§2127 Budget and funding for operation of Oversight Board

Summary

The Oversight Board must send a budget each year to the President, the House Committee on Natural Resources, the Senate Committee on Energy and Natural Resources, the Governor, and the Legislature. The Board must use its control of the territory’s budget to make sure it has enough money to pay all of its expenses. Within 30 days after June 30, 2016, the territorial government must name a dedicated funding source, not subject to later legislative approval, to cover the Board’s annual costs as the Board alone decides. When the Board is created and on the 5th of each month after that, the Governor must transfer the greater of $2,000,000 or the Board’s amount into a new account the Board controls without legislative appropriation; those monthly transfers stop once the dedicated source is chosen, and any excess funds must be returned to the territorial government.