{"identifier":"/us/usc/t48/s2104","title":48,"num":"\u00a7\u202f2104.","heading":"Definitions","text":"\u00a7\u202f2104.\nDefinitions\nIn this chapter\u2014\n(1)\nAgreed accounting standards\nThe term \u201cagreed accounting standards\u201d means modified accrual accounting standards or, for any period during which the Oversight Board determines in its sole discretion that a territorial government is not reasonably capable of comprehensive reporting that complies with modified accrual accounting standards, such other accounting standards as proposed by the Oversight Board.\n(2)\nBond\nThe term \u201cBond\u201d 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.\n(3)\nBond Claim\nThe term \u201cBond Claim\u201d means, as it relates to a Bond\u2014\n(A) right to payment, whether or not such right is reduced to judgment, liquidated, unliquidated, fixed, contingent, matured, unmatured, disputed, undisputed, legal, equitable, secured, or unsecured; or\n(B) right to an equitable remedy for breach of performance if such breach gives rise to a right to payment, whether or not such right to an equitable remedy is reduced to judgment, fixed, contingent, matured, unmatured, disputed, undisputed, secured, or unsecured.\n(4)\nBudget\nThe term \u201cBudget\u201d means the Territory Budget or an Instrumentality Budget, as applicable.\n(5)\nPuerto Rico\nThe term \u201cPuerto Rico\u201d means the Commonwealth of Puerto Rico.\n(6)\nCompliant budget\nThe term \u201ccompliant budget\u201d means a budget that is prepared in accordance with\u2014\n(A) agreed accounting standards; and\n(B) the applicable Fiscal Plan.\n(7)\nCovered territorial instrumentality\nThe term \u201ccovered territorial instrumentality\u201d means a territorial instrumentality designated by the Oversight Board pursuant to\nsection 2121 of this title\n(8)\nCovered territory\nThe term \u201ccovered territory\u201d means a territory for which an Oversight Board has been established under\nsection 2121 of this title\n(9)\nExecutive Director\nThe term \u201cExecutive Director\u201d means an Executive Director appointed under\nsection 2123(a) of this title\n(10)\nFiscal Plan\nThe term \u201cFiscal Plan\u201d means a Territory Fiscal Plan or an Instrumentality Fiscal Plan, as applicable.\n(11)\nGovernment of Puerto Rico\nThe term \u201cGovernment of Puerto Rico\u201d means the Commonwealth of Puerto Rico, including all its territorial instrumentalities.\n(12)\nGovernor\nThe term \u201cGovernor\u201d means the chief executive of a covered territory.\n(13)\nInstrumentality Budget\nThe term \u201cInstrumentality Budget\u201d means a budget for a covered territorial instrumentality, designated by the Oversight Board in accordance with\nsection 2121 of this title\nsection 2142 of this title\n(14)\nInstrumentality Fiscal Plan\nThe term \u201cInstrumentality Fiscal Plan\u201d means a fiscal plan for a covered territorial instrumentality, designated by the Oversight Board in accordance with\nsection 2121 of this title\nsection 2141 of this title\n(15)\nLegislature\nThe term \u201cLegislature\u201d means the legislative body responsible for enacting the laws of a covered territory.\n(16)\nModified accrual accounting standards\nThe term \u201cmodified accrual accounting standards\u201d 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.\n(17)\nOversight Board\nThe term \u201cOversight Board\u201d means a Financial Oversight and Management Board established in accordance with\nsection 2121 of this title\n(18)\nTerritorial government\nThe term \u201cterritorial government\u201d means the government of a covered territory, including all covered territorial instrumentalities.\n(19)\nTerritorial instrumentality\n(A)\nIn general\nThe term \u201cterritorial instrumentality\u201d means any political subdivision, public agency, instrumentality\u2014including any instrumentality that is also a bank\u2014or public corporation of a territory, and this term should be broadly construed to effectuate the purposes of this chapter.