Title 22 — Foreign Relations and Intercourse
Part 3 · Chapter 51 — Panama Canal
§ 3712. Panama Canal Revolving Fund
Statutory text
Establishment
There is established in the Treasury of the United States a revolving fund to be known as “Panama Canal Revolving Fund”. The Panama Canal Revolving Fund shall, subject to subsection (b), be available to the Commission to carry out the purposes, functions, and powers authorized by this chapter, including for the following purposes:
The hire of passenger motor vehicles and aircraft.
Uniforms or allowances therefor.
Official receptions and representation expenses of the Board, the Secretary of the Commission, and the Administrator.
The operation of guide services.
A residence for the Administrator.
Disbursements by the Administrator for employee and community projects.
The procurement of expert and consultant services.
Promotional activities, including the preparation, distribution, or use of any kit, pamphlet, booklet, publication, radio, television, film, or other media presentation designed to promote the Panama Canal as a resource of the world shipping industry.
The purchase and transportation to the Republic of Panama of passenger motor vehicles, including large, heavy-duty vehicles.
Payment to the Panama Canal Authority, not later than the Canal Transfer Date, of such amount as is computed by the Commission to be the future amount of severance pay to be paid by the Panama Canal Authority to employees whose employment with the Authority is terminated, to the extent that such severance pay is attributable to periods of service performed with the Commission before the Canal Transfer Date (and assuming for purposes of such computation that the Panama Canal Authority, in paying severance pay to terminated employees, will provide for crediting of periods of service with the Commission).
Tolls and other receipts into Panama Canal Revolving Fund; restriction on use of funds
There shall be deposited in the Panama Canal Revolving Fund, on a continuing basis, toll receipts (other than amounts of toll receipts deposited into the Panama Canal Commission Dissolution Fund under section 3714a of this title) and all other receipts of the Commission. Except as provided in section 3713 of this title, no funds may be obligated or expended by the Commission in any fiscal year unless such obligation or expenditure has been specifically authorized by law.
No funds may be authorized for the use of the Commission, or obligated or expended by the Commission in any fiscal year; in excess of—
the amount of revenues deposited in the Panama Canal Revolving Fund and the Panama Canal Commission Dissolution Fund during such fiscal year; plus
the amount of revenues deposited in the Panama Canal Revolving Fund before such fiscal year and remaining unobligated at the beginning of such fiscal year; plus
the $100,000,000 borrowing authority provided for in section 3714 of this title.
Not later than 30 days after the end of each fiscal year, the Secretary of the Treasury shall report to the Congress the amount of revenues deposited in the Panama Canal Revolving Fund during such fiscal year.
Authority of Commission to make deposits
With the approval of the Secretary of the Treasury, the Commission may deposit amounts in the Panama Canal Revolving Fund in any Federal Reserve bank, any depositary for public funds, or such other place and in such manner as the Commission and the Secretary may agree.
Costs of implementation
It is the sense of the Congress that the additional costs resulting from the implementation of the Panama Canal Treaty of 1977 and related agreements should be kept to the absolute minimum level. To this end, the Congress declares appropriated costs of implementation to be borne by the taxpayers over the life of such Treaty should be kept to a level no greater than the March 1979 estimate of those costs ($870,700,000) presented to the Congress by the executive branch during consideration of this chapter by the Congress, less personnel retirement costs of $205,000,000, which were subtracted and charged to tolls, therefore resulting in net taxpayer cost of approximately $665,700,000, plus appropriate adjustments for inflation.
It is further the sense of the Congress that the actual costs of implementation be consistent with the obligations of the United States to operate the Panama Canal safely and efficiently and keep it secure.
Termination of Commission and Office of Transition Administration; transfer of Fund
The Panama Canal Commission and the Office of Transition Administration (described in section 3504 of Public Law 106–65) shall terminate on .
Upon termination pursuant to paragraph (1), the Panama Canal Revolving Fund shall be transferred to the General Services Administration (GSA). GSA shall use the amounts in the Fund to make payments of any outstanding liabilities of the Commission, as well as any expenses associated with the termination of the Office of Transition Administration and the Commission. The fund shall be the exclusive source available for payment of any outstanding liabilities of the Commission.
Legislative history
Reconstructed from this section’s Code source credit and amendment notes, resolved against the local Statutes at Large. Editorial notes are evidence, not the law that made the change.
