48 U.S.C. § 2149

Current through P.L. 118-106 (published on www.congress.gov on 10/04/2024)

Section 2149 - Termination of Oversight Board

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.

48 U.S.C. § 2149

Pub. L. 114-187, title II, §209, June 30, 2016, 130 Stat. 576.

Oversight Board

The term "Oversight Board" means a Financial Oversight and Management Board established in accordance with section 2121 of this title.

modified accrual accounting standards

The term "modified accrual accounting standards" means recognizing revenues as they become available and measurable and recognizing expenditures when liabilities are incurred, in each case as defined by the Governmental Accounting Standards Board, in accordance with generally accepted accounting principles.

territorial government

The term "territorial government" means the government of a covered territory, including all covered territorial instrumentalities.