Sec. 1. Short title

410 words·~2 min read·/bill/114/s/2381/is/section-1

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

This Act may be cited as the . Puerto Rico Assistance Act of 2015 The table of contents for this Act is as follows: Sec. 1. Short title. TITLE I—Taxes Sec. 101. Temporary employee payroll tax cut for residents of United States possessions. TITLE II—Public Pensions Sec. 201. Study of Puerto Rico public pension debt. Sec. 202. Reporting requirements generally applicable to State and local government pension plans. Sec. 203. Annuity accumulation retirement plans of employees of State and local governments.

TITLE III—Puerto Rico Financial Responsibility and Management Assistance Authority Sec. 301. Purposes. Sec. 302. Definitions. Subtitle A—Establishment and organization of authority Sec. 311. Commonwealth Financial Responsibility and Management Assistance Authority. Sec. 312. Executive Director and staff. Sec. 313. Powers of Authority. Sec. 314. Exemption from liability for claims. Sec. 315. Treatment of actions. Sec. 316. Funding for operation of Authority. Sec. 317. Suspension of activities.

Sec. 318. Application of laws of Commonwealth to Authority. Subtitle B—Responsibilities of authority Part I—Control period Sec. 321. Early opt-in authority. Sec. 322. Certifications by Authority. Sec. 323. Financial plan and budget for public corporations during control period. Sec. 324. Financial plan and budget for the Commonwealth during a control period. Sec. 325. Review to ensure compliance. Sec. 326. Restrictions on borrowing. Sec. 327. Finding of noncompliance. Sec. 328.

Recommendations regarding financial stability and management responsibility. Part II—Issuance of bonds Sec. 331. Authority to issue bonds. Sec. 332. Pledge of security interest in revenues of Commonwealth government. Sec. 333. Establishment of debt service reserve fund. Sec. 334. Other requirements for issuance of bonds. Sec. 335. No full faith and credit of the United States. Part III—Other duties of authority Sec. 341. Duties of Authority during year other than control year.

Sec. 342. General assistance in achieving financial stability and management efficiency. Sec. 343. Obtaining reports. Sec. 344. Reports and comments. Subtitle C—Chief Financial Officer Sec. 351. Establishment of office. Sec. 352. Appointment; removal. Sec. 353. Functions of Chief Financial Officer. Subtitle D—Effect Sec. 361. Effect. Sec. 362. Preemption. TITLE IV—Additional reports and studies Sec. 401. Report on exclusion of territories from exchanges. Sec. 402. Study of Puerto Rico public pension debt.

Sec. 403. Health and human services report. TITLE V—Transition assistance Sec. 501. Assistance by the Authority, if necessary, to assist transition to stability. Sec. 502. Offset for transition assistance and Prevention and Public Health Fund. TITLE VI—Technical Assistance Sec. 601. Technical assistance to improve accounting, disclosure, and economic measurement practices in the territories.