, THEREFORE, IT IS HEREBY RESOLVED THAT the Board approves and certifies the latest proposed 

fiscal plan for GDB pursuant to PROMESA § 201(e); and it is

FURTHER RESOLVED that the Board shall issue a compliance certification for such fiscal plan to the 

Governor and the Legislature pursuant to PROMESA § 201(e).

RESOLUTION #3

WHEREAS, on June 30, 2016, the federal Puerto Rico Oversight, Management, and Economic Stability 

Act (“PROMESA”) was enacted; and

WHEREAS section 101 of PROMESA created the Financial Oversight and Management Board for Puerto 

Rico (“the Board”); and

WHEREAS section 201 of PROMESA establishes a multi-step procedure for the development, review, 

and approval of fiscal plans for covered territorial instrumentalities, requiring that (i) the proposed 

fiscal plans be submitted to the Board; (ii) the Board must review the proposed plans and determine 

either that it satisfies PROMESA’s requirements or that it does not, in which case, the Board must 

issue a notice of violation and recommended revisions giving an opportunity to correct the violations; 

(iii) revised proposed plans be then submitted to the Board; and (iv) if there is a failure to submit 

timely a proposed plan the Board determines in its sole discretion satisfies PROMESA’s requirements, 

the Board shall develop and submit to the Governor and the Legislature its own compliant fiscal plan; 

and

WHEREAS, on March 13, 2017, the Board announced that it had received a proposed fiscal plan for 

Puerto Rico Highways and Transportation Authority (HTA); and

WHEREAS, after reviewing the proposed plan with the Governor’s representatives and analyzing and 

deliberating over it with the Board’s members, economist, consultants, and attorneys, the Board 

recommended revisions to the same and gave the Governor’s representatives the opportunity to 

revise the proposed fiscal plan; and

WHEREAS representatives of the Governor and the Board’s experts, consultants, and attorneys 

engaged in extensive discussions about the proposed fiscal plan and the Board’s concerns about the 

plan, resulting in further changes incorporated into the proposed plan; and

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WHEREAS, on April 28, 2017, the Board held an open meeting at which the Governor’s representatives 

presented the final proposed fiscal plan to the Board and the public; and

WHEREAS the Board has had the opportunity to consider the latest proposed plan and discuss it with 

its experts, consultants, and attorneys, and believes that, with certain amendments, the plan complies

with PROMESA; and

WHEREAS the Board provided an opportunity for public comment on the proposed fiscal plan and on 

the Board’s recommended modifications to such fiscal plan; and

WHEREAS, after substantial deliberations, the Board has determined to approve and certify the latest 

proposed fiscal plan, as modified by the following amendments:

HTA Amendment No. 1:

• The fiscal plan must address the sustainability of HTA by asset: The current plan does not 

portray the sustainability of HTA’s assets separately. The financials and measures of the 

highway and transportation assets should be set out separately in the fiscal plan to 

adequately address the profitability of each before and after the implementation of fiscal 

measures.

HTA Amendment No. 2:

• The fiscal plan must adopt more aggressive measures for the transit system that will address 

its current losses: The Tren Urbano chapter of the fiscal plan must include material demand 

inducement and cost efficiency measures that allow the train to target a fare box recovery 

ratio in line with heavy rail systems on the mainland (35-60%). The plan must also propose 

revenue enhancement measures for the train system. If the aforementioned measures by 

themselves are not sufficient to achieve sustainability, the plan should also address the 

separation of Tren Urbano from HTA as a way to enhance profitability and turn around the 

train system.

HTA Amendment No. 3:

• The fiscal plan must include a proposal to conduct further analysis on the cost-benefit of 

different options for corporatization, including, for example, Project-specific P3s; 

Corporatization of specific parts of the system (i.e. assigning responsibility for management 

and operation to a separate body, to run an asset in a more businesslike way ); Privatization of 

the transit system or Tren Urbano and maintenance of the Highway Authority as a 

government agency; Corporatization of HTA and transit as separate entities; Full privatization.

