U.S Code last checked for updates: Nov 22, 2024
All TitlesTitle 48Chapter 20Subchapter I
§ 2124.
Powers of Oversight Board
(a)
Hearings and sessions
(b)
Powers of members and agents
(c)
Obtaining official data
(1)
From Federal government
(2)
From territorial government
(d)
Obtaining creditor information
(1)
Upon request of the Oversight Board, each creditor or organized group of creditors of a covered territory or covered territorial instrumentality seeking to participate in voluntary negotiations shall provide to the Oversight Board, and the Oversight Board shall make publicly available to any other participant, a statement setting forth—
(A)
the name and address of the creditor or of each member of an organized group of creditors; and
(B)
the nature and aggregate amount of claims or other economic interests held in relation to the issuer as of the later of—
(i)
the date the creditor acquired the claims or other economic interests or, in the case of an organized group of creditors, the date the group was formed; or
(ii)
the date the Oversight Board was formed.
(2)
For purposes of this subsection, an organized group shall mean multiple creditors that are—
(A)
acting in concert to advance their common interests, including, but not limited to, retaining legal counsel to represent such multiple entities; and
(B)
not composed entirely of affiliates or insiders of one another.
(3)
The Oversight Board may request supplemental statements to be filed by each creditor or organized group of creditors quarterly, or if any fact in the most recently filed statement has changed materially.
(e)
Gifts, bequests, and devises
(f)
Subpoena power
(1)
In general
(2)
Failure to obey a subpoena
(3)
Service of subpoenas
(g)
Authority to enter into contracts
(h)
Authority to enforce certain laws of the covered territory
(i)
Voluntary agreement certification
(1)
In general
The Oversight Board shall issue a certification to a covered territory or covered territorial instrumentality if the Oversight Board determines, in its sole discretion, that such covered territory or covered territorial instrumentality, as applicable, has successfully reached a voluntary agreement with holders of its Bond Claims to restructure such Bond Claims—
(A)
except as provided in subparagraph (C), if an applicable Fiscal Plan has been certified, in a manner that provides for a sustainable level of debt for such covered territory or covered territorial instrumentality, as applicable, and is in conformance with the applicable certified Fiscal Plan;
(B)
except as provided in subparagraph (C), if an applicable Fiscal Plan has not yet been certified, in a manner that provides, in the Oversight Board’s sole discretion, for a sustainable level of debt for such covered territory or covered territorial instrumentality; or
(C)
notwithstanding subparagraphs (A) and (B), if an applicable Fiscal Plan has not yet been certified and the voluntary agreement is limited solely to an extension of applicable principal maturities and interest on Bonds issued by such covered territory or covered territorial instrumentality, as applicable, for a period of up to one year during which time no interest will be paid on the Bond Claims affected by the voluntary agreement.
(2)
Effectiveness
The effectiveness of any voluntary agreement referred to in paragraph (1) shall be conditioned on—
(A)
the Oversight Board delivering the certification described in paragraph (1); and
(B)
the agreement of a majority in amount of the Bond Claims of a covered territory or a covered territorial instrumentality that are to be affected by such agreement, provided, however, that such agreement is solely for purposes of serving as a Qualifying Modification pursuant to subsection 1
1
 So in original. Probably should be “section”.
2231(g) of this title and shall not alter existing legal rights of holders of Bond Claims against such covered territory or covered territorial instrumentality that have not assented to such agreement until an order approving the Qualifying Modification has been entered pursuant to section 2231(m)(1)(D) of this title.
(3)
Preexisting voluntary agreements
(j)
Restructuring filings
(1)
In general
(2)
Actions described
The actions referred to in paragraph (1) are—
(A)
the filing of a petition; or
(B)
the submission or modification of a plan of adjustment.
(3)
Condition for plans of adjustment
(k)
Civil actions to enforce powers
(l)
Penalties
(1)
Acts prohibited
(2)
Administrative discipline
(3)
Report by Governor on disciplinary actions taken
(m)
Electronic reporting
(n)
Administrative support services
(o)
Investigation of disclosure and selling practices
(p)
Findings of any investigation
(Pub. L. 114–187, title I, § 104, June 30, 2016, 130 Stat. 558.)
cite as: 48 USC 2124
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