\n(B)\nExclusion\nThe term \u201cterritorial instrumentality\u201d does not include an Oversight Board.\n(20)\nTerritory\nThe term \u201cterritory\u201d means\u2014\n(A) Puerto Rico;\n(B) Guam;\n(C) American Samoa;\n(D) the Commonwealth of the Northern Mariana Islands; or\n(E) the United States Virgin Islands.\n(21)\nTerritory Budget\nThe term \u201cTerritory Budget\u201d means a budget for a territorial government submitted, approved, and certified in accordance with\nsection 2142 of this title\n(22)\nTerritory Fiscal Plan\nThe term \u201cTerritory Fiscal Plan\u201d means a fiscal plan for a territorial government submitted, approved, and certified in accordance with\nsection 2141 of this title","url":"https://projectusc.org/usc/t48/s2104.html","content":[{"t":"sec","id":"/us/usc/t48/s2104","children":[{"t":"num","text":"\u00a7\u202f2104."},{"t":"heading","text":"Definitions","tail":"\n"},{"t":"chapeau","text":"In this chapter\u2014"},{"t":"para","id":"/us/usc/t48/s2104/1","children":[{"t":"num","text":"(1)"},{"t":"heading","text":"Agreed accounting standards"},{"t":"content","children":[{"t":"p","text":"The term \u201cagreed accounting standards\u201d means modified accrual accounting standards or, for any period during which the Oversight Board determines in its sole discretion that a territorial government is not reasonably capable of comprehensive reporting that complies with modified accrual accounting standards, such other accounting standards as proposed by the Oversight Board.","tail":"\n"}],"tail":"\n"}],"tail":"\n"},{"t":"para","id":"/us/usc/t48/s2104/2","children":[{"t":"num","text":"(2)"},{"t":"heading","text":"Bond"},{"t":"content","children":[{"t":"p","text":"The term \u201cBond\u201d 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.","tail":"\n"}],"tail":"\n"}],"tail":"\n"},{"t":"para","id":"/us/usc/t48/s2104/3","children":[{"t":"num","text":"(3)"},{"t":"heading","text":"Bond Claim"},{"t":"chapeau","text":"The term \u201cBond Claim\u201d means, as it relates to a Bond\u2014"},{"t":"subpara","id":"/us/usc/t48/s2104/3/A","children":[{"t":"num","text":"(A)"},{"t":"content","text":" right to payment, whether or not such right is reduced to judgment, liquidated, unliquidated, fixed, contingent, matured, unmatured, disputed, undisputed, legal, equitable, secured, or unsecured; or","tail":"\n"}],"tail":"\n"},{"t":"subpara","id":"/us/usc/t48/s2104/3/B","children":[{"t":"num","text":"(B)"},{"t":"content","text":" right to an equitable remedy for breach of performance if such breach gives rise to a right to payment, whether or not such right to an equitable remedy is reduced to judgment, fixed, contingent, matured, unmatured, disputed, undisputed, secured, or unsecured.","tail":"\n"}],"tail":"\n"}],"tail":"\n"},{"t":"para","id":"/us/usc/t48/s2104/4","children":[{"t":"num","text":"(4)"},{"t":"heading","text":"Budget"},{"t":"content","children":[{"t":"p","text":"The term \u201cBudget\u201d means the Territory Budget or an Instrumentality Budget, as applicable.","tail":"\n"}],"tail":"\n"}],"tail":"\n"},{"t":"para","id":"/us/usc/t48/s2104/5","children":[{"t":"num","text":"(5)"},{"t":"heading","text":"Puerto Rico"},{"t":"content","children":[{"t":"p","text":"The term \u201cPuerto Rico\u201d means the Commonwealth of Puerto Rico.","tail":"\n"}],"tail":"\n"}],"tail":"\n"},{"t":"para","id":"/us/usc/t48/s2104/6","children":[{"t":"num","text":"(6)"},{"t":"heading","text":"Compliant budget"},{"t":"chapeau","text":"The term \u201ccompliant budget\u201d means a budget that is prepared in accordance with\u2014"},{"t":"subpara","id":"/us/usc/t48/s2104/6/A","children":[{"t":"num","text":"(A)"},{"t":"content","text":" agreed accounting standards; and","tail":"\n"}],"tail":"\n"},{"t":"subpara","id":"/us/usc/t48/s2104/6/B","children":[{"t":"num","text":"(B)"},{"t":"content","text":" the applicable Fiscal Plan.","tail":"\n"}],"tail":"\n"}],"tail":"\n"},{"t":"para","id":"/us/usc/t48/s2104/7","children":[{"t":"num","text":"(7)"},{"t":"heading","text":"Covered territorial instrumentality"},{"t":"content","children":[{"t":"p","text":"The term \u201ccovered territorial instrumentality\u201d means a territorial instrumentality designated by the Oversight Board pursuant to ","children":[{"t":"ref","text":"section 2121 of this title","href":"/us/usc/t48/s2121","tail":" to be subject to the requirements of this chapter."