Title 48 — Territories and Insular PossessionsRelease 119-73not60

§2149 Termination of Oversight Board

Title 48 › Chapter 20— PUERTO RICO OVERSIGHT, MANAGEMENT, AND ECONOMIC STABILITY › Subchapter II— RESPONSIBILITIES OF OVERSIGHT BOARD › § 2149

Last updated Apr 5, 2026|Official source

Summary

The Oversight Board must end when it certifies two things: the territorial government has adequate access to short-term and long-term credit markets at reasonable interest rates, and for at least 4 consecutive fiscal years the government prepared budgets using modified accrual accounting standards and each year’s expenditures did not exceed that year’s revenues.

Full Legal Text

Title 48, §2149

Territories and Insular Possessions — Source: USLM XML via OLRC

An Oversight Board shall terminate upon certification by the Oversight Board that—

(1)the applicable territorial government has adequate access to short-term and long-term credit markets at reasonable interest rates to meet the borrowing needs of the territorial government; and

(2)for at least 4 consecutive fiscal years—

(A)the territorial government has developed its Budgets in accordance with modified accrual accounting standards; and

(B)the expenditures made by the territorial government during each fiscal year did not exceed the revenues of the territorial government during that year, as determined in accordance with modified accrual accounting standards.

Reference

Citations & Metadata

Citation

48 U.S.C. § 2149

Title 48 — Territories and Insular Possessions

Last Updated

Apr 5, 2026

Release point: 119-73not60