22 U.S.C. § 3793 — Interest on investments

Page 1412 TITLE 22—FOREIGN RELATIONS AND INTERCOURSE § 3793 1 So in original. pursuant to paragraph 4(c) of Article XIII of the Panama Canal Treaty of 1977. (c) Payment of tolls by vessels of United States Vessels operated by the United States, includ- ing vessels of war and auxiliary vessels, and ocean-going training ships owned by the United States and operated by State nautical schools, shall pay tolls. (d) Levy of tolls The levy of tolls is subject to the provisions of section 1 of Article III of the treaty between the United States of America and Great Britain signed November 18, 1901, of Article I of the trea- ty between the United States of America and the Republic of Colombia signed April 6, 1914, and of Articles II, III, and VI of the Treaty Con- cerning Permanent Neutrality and Operation of the Panama Canal, between the United States of America and the Republic of Panama, signed September 7, 1977. (Pub. L. 96–70, title I, § 1602, Sept. 27, 1979, 93 Stat. 489; Pub. L. 100–203, title V, § 5427, Dec. 22, 1987, 101 Stat. 1330–274; Pub. L. 102–484, div. C, title XXXV, §§ 3513, 3521(b)(2), Oct. 23, 1992, 106 Stat. 2655, 2657; Pub. L. 105–85, div. C, title XXXV, § 3544, Nov. 18, 1997, 111 Stat. 2072.) Editorial Notes AMENDMENTS 1997—Subsec. (a). Pub. L. 105–85 substituted ‘‘and sup- ply ships’’ for ‘‘supply ships, and yachts’’ and inserted at end ‘‘Tolls for small vessels (including yachts), as defined by the Commission, may be set at rates deter- mined by the Commission without regard to the pre- ceding provisions of this subsection.’’ 1992—Subsec. (a). Pub. L. 102–484, § 3513, inserted ‘‘, or its equivalent,’’ after ‘‘earning capacity’’. Subsec. (b). Pub. L. 102–484, § 3521(b)(2), substituted ‘‘Panama Canal (including costs authorized to be paid from the Panama Canal Dissolution Fund under section 3714a(c) of this title)’’ for ‘‘Panama Canal’’. 1987—Subsec. (b). Pub. L. 100–203 inserted ‘‘working capital,’’ after ‘‘depreciation,’’. 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. § 3793. Interest on investments (a) Calculation of interest For purposes of sections 3721 and 3792 of this title, interest shall be computed, at a rate deter- mined by the Secretary of the Treasury, on the investment of the United States in the Panama Canal as shown in the accounts of the Panama Canal Company at the close of business on the day preceding October 1, 1979, and as adjusted in accordance with subsections (b) and (c) of this section. Capital investment for interest pur- poses shall not include any interest during con- struction. (b) Increases and decreases in investment of United States The investment of the United States described in subsection (a) of this section— (1) shall be increased by— (A) the amount of expenditures from the Panama Canal Revolving Fund,,1 and (B) the value of property transferred to the Commission by any other department or agency of the United States, as determined in accordance with subsection (c) of this sec- tion; and (2) shall be decreased by— (A) the amount of the funds deposited in the Panama Canal Revolving Fund, (B) the value of property transferred to the Republic of Panama pursuant to this chapter or any other Act on or after October 1, 1979, and (C) the value of property transferred by the Commission to any other department or agency of the United States. (c) Value of property transferred to Commission The value of property transferred to the Com- mission by any other department or agency of the United States shall be determined by the Di- rector of the Office of Management and Budget. In computing such value, such Director shall give due consideration to the cost and probable earning power of the transferred property, or the usable value to the Commission if clearly less than cost, and shall make adequate provisions for depreciation, obsolescence, and other deter- minable decreases in value. Insofar as prac- ticable, the value of such transferred property shall exclude any portion of such value properly allocable to national defense. (d) Payment and deposit of interest The Panama Canal Commission shall pay to the Treasury of the United States interest on the investment of the United States, as deter- mined under this section. Such interest shall be deposited in the general fund of the Treasury. (Pub. L. 96–70, title I, § 1603, Sept. 27, 1979, 93 Stat. 490; Pub. L. 99–195, § 1(b), Dec. 23, 1985, 99 Stat. 1349; Pub. L. 100–203, title V, § 5425(a), Dec. 22, 1987, 101 Stat. 1330–274.) Editorial Notes REFERENCES IN TEXT This chapter, referred to in subsec. (b)(2)(B), was in the original ‘‘this Act’’, meaning Pub. L. 96–70, Sept. 27, 1979, 93 Stat. 452, known as the Panama Canal Act of 1979, which is classified principally to this chapter. For complete classification of this Act to the Code, see Short Title note set out under section 3601 of this title and Tables. AMENDMENTS 1987—Subsec. (b)(1)(A). Pub. L. 100–203, § 5425(a)(1), substituted ‘‘the Panama Canal Revolving Fund,’’ for ‘‘appropriations to the Commission made on or after October 1, 1979’’. Subsec. (b)(2)(A). Pub. L. 100–203, § 5425(a)(2), sub- stituted ‘‘deposited in the Panama Canal Revolving Fund’’ for ‘‘covered into the Panama Canal Commission Fund pursuant to section 3712 of this title’’. Subsec. (d). Pub. L. 100–203, § 5425(a)(3), added subsec. (d). 