§ 2141 Approval of Fiscal Plans
§ 2142 Approval of Budgets
§ 2143 Effect of finding of noncompliance with Budget
§ 2144 Review of activities to ensure compliance with Fiscal Plan
§ 2145 Recommendations on financial stability and management responsibility
§ 2146 Oversight Board duties related to restructuring
§ 2147 Oversight Board authority related to debt issuance
§ 2148 Required reports
§ 2149 Termination of Oversight Board
§ 2150 No full faith and credit of the United States
§ 2151 Analysis of pensions
§ 2152 Intervention in litigation

Terms Used In U.S. Code > Title 48 > Chapter 20 > Subchapter II - Responsibilities of Oversight Board

  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • Contract: A legal written agreement that becomes binding when signed.
  • Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
  • Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
  • Injunction: An order of the court prohibiting (or compelling) the performance of a specific act to prevent irreparable damage or injury.
  • Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
  • Litigation: A case, controversy, or lawsuit. Participants (plaintiffs and defendants) in lawsuits are called litigants.
  • Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
  • officer: includes any person authorized by law to perform the duties of the office. See 1 USC 1
  • Oversight: Committee review of the activities of a Federal agency or program.
  • Rescission: The cancellation of budget authority previously provided by Congress. The Impoundment Control Act of 1974 specifies that the President may propose to Congress that funds be rescinded. If both Houses have not approved a rescission proposal (by passing legislation) within 45 days of continuous session, any funds being withheld must be made available for obligation.
  • Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.