}],"tail":"\n"}],"tail":"\n"}],"tail":"\n"},{"t":"para","id":"/us/usc/t48/s2104/8","children":[{"t":"num","text":"(8)"},{"t":"heading","text":"Covered territory"},{"t":"content","children":[{"t":"p","text":"The term \u201ccovered territory\u201d means a territory for which an Oversight Board has been established under ","children":[{"t":"ref","text":"section 2121 of this title","href":"/us/usc/t48/s2121","tail":"."}],"tail":"\n"}],"tail":"\n"}],"tail":"\n"},{"t":"para","id":"/us/usc/t48/s2104/9","children":[{"t":"num","text":"(9)"},{"t":"heading","text":"Executive Director"},{"t":"content","children":[{"t":"p","text":"The term \u201cExecutive Director\u201d means an Executive Director appointed under ","children":[{"t":"ref","text":"section 2123(a) of this title","href":"/us/usc/t48/s2123/a","tail":"."}],"tail":"\n"}],"tail":"\n"}],"tail":"\n"},{"t":"para","id":"/us/usc/t48/s2104/10","children":[{"t":"num","text":"(10)"},{"t":"heading","text":"Fiscal Plan"},{"t":"content","children":[{"t":"p","text":"The term \u201cFiscal Plan\u201d means a Territory Fiscal Plan or an Instrumentality Fiscal Plan, as applicable.","tail":"\n"}],"tail":"\n"}],"tail":"\n"},{"t":"para","id":"/us/usc/t48/s2104/11","children":[{"t":"num","text":"(11)"},{"t":"heading","text":"Government of Puerto Rico"},{"t":"content","children":[{"t":"p","text":"The term \u201cGovernment of Puerto Rico\u201d means the Commonwealth of Puerto Rico, including all its territorial instrumentalities.","tail":"\n"}],"tail":"\n"}],"tail":"\n"},{"t":"para","id":"/us/usc/t48/s2104/12","children":[{"t":"num","text":"(12)"},{"t":"heading","text":"Governor"},{"t":"content","children":[{"t":"p","text":"The term \u201cGovernor\u201d means the chief executive of a covered territory.","tail":"\n"}],"tail":"\n"}],"tail":"\n"},{"t":"para","id":"/us/usc/t48/s2104/13","children":[{"t":"num","text":"(13)"},{"t":"heading","text":"Instrumentality Budget"},{"t":"content","children":[{"t":"p","text":"The term \u201cInstrumentality Budget\u201d means a budget for a covered territorial instrumentality, designated by the Oversight Board in accordance with ","children":[{"t":"ref","text":"section 2121 of this title","href":"/us/usc/t48/s2121","tail":", submitted, approved, and certified in accordance with "},{"t":"ref","text":"section 2142 of this title","href":"/us/usc/t48/s2142","tail":"."}],"tail":"\n"}],"tail":"\n"}],"tail":"\n"},{"t":"para","id":"/us/usc/t48/s2104/14","children":[{"t":"num","text":"(14)"},{"t":"heading","text":"Instrumentality Fiscal Plan"},{"t":"content","children":[{"t":"p","text":"The term \u201cInstrumentality Fiscal Plan\u201d means a fiscal plan for a covered territorial instrumentality, designated by the Oversight Board in accordance with ","children":[{"t":"ref","text":"section 2121 of this title","href":"/us/usc/t48/s2121","tail":", submitted, approved, and certified in accordance with "},{"t":"ref","text":"section 2141 of this title","href":"/us/usc/t48/s2141","tail":"."