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22 U.S.C. § 3721 — Final evaluation of Fund; deficiency or surplus in Fund

Federal law — U.S. Code and appendices · legal_authorities

22 U.S.C. § 3721 — Final evaluation of Fund; deficiency or surplus in Fund

**(a) Final evaluation of Fund** By March 31, 1998, the Secretary of Labor shall, on the basis of an actuarial study conducted by experts or consultants whose services are procured by the Secretary of Labor by contract, make a final determination of the amounts estimated to be necessary to meet expenditures for workers’ compensation benefits and other payments described in [section 3715a(a) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title22-section3715a/a&num=0&edition=prelim), as calculated in accordance with the second sentence of [section 3715a(b) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title22-section3715a/b&num=0&edition=prelim). Amounts in the Fund shall be used to pay for the final determination under this subsection. **(b) Deficiency or surplus in Fund** If amounts in the Fund are not sufficient to meet expenditures as determined by the Secretary of Labor under subsection (a) for workers’ compensation benefits and other payments described in [section 3715a(a) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title22-section3715a/a&num=0&edition=prelim), then amounts in the Panama Canal Revolving Fund not otherwise obligated shall be transferred to the Fund to make up the deficiency. Any amounts remaining in the Fund in excess of the final determination amount as described in subsection (a) shall be transferred to the Panama Canal Revolving Fund, and may be used to satisfy lawful obligations of the Revolving Fund arising on or before December 31, 1999. **(c) Continuity of Fund** (1) Amounts in the Fund (including amounts transferred as a result of the final determination made under subsection (a)) shall be maintained by the Secretary of the Treasury, shall be made av

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Source file: Laws/federal/codes/united-states-code/title-22/section-3721-final-evaluation-of-fund-deficiency-or-surplus-in-fund--1c97766105.md
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Source location: Title 22, Chapter 51, § 3721; chapter-051-panama-canal.md

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Federal law — U.S. Code and appendices · legal_authorities

22 U.S.C. § 3612 — Definitions

**(a) References to Panama Canal Treaty of 1977 and related agreements** For purposes of this chapter— (1) references to the Panama Canal Treaty of 1977 refer to the Panama Canal Treaty between the United States of America and the Republic of Panama, signed September 7, 1977; and (2) references to the Panama Canal Treaty of 1977 and related agreements refer to the Panama Canal Treaty of 1977, the agreements relating to and implementing that Treaty, signed September 7, 1977, and the Agreement Between the United States of America and the Republic of Panama Concerning Air Traffic Control and Related Services, concluded January 8, 1979. **(b) Definitions** Subject to the provisions of subsection (c) of this section, for purposes of applying laws of the United States and regulations issued pursuant to such laws with respect to transactions, occurrences, or status on or after October 1, 1979— (1) “Canal Zone” shall be deemed to refer to the areas and installations in the Republic of Panama made available to the United States pursuant to the Panama Canal Treaty of 1977 and related agreements; (2) “Canal Zone waters” and “waters of the Canal Zone” shall be deemed to refer to “Panama Canal waters” and “waters of the Panama Canal”, respectively; (3) “Government of the Canal Zone” or “Canal Zone Government” shall be deemed to refer to the United States of America; (4) “Governor of the Canal Zone” or “Governor”, wherever the reference is to the Governor of the Canal Zone, shall be deemed to refer to the Panama Canal Commission; and (5) “Panama Canal Company” or “Company”, wherever the reference is to the Panama Canal Company, shall be deemed to refer to the Panama Canal Commission. **(c) Applicability of subsection (b)** Any reference set forth in subsection (b) of this se

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Federal law — U.S. Code and appendices · legal_authorities

22 U.S.C. § 3715b — Establishment of Compensation Fund

There is established in the Treasury of the United States the Panama Canal Commission Compensation Fund (hereafter in this Act referred to as the “Fund”).

