48 U.S.C. § 2150
The full faith and credit of the United States is not pledged for the payment of any principal of or interest on any bond, note, or other obligation issued by a covered territory or covered territorial instrumentality. The United States is not responsible or liable for the payment of any principal of or interest on any bond, note, or other obligation issued by a covered territory or covered territorial instrumentality.
Any claim to which the United States is determined to be liable under this chapter shall be subject to appropriations.
No Federal funds shall be authorized by this chapter for the payment of any liability of the territory or territorial instrumentality.
48 U.S.C. § 2150
EDITORIAL NOTES
REFERENCES IN TEXTThis chapter, referred to in subsecs. (b) and (c), was in the original "this Act", meaning Pub. L. 114-187, 130 Stat. 549, known as the Puerto Rico Oversight, Management, and Economic Stability Act and also as PROMESA, which is classified principally to this chapter. For complete classification of this Act to the Code, see Short Title note set out under section 2101 of this title and Tables.
- Bond
- The term "Bond" means a bond, loan, letter of credit, other borrowing title, obligation of insurance, or other financial indebtedness for borrowed money, including rights, entitlements, or obligations whether such rights, entitlements, or obligations arise from contract, statute, or any other source of law, in any case, related to such a bond, loan, letter of credit, other borrowing title, obligation of insurance, or other financial indebtedness in physical or dematerialized form of which the issuer, obligor, or guarantor is the territorial government.
- Puerto Rico
- The term "Puerto Rico" means the Commonwealth of Puerto Rico.
- covered territorial instrumentality
- The term "covered territorial instrumentality" means a territorial instrumentality designated by the Oversight Board pursuant to section 2121 of this title to be subject to the requirements of this chapter.
- covered territory
- The term "covered territory" means a territory for which an Oversight Board has been established under section 2121 of this title.
- territory
- The term "territory" means-(A) Puerto Rico;(B) Guam;(C) American Samoa;(D) the Commonwealth of the Northern Mariana Islands; or(E) the United States Virgin Islands.