§2127 Budget and Funding for Operation of Oversight Board

Summary

The Oversight Board must send a budget each year while it is operating to the President, the House Natural Resources Committee, the Senate Energy and Natural Resources Committee, the Governor, and the territorial Legislature. The Board must use its budget powers over the territory’s budget to make sure it has enough money to pay all of the Board’s expenses. Within 30 days after June 30, 2016, the territorial government must pick a dedicated funding source that the legislature cannot later cut, enough to cover the Board’s annual expenses as the Board alone decides. When the Board is created and on the 5th of every month after that, the Governor must transfer the greater of $2,000,000 or the amount the Board requires into a new account the Board controls. That monthly funding stops once the dedicated source is chosen. If the Board finds it has more money than needed, it must send the extra back to the territorial government.