§2104 Definitions

Summary

Defines key words used in the chapter about budgets, fiscal plans, and finances for U.S. territories. It explains what kinds of accounting count, what counts as a debt or a claim on a debt, which places and government parts are covered, and who the Oversight Board and other officials are. Agreed accounting standards — modified accrual accounting or other standards the Oversight Board chooses if a territory cannot meet modified accrual rules; Bond — any borrowing or financial obligation of a territorial government (for example, bonds, loans, letters of credit, insurance obligations, or similar debts); Bond Claim — a right to payment or a related equitable remedy tied to a bond; Budget — either a Territory Budget or an Instrumentality Budget; Puerto Rico — the Commonwealth of Puerto Rico; Compliant budget — a budget prepared under the agreed accounting standards and the applicable Fiscal Plan; Covered territorial instrumentality — an instrumentality the Oversight Board has designated to follow this chapter; Covered territory — a territory with an Oversight Board; Executive Director — the Executive Director appointed under the law; Fiscal Plan — either a Territory Fiscal Plan or an Instrumentality Fiscal Plan; Government of Puerto Rico — the Commonwealth and its instrumentalities; Governor — the chief executive of a covered territory; Instrumentality Budget/Fiscal Plan — a budget or fiscal plan for a covered territorial instrumentality that is submitted, approved, and certified under the law; Legislature — the lawmaking body of a covered territory; Modified accrual accounting standards — counting revenue when available and measurable and expenses when liabilities arise, as defined by the Governmental Accounting Standards Board; Oversight Board — the Financial Oversight and Management Board set up under the law; Territorial government — the government of a covered territory including its instrumentalities; Territorial instrumentality — a political subdivision, public agency, instrumentality, or public corporation of a territory (does not include the Oversight Board); Territory — Puerto Rico, Guam, American Samoa, the Commonwealth of the Northern Mariana Islands, or the United States Virgin Islands; Territory Budget/Fiscal Plan — a territorial government’s budget or fiscal plan that is submitted, approved, and certified under the law.