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Federal law — U.S. Code and appendices · legal_authorities

22 U.S.C. § 3741 — Audits

**(a) Financial transactions of Commission; access to books, accounts, etc.** Notwithstanding any other provision of law, and subject to subsection (c), financial transactions of the Commission shall be audited by the Comptroller General of the United States (hereinafter in this chapter referred to as the “Comptroller General”). In conducting any such audit, the appropriate representatives of the Comptroller General shall have access to all books, accounts, financial records, reports, files, and other papers, items, or property in use by the Commission and necessary to facilitate such audit, and such representatives shall be afforded full facilities for verifying transactions with the balances or securities held by depositories, fiscal agents, and custodians. Any such audit shall first be conducted with respect to the fiscal year in which this chapter becomes effective. An audit performed under this section is subject to the requirements of paragraphs (2), (3), and (5) of [section 9105(a) of title 31](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title31-section9105/a&num=0&edition=prelim). **(b) Omitted** **(c) Independent auditors** At the discretion of the Board provided for in [section 3612 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title22-section3612&num=0&edition=prelim), the Commission may hire independent auditors to perform, in lieu of the Comptroller General, the audit and reporting functions prescribed in subsections (a) and (b). **(d) Examination and report on Commission’s financial forecast** In addition to auditing the financial statements of the Commission, the Comptroller General (or the independent auditor if one is employed pursuant to subsection (c)) shall, in accordance with standards for an examina

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Federal law — U.S. Code and appendices · legal_authorities

22 U.S.C. § 3753 — Payments to Republic of Panama

**(a) Payments required under Panama Canal Treaty; annual audit** The Commission shall pay to the Republic of Panama those payments required under paragraph 5 of Article III and paragraph 4 of Article XIII of the Panama Canal Treaty of 1977. Payments made under paragraph 5 of Article III of such Treaty shall be audited annually by the Comptroller General and any overpayment, as determined in accordance with Understanding (1) incorporated in the Resolution of Ratification of the Panama Canal Treaty (adopted by the United States Senate on April 18, 1978), for the services described in that paragraph which are provided shall be refunded by the Republic of Panama or set off against amounts payable by the United States to the Republic of Panama under paragraph 5 of Article III of the Panama Canal Treaty of 1977. **(b) Excess operating revenues** In determining whether operating revenues exceed expenditures for the purpose of payments to the Republic of Panama under paragraph 4(c) of Article XIII of the Panama Canal Treaty of 1977, such operating revenues in a fiscal period shall be reduced by (1) all costs of such period as shown by the accounts established pursuant to [section 3721 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title22-section3721&num=0&edition=prelim), and (2) the cumulative sum from prior years (beginning with the year in which the Panama Canal Treaty of 1977 enters into force) of any excess of costs of the Panama Canal Commission over operating revenues. **(c) Retroactive taxation** The President shall not accede to any interpretation of paragraph 1 of Article IX of the Panama Canal Treaty of 1977 which would permit the Republic of Panama to tax retroactively organizations and businesses operating, and citizens of the Unite

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Federal law — U.S. Code and appendices · legal_authorities

22 U.S.C. § 3721 — Accounting policies

Page 1401 TITLE 22—FOREIGN RELATIONS AND INTERCOURSE § 3723 1990—Pub. L. 101–510, § 3507(1), struck out ‘‘Upon the termination of the Panama Canal Commission:’’ before subsec. (a). Subsec. (a). Pub. L. 101–510, § 3507(2), substituted ‘‘Upon the termination of the Panama Canal Commis- sion, the Secretary of Labor’’ for ‘‘The Secretary of Labor’’ and struck out at end ‘‘The Secretary of the Treasury shall, in accordance with such final deter- mination, transfer from the Fund to the Employee Compensation Fund amounts sufficient to meet ex- penditures for workers compensation benefits and other payments described in section 3715a(a) of this title.’’ Subsec. (b). Pub. L. 101–510, § 3507(3), inserted ‘‘under subsection (a)’’ after ‘‘Secretary of Labor’’ and struck out ‘‘Employees Compensation’’ before ‘‘Fund to make up’’. Subsec. (c). Pub. L. 101–510, § 3507(4), added subsec. (c). Statutory Notes and Related Subsidiaries EFFECTIVE DATE Section effective Oct. 1, 1988, see section 10 of Pub. L. 100–705, set out as an Effective Date of 1988 Amendment note under section 3612 of this title. § 3715d. Continuation of benefits The provisions of chapter 81 of title 5 shall, on or after October 1, 1988, continue to be the exclu- sive remedy, in accordance with section 8116 of such title, for the disability or death of any em- ployee of the Panama Canal Commission, or any of its predecessor agencies, who is covered under such chapter, resulting from injuries sustained while in the performance of the employee’s duty. The rights of any such employee for work- ers’ compensation benefits shall be based only on the provisions of that chapter. (Pub. L. 100–705, § 6, Nov. 19, 1988, 102 Stat. 4686.) Editorial Notes CODIFICATION Section was enacted as part of the Pana

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