Sec. 101. Definitions
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In this title: The term Board means a Fiscal Stability and Reform Board established in accordance with section 111. The term Chief Financial Officer means a Chief Financial Officer established in accordance with section 112. The term compliant budget means a budget that is prepared in accordance with— modified accrual accounting standards; and the applicable Fiscal Plan. The term covered territorial instrumentality means a territorial instrumentality designated by the Board pursuant to section 111(b) to be subject to the requirements of subtitle B.
The term covered territory means a territory for which a Board has been established under section 111. The term Fiscal Plan means a fiscal plan for a covered territory submitted and approved in accordance with section 113. The term Governor means the chief executive of a territory. The term legislature means the legislative body responsible for enacting the laws of a territory. The term legislature does not include Congress. The term modified accrual accounting standards means accounting standards issued by the Governmental Accounting Standards Board that recognize— revenues as they become available and measured; and expenditures as liabilities are incurred.
The term Office means an Office of the Chief Financial Officer established in accordance with section 112. The term territorial government means the government of a covered territory, including each territorial instrumentality of the government of the covered territory. The term territorial instrumentality means a political subdivision, public agency, instrumentality, or public corporation of a territory. The term territorial instrumentality does not include a Board. The term territory means— the Commonwealth of Puerto Rico;
Guam; American Samoa; the Commonwealth of the Northern Mariana Islands; or the United States Virgin Islands.