105 
shall name a Point of Contact who will serve as that agen-
cy’s liaison with the Revitalization Coordinator. 
(b) FEDERAL GRANTS AND LOANS.—For each Crit-
ical Project with a pending or potential Federal grant, 
loan, or loan guarantee application, the Revitalization Co-
ordinator and the relevant Point of Contact shall cooper-
ate with each other to ensure expeditious review of such 
application. 
(c) EXPEDITED REVIEWS AND ACTIONS OF FEDERAL 
AGENCIES.—All reviews conducted and actions taken by 
any Federal agency relating to a Critical Project, shall be 
expedited in a manner consistent with completion of the 
necessary reviews and approvals by the deadlines under 
the Expedited Permitting Process, but in no way shall the 
deadlines established through the Expedited Permitting 
Process be binding on any Federal agency. 
(d) TRANSFER OF STUDY OF ELECTRIC RATES.— 
Section 9 of the Consolidated and Further Continuing Ap-
propriations Act, 2015 (48 U.S.C. 1492a) is amended— 
(1) in subsection (a)(5), by inserting ‘‘, except 
that, with respect to Puerto Rico, the term means, 
the Secretary of Energy’’ after ‘‘Secretary of the In-
terior’’; and 
(2) in subsection (b)— 
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106 
(A) by inserting ‘‘(except in the case of 
Puerto Rico, in which case not later than 180 
days after the date of enactment of the Puerto 
Rico Oversight, Management, and Economic 
Stability Act)’’ after ‘‘of this Act’’; and 
(B) by inserting ‘‘(except in the case of 
Puerto Rico)’’ after ‘‘Empowering Insular Com-
munities activity’’. 
SEC. 506. JUDICIAL REVIEW. 
(a) DEADLINE FOR FILING OF A CLAIM.—A claim 
arising under this title must be brought no later than 30 
days after the date of the decision or action giving rise 
to the claim. 
(b) EXPEDITED
CONSIDERATION.—The District 
Court for the District of Puerto Rico shall set any action 
brought under this title for expedited consideration, taking 
into account the interest of enhancing Puerto Rico’s infra-
structure for electricity, water and sewer services, roads 
and bridges, ports, and solid waste management to achieve 
compliance with local and Federal environmental laws, 
regulations, and policies while ensuring the continuity of 
adequate services to the people of Puerto Rico and Puerto 
Rico’s sustainable economic development. 
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107 
SEC. 507. SAVINGS CLAUSE. 
Nothing in this title is intended to change or alter 
any Federal legal requirements or laws. 
TITLE VI—CREDITOR 
COLLECTIVE ACTION 
SEC. 601. CREDITOR COLLECTIVE ACTION. 
(a) DEFINITIONS.—In this title: 
(1) ADMINISTRATIVE SUPERVISOR.—The term 
‘‘Administrative Supervisor’’ means the Oversight 
Board established under section 101. 
(2) AUTHORIZED
TERRITORIAL
INSTRUMEN-
TALITY.—The term ‘‘Authorized Territorial Instru-
mentality’’ means a covered territorial instrumen-
tality authorized in accordance with subsection (e). 
(3) CALCULATION AGENT.—The term ‘‘Calcula-
tion Agent’’ means a calculation agent appointed in 
accordance with subsection (j). 
(4) CAPITAL APPRECIATION BOND.—The term 
‘‘Capital Appreciation Bond’’ means a Bond that 
does not pay interest on a current basis, but for 
which interest amounts are added to principal over 
time as specified in the relevant offering materials 
for such Bond, including that the accreted interest 
amount added to principal increases daily. 
(5) 
CONVERTIBLE
CAPITAL
APPRECIATION 
BOND.—The term ‘‘Convertible Capital Appreciation 
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108 
Bond’’ means a Bond that does not pay interest on 
a current basis, but for which interest amounts are 
added to principal over time as specified in the rel-
evant offering materials and which converts to a cur-
rent pay bond on a future date. 
