S.Amdt. 4924

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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