dreamproit/uscode huggingface dataset:
48 U.S.C. § 2146 (TERRITORIES AND INSULAR POSSESSIONS)
§ 2146. Oversight Board duties related to restructuring
(a) Requirements for restructuring certification
The Oversight Board, prior to issuing a restructuring certification regarding an entity (as such term is defined in section 101 of title 11), shall determine, in its sole discretion, that—
(1) the entity has made good-faith efforts to reach a consensual restructuring with creditors;
(2) the entity has—
(A) adopted procedures necessary to deliver timely audited financial statements; and
(B) made public draft financial statements and other information sufficient for any interested person to make an informed decision with respect to a possible restructuring;
(3) the entity is either a covered territory that has adopted a Fiscal Plan certified by the Oversight Board, a covered territorial instrumentality that is subject to a Territory Fiscal Plan certified by the Oversight Board, or a covered territorial instrumentality that has adopted an Instrumentality Fiscal Plan certified by the Oversight Board; and
(4)
(A) no order approving a Qualifying Modification under section 2231 of this title has been entered with respect to such entity; or
(B) if an order approving a Qualifying Modification has been entered with respect to such entity, the entity is unable to make its debt payments notwithstanding the approved Qualifying Modification, in which case, all claims affected by the Qualifying Modification shall be subject to a subchapter III case.
(b) Issuance of restructuring certification
The issuance of a restructuring certification under this section requires a vote of no fewer than 5 members of the Oversight Board in the affirmative, which shall satisfy the requirement set forth in section 2162(2) of this title.
(Pub. L. 114–187, title II, § 206, June 30, 2016, 130 Stat. 574.)
48 U.S.C. § 2147 (TERRITORIES AND INSULAR POSSESSIONS)
§ 2147. Oversight Board authority related to debt issuance
For so long as the Oversight Board remains in operation, no territorial government may, without the prior approval of the Oversight Board, issue debt or guarantee, exchange, modify, repurchase, redeem, or enter into similar transactions with respect to its debt.
(Pub. L. 114–187, title II, § 207, June 30, 2016, 130 Stat. 575.)
48 U.S.C. § 2148 (TERRITORIES AND INSULAR POSSESSIONS)
§ 2148. Required reports
(a) Annual report
Not later than 30 days after the last day of each fiscal year, the Oversight Board shall submit a report to the President, Congress, the Governor and the Legislature, describing—
(1) the progress made by the territorial government in meeting the objectives of this chapter during the fiscal year;
(2) the assistance provided by the Oversight Board to the territorial government in meeting the purposes of this chapter during the fiscal year;
(3) recommendations to the President and Congress on changes to this chapter or other Federal laws, or other actions of the Federal Government, that would assist the territorial government in complying with any certified Fiscal Plan;
(4) the precise manner in which funds allocated to the Oversight Board under section 2127 of this title and, as applicable, section 2124(e) of this title have been spent by the Oversight Board during the fiscal year; and
(5) any other activities of the Oversight Board during the fiscal year.
(b) Report on discretionary tax abatement agreements
Within six months of the establishment of the Oversight Board, the Governor shall submit a report to the Oversight Board documenting all existing discretionary tax abatement or similar tax relief agreements to which the territorial government, or any territorial instrumentality, is a party, provided that—
(1) nothing in this chapter shall be interpreted to limit the power of the territorial government or any territorial instrumentality to execute or modify discretionary tax abatement or similar tax relief agreements, or to enforce compliance with the terms and conditions of any discretionary tax abatement or similar tax relief agreement, to which the territorial government or any territorial instrumentality is a party; and
(2) the members and staff of the Oversight Board shall not disclose the contents of the report described in this subsection, and shall otherwise comply with all applicable territorial and Federal laws and regulations regarding the handling of confidential taxpayer information.
(c) Quarterly reports of cash flow
The Oversight Board, when feasible, shall report on the amount of cash flow available for the payment of debt service on all notes, bonds, debentures, credit agreements, or other instruments for money borrowed whose enforcement is subject to a stay or moratorium hereunder, together with any variance from the amount set forth in the debt sustainability analysis of the Fiscal Plan under section 2141(b)(1)(I) of this title.