HTA Amendment No 4:

• The fiscal plan must address how the terms and Board selection process for the HTA Board will 

be revised to ensure that the terms are independent of political cycles and that board 

member selection is independent.

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HTA Amendment No. 5:

The fiscal plan must clearly outline how proposed overhead savings intersect with the 

Commonwealth’s Right Sizing targets and identify differences in revenue projections between the HTA 

plan and the Commonwealth Plan.

HTA Amendment No. 6:

• The fiscal plan must require the exploration and quantification of the impact of additional 

revenue enhancement measures on the highway system (e.g. toll credit monetization).

Implementation Plan and Revised Fiscal Plan:

The Government shall present to the Board a plan to implement the above amendments by no later 

than 30 days from the date of adoption of said amendments and a revised fiscal plan that complies 

with the measures described in said amendments no later than 15 days thereafter, which revised 

fiscal plan shall be subject to the Board's approval; and

NOW, THEREFORE, IT IS HEREBY RESOLVED THAT the Board approves and certifies the latest proposed 

fiscal plan for HTA pursuant to PROMESA § 201(e), as modified by the amendments described above; 

and it is

FURTHER RESOLVED that the Board shall issue a compliance certification for such fiscal plan, as 

amended, to the Governor and the Legislature pursuant to PROMESA § 201(e).

RESOLUTION #4

WHEREAS, on June 30, 2016, the federal Puerto Rico Oversight, Management, and Economic Stability 

Act (“PROMESA”) was enacted; and

WHEREAS section 101 of PROMESA created the Financial Oversight and Management Board for Puerto 

Rico (“the Board”); and

WHEREAS section 201 of PROMESA establishes a multi-step procedure for the development, review, 

and approval of fiscal plans for covered territorial instrumentalities, requiring that (i) the proposed 

fiscal plans be submitted to the Board; (ii) the Board must review the proposed plans and determine 

either that it satisfies PROMESA’s requirements or that it does not, in which case, the Board must 

issue a notice of violation and recommended revisions giving an opportunity to correct the violations; 

(iii) revised proposed plans be then submitted to the Board; and (iv) if there is a failure to submit 

timely a proposed plan the Board determines in its sole discretion satisfies PROMESA’s requirements, 

the Board shall develop and submit to the Governor and the Legislature its own compliant fiscal plan; 

and

WHEREAS, on March 13, 2017, the Board announced that it had received a proposed fiscal plan for 

Puerto Rico Aqueduct and Sewer Authority (PRASA); and

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WHEREAS, after reviewing the proposed plan with the Governor’s representatives and analyzing and 

deliberating over it with the Board’s members, economist, consultants, and attorneys, the Board 

recommended revisions to the same and gave the Governor’s representatives the opportunity to 

revise the proposed fiscal plan; and

WHEREAS representatives of the Governor and the Board’s experts, consultants, and attorneys 

engaged in extensive discussions about the proposed fiscal plan and the Board’s concerns about the 

plan, resulting in further changes incorporated into the proposed plan; and

WHEREAS, on April 28, 2017, the Board held an open meeting at which the Governor’s representatives 

presented the final proposed fiscal plan to the Board and the public; and

WHEREAS the Board has had the opportunity to consider the latest proposed plan and discuss it with 

its experts, consultants, and attorneys, and believes that, with certain amendments, the plan complies

with PROMESA; and

WHEREAS the Board provided an opportunity for public comment on the proposed fiscal plan and on 

the Board’s recommended modifications to such fiscal plan; and

WHEREAS, after substantial deliberations, the Board has determined to approve and certify the latest 

proposed fiscal plan, as modified by the following amendments:

PRASA Amendment No. 1:

• The fiscal plan must require implementation of a multi-year, permanent rate increase, that is 

broadly distributed across all customer types (including residential) and that takes into 

consideration income of customers. This increase must be a pre-approved measure effective 

from January 2018 through at least the following five years and be supported by a 

commitment from PRASA to a detailed implementation plan and schedule to be developed, 

including PRASA Board-led annual review of the rate increase, and provide authority for 

revisions as deemed necessary by such a review. The plan and the rate increase it achieves 

must confirm that the rate increase is directed to achieving structural balance and funding 

CAPEX needs, pre-debt service.

