§2104 Definitions

Summary

Gives plain meanings for key words used in the chapter so people know what the rules talk about. It explains which accounting rules, budgets, plans, officials, and types of governments and debts are covered. Agreed accounting standards — usually modified accrual accounting, or other rules the Oversight Board allows if a government can’t meet those standards. Bond — any borrowing or debt of a territorial government, like bonds, loans, letters of credit, insurance obligations, or related rights. Bond Claim — a right to be paid or to get a court-ordered remedy tied to a bond, whether the claim is disputed or not. Budget — either a Territory Budget or an Instrumentality Budget. Puerto Rico — the Commonwealth of Puerto Rico. Compliant budget — a budget that follows the agreed accounting standards and the Fiscal Plan. Covered territorial instrumentality — an instrumentality the Oversight Board names to follow this chapter. Covered territory — a territory that has an Oversight Board. Executive Director — the Executive Director the Oversight Board appoints. Fiscal Plan — either a Territory Fiscal Plan or an Instrumentality Fiscal Plan. Government of Puerto Rico — Puerto Rico and all its instrumentalities. Governor — the chief executive of a covered territory. Instrumentality Budget — a budget for a covered territorial instrumentality that is submitted, approved, and certified under the law. Instrumentality Fiscal Plan — a fiscal plan for a covered territorial instrumentality submitted, approved, and certified under the law. Legislature — the lawmaking body of a covered territory. Modified accrual accounting standards — counting revenues when they are available and measurable and expenses when liabilities occur, as defined by the Governmental Accounting Standards Board under generally accepted accounting principles. Oversight Board — the Financial Oversight and Management Board established under the law. Territorial government — the government of a covered territory, including its instrumentalities. Territorial instrumentality — any political subdivision, public agency, instrumentality (including banks), or public corporation of a territory, broadly defined, but not the Oversight Board. Territory — Puerto Rico, Guam, American Samoa, the Commonwealth of the Northern Mariana Islands, or the United States Virgin Islands. Territory Budget — a budget for a territorial government that is submitted, approved, and certified under the law. Territory Fiscal Plan — a fiscal plan for a territorial government that is submitted, approved, and certified under the law.