(6) INFORMATION
AGENT.—The term ‘‘Infor-
mation Agent’’ means an information agent ap-
pointed in accordance with subsection (k). 
(7) ISSUER.—The term ‘‘Issuer’’ means, as ap-
plicable, the Territory Government Issuer or an Au-
thorized Territorial Instrumentality that has issued 
or guaranteed at least one Bond that is Out-
standing. 
(8) MODIFICATION.—The term ‘‘Modification’’ 
means any modification, amendment, supplement or 
waiver affecting one or more series of Bonds, includ-
ing those effected by way of exchange, repurchase, 
conversion, or substitution. 
(9) OUTSTANDING.—The term ‘‘Outstanding,’’ 
in the context of the principal amount of Bonds, 
shall be determined in accordance with subsection 
(b). 
(10) OUTSTANDING
PRINCIPAL.—The term 
‘‘Outstanding Principal’’ means— 
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109 
(A) for a Bond that is not a Capital Ap-
preciation Bond or a Convertible Capital Appre-
ciation Bond, the outstanding principal amount 
of such Bond; and 
(B) for a Bond that is a Capital Apprecia-
tion Bond or a Convertible Capital Appreciation 
Bond, the current accreted value of such Cap-
ital Appreciation Bond or a Convertible Capital 
Appreciation Bond, as applicable. 
(11) POOL.—The term ‘‘Pool’’ means a pool es-
tablished in accordance with subsection (d). 
(12) QUALIFYING
MODIFICATION.—The term 
‘‘Qualifying Modification’’ means a Modification pro-
posed in accordance with subsection (g). 
(13) SECURED
POOL.—The term ‘‘Secured 
Pool’’ means a Pool established in accordance with 
subsection (d) consisting only of Bonds that are se-
cured by a lien on property. 
(14) TERRITORY
GOVERNMENT
ISSUER.—The 
term ‘‘Territory Government Issuer’’ means the gov-
ernment of the Commonwealth of Puerto Rico. 
(b) OUTSTANDING BONDS.—In determining whether 
holders of the requisite principal amount of Outstanding 
Bonds have voted in favor of, or consented to, a proposed 
Qualifying Modification, a Bond will be deemed not to be 
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110 
outstanding, and may not be counted in a vote or consent 
solicitation for or against a proposed Qualifying Modifica-
tion, if on the record date for the proposed Qualifying 
Modification— 
(1) the Bond has previously been cancelled or 
delivered for cancellation or is held for reissuance 
but has not been reissued; 
(2) the Bond has previously been called for re-
demption in accordance with its terms or previously 
become due and payable at maturity or otherwise 
and the Issuer has previously satisfied its obligation 
to make, or provide for, all payments due in respect 
of the Bond in accordance with its terms; 
(3) the Bond has been substituted with a secu-
rity of another series; or 
(4) the Bond is held by the Issuer or by an Au-
thorized Territorial Instrumentality of the Territory 
Government Issuer or by a corporation, trust or 
other legal entity that is controlled by the Issuer or 
an Authorized Territorial Instrumentality of the 
Territory Government Issuer, as applicable. 
For purposes of this subsection, a corporation, trust or 
other legal entity is controlled by the Issuer or by an Au-
thorized Territorial Instrumentality of the Territory Gov-
ernment Issuer if the Issuer or an Authorized Territorial 
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111 
Instrumentality of the Territory Government Issuer, as 
applicable, has the power, directly or indirectly, through 
the ownership of voting securities or other ownership in-
terests, by contract or otherwise, to direct the manage-
ment of or elect or appoint a majority of the board of di-
rectors or other persons performing similar functions in 
lieu of, or in addition to, the board of directors of that 
legal entity. 