1985—Subsec. (b)(2)(A). Pub. L. 99–195 substituted ‘‘Panama Canal Commission Fund’’ for ‘‘Treasury’’. Page 1413 TITLE 22—FOREIGN RELATIONS AND INTERCOURSE § 3795 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. EFFECTIVE DATE OF 1985 AMENDMENT Amendment by Pub. L. 99–195 applicable only to tolls and other receipts of the Commission deposited in the Treasury on or after Dec. 23, 1985, see section 2 of Pub. L. 99–195, set out as a note under section 3712 of this title. § 3794. Procedures (a) Publication of notice of proposed changes in rules of measurement and rates of tolls in Federal Register; participation by interested parties; availability of analysis The Commission shall publish in the Federal Register notice of any proposed change in the rules of measurement or rates of tolls referred to in section 3791 of this title. The Commission shall give interested parties an opportunity to participate in the proceedings through submis- sion of written data, views, or arguments, and participation in a public hearing to be held not less than 30 days after the date of publication of the notice. The notice shall include the sub- stance of the proposed change and a statement of the time, place, and nature of the pro- ceedings. At the time of publication of such no- tice, the Commission shall make available to the public an analysis showing the basis and jus- tification for the proposed change, which, in the case of a change in rates of tolls, shall indicate the conformity of the existing and proposed rates of tolls with the requirements of section 3792 of this title, and the Commission’s adher- ence to the requirement for full consideration of the following factors set forth in Understanding (1) incorporated in the Resolution of Ratifica- tion of the Treaty Concerning the Permanent Neutrality and Operation of the Panama Canal (adopted by the United States Senate on March 16, 1978): (1) the costs of operating and maintaining the Panama Canal; (2) the competitive position of the use of the Canal in relation to other means of transpor- tation; (3) the interests of the United States and the Republic of Panama in maintaining their do- mestic fleets; (4) the impact of such a change in rates of tolls on the various geographical areas of each of the two countries; and (5) the interests of both countries in maxi- mizing their international commerce. (b) Revision of proposed rules of measurement or rates of tolls After consideration of the relevant matter presented, the Commission may revise the pro- posed rules of measurement or rates of tolls, as the case may be, except that, in the case of rates of tolls, if such revision proposes rates greater than those originally proposed, a new analysis of the proposed rates shall be made available to the public, and a new notice of the revised pro- posal shall be published in the Federal Register apprising interested persons of the opportunity to participate further in the proceedings through submission of written data, views, or arguments, and participation in a public hearing to be held not less than 30 days after the date of publication of the new notice. The procedure set forth in this subsection shall be followed for any subsequent revision of the proposed rates of tolls by the Commission which proposes rates higher than those in the preceding proposal. (c) Publication of notice of changes in rules of measurement and rates of tolls in Federal Register After the proceedings have been conducted pursuant to subsections (a) and (b), the Commis- sion may change the rules of measurement or rates of tolls, as the case may be. The Commis- sion shall publish notice of any such change in the Federal Register not less than 30 days before the effective date of the change. (d) Judicial review Action to change the rules of measurement for the Panama Canal or the rates of tolls for the use of the Canal pursuant to this part shall be subject to judicial review in accordance with chapter 7 of title 5. (Pub. L. 96–70, title I, § 1604, Sept. 27, 1979, 93 Stat. 490; Pub. L. 104–106, div. C, title XXXV, § 3528, Feb. 10, 1996, 110 Stat. 641.) Editorial Notes AMENDMENTS 1996—Subsec. (a). Pub. L. 104–106, § 3528(1), substituted ‘‘3791’’ for ‘‘3791(a)’’. Subsec. (c). Pub. L. 104–106, § 3528(2), amended subsec. (c) generally. Prior to amendment, subsec. (c) read as follows: ‘‘After the proceedings have been conducted pursuant to subsections (a) and (b) of this section, the Commission shall publish in the Federal Register a no- tice of the changes in the rules of measurement or rates of tolls, as the case may be, to be recommended to the President.’’ Subsec. (d). Pub. L. 104–106, § 3528(3), redesignated sub- sec. (f) as (d) and struck out former subsec. (d) which read as follows: ‘‘Upon publication of the notice pursu- ant to subsection (c) of this section, the Commission shall forward a complete record of the proceedings, with the recommendation of the Commission, to the President for his consideration. The President may ap- prove, disapprove, or modify any or all of the changes in the rules of measurement or rates of tolls rec- ommended by the Commission.’’ Subsec. (e). Pub. L. 104–106, § 3528(3), struck out sub- sec. (e) which read as follows: ‘‘Rules of measurement or rates of tolls prescribed by the President pursuant to this part shall take effect on a date prescribed by the President which is not less than 30 days after the Presi- dent publishes such rules or rates in the Federal Reg- ister.’’ Subsec. (f). Pub. L. 104–106, § 3528(3), redesignated sub- sec. (f) as (d). § 3795. Repealed. Pub. L. 104–201, div. C, title XXXV, § 3546(a)(1), Sept. 23, 1996, 110 Stat. 2867 Section, Pub. L. 96–70, title I, § 1605(a), Sept. 27, 1979, 93 Stat. 491, related to change in tolls for fiscal year be- ginning Oct. 1, 1979. Statutory Notes and Related Subsidiaries EFFECTIVE DATE Pub. L. 96–70, title I, § 1605(b), Sept. 27, 1979, 93 Stat. 492, provided that this section was to take effect on