Zaragoza to ask Board to put Treasury in receivership
October 19, 2016
Treasury Secretary Juan Zaragoza will ask the Financial Oversight and Management Board for Puerto Rico to place the agency he heads under receivership, to prevent anyone — including himself — from signing off on significant material transactions that could affect the government’s coffers.
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PRASA looks to staff, service PRASA Revitalization Corp.
October 19, 2016
The Puerto Rico Aqueduct and Sewer Authority’s (PRASA) board of directors on Tuesday authorized the creation of a Memorandum of Understanding to provide staff and services to the PRASA Revitalization Corp., formed recently to provide external financing to the cash-strapped water utility.
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Institute of Culture commits to full financial disclosure
October 17, 2016
The Puerto Rico Institute of Culture recently joined the Financial Transparency System with the goal of offering citizens a total breakdown of its investment in resources and operating expenses, beginning in Fiscal 2015.
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García-Padilla delivers documents to oversight board
September 30, 2016
Puerto Rico Gov. Alejandro García-Padilla announced Thursday he has turned over several documents detailing the island’s fiscal situation to the fiscal oversight board, a day ahead of the federally appointed body’s first meeting today.
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Scotiabank sues P.R. gov’t over loan repayment
September 29, 2016
Scotiabank Puerto Rico on Wednesday filed a complaint against the government of Puerto Rico to prevent the diversion and expropriation of certain tax revenue pledged as collateral to secure a loan the bank extended to the Metropolitan Bus Authority.
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PREPA to begin implementing $2.4B capital plan
September 28, 2016
The Puerto Rico Electric Power Authority (PREPA) announced Tuesday it will immediately proceed with the implementation of the Integrated Resource Plan, as modified by the Puerto Rico Energy Commission (PREC), which adopted key elements of its $2.4 billion capital investment plan.
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Treasury: Aug. revenue 1.9% above estimates at $550M
September 16, 2016
General Fund net revenues in August totaled $550 million, $10.3 million, or 1.9 percent, above estimates, Treasury Secretary Juan Zaragoza-Gómez said Thursday.
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Fiscal oversight board should hold 1st meeting next week
September 13, 2016
The seven-member Financial Oversight and Management Board for Puerto Rico is expected to meet sometime next week for the first time since being constituted by President Obama to address the island’s economic crisis, Richard Ravitch, who will represent the Commonwealth’s governor in the body, said Monday.
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USDA assigns $6.6M to P.R. for rural water, waste plans
September 13, 2016
The U.S. Department of Agriculture announced Monday the availability of $6.6 million for Puerto Rico water and waste infrastructure programs that will benefit several towns as well as the Roosevelt Roads Redevelopment Authority, which is getting the bulk of the assignment.
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Congressional Task Force extends deadline for input
September 7, 2016
Members of the bipartisan Congressional Task Force on Economic Growth in Puerto Rico announced an extension of the deadline for submissions from stakeholders interested in submitting ideas to identify reforms needed to grow the island’s economy to Oct. 14.
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Fiscal control board members met with general support
August 31, 2016
President Obama’s designation of seven members of the Puerto Rico Fiscal Oversight Board, made in consultation with Republican and Democratic leadership in Congress, was met with support on Capitol Hill and beyond.
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Obama announces 7 members of P.R. fiscal control board
August 31, 2016
President Barack Obama announced Wednesday the appointment of seven individuals to the Financial Oversight and Management Board for Puerto Rico, including former Commonwealth administration officials.
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Treasury reports 6.2% uptick in collections in July
August 16, 2016
The Puerto Rico Treasury Department said Monday General Fund net revenue collections for July, the first month of Fiscal 2017, totaled $665.1 million, a 6.2 percent, or $38.6 million, increase compared to July 2015, and $7.4 million above estimates.
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PREPA board extends AlixPartners’ contract for $6.7M
August 16, 2016
The Puerto Rico Electric Power Authority announced Monday the extension of the AlixPartners’ contract to continue the ongoing progress on the comprehensive transformation and debt restructuring of the utility through Dec. 15, 2016, for $6.7 million in fees.
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Gov’t to have new fiscal plan ready for oversight board
August 10, 2016
NEW YORK — Puerto Rico Gov. Alejandro García-Padilla confirmed Tuesday that his administration will have a new fiscal plan ready shortly after the federal fiscal oversight board is “appointed and operational.”
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