(c) CERTIFICATION OF DISENFRANCHISED BONDS.— 
Prior to any vote on, or consent solicitation for, a Quali-
fying Modification, the Issuer shall deliver to the Calcula-
tion Agent a certificate signed by an authorized represent-
ative of the Issuer specifying any Bonds that are deemed 
not to be Outstanding for the purpose of subsection (b) 
above. 
(d) DETERMINATION OF POOLS FOR VOTING.—The 
Administrative Supervisor, in consultation with the Issuer, 
shall establish Pools in accordance with the following: 
(1) Not less than one Pool shall be established 
for each Issuer. 
(2) A Pool that contains one or more Secured 
Bonds shall be a Secured Pool. 
(3) The Administrative Supervisor shall estab-
lish Pools according to the following principles: 
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112 
(A) For each Issuer that has issued mul-
tiple Bonds that are distinguished by specific 
provisions governing priority or security ar-
rangements, including Bonds that have been 
issued as general obligations of the Territory 
Government Issuer to which the Territory Gov-
ernment Issuer pledged the full or good faith, 
credit, and taxing power of the Territory Gov-
ernment Issuer, separate Pools shall be estab-
lished corresponding to the relative priority or 
security arrangements of each holder of Bonds 
against each Issuer, as applicable. 
(B) For each Issuer that has issued senior 
and subordinated Bonds, separate Pools shall 
be established for the senior and subordinated 
Bonds corresponding to the relative priority or 
security arrangements. 
(C) For each Issuer that has issued mul-
tiple Bonds, for at least some of which a guar-
antee of repayment has been provided by the 
Territory Government Issuer, separate Pools 
shall be established for guaranteed and non- 
guaranteed Bonds. 
(D) Subject to the other requirements con-
tained in this section, for each Issuer that has 
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113 
issued multiple Bonds, for at least some of 
which a dedicated revenue stream has been 
pledged for repayment, separate Pools for such 
Issuer shall be established as follows: 
(i) For each dedicated revenue stream 
that has been pledged for repayment, not 
less than one Secured Pool for Bonds for 
which such revenue stream has been 
pledged, and separate Secured Pools shall 
be established for Bonds of different pri-
ority. 
(ii) Not less than one Pool for all 
other Bonds issued by the Issuer for which 
a dedicated revenue stream has not been 
pledged for repayment. 
(E) The Administrative Supervisor shall 
not place into separate Pools Bonds of the same 
Issuer that have identical rights in security or 
priority. 
(e) AUTHORIZATION OF TERRITORY INSTRUMENTAL-
ITIES.—A covered territorial instrumentality is an Author-
ized Territorial Instrumentality if it has been specifically 
authorized to be eligible to avail itself of the procedures 
under this section by the Administrative Supervisor. 
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114 
(f) INFORMATION DELIVERY REQUIREMENT.—Be-
fore a Qualifying Modification to solicit the consent or the 
vote of any holder for a Qualifying Modification is sub-
mitted, the Issuer shall— 
(1) provide to the Calculation Agent, the Infor-
mation Agent, and the Administrative Supervisor, 
the following information— 
(A) a description of the Issuer’s economic 
and financial circumstances which are, in the 
Issuer’s opinion, relevant to the request for the 
proposed Qualifying Modification, a description 
of the Issuer’s existing debts, a description of 
the impact of the proposed Qualifying Modifica-
tion on the Territory’s or its territorial instru-
mentalities’ public debt; 
(B) if the Issuer is seeking Modifications 
affecting any other Pools of Bonds of the Terri-
tory Government Issuer or its Authorized Terri-
torial Instrumentalities, a description of such 
other Modifications; and 
(C) the applicable Fiscal Plan certified in 
accordance with section 201; and 
(2) not propose the Modification to the holders 
of Bonds in the Pool for which the Modification is 
being proposed until it has received a certification 
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115 
from the Administrative Supervisor that the Pool 
has been established in accordance with this section 
and that the proposed Modification is a Qualifying 
Modification. 