(Pub. L. 114–187, title II, § 208, June 30, 2016, 130 Stat. 575.)
heading: References in Text
text: This chapter, referred to in subsecs. (a)(1)–(3) and (b)(1), was in the original “this Act”, meaning Pub. L. 114–187, June 30, 2016, 130 Stat. 549, which is classified principally to this chapter. For complete classification of this Act to the Code, see Short Title note set out under section 2101 of this title and Tables.
48 U.S.C. § 2149 (TERRITORIES AND INSULAR POSSESSIONS)
§ 2149. 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.
(Pub. L. 114–187, title II, § 209, June 30, 2016, 130 Stat. 576.)
48 U.S.C. § 2150 (TERRITORIES AND INSULAR POSSESSIONS)
§ 2150. No full faith and credit of the United States
(a) In general
The full faith and credit of the United States is not pledged for the payment of any principal of or interest on any bond, note, or other obligation issued by a covered territory or covered territorial instrumentality. The United States is not responsible or liable for the payment of any principal of or interest on any bond, note, or other obligation issued by a covered territory or covered territorial instrumentality.
(b) Subject to appropriations
Any claim to which the United States is determined to be liable under this chapter shall be subject to appropriations.
(c) Funding
No Federal funds shall be authorized by this chapter for the payment of any liability of the territory or territorial instrumentality.
(Pub. L. 114–187, title II, § 210, June 30, 2016, 130 Stat. 576.)
heading: References in Text
text: This chapter, referred to in subsecs. (b) and (c), was in the original “this Act”, meaning Pub. L. 114–187, June 30, 2016, 130 Stat. 549, which is classified principally to this chapter. For complete classification of this Act to the Code, see Short Title note set out under section 2101 of this title and Tables.
48 U.S.C. § 2151 (TERRITORIES AND INSULAR POSSESSIONS)
§ 2151. Analysis of pensions
(a) Determination
If the Oversight Board determines, in its sole discretion, that a pension system of the territorial government is materially underfunded, the Oversight Board shall conduct an analysis prepared by an independent actuary of such pension system to assist the Oversight Board in evaluating the fiscal and economic impact of the pension cash flows.
(b) Provisions of analysis
An analysis conducted under subsection (a) shall include—
(1) an actuarial study of the pension liabilities and funding strategy that includes a forward looking projection of payments of at least 30 years of benefit payments and funding strategy to cover such payments;
(2) sources of funding to cover such payments;
(3) a review of the existing benefits and their sustainability; and
(4) a review of the system’s legal structure and operational arrangements, and any other studies of the pension system the Oversight Board shall deem necessary.
(c) Supplementary information
In any case, the analysis conducted under subsection (a) shall include information regarding the fair market value and liabilities using an appropriate discount rate as determined by the Oversight Board.
(Pub. L. 114–187, title II, § 211, June 30, 2016, 130 Stat. 576.)
48 U.S.C. § 2152 (TERRITORIES AND INSULAR POSSESSIONS)
§ 2152. Intervention in litigation
(a) Intervention
The Oversight Board may intervene in any litigation filed against the territorial government.
(b) Injunctive relief
(1) In general
If the Oversight Board intervenes in a litigation under subsection (a), the Oversight Board may seek injunctive relief, including a stay of litigation.
(2) No independent basis for relief
This section does not create an independent basis on which injunctive relief, including a stay of litigation, may be granted.
(Pub. L. 114–187, title II, § 212, June 30, 2016, 130 Stat. 577.)
48 U.S.C. § 2162 (TERRITORIES AND INSULAR POSSESSIONS)
§ 2162. Who may be a debtor
An entity may be a debtor under this subchapter if—
(1) the entity is—
(A) a territory that has requested the establishment of an Oversight Board or has had an Oversight Board established for it by the United States Congress in accordance with section 2121 of this title; or
(B) a covered territorial instrumentality of a territory described in paragraph (1)(A);
(2) the Oversight Board has issued a certification under section 2146(b) of this title for such entity; and
(3) the entity desires to effect a plan to adjust its debts.
