§2127 Budget and Funding for Operation of Oversight Board

Summary

The Oversight Board must send a budget each fiscal year while it is operating 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 make sure there is 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 sets them. When the Board is established under section 2121(b) and on the 5th of each month after, the Governor must transfer to a new account either $2,000,000 or the larger amount the Board’s budget requires. Monthly transfers stop once the permanent funding is designated. If the Board decides transfers exceed its needs, it must return the extra money to the territorial government.