(g) QUALIFYING
MODIFICATION.—A Modification 
will not be considered to be Qualifying Modification un-
less— 
(1) the Issuer proposing the Modification has 
consulted with holders of Bonds in the Pool for 
which the Modification is being proposed prior to so-
liciting a vote on such Modification; 
(2) each exchanging, repurchasing, converting, 
or substituting holder of Bonds of any series in a 
Pool affected by that Modification is offered the 
same amount of consideration per amount of prin-
cipal, the same amount of consideration per amount 
of interest accrued but unpaid and the same amount 
of consideration per amount of past due interest, re-
spectively, as that offered to each other exchanging, 
repurchasing, converting, or substituting holder of 
Bonds of any series in a Pool affected by that Modi-
fication (or, where a menu of instruments or other 
consideration is offered, each exchanging, repur-
chasing, converting, or substituting holder of Bonds 
of any series in a Pool affected by that Modification 
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116 
is offered the same amount of consideration per 
amount of principal, the same amount of consider-
ation per amount of interest accrued but unpaid and 
the same amount of consideration per amount of 
past due interest, respectively, as that offered to 
each other exchanging, repurchasing, converting, or 
substituting holder of Bonds of any series in a Pool 
affected by that Modification electing the same op-
tion under such menu of instruments); 
(3) if the Modification relates to Bonds in a Se-
cured Pool, the holders of such Bonds retain the 
liens securing such Bonds and the Modification does 
not reduce the Outstanding Principal amount of 
such Bonds; and 
(4) the Modification is certified by the Adminis-
trative Supervisor as— 
(A) the plan is in the best interests of 
creditors and is feasible; and 
(B) being consistent with the applicable 
Fiscal Plan that has been certified under sec-
tion 201; or 
(C) if an applicable Fiscal Plan has not yet 
been certified by the Administrative Supervisor, 
being an appropriate Modification, in the Ad-
ministrative Supervisor’s sole discretion. 
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117 
(h) SOLICITATION.— 
(1) Upon receipt of a certification from the Ad-
ministrative Supervisor under subsection (f)(2) that 
a proposed Modification is a Qualifying Modification, 
the Information Agent shall, if practical and except 
as provided in paragraph (2), submit to the holders 
of any Outstanding Bonds affected by such Quali-
fying Modification, including holders of the right to 
vote such Outstanding Bonds, the information sub-
mitted by the relevant issuer under subsection (f)(1) 
in order to solicit the vote or consent of such hold-
ers. 
(2) If the Information Agent is unable to iden-
tify the address of holders of any Outstanding 
Bonds affected by a Qualifying Modification, the In-
formation Agent may solicit the vote or consent of 
such holders by— 
(A) delivering the solicitation to the paying 
agent for any affected Outstanding Bonds or 
Depository Trust Corporation if it serves as the 
clearing system for any affected Outstanding 
Bonds; or 
(B) delivering or publishing the solicitation 
by whatever additional means the Information 
Agent, after consultation with the Issuer, deems 
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118 
necessary and appropriate in order to make a 
reasonable effort to inform holders of any af-
fected Outstanding Bonds of the Qualifying 
Modification which may include, notice by mail, 
publication in electronic media, publication on a 
website of the Issuer, or publication in news-
papers of national circulation in the United 
States and in a newspaper of general circula-
tion in the Commonwealth of Puerto Rico. 
(i) VOTING.—For each Pool, any Qualifying Modi-
fication may be proposed only by the Issuer and made, 
and future compliance therewith may be waived, with the 
written consent of the Issuer and the affirmative vote or 
consent of holders of the right to vote the Outstanding 
Bonds of at least two-thirds of the aggregate Outstanding 
Principal amount of the Outstanding Bonds of all Bonds 
in the Pool. 
(j) CALCULATION AGENT.—For the purpose of calcu-
lating the principal amount of the Bonds of any series eli-
gible to participate in such a vote or consent solicitation 
and tabulating such votes or consents, the Territory Gov-
ernment Issuer may appoint a Calculation Agent for each 
Pool reasonably acceptable to the Administrative Super-
visor. 