(Pub. L. 114–187, title III, § 302, June 30, 2016, 130 Stat. 579.)
48 U.S.C. § 2163 (TERRITORIES AND INSULAR POSSESSIONS)
§ 2163. Reservation of territorial power to control territory and territorial instrumentalities
Subject to the limitations set forth in subchapters I and II of this chapter, this subchapter does not limit or impair the power of a covered territory to control, by legislation or otherwise, the territory or any territorial instrumentality thereof in the exercise of the political or governmental powers of the territory or territorial instrumentality, including expenditures for such exercise, but whether or not a case has been or can be commenced under this subchapter—
(1) a territory law prescribing a method of composition of indebtedness or a moratorium law, but solely to the extent that it prohibits the payment of principal or interest by an entity not described in section 109(b)(2) of title 11, may not bind any creditor of a covered territory or any covered territorial instrumentality thereof that does not consent to the composition or moratorium;
(2) a judgment entered under a law described in paragraph (1) may not bind a creditor that does not consent to the composition; and
(3) unlawful executive orders that alter, amend, or modify rights of holders of any debt of the territory or territorial instrumentality, or that divert funds from one territorial instrumentality to another or to the territory, shall be preempted by this chapter.
(Pub. L. 114–187, title III, § 303, June 30, 2016, 130 Stat. 579.)
heading: References in Text
text: This chapter, referred to in par. (3), was in the original “this Act”, meaning Pub. L. 114–187, June 30, 2016, 130 Stat. 549, known as the Puerto Rico Oversight, Management, and Economic Stability Act and also as the PROMESA, which is classified principally to this chapter. For complete classification of this Act to the Code, see Short Title note set out under section 2101 of this title and Tables.
48 U.S.C. § 2164 (TERRITORIES AND INSULAR POSSESSIONS)
§ 2164. Petition and proceedings relating to petition
(a) Commencement of case
A voluntary case under this subchapter is commenced by the filing with the district court of a petition by the Oversight Board pursuant to the determination under section 2146 of this title.
(b) Objection to petition
After any objection to the petition, the court, after notice and a hearing, may dismiss the petition if the petition does not meet the requirements of this subchapter; however, this subsection shall not apply in any case during the first 120 days after the date on which such case is commenced under this subchapter.
(c) Order for relief
The commencement of a case under this subchapter constitutes an order for relief.
(d) Appeal
The court may not, on account of an appeal from an order for relief, delay any proceeding under this subchapter in the case in which the appeal is being taken, nor shall any court order a stay of such proceeding pending such appeal.
(e) Validity of debt
The reversal on appeal of a finding of jurisdiction shall not affect the validity of any debt incurred that is authorized by the court under section 364(c) or 364(d) of title 11.
(f) Joint filing of petitions and plans permitted
The Oversight Board, on behalf of debtors under this subchapter, may file petitions or submit or modify plans of adjustment jointly if the debtors are affiliates; provided, however, that nothing in this subchapter shall be construed as authorizing substantive consolidation of the cases of affiliated debtors.
(g) Joint administration of affiliated cases
If the Oversight Board, on behalf of a debtor and one or more affiliates, has filed separate cases and the Oversight Board, on behalf of the debtor or one of the affiliates, files a motion to administer the cases jointly, the court may order a joint administration of the cases.
(h) Public safety
This chapter may not be construed to permit the discharge of obligations arising under Federal police or regulatory laws, including laws relating to the environment, public health or safety, or territorial laws implementing such Federal legal provisions. This includes compliance obligations, requirements under consent decrees or judicial orders, and obligations to pay associated administrative, civil, or other penalties.
(i) Voting on debt adjustment plans not stayed
Notwithstanding any provision in this subchapter to the contrary, including sections of title 11 incorporated by reference, nothing in this section shall prevent the holder of a claim from voting on or consenting to a proposed modification of such claim under subchapter VI of this chapter.
(Pub. L. 114–187, title III, § 304, June 30, 2016, 130 Stat. 579.)
heading: References in Text
text: This chapter, referred to in subsec. (h), was in the original “This Act”, meaning Pub. L. 114–187, June 30, 2016, 130 Stat. 549, known as the Puerto Rico Oversight, Management, and Economic Stability Act and also as the PROMESA, which is classified principally to this chapter. For complete classification of this Act to the Code, see Short Title note set out under section 2101 of this title and Tables.
