[Congressional Record Volume 162, Number 104 (Tuesday, June 28, 2016)]
[Senate]
[Pages S4666-S4667]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]

  SA 4901. Mr. MENENDEZ (for himself and Mr. Booker) submitted an 
amendment intended to be proposed by him to the bill S. 2328, to 
reauthorize and amend the National Sea Grant College Program Act, and 
for other purposes; which was ordered to lie on the table; as follows:

       Beginning on page 37, strike line 16 and all that follows 
     through page 43, line 12, and insert the following:

     SEC. 201. DEVELOPMENT AND APPROVAL OF FISCAL PLANS.

       (a) In General.--Not later than the date that is 60 days 
     before the date on which the Governor of an applicable 
     covered territory is required under applicable law to submit 
     to the legislature of the applicable covered territory a 
     proposed budget for the upcoming fiscal year, the Governor, 
     in consultation with the Chief Financial Officer, shall 
     develop and submit to the Board and applicable territorial 
     government a Fiscal Plan for the applicable territorial 
     government in accordance with this section.
       (b) Initial Fiscal Plan.--The Governor of an applicable 
     covered territory in consultation with the Chief Financial 
     Officer shall develop an initial Fiscal Plan in accordance 
     with subsection (a) within 90 days of the Governor of the 
     applicable covered territory signing a resolution adopted by 
     the legislature of the territory to request the establishment 
     of a Fiscal Stability and Reform Board under this subtitle, 
     or not later than the date that is 60 days before the date on 
     which the Governor of the applicable covered territory is 
     required under applicable law to submit to the legislature of 
     the applicable covered territory a proposed budget for the 
     upcoming fiscal year, whichever comes chronologically first.
       (c) Requirements.--
       (1) In general.--A Fiscal Plan shall, to the maximum extent 
     practicable, with respect to the applicable territorial 
     government--
       (A) provide for estimates of revenues and expenditures in 
     accordance with modified accrual accounting standards and 
     based on--
       (i) applicable laws; or
       (ii) specific laws that require enactment in order to 
     reasonably achieve the projections of the Fiscal Plan;
       (B) ensure the funding of essential public services;
       (C) provide full funding to cover all existing public 
     pension obligations;
       (D) provide for the elimination of budget gaps in 
     financing;
       (E) provide for a reduction in the debt burden to a level 
     that is sustainable;
       (F) improve fiscal governance;
       (G) enable the achievement of fiscal targets;
       (H) create independent forecasts of revenue for the period 
     covered by the Fiscal Plan; and
       (I) not impede investments to promote sustained economic 
     growth.
       (2) Term.--A Fiscal Plan shall be in effect for a period of 
     not less than 5 years.
       (3) Transparency.--A Fiscal Plan shall be made publicly 
     available no less than 15 days after final approval as 
     specified within subsection (d).
       (d) Approval by Board.--
       (1) Requirement.--The Governor of a covered territory shall 
     not submit to the legislature of the applicable covered 
     territory an annual budget for a fiscal year unless the 
     Fiscal Plan has been approved for that fiscal year in 
     accordance with this subsection.
       (2) Approval.--Not later than the date that is 15 days 
     after the date on which the Governor submits a Fiscal Plan to 
     the Board under subsection (a), the Board shall--
       (A) certify the Fiscal Plan; or
       (B) fail to certify the Fiscal Plan and provide to the 
     Governor recommendations for revisions to the Fiscal Plan.
       (3) Revised fiscal plan.--
       (A) In general.--Not later than the date that is 15 days 
     after the date on which the Board submits recommendations to 
     the Governor under paragraph (2)(B), the Governor shall 
     submit to the Board a revised Fiscal Plan.
       (B) Approval; disapproval.--Not later than the date that is 
     7 days after the date on

[[Page S4667]]

     which the Governor submits to the Board a revised Fiscal Plan 
     under subparagraph (A), the Board shall--
       (i) certify the revised Fiscal Plan; or
       (ii) disapprove the revised Fiscal Plan.
       (4) Development by board.--If the Governor of a covered 
     territory fails to submit to the Board a revised Fiscal Plan 
     on or before the date specified in paragraph (3)(A), the 
     Board shall develop and submit to the Governor a final 
     revised Fiscal Plan not later than the date that is 22 days 
     after the date on which recommendations are provided to the 
     Governor under paragraph (2)(B).
                                 ______