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119 
(k) INFORMATION AGENT.—For the purpose of ad-
ministering a vote of holders of Bonds, including the hold-
ers of the right to vote such Bonds, or seeking the consent 
of holder of Bonds, including the holders of the right to 
vote such Bonds, to a written action under this section, 
the Territory Government Issuer may appoint an Informa-
tion Agent for each Pool reasonably acceptable to the Ad-
ministrative Supervisor. 
(l) BINDING EFFECT.— 
(1) For each Pool, a Qualifying Modification 
will be conclusive and binding on all holders of the 
relevant series of Bonds or all holders of all series 
of Bonds whether or not they have given such con-
sent, and on all future holders of those Bonds 
whether or not notation of such Qualifying Modifica-
tion is made upon the Bonds, if— 
(A) the holders of the right to vote the 
Outstanding Bonds in such Pool pursuant to 
subsection (i) have consented to or approved the 
Qualifying Modification; 
(B) each holder who has not consented to 
or approved the Qualifying Modification will re-
ceive or retain under the Qualifying Modifica-
tion on account of their claims, property of a 
value, as of the effective date of the Qualifying 
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120 
Modification, that is not less than the amount 
that such holders would so receive or retain if 
there were no Qualifying Modification; 
(C) the Administrative Supervisor certifies 
that— 
(i) the voting requirements of this sec-
tion have been satisfied; 
(ii) the Qualifying Modification is— 
(I) consistent with the applicable 
Fiscal Plan that has been certified 
under section 203; or 
(II) if an applicable Fiscal Plan 
has not yet been certified by the Ad-
ministrative Supervisor, an appro-
priate Qualifying Modification, in the 
Administrative Supervisor’s sole dis-
cretion; and 
(iii) any conditions on the effective-
ness of the Qualifying Modification have 
been satisfied or, in the Administrative Su-
pervisor’s sole discretion, satisfaction of 
such conditions has been waived by the Ad-
ministrative Supervisor; and 
(D) the United States District Court for 
the District of Puerto Rico has, after reviewing 
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121 
an application submitted to it by the applicable 
Issuer for an order approving the Qualifying 
Modification, entered an order that the require-
ments of this section have been satisfied. 
(2) Upon the entry of an order under para-
graph (1)(C), the conclusive and binding Qualifying 
Modification shall satisfy, release, and discharge all 
Bond Claims affected by the Qualifying Modifica-
tion, and shall be binding on any person or entity 
asserting claims or other rights, including a bene-
ficial interest (directly or indirectly, as principal, 
agent, counterpart, subrogee, insurer or otherwise) 
in respect of Bonds subject to the Qualifying Modi-
fication, any trustee, any collateral agent, any inden-
ture trustee, any fiscal agent, and any bank that re-
ceives or holds funds related to such Bonds. The 
property that is the subject of the Qualifying Modi-
fication shall vest in the Issuer free and clear of all 
claims in respect of any Bonds of any Issuer. 
(m) JUDICIAL REVIEW.— 
(1) The United States District Court for the 
District of Puerto Rico shall have original and exclu-
sive jurisdiction over civil actions arising under this 
section. 
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122 
(2) Notwithstanding section 106(e), there shall 
be a cause of action to challenge unlawful applica-
tion of this section. 
(3) The district court shall nullify a Modifica-
tion and any effects on the rights of the holders of 
Bonds resulting from such Modification if and only 
if the district court determines that such Modifica-
tion is manifestly inconsistent with this section. 
(n) COMPLETION REQUIRED.—Prior to any certifi-
cation pursuant to section 206 or the filing of any petition 
under title III, an offer for a Qualified Modification shall 
be made to each Pool established under subsection (d). 
(o) SAVINGS CLAUSE.—Nothing in this title shall ef-
fect the powers of the Oversight Board in titles I, II, and 
III. 
Æ 
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