Definitions

In this chapter— The term “agreed accounting standards” 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. 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. The term “Bond Claim” means, as it relates to a Bond— The term “Budget” means the Territory Budget or an Instrumentality Budget, as applicable. The term “Puerto Rico” means the Commonwealth of Puerto Rico. The term “compliant budget” means a budget that is prepared in accordance with— 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. The term “covered territory” means a territory for which an Oversight Board has been established under section 2121 of this title. The term “Executive Director” means an Executive Director appointed under section 2123(a) of this title. The term “Fiscal Plan” means a Territory Fiscal Plan or an Instrumentality Fiscal Plan, as applicable. The term “Government of Puerto Rico” means the Commonwealth of Puerto Rico, including all its territorial instrumentalities. The term “Governor” means the chief executive of a covered territory. The term “Instrumentality Budget” means a budget for a covered territorial instrumentality, designated by the Oversight Board in accordance with section 2121 of this title, submitted, approved, and certified in accordance with section 2142 of this title. The term “Instrumentality Fiscal Plan” means a fiscal plan for a covered territorial instrumentality, designated by the Oversight Board in accordance with section 2121 of this title, submitted, approved, and certified in accordance with section 2141 of this title. The term “Legislature” means the legislative body responsible for enacting the laws of a covered territory. 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. The term “Oversight Board” means a Financial Oversight and Management Board established in accordance with section 2121 of this title. The term “territorial government” means the government of a covered territory, including all covered territorial instrumentalities. The term “territorial instrumentality” means any political subdivision, public agency, instrumentality—including any instrumentality that is also a bank—or public corporation of a territory, and this term should be broadly construed to effectuate the purposes of this chapter. The term “territorial instrumentality” does not include an Oversight Board. The term “territory” means— The term “Territory Budget” means a budget for a territorial government submitted, approved, and certified in accordance with section 2142 of this title. The term “Territory Fiscal Plan” means a fiscal plan for a territorial government submitted, approved, and certified in accordance with section 2141 of this title.