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”.
Territorial Relief Under Sustainable Transitions for Puerto Rico Act of 2023
A BILL
To modify the conditions for the termination of an oversight board, and for other purposes.
Sec. 2 Modification to conditions for termination
In general— Section 209 of the Puerto Rico Oversight, Management, and Economic Stability Act (48 U.S.C. 2149) is amended—
in the matter preceding paragraph (1), by striking “upon” and inserting “not later than 90 days after”;
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”;
by striking “(1) the applicable” and all that follows through “(2) for at least 4” and inserting “for at least 2”; and
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.
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.
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—
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
a copy of all such records of the Oversight Board shall be transmitted to Congress.