Panama Canal Act of 1979
Pub. L. 96–70 title I § 1302 · 93 Stat. 452
Enacted · 22 U.S.C. § 3712
Pub. L. 96–70, title I, § 1302, Sept. 27, 1979, 93 Stat. 477
Source evidence
Code source credit
Pub. L. 96–70, title I, § 1302, Sept. 27, 1979, 93 Stat. 477Enacted provision · exact public law section
Sec. 1302. panama canal company funds; commission funds (a) On the effective date of this Act, the account 22 USC 3712. appearing on the books of the United States Government as the “Panama Canal Company Fund (38–4060–0–3–403)” shall be terminated, and any unexpended balances under such account as of that date shall be covered into the Treasury in an account to be known as the “Panama Canal Commission Fund”. (b) On or after the effective date of this Act, tolls for the use of the Panama Canal and all other receipts of the Commission that, before such effective date, would have been credited to the account appearing on the books of the Governments as the “Panama Canal Company Fund (38–4060–0–3–403)” shall be deposited in the Treasury in the Panama Canal Commission Fund. (c) (1) No funds may be appropriated to or for the use of the Commission, nor may any funds be obligated or expended by the Commission for any fiscal year, unless such appropriation, obligation, or expenditure has been specifically authorized by law (2) No funds may be appropriated to or for the use of the Commission for any fiscal year in excess of (A) the amount of revenues deposited in the Panama Canal Commission Fund during such fiscal year, as such amount is estimated by the Secretary of Defense and certified by the Comptroller General of the United States at the time the budget request for the Commission for such fiscal year is submitted to the Congress, plus (B) the amount of revenues deposited Report to Congress. in such Fund prior to such fiscal year and remaining unexpended at the beginning of such fiscal year. Not later than thirty days after the end of such fiscal year, the Secretary of the Treasury shall report to the Congress the actual amount of revenues deposited in the Panama Canal Commission Fund during such fiscal year. (d) The Commission may, to such extent or in such amounts as are provided in advance in appropriation Acts, enter into contracts in order to carry out its functions. (e) (1) It is the sense of the Congress that the additional costs resulting from implementation of the Panama Canal Treaty of 1977 and related agreements should be kept to the absolute minimum level. To this end, the Congress declares that the direct appropriated costs of implementation to be borne by the taxpayers over the life of such Treaty should be kept to a level no greater than the March 1979 estimate of those costs ($870,700,000) presented to the Congress by the executive branch during consideration of this Act by the Congress, less personnel retirement costs of $205,000,000, which were subtracted and charged to tolls, therefore resulting in the net taxpayer cost of approximately $665,700,000, plus appropriate adjustment for inflation. (2) It is further the sense of the Congress that the actual costs of implementation be consistent with the obligations of the United States to operate the Panama Canal safely and efficiently and keep it secure.Pub. L. 99–195 § 1(a) · 99 Stat. 1349
Changed · 22 U.S.C. § 3712(b)
Pub. L. 99–195 provided for deposit of interest receipts as miscellaneous receipts
Source evidence
Code amendment note
Subsec. (b). Pub. L. 99–195 provided for deposit of interest receipts as miscellaneous receipts.Pub. L. 100–203 § 5422(b)(1) · 101 Stat. 1330
Substituted · 22 U.S.C. § 3712
Pub. L. 100–203, § 5422(b)(1), substituted “Panama Canal Revolving Fund” for “Panama Canal Commission Fund” in section catchline
Source evidence
Code amendment note
Pub. L. 100–203, § 5422(b)(1), substituted “Panama Canal Revolving Fund” for “Panama Canal Commission Fund” in section catchline.Enacted provision · exact public law section
(1) The section heading for section 1302 is amended to read as follows: 22 USC 3712. “panama canal revolving fund”. (2) The item relating to section 1302 in the table of contents of the Panama Canal Act of 1979 is amended to read as follows: “1302. Panama Canal Revolving Fund.”.Pub. L. 100–203 § 5422(a) · 101 Stat. 1330
Added · 22 U.S.C. § 3712(a)(d)
Pub. L. 100–203, § 5422(a), added subsecs. (a) to (d)
Struck · 22 U.S.C. § 3712(a)(d)
Pub. L. 100–203, § 5422(a), struck out former subsecs. (a) to (d) which related to termination of Panama Canal Company Fund on Oct. 1, 1979, subsequent deposit of tolls and other receipts into Panama Canal Commission Fund, restriction on use of funds, and authority of the Commission to enter into contracts, respectively
Source evidence
Code amendment note
Subsecs. (a) to (d). Pub. L. 100–203, § 5422(a), added subsecs. (a) to (d) and struck out former subsecs. (a) to (d) which related to termination of Panama Canal Company Fund on Oct. 1, 1979, subsequent deposit of tolls and other receipts into Panama Canal Commission Fund, restriction on use of funds, and authority of the Commission to enter into contracts, respectively.Enacted provision · exact public law section
