[Congressional Record Volume 162, Number 104 (Tuesday, June 28, 2016)]
[Senate]
[Page S4668]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]

  SA 4910. Mr. MENENDEZ 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:

       Strike section 209 and insert the following:

     SEC. 209. TERMINATION OF BOARD.

       A Board shall terminate on certification by the Board 
     that--
       (1) the Board has been in operation for not less than 3 
     years and the applicable territorial government has adequate 
     access, on an unsecured basis, to short-term and long-term 
     credit markets at reasonable interest rates to meet the 
     borrowing needs of the territorial government using a 
     compliant budget; or
       (2) for not less than 3 consecutive fiscal years prior to 
     the certification, the expenditures made by the applicable 
     territorial government for each fiscal year did not exceed 
     the revenues of the territorial government during that fiscal 
     year, using a compliant budget.
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