22 U.S.C. § 3714 — Borrowing authority

Page 1398 TITLE 22—FOREIGN RELATIONS AND INTERCOURSE § 3714 after the end of the fiscal year for which such authorizing legislation was last enacted, which- ever occurs first. Within 60 days after the end of any calendar quarter in which expenditures are made under this section, the Commission shall report such expenditures to the appropriate committees of the Congress. (Pub. L. 96–70, title I, § 1303, Sept. 27, 1979, 93 Stat. 478; Pub. L. 100–203, title V, § 5423(a), (b)(1), Dec. 22, 1987, 101 Stat. 1330–273; Pub. L. 104–106, div. C, title XXXV, § 3529(2), Feb. 10, 1996, 110 Stat. 642; Pub. L. 104–201, div. C, title XXXV, § 3548(b)(2), Sept. 23, 1996, 110 Stat. 2869.) Editorial Notes AMENDMENTS 1996—Pub. L. 104–201 substituted ‘‘section 3712(b)(1)’’ for ‘‘section 3712(c)(1)’’ in two places. Pub. L. 104–106 struck out ‘‘The authority of this sec- tion may not be used for administrative expenses.’’ after ‘‘capital projects.’’ 1987—Pub. L. 100–203 substituted ‘‘authority’’ for ‘‘Fund’’ in section catchline and amended text gen- erally. Prior to amendment, text read as follows: ‘‘(a) On October 1, 1979, the Secretary of the Treasury shall establish and thereafter shall maintain in the Treasury a fund to be known as the ‘Panama Canal Emergency Fund’. There are authorized to be appro- priated for deposit in such Fund (1) for the fiscal year beginning on October 1, 1979, $40,000,000, and (2) for any fiscal year beginning on or after October 1, 1980, such additional sums as may be specifically authorized by law for such fiscal year. ‘‘(b) The Commission may make withdrawals from the Panama Canal Emergency Fund by check in order to defray emergency expenses and to insure the contin- uous, efficient, and safe operation of the Panama Canal, if funds appropriated for the operation and maintenance of the Canal are insufficient for such pur- poses. Any withdrawal from such Fund to cover in- creased costs attributable to unprogrammed increases in traffic may not be made in amounts greater than the revenues from such increased traffic. Such Fund shall not be available for payments to Panama under Article XIII of the Panama Canal Treaty of 1977. Any with- drawal from such fund or expenditure made under this subsection shall be reported forthwith by the Commis- sion to the Congress and to the Office of Management and Budget.’’ Statutory Notes and Related Subsidiaries EFFECTIVE DATE OF 1987 AMENDMENT Amendment by Pub. L. 100–203 effective Jan. 1, 1988, see section 5429 of Pub. L. 100–203, set out as a note under section 3712 of this title. § 3714. Borrowing authority (a) Limitation on amount; issuance of notes and other obligations The Panama Canal Commission may borrow from the Treasury, for any of the purposes of the Commission, not more than $100,000,000 out- standing at any time. For this purpose, the Commission may issue to the Secretary of the Treasury its notes or other obligations— (1) which shall have maturities (of not later than December 31, 1999) agreed upon by the Commission and the Secretary of the Treas- ury, and (2) which may be redeemable at the option of the Commission before maturity. (b) Restrictions on use Amounts borrowed under this section shall not be available for payments to Panama under Ar- ticle XIII of the Panama Canal Treaty of 1977. (c) Effect on investment interest in Panama Canal Amounts borrowed under this section shall in- crease the investment of the United States in the Panama Canal, and repayment of such amounts shall decrease such investment. (d) Report to Congress The Commission shall report to the Congress and to the Office of Management and Budget on each exercise of borrowing authority under this section. (Pub. L. 96–70, title I, § 1304, as added Pub. L. 100–203, title V, § 5424(a), Dec. 22, 1987, 101 Stat. 1330–273.) Statutory Notes and Related Subsidiaries EFFECTIVE DATE Section effective Jan. 1, 1988, see section 5429 of Pub. L. 100–203, set out as an Effective Date of 1987 Amend- ment note under section 3712 of this title. § 3714a. Dissolution of Commission (a) Study and report (1) The Commission shall conduct a study of— (A) the costs associated with the dissolution of the Commission, including the composition, location, and costs of the office authorized to be established under subsection (b); and (B) costs and liabilities incurred or adminis- tered by the Commission that will not be paid before the date of that dissolution. (2) The Commission shall submit to the Con- gress, by not later than September 30, 1996, a re- port on the findings and conclusions of the study under this subsection. The report shall include an estimate of the period of time which may be required to close out the affairs of the Commis- sion after the termination of the Panama Canal Treaty of 1977. (b) Termination office The Commission shall during fiscal year 1998 establish an office to close out the affairs of the Commission that are still pending after the ter- mination of the Panama Canal Treaty of 1977. (c) Panama Canal Commission Dissolution Fund (1) There is established in the Treasury of the United States a fund to be known as the ‘‘Pan- ama Canal Commission Dissolution Fund’’ (hereinafter in this section referred to as the ‘‘Fund’’). The Fund shall be managed by the Commission until the termination of the Pan- ama Canal Treaty of 1977 and by the office es- tablished under subsection (b) thereafter. (2)(A) Subject to paragraph (5), the Fund shall be available after September 30, 1998, to pay— (i) the costs of operating the office estab- lished under subsection (b); and (ii) the costs and liabilities associated with dissolution of the Commission, including such costs incurred or identified after the termi- nation of the Panama Canal Treaty of 1977. (B) Payments from the Fund made during the period beginning on October 1, 1998, and ending