}],"tail":"\n"}],"tail":"\n"}],"tail":"\n"},{"t":"para","id":"/us/usc/t48/s2104/15","children":[{"t":"num","text":"(15)"},{"t":"heading","text":"Legislature"},{"t":"content","children":[{"t":"p","text":"The term \u201cLegislature\u201d means the legislative body responsible for enacting the laws of a covered territory.","tail":"\n"}],"tail":"\n"}],"tail":"\n"},{"t":"para","id":"/us/usc/t48/s2104/16","children":[{"t":"num","text":"(16)"},{"t":"heading","text":"Modified accrual accounting standards"},{"t":"content","children":[{"t":"p","text":"The term \u201cmodified accrual accounting standards\u201d 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.","tail":"\n"}],"tail":"\n"}],"tail":"\n"},{"t":"para","id":"/us/usc/t48/s2104/17","children":[{"t":"num","text":"(17)"},{"t":"heading","text":"Oversight Board"},{"t":"content","children":[{"t":"p","text":"The term \u201cOversight Board\u201d means a Financial Oversight and Management Board established in accordance with ","children":[{"t":"ref","text":"section 2121 of this title","href":"/us/usc/t48/s2121","tail":"."}],"tail":"\n"}],"tail":"\n"}],"tail":"\n"},{"t":"para","id":"/us/usc/t48/s2104/18","children":[{"t":"num","text":"(18)"},{"t":"heading","text":"Territorial government"},{"t":"content","children":[{"t":"p","text":"The term \u201cterritorial government\u201d means the government of a covered territory, including all covered territorial instrumentalities.","tail":"\n"}],"tail":"\n"}],"tail":"\n"},{"t":"para","id":"/us/usc/t48/s2104/19","children":[{"t":"num","text":"(19)"},{"t":"heading","text":"Territorial instrumentality"},{"t":"subpara","id":"/us/usc/t48/s2104/19/A","children":[{"t":"num","text":"(A)"},{"t":"heading","text":"In general"},{"t":"content","children":[{"t":"p","text":"The term \u201cterritorial instrumentality\u201d means any political subdivision, public agency, instrumentality\u2014including any instrumentality that is also a bank\u2014or public corporation of a territory, and this term should be broadly construed to effectuate the purposes of this chapter.","tail":"\n"}],"tail":"\n"}],"tail":"\n"},{"t":"subpara","id":"/us/usc/t48/s2104/19/B","children":[{"t":"num","text":"(B)"},{"t":"heading","text":"Exclusion"},{"t":"content","children":[{"t":"p","text":"The term \u201cterritorial instrumentality\u201d does not include an Oversight Board.","tail":"\n"}],"tail":"\n"}],"tail":"\n"}],"tail":"\n"},{"t":"para","id":"/us/usc/t48/s2104/20","children":[{"t":"num","text":"(20)"},{"t":"heading","text":"Territory"},{"t":"chapeau","text":"The term \u201cterritory\u201d means\u2014"},{"t":"subpara","id":"/us/usc/t48/s2104/20/A","children":[{"t":"num","text":"(A)"},{"t":"content","text":" Puerto Rico;","tail":"\n"}],"tail":"\n"},{"t":"subpara","id":"/us/usc/t48/s2104/20/B","children":[{"t":"num","text":"(B)"},{"t":"content","text":" Guam;","tail":"\n"}],"tail":"\n"},{"t":"subpara","id":"/us/usc/t48/s2104/20/C","children":[{"t":"num","text":"(C)"},{"t":"content","text":" American Samoa;","tail":"\n"}],"tail":"\n"},{"t":"subpara","id":"/us/usc/t48/s2104/20/D","children":[{"t":"num","text":"(D)"},{"t":"content","text":" the Commonwealth of the Northern Mariana Islands; or","tail":"\n"}],"tail":"\n"},{"t":"subpara","id":"/us/usc/t48/s2104/20/E","children":[{"t":"num","text":"(E)"},{"t":"content","text":" the United States Virgin Islands.","tail":"\n"}],"tail":"\n"}],"tail":"\n"},{"t":"para","id":"/us/usc/t48/s2104/21","children":[{"t":"num","text":"(21)"},{"t":"heading","text":"Territory Budget"},{"t":"content","children":[{"t":"p","text":"The term \u201cTerritory Budget\u201d means a budget for a territorial government submitted, approved, and certified in accordance with ","children":[{"t":"ref","text":"section 2142 of this title","href":"/us/usc/t48/s2142","tail":"."}],"tail":"\n"}],"tail":"\n"}],"tail":"\n"},{"t":"para","id":"/us/usc/t48/s2104/22","children":[{"t":"num","text":"(22)"},{"t":"heading","text":"Territory Fiscal Plan"},{"t":"content","children":[{"t":"p","text":"The term \u201cTerritory Fiscal Plan\u201d means a fiscal plan for a territorial government submitted, approved, and certified in accordance with ","children":[{"t":"ref","text":"section 2141 of this title","href":"/us/usc/t48/s2141","tail":"."}],"tail":"\n"}],"tail":"\n"}],"tail":"\n"},{"t":"text","text":"\n"},{"t":"text","text":"\n"}]}]}