48 U.S.C. § 2165 (TERRITORIES AND INSULAR POSSESSIONS)
§ 2165. Limitation on jurisdiction and powers of court
Subject to the limitations set forth in subchapters I and II of this chapter, notwithstanding any power of the court, unless the Oversight Board consents or the plan so provides, the court may not, by any stay, order, or decree, in the case or otherwise, interfere with—
(1) any of the political or governmental powers of the debtor;
(2) any of the property or revenues of the debtor; or
(3) the use or enjoyment by the debtor of any income-producing property.
(Pub. L. 114–187, title III, § 305, June 30, 2016, 130 Stat. 580.)
48 U.S.C. § 2167 (TERRITORIES AND INSULAR POSSESSIONS)
§ 2167. Venue
(a) In general
Venue shall be proper in—
(1) with respect to a territory, the district court for the territory or, for any territory that does not have a district court, the United States District Court for the District of Hawaii; and
(2) with respect to a covered territorial instrumentality, the district court for the territory in which the covered territorial instrumentality is located or, for any territory that does not have a district court, the United States District Court for the District of Hawaii.
(b) Alternative venue
(1) If the Oversight Board so determines in its sole discretion, then venue shall be proper in the district court for the jurisdiction in which the Oversight Board maintains an office that is located outside the territory.
(2) With respect to paragraph (1), the Oversight Board may consider, among other things—
(A) the resources of the district court to adjudicate a case or proceeding; and
(B) the impact on witnesses who may be called in such a case or proceeding.
(Pub. L. 114–187, title III, § 307, June 30, 2016, 130 Stat. 582.)
48 U.S.C. § 2168 (TERRITORIES AND INSULAR POSSESSIONS)
§ 2168. Selection of presiding judge
(a) For cases in which the debtor is a territory, the Chief Justice of the United States shall designate a district court judge to sit by designation to conduct the case.
(b) For cases in which the debtor is not a territory, and no motion for joint administration of the debtor’s case with the case of its affiliate territory has been filed or there is no case in which the affiliate territory is a debtor, the chief judge of the court of appeals for the circuit embracing the district in which the case is commenced shall designate a district court judge to conduct the case.
(Pub. L. 114–187, title III, § 308, June 30, 2016, 130 Stat. 582.)
48 U.S.C. § 2169 (TERRITORIES AND INSULAR POSSESSIONS)
§ 2169. Abstention
Nothing in this subchapter prevents a district court in the interests of justice from abstaining from hearing a particular proceeding arising in or related to a case under this subchapter.
(Pub. L. 114–187, title III, § 309, June 30, 2016, 130 Stat. 583.)
48 U.S.C. § 2170 (TERRITORIES AND INSULAR POSSESSIONS)
§ 2170. Applicable rules of procedure
The Federal Rules of Bankruptcy Procedure shall apply to a case under this subchapter and to all civil proceedings arising in or related to cases under this subchapter.
(Pub. L. 114–187, title III, § 310, June 30, 2016, 130 Stat. 583.)
heading: References in Text
text: The Federal Rules of Bankruptcy Procedure, referred to in text, are set out in the Appendix to Title 11, Bankruptcy.
48 U.S.C. § 2171 (TERRITORIES AND INSULAR POSSESSIONS)
§ 2171. Leases
A lease to a territory or territorial instrumentality shall not be treated as an executory contract or unexpired lease for the purposes of section 365 or 502(b)(6) of title 11 solely by reason of the lease being subject to termination in the event the debtor fails to appropriate rent.
(Pub. L. 114–187, title III, § 311, June 30, 2016, 130 Stat. 583.)
48 U.S.C. § 2172 (TERRITORIES AND INSULAR POSSESSIONS)
§ 2172. Filing of plan of adjustment
(a) Exclusivity
Only the Oversight Board, after the issuance of a certificate pursuant to section 2124(j) of this title, may file a plan of adjustment of the debts of the debtor.
