22 U.S.C. § 3715c — Final evaluation of Fund; deficiency or

Page 1400 TITLE 22—FOREIGN RELATIONS AND INTERCOURSE § 3715b ficient to defray the estimated total cost of li- ability for the workers’ compensation benefits and other payments payable under chapter 81 of title 5 for the disability or death of employees of the Panama Canal Commission or any of its predecessor agencies on account of injuries sus- tained on or before December 31, 1999, except for those claims arising before, on, or after October 1, 1988, for which the Secretary of Labor has as- sumed fiscal responsibility. (b) Calculation of amounts to be deposited The amounts deposited under subsection (a) shall be based upon periodic actuarial studies conducted by experts or consultants whose serv- ices are procured by the Panama Canal Commis- sion by contract. The amounts of such deposits shall take into consideration interest earnings in accordance with subsection (c) of this section and expected cost of living adjustments as pro- vided in section 8146a of title 5, but not amounts payable by the Commission for continuation of pay pursuant to section 8118 of such title. (c) Investment of amounts in Fund The Secretary of the Treasury, upon the re- quest of the Secretary of Labor, shall invest moneys in the Fund in public debt securities which shall bear interest at rates determined by the Secretary of the Treasury, taking into con- sideration the current average market yield on outstanding marketable obligations of the United States of comparable maturity. Such in- terest shall be credited to and form a part of the Fund. (Pub. L. 100–705, § 3, Nov. 19, 1988, 102 Stat. 4685.) Editorial Notes CODIFICATION Section was enacted as part of the Panama Canal Commission Compensation Fund Act of 1988, and not as part of the Panama Canal Act of 1979 which comprises this chapter. 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. § 3715b. Transfers from Fund for compensation benefits The Secretary of the Treasury shall, upon re- quest of the Secretary of Labor, transfer funds from the Fund to the Employees’ Compensation Fund to reimburse the Employees’ Compensa- tion Fund for the total cost of workers’ com- pensation benefits and other payments described in section 3715a(a) of this title that are provided on or after October 1, 1988. (Pub. L. 100–705, § 4, Nov. 19, 1988, 102 Stat. 4685.) Editorial Notes CODIFICATION Section was enacted as part of the Panama Canal Commission Compensation Fund Act of 1988, and not as part of the Panama Canal Act of 1979 which comprises this chapter. 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. § 3715c. 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 con- ducted by experts or consultants whose services are procured by the Secretary of Labor by con- tract, make a final determination of the amounts estimated to be necessary to meet ex- penditures for workers’ compensation benefits and other payments described in section 3715a(a) of this title, as calculated in accordance with the second sentence of section 3715a(b) of this title. Amounts in the Fund shall be used to pay for the final determination under this sub- section. (b) Deficiency or surplus in Fund If amounts in the Fund are not sufficient to meet expenditures as determined by the Sec- retary of Labor under subsection (a) for workers’ compensation benefits and other payments de- scribed in section 3715a(a) of this title, 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 sub- section (a) shall be transferred to the Panama Canal Revolving Fund, and may be used to sat- isfy 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 determina- tion made under subsection (a)) shall be main- tained by the Secretary of the Treasury, shall be made available for transfer to the Employees’ Compensation Fund in such amounts as are re- quested by the Secretary of Labor pursuant to section 3715b of this title, and may be discon- tinued only in accordance with paragraph (2). (2) At such time as the Secretary of Labor cer- tifies that no further liability exists for workers compensation benefits or other payments de- scribed in section 3715a(a) of this title, the Sec- retary of the Treasury may discontinue the Fund in the manner provided by law. (Pub. L. 100–705, § 5, Nov. 19, 1988, 102 Stat. 4686; Pub. L. 101–510, div. C, title XXXV, § 3507, Nov. 5, 1990, 104 Stat. 1847; Pub. L. 105–85, div. C, title XXXV, § 3545, Nov. 18, 1997, 111 Stat. 2072.) Editorial Notes CODIFICATION Section was enacted as part of the Panama Canal Commission Compensation Fund Act of 1988, and not as part of the Panama Canal Act of 1979 which comprises this chapter. AMENDMENTS 1997—Subsec. (a). Pub. L. 105–85 substituted ‘‘By March 31, 1998’’ for ‘‘Upon the termination of the Pan- ama Canal Commission’’. 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 Panama Canal Commission Compensation Fund Act of 1988, and not as part of the Panama Canal Act of 1979 which comprises this chapter. 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. SUBPART II—ACCOUNTING POLICIES AND AUDITS § 3721. Accounting policies (a) Establishment and maintenance of accounts; specifications The Commission shall establish and maintain its accounts pursuant to chapter 91 of title 31 and the provisions of this part. Such accounts shall specify all revenues received by the Com- mission, including tolls for the use of the Pan- ama Canal, expenditures for capital replace- ment, expansion, and improvement, and all costs of maintenance and operation of the Pan- ama Canal and of its complementary works, in- stallations, and equipment, including deprecia- tion, payments to the Republic of Panama under the Panama Canal Treaty of 1977, and interest on the investment of the United States cal- culated in accordance with section 3793 of this title. (b) Regulations establishing the basis of account- ing for assets The Commission may issue regulations estab- lishing the basis of accounting for the assets which are made available for the use of the Com- mission. Such regulations may provide for de- preciation of the net replacement value of the assets which will ultimately require replace- ment to maintain the service capacity of the Panama Canal. Such regulations may also pro- vide that depreciation of such assets be recorded ratably over their service lives. (Pub. L. 96–70, title I, § 1311, Sept. 27, 1979, 93 Stat. 479; Pub. L. 104–201, div. C, title XXXV, § 3541(a), Sept. 23, 1996, 110 Stat. 2866.) Editorial Notes AMENDMENTS 1996—Subsec. (a). Pub. L. 104–201 substituted ‘‘chapter 91 of title 31’’ for ‘‘the Accounting and Auditing Act of 1950 (31 U.S.C. 65 et seq.)’’. § 3722. Repealed. Pub. L. 104–66, title II, § 2201(a), Dec. 21, 1995, 109 Stat. 732 Section, Pub. L. 96–70, title I, § 1312, Sept. 27, 1979, 93 Stat. 479, related to annual reports to President and Congress. § 3723. Audits (a) Financial transactions of Commission; access to books, accounts, etc. Notwithstanding any other provision of law, and subject to subsection (c), financial trans- actions 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. (b) Omitted (c) Independent auditors At the discretion of the Board provided for in section 3612 of this title, the Commission may hire independent auditors to perform, in lieu of the Comptroller General, the audit and report- ing functions prescribed in subsections (a) and (b). (d) Examination and report on Commission’s fi- nancial forecast In addition to auditing the financial state- ments of the Commission, the Comptroller Gen- eral (or the independent auditor if one is em- ployed pursuant to subsection (c)) shall, in ac- cordance with standards for an examination of a financial forecast established by the American