; or (B) to a municipality that is insolvent. II Designation of Economic Freedom Zones (EFZ) 201. Eligibility requirements for Economic Freedom Zone status (a) Designation of municipalities as Economic Freedom Zones (1) In general An eligible entity that is a municipality may be designated by the Secretary as an Economic Freedom Zone if the municipality— (A) meets the requirements under section 109(c) of title 11, United States Code; (B) is at risk of insolvency, as determined under paragraph (2); (C) has been subject to receivership by the State within the last 3 years; (D) has been a debtor under chapter 9 of title 11, United States Code, within the last 3 years; (E) has been subject to a financial advisory board, emergency manager, or similar entity that— (i) has arisen from the legislative or executive authority of the State; and (ii) exercises significant financial control over the finances of the entity within the last 3 years; or (F) is in receivership or is being overseen by the Federal Government. (2) At risk of insolvency A municipality is at risk of insolvency if— (A) an independent actuarial firm that has been engaged by the municipality and that does not have a conflict of interest with the municipality, including any previous relationship with the municipality, as determined by the Secretary— (i) determines that the municipality is insolvent (as defined in section 101(a)(4) of title 11, United States Code); and (ii) submits its analysis regarding the insolvency of the municipality to the Secretary; and (B) the Secretary has reviewed and approved the determination of insolvency by the actuarial firm. (b) Designation of counties, cities, and zip codes as Economic Freedom Zones (1) In general An eligible entity may be designated by the Secretary as an Economic Freedom Zone if the eligible entity— (A) is a county or city that— (i) is located in a non-metropolitan statistical area (as defined by the Director of the Office of Management and Budget); and (ii) meets the requirements under paragraph (2)