Puerto Rico Oversight Board to consider revising fiscal plans

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The Puerto Rico Oversight Board, in its first meeting since Hurricane Maria devastated the island, will discuss revising its fiscal plans for the commonwealth and and other island government bond issuers in San Juan on Tuesday.

The board also plans to discuss the Puerto Rico government’s financial and liquidity statuses and the board’s appointment of Noel Zamot as chief transformation officer of the Puerto Rico Electric Power Authority.

The public meeting is scheduled for 8:30 a.m. A.S.T. and E.S.T. at the Puerto Rico College of Engineers and Purveyors, 500 Antolín Nin St., Urbanización Roosevelt, San Juan. The meeting will be streamed live on the board’s website in both English and Spanish, www.oversightboard.pr.gov.

Following the requirements of the Puerto Rico Oversight, Management, and Economic Stability Act, which set up the board, the board has approved the ten year fiscal plan for the government in mid-March. It has since approved 10-year plans for most of the government’s semi-autonomous bodies.

On Oct. 11 the board sent a letter to 11 U.S. Senators indicating that Puerto Rico government’s fiscal plan would have to be adjusted because of the effects of Hurricanes Irma and Maria.

The board’s discussion of Zamot may deal with its struggle with Gov. Ricardo Rosselló and PREPA over its appointment of Zamot, which it announced on Oct. 25. Rosselló and, according to Caribbean Business, the PREPA board of directors, have rejected Zamot and the board’s authority to appoint him.

The board filed papers on Friday in Puerto Rico’s Federal District Court asking the judge in PREPA’s Title III bankruptcy case to appoint Zamot.

Also on Tuesday the board plans to discuss Kobre & Kim LLP’s debt investigation. Following PROMESA, the board hired Kobre & Kim on Sept. 1. On Monday the board posted the firm’s “first interim report.” Kobre & Kim said it planned to submit its final report around March 20, 2018.

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PROMESA Commonwealth of Puerto Rico Puerto Rico Industrial Development Co Puerto Rico Employees Retirement System Puerto Rico Infrastructure Financial Authority Puerto Rico Public Finance Corporation Puerto Rico Highway & Transportation Authority Puerto Rico Public Buildings Authority Puerto Rico Aqueduct & Sewer Authority University of Puerto Rico Puerto Rico Electric Power Authority Puerto Rico