The legislation Gov. Pedro Pierluisi signed late Tuesday is sufficient to issue new bonds, the board said, which was integral to getting the island out of its $33 billion bankruptcy.
It is unclear if the Oversight Board will accept the law and how much it differs from Board-endorsed legislation that failed last week in the legislature.
Lawmakers say they will support legislation backing the Plan of Adjustment, which has been a major hurdle for completion of the debt restructuring plan.