[Congressional Record Volume 162, Number 104 (Tuesday, June 28, 2016)]
[Senate]
[Page S4678]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]

  SA 4924. Mr. CASSIDY 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 302 and insert the following:

     SEC. 302. WHO MAY BE A DEBTOR.

       An entity may be a debtor under this title if--
       (1) the entity is--
       (A) a territory that has requested the establishment of an 
     Oversight Board or has had an Oversight Board established for 
     it by the United States Congress in accordance with section 
     101 of this Act; or
       (B) a covered territorial instrumentality of a territory 
     described in paragraph (1)(A);
       (2) the Oversight Board has issued a certification under 
     section 206(b) of this Act for such entity;
       (3) the entity desires to effect a plan to adjust its 
     debts; and
       (4) the entity is insolvent, as determined before giving 
     effect to any voluntarily or involuntarily created 
     acceleration of debt or any clawback of revenues transferred 
     from or allocated to that entity by the central government of 
     the Territory.
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