PRASA Amendment No. 2: 

• The existing analysis addressing the impact on customer type and categories of consumption 

level must be updated to reflect the above refreshed rate proposal.

PRASA Amendment No. 3:

• The fiscal plan must include updated electricity savings in line with the Fiscal Plan submitted 

by PREPA and confirm the status of PREPA’s involvement in and collaboration with the 

hydroelectric initiative.

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Implementation Plan and Revised Fiscal Plan:

The Government shall present to the Board a plan to implement the above amendments by no later 

than 30 days from the date of adoption of said amendments and a revised fiscal plan that complies 

with the measures described in said amendments no later than 15 days thereafter, which revised 

fiscal plan shall be subject to the Board's approval; and

NOW, THEREFORE, IT IS HEREBY RESOLVED THAT the Board approves and certifies the latest proposed 

fiscal plan for PRASA pursuant to PROMESA § 201(e), as modified by the amendments described 

above; and it is

FURTHER RESOLVED that the Board shall issue a compliance certification for such fiscal plan, as 

amended, to the Governor and the Legislature pursuant to PROMESA § 201(e).

RESOLUTION #5

WHEREAS, on June 30, 2016, the federal Puerto Rico Oversight, Management, and Economic Stability 

Act (“PROMESA”) was enacted; and

WHEREAS section 101 of PROMESA created the Financial Oversight and Management Board for Puerto 

Rico (“the Board”); and

WHEREAS section 201 of PROMESA establishes a multi-step procedure for the development, review, 

and approval of fiscal plans for covered territorial instrumentalities, requiring that (i) the proposed 

fiscal plans be submitted to the Board; (ii) the Board must review the proposed plans and determine 

either that it satisfies PROMESA’s requirements or that it does not, in which case, the Board must 

issue a notice of violation and recommended revisions giving an opportunity to correct the violations; 

(iii) revised proposed plans be then submitted to the Board; and (iv) if there is a failure to submit 

timely a proposed plan the Board determines in its sole discretion satisfies PROMESA’s requirements, 

the Board shall develop and submit to the Governor and the Legislature its own compliant fiscal plan; 

and

WHEREAS, on March 13, 2017, the Board announced that it had received a proposed fiscal plan for 

Puerto Rico Electric Power Authority (PREPA); and

WHEREAS, after reviewing the proposed plan with the Governor’s representatives and analyzing and 

deliberating over it with the Board’s members, economist, consultants, and attorneys, the Board 

recommended revisions to the same and gave the Governor’s representatives the opportunity to 

revise the proposed fiscal plan; and

WHEREAS representatives of the Governor and the Board’s experts, consultants, and attorneys 

engaged in extensive discussions about the proposed fiscal plan and the Board’s concerns about the 

plan, resulting in further changes incorporated into the proposed plan; and

WHEREAS, on April 28, 2017, the Board held an open meeting at which the Governor’s representatives 

presented the final proposed fiscal plan to the Board and the public; and

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WHEREAS the Board has had the opportunity to consider the latest proposed plan and discuss it with 

its experts, consultants, and attorneys, and believes that, with certain amendments, the plan complies

with PROMESA; and

WHEREAS the Board provided an opportunity for public comment on the proposed fiscal plan and on 

the Board’s recommended modifications to such fiscal plan; and

WHEREAS, PREPA’s Fiscal Plan must provide for lower cost, reliable power that can support the 

economic growth of Puerto Rico and is consistent with the assumptions included in the certified 