(b) Deadline for filing plan
If the Oversight Board does not file a plan of adjustment with the petition, the Oversight Board shall file a plan of adjustment at the time set by the court.
(Pub. L. 114–187, title III, § 312, June 30, 2016, 130 Stat. 583.)
48 U.S.C. § 2173 (TERRITORIES AND INSULAR POSSESSIONS)
§ 2173. Modification of plan
The Oversight Board, after the issuance of a certification pursuant to section 2124(j) of this title, may modify the plan at any time before confirmation, but may not modify the plan so that the plan as modified fails to meet the requirements of this subchapter. After the Oversight Board files a modification, the plan as modified becomes the plan.
(Pub. L. 114–187, title III, § 313, June 30, 2016, 130 Stat. 583.)
48 U.S.C. § 2174 (TERRITORIES AND INSULAR POSSESSIONS)
§ 2174. Confirmation
(a) Objection
A special tax payer may object to confirmation of a plan.
(b) Confirmation
The court shall confirm the plan if—
(1) the plan complies with the provisions of title 11, made applicable to a case under this subchapter by section 2161 of this title;
(2) the plan complies with the provisions of this subchapter;
(3) the debtor is not prohibited by law from taking any action necessary to carry out the plan;
(4) except to the extent that the holder of a particular claim has agreed to a different treatment of such claim, the plan provides that on the effective date of the plan each holder of a claim of a kind specified in 507(a)(2) 1 of title 11 will receive on account of such claim cash equal to the allowed amount of such claim;
(5) any legislative, regulatory, or electoral approval necessary under applicable law in order to carry out any provision of the plan has been obtained, or such provision is expressly conditioned on such approval;
(6) the plan is feasible and in the best interests of creditors, which shall require the court to consider whether available remedies under the non-bankruptcy laws and constitution of the territory would result in a greater recovery for the creditors than is provided by such plan; and
(7) the plan is consistent with the applicable Fiscal Plan certified by the Oversight Board under subchapter II.
(c) Confirmation for debtors with a single class of claims
If all of the requirements of section 2174(b) of this title and section 1129(a) of title 11, incorporated into this subchapter by section 2161 of this title other than sections 1129(a)(8) and 1129(a)(10) are met with respect to a plan—
(1) with respect to which all claims are substantially similar under section 2161(e) of this title;
(2) that includes only one class of claims, which claims are impaired claims; and
(3) that was not accepted by such impaired class,
the court shall confirm the plan notwithstanding the requirements of such sections 1129(a)(8) and 1129(a)(10) of title 11 if the plan is fair and equitable and does not discriminate unfairly with respect to such impaired class.
(Pub. L. 114–187, title III, § 314, June 30, 2016, 130 Stat. 583.)
48 U.S.C. § 2175 (TERRITORIES AND INSULAR POSSESSIONS)
§ 2175. Role and capacity of Oversight Board
(a) Actions of Oversight Board
For the purposes of this subchapter, the Oversight Board may take any action necessary on behalf of the debtor to prosecute the case of the debtor, including—
(1) filing a petition under section 2164 of this title;
(2) submitting or modifying a plan of adjustment under sections 2172 and 2173 of this title; or
(3) otherwise generally submitting filings in relation to the case with the court.
(b) Representative of debtor
The Oversight Board in a case under this subchapter is the representative of the debtor.
(Pub. L. 114–187, title III, § 315, June 30, 2016, 130 Stat. 584.)
48 U.S.C. § 2177 (TERRITORIES AND INSULAR POSSESSIONS)
§ 2177. Interim compensation
A debtor’s attorney, or any professional person employed by the debtor (in the debtor’s sole discretion), the Oversight Board (in the Oversight Board’s sole discretion), a committee under section 1103 of title 11, or a trustee appointed by the court under section 926 of title 11, may apply to the court not more than once every 120 days after an order for relief in a case under this subchapter, or more often if the court permits, for such compensation for services rendered before the date of such an application or reimbursement for expenses incurred before such date as is provided under section 2176 of this title.
(Pub. L. 114–187, title III, § 317, June 30, 2016, 130 Stat. 585.)