Sec. 5. Definitions
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In this Act— The term agreed accounting standards means modified accrual accounting standards or, for any period during which the 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 Board. The term Bond means a bond, loan, letter of credit, other borrowing title, obligation of insurance, or other indebtedness, 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 indebtedness in physical or dematerialized form, of which— the issuer, obligor, or guarantor is the territorial government; and the date of issuance or incurrence precedes the date of enactment of this Act.
The term Bond Claim means, as it relates to a Bond— 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 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.
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— agreed accounting standards; and the applicable Fiscal Plan. The term covered territorial instrumentality means a territorial instrumentality designated by the Board pursuant to section 101 to be subject to the requirements of this Act. The term covered territory means a territory for which a Board has been established under section 101.
The term Executive Director means an Executive Director appointed under section 103(a). The term Fiscal Plan means a Territory Fiscal Plan or an Instrumentality Fiscal Plan, as applicable. The term Government of Puerto Rico means the government of 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 Board in accordance with section 101, submitted, approved, and certified in accordance with section 202.
The term Instrumentality Fiscal Plan means a fiscal plan for a covered territorial instrumentality, designated by the Board in accordance with section 101, submitted, approved, and certified in accordance with section 201. 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 101. 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, or public corporation of a territory, and this term should be broadly construed to effectuate the purposes of this Act. The term territorial instrumentality does not include an Oversight Board.
The term territory means— Puerto Rico; Guam; American Samoa; the Commonwealth of the Northern Mariana Islands; or the United States Virgin Islands. The term Territory Budget means a budget for a territorial government submitted, approved, and certified in accordance with section 202. The term Territory Fiscal Plan means a fiscal plan for a territorial government submitted, approved, and certified in accordance with section 201.