§2104 Definitions

Summary

Defines the key words used in the chapter so people know how terms are meant to be used. Agreed accounting standards — either modified accrual accounting or other standards the Oversight Board picks if a territory can’t meet modified accrual rules. Bond — any kind of borrowing or debt of a territorial government, like bonds, loans, letters of credit, insurance obligations, or similar rights. Bond Claim — any right to be paid or to get a court-ordered remedy that comes from a Bond. Budget — either a Territory Budget or an Instrumentality Budget. Puerto Rico — the Commonwealth of Puerto Rico. Compliant budget — a budget made under the agreed accounting standards and the applicable Fiscal Plan. Covered territorial instrumentality — a territorial agency the Oversight Board has put under this chapter. Covered territory — a territory that has an Oversight Board. Executive Director — the person the Oversight Board appoints to run day-to-day work. Fiscal Plan — a Territory or Instrumentality Fiscal Plan. Government of Puerto Rico — Puerto Rico and all its agencies. Governor — the chief executive of a covered territory. Instrumentality Budget/Fiscal Plan — the budget or fiscal plan for a covered territorial agency that is approved and certified under the law. Legislature — the law-making body of a covered territory. Modified accrual accounting standards — the accounting method that records revenues when they are available and measurable and records expenses when obligations occur, as defined by the Governmental Accounting Standards Board. Oversight Board — the Financial Oversight and Management Board for a covered territory. Territorial government — the government of a covered territory, including its agencies. Territorial instrumentality — any public agency, subdivision, instrumentality, or public corporation of a territory (broadly defined) but not the Oversight Board. Territory — Puerto Rico, Guam, American Samoa, the Northern Mariana Islands, or the U.S. Virgin Islands. Territory Budget and Territory Fiscal Plan — the budget or fiscal plan for a territorial government that is approved and certified under the law.