48 U.S.C. § 2149

Termination of Oversight Board

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

Notes of Decisions

Cited in 3 cases (1 in the last 5 years), 2018–2023 · leading case: Aurelius Inv., LLC v. Puerto Rico, 915 F.3d 838 (1st Cir. 2019).

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Aurelius Inv., LLC v. Puerto Rico, 915 F.3d 838 (1st Cir. 2019). “48 U.S.C. § 2149 . 8 President Obama Announces the Appointment of Seven Individuals to the Financial Oversight and Management Board for Puerto Rico , The White House Off.”

Altair Global Credit Opportunities Fund (A), LLC v. United States (Fed. Cl. 2018). “48 U.S.C. § 2149 . 24 grant of power, Congress established the Court of Claims and its successor courts, with “limited jurisdiction,” as is the case with all other federal courts.”

FOMB v. Pierluisi-Urrutia (1st Cir. 2023). “48 U.S.C. § 2149 . 5 The Speaker points out that the Board has certified fiscal plans for a variety of territorial instrumentalities that have not been placed in Title III proceedings (e.”

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