[Congressional Bills 118th Congress]
[From the U.S. Government Publishing Office]
[H.R. 4947 Introduced in House (IH)]

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118th CONGRESS
  1st Session
                                H. R. 4947

To modify the conditions for the termination of an oversight board, and 
                          for other purposes.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             July 26, 2023

     Mr. Torres of New York (for himself, Mrs. Gonzalez-Colon, Ms. 
     Velazquez, Mr. Soto, Ms. Ocasio-Cortez, Mr. Grijalva, and Mr. 
  Espaillat) introduced the following bill; which was referred to the 
                     Committee on Natural Resources

_______________________________________________________________________

                                 A BILL


 
To modify the conditions for the termination of an oversight board, and 
                          for other purposes.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Territorial Relief Under Sustainable 
Transitions for Puerto Rico Act of 2023'' or the ``TRUST for Puerto 
Rico Act of 2023''.

SEC. 2. MODIFICATION TO CONDITIONS FOR TERMINATION.

    (a) In General.--Section 209 of the Puerto Rico Oversight, 
Management, and Economic Stability Act (48 U.S.C. 2149) is amended--
            (1) in the matter preceding paragraph (1), by striking 
        ``upon'' and inserting ``not later than 90 days after'';
            (2) in subparagraph (B) of paragraph (2), by inserting 
        ``and without regard to whether the applicable Budget provides 
        for the payment of debt service'' after ``standards'';
            (3) by striking ``(1) the applicable'' and all that follows 
        through ``(2) for at least 4'' and inserting ``for at least 
        2''; and
            (4) by redesignating subparagraphs (A) and (B) as 
        paragraphs (1) and (2), respectively, and moving each such 
        paragraph, as so redesignated, 2 ems to the left.
    (b) Effective Date.--Each amendment made by subsection (a) shall 
take effect and apply as if enacted as part of the Puerto Rico 
Oversight, Management, and Economic Stability Act.
    (c) Transfer of Functions.--Upon a certification of an Oversight 
Board under section 209 of the Puerto Rico Oversight, Management, and 
Economic Stability Act (48 U.S.C. 2149), as amended by subsection (a), 
with respect to termination, and upon the adoption of a resolution by 
the legislature of a territory and signed by that territory's governor 
setting forth the manner in which such termination shall be 
implemented--
            (1) all property, funds, assets, and records of the 
        Oversight Board shall be transferred to the territorial 
        government in accordance with the transition provisions 
        established by such adopted resolution; and
            (2) a copy of all such records of the Oversight Board shall 
        be transmitted to Congress.
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