Title 48, Territories and Insular PossessionsRelease 119-102
§2149 Termination of Oversight Board
Title 48 › CHAPTER 20 — PUERTO RICO OVERSIGHT, MANAGEMENT, AND ECONOMIC STABILITY › SUBCHAPTER II — RESPONSIBILITIES OF OVERSIGHT BOARD › § 2149
Summary
The Oversight Board must end when it certifies that the territory can borrow what it needs in both short-term and long-term credit markets at reasonable interest rates. Also, for at least 4 straight fiscal years the territory must prepare its budgets using modified accrual accounting standards and must show each year that its spending did not exceed its revenues under those same accounting standards.
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
Aug 21, 2026
Release point: 119-102