Commonwealth Fiscal Plan; and

WHEREAS, PREPA’s Fiscal Plan projects a 23% reduction in energy sales and states that PREPA faces a 

potential spiral of escalating rates and declining consumption. The Board believes PREPA’s projected 

reduction in energy use is reasonable and that consumption could be even lower than PREPA 

forecasts; and

WHEREAS, after substantial deliberations, the Board has determined to approve and certify the latest 

proposed fiscal plan, as modified by the following amendments:

PREPA Amendment No. 1:

• Based on the review and analysis of the proposed fiscal plan, energy prices in comparable and 

competitor jurisdictions, and the best available projections, the Board believes PREPA's Fiscal 

Plan must be amended to contain achievable, credible, necessary changes to deliver energy to 

ratepayers at an average all-in rate of 21 cents per KwH by 2023 (the “Target Rate”). The 

Target Rate reflects the projections of demand, inflation, fuel prices and other external factors 

included in the fiscal plan. To the extent these factors are different in 2023, the target rate 

may need to be adjusted (e.g. higher fuel prices may require somewhat higher rates, higher 

demand may provide for lower rates). 

• To deliver power at the Target Rate, PREPA will need to substantially lower the cost of 

generating power (fuel costs) and improve the distribution grid through unimpeded 

public/private partnerships agreements and/or fully privatizing energy generation subject to 

regulated utility standards.

• PREPA’s Fiscal Plan targets are amended consistent with the aforementioned goals, which 

shall be reflected in a revised Fiscal Plan document to be submitted to the Board within 15 

days of this certification. PREPA should also develop and submit to the Board a specific 

implementation plan within 45 days of this certification to deliver power to ratepayers at the 

Target Rate by 2023 through lower costs of generation and other efficiencies. The 

implementation plan should reflect:

• A clear path to realizing necessary capital improvements expeditiously, including a 

workable financing strategy for a credible capital expenditures plan that rapidly 

transitions the generation mix to lower cost power sources.

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• A detailed plan to implement public/private partnerships or full privatization for 

energy generation and to finance necessary improvements in the grid.

• Changes to improve operational efficiency and procurement practices, to lower 

pension costs, to reduce contract spending, and to lower other costs.

• Development and inclusion of a detailed elimination of the Contribution In Lieu of 

Taxes (CILT) to 0% within the next 3-5 years beyond the 15% reduction included within 

the PREPA Fiscal Plan.

• A review of assets that could be monetized, either in the context of public private 

partnerships or otherwise to fund necessary capital improvements.

PREPA Amendment No. 2:

• The PREPA Fiscal Plan is amended to include a requirement to provide to the Board within 30 

days of this certification a confirmation that the composition of its board shall be in 

compliance with the requirement that at least two thirds of its members meet the 

qualifications of independence and expertise in energy matters.

PREPA Amendment No. 3:

• The PREPA Fiscal Plan is amended to include a requirement to initiate a 60-day process to 

establish a mechanism for rate approval with the Energy Commission reflecting the Formula 

Rate Mechanism (FRM) and rate structures to be determined necessary to meet the amended 

fiscal plan Target Rate, which shall need to be consistent with the annual PREPA budgets to be 

certified by the Board. PREPA shall work with the Energy Commission and provide to the 

Board within 30 days of this certification an implementation plan for the FRM to be reviewed 

and approved by the Board before its submittal for approval by the Energy Commission.

Implementation Plan and Revised Fiscal Plan:

The Government shall present to the Board an implementation plan and a revised fiscal plan within 

the time periods specified above, which revised fiscal plan shall be subject to the Board's approval; 

and

NOW, THEREFORE, IT IS HEREBY RESOLVED THAT the Board approves and certifies the latest proposed 

fiscal plan for PREPA pursuant to PROMESA § 201(e), as modified by the amendments described 

above; and it is

FURTHER RESOLVED that the Board shall issue a compliance certification for such fiscal plan, as 

amended, to the Governor and the Legislature pursuant to PROMESA § 201(e).

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