(a) Establishment.— Section 1302 (22 U.S.C. 3712) is amended by striking out subsections (a) through (d) and inserting in lieu thereof the following: “Sec. 1302. (a) (1) There is established in the Treasury of the United States a revolving fund to be known as the ‘Panama Canal Revolving Fund’. The Panama Canal Revolving Fund shall, subject to subsection (c), be available to the Commission to carry out the purposes, functions, and powers authorized by this Act, including for— “(A) the hire of passenger motor vehicles and aircraft; “(B) uniforms or allowances therefor, as authorized by sections 5901 and 5902 of title 5, United States Code; “(C) official receptions and representation expenses of the Board, the Secretary of the Commission, and the Administrator; “(D) the operation of guide services; “(E) a residence for the Administrator; “(F) disbursements by the Administrator for employee and community projects; and “(G) the procurement of expert and consultant services as provided in section 3109 of title 5, United States Code. “(2) On the effective date of the Panama Canal Revolving Fund Act— “(A) the Panama Canal Commission Fund shall be terminated and the unappropriated balance, including undeposited receipts as of the close of business on the day before the effective date of the Panama Canal Revolving Fund Act, shall be transferred to the Panama Canal Revolving Fund; “(B) the unexpended balance of appropriations to the Commission, as of the close of business on the day before the effective date of the Panama Canal Revolving Fund Act, shall be transferred to the Panama Canal Revolving Fund, and such amounts, including amounts appropriated for capital expenditures, shall remain available until expended; “(C) the assets and liabilities recorded before such effective date under the ‘Panama Canal Commission Fund’ shall be recorded under the Panama Canal Revolving Fund; and “(D) the Panama Canal Emergency Fund shall be terminated and the remaining balance shall be transferred to the Panama Canal Revolving Fund. “(b) Upon completion of the transfers of funds under subsection (a)— “(1) amounts attributable to interest on the investment of the United States in the Panama Canal which accrued before January 1, 1986, shall be transferred from the Panama Canal Revolving Fund to the general fund of the Treasury; and “(2) such amounts as were appropriated to the Commission in the fiscal year which ended September 30, 1980, and for which the Commission has not reimbursed the general fund of the Treasury, shall be transferred to the general fund of the Treasury. “(c) (1) There shall be deposited in the Panama Canal Revolving Fund, on a continuing basis, toll receipts and all other receipts of the Commission. Except as provided in section 1303 and subject to paragraph (2), no funds may be obligated or expended by the Commission in any fiscal year unless such obligation or expenditure has been specifically authorized by law. “(2) No funds may be obligated or expended by the Commission in any fiscal year for administrative expenses except to the extent or in such amounts as are provided in appropriations Acts. “(3) No funds may be authorized for the use of the Commission, or obligated or expended by the Commission in any fiscal year in excess of— “(A) the amount of revenues deposited in the Panama Canal Revolving Fund during such fiscal year, plus “(B) the amount of revenues deposited in the Panama Canal Revolving Fund before such fiscal year and remaining unexpended at the beginning of such fiscal year. Not later than 30 days after the end of each fiscal year, the Reports. Secretary of the Treasury shall report to the Congress the amount of revenues deposited in the Panama Canal Revolving Fund during such fiscal year. “(d) With the approval of the Secretary of the Treasury, the Commission may deposit amounts in the Panama Canal Revolving Fund in any Federal Reserve bank, any depository for public funds, or in such other places and in such manner as the Commission and the Secretary may agree. “(e) The Committee on Appropriations of each House of Congress shall review the annual budget of the Commission, including operations and capital expenditures.”.Pub. L. 100–203 § 5422(a) · 101 Stat. 1330
Added · 22 U.S.C. § 3712(e)
Pub. L. 100–203, § 5422(a), added subsec. (e), directing Appropriations Committee of each House to review annual budget of the Commission
Source evidence
Code amendment note
Subsec. (e). Pub. L. 100–203, § 5422(a), added subsec. (e), directing Appropriations Committee of each House to review annual budget of the Commission.Enacted provision · exact public law section
(a) Establishment.— Section 1302 (22 U.S.C. 3712) is amended by striking out subsections (a) through (d) and inserting in lieu thereof the following: “Sec. 1302. (a) (1) There is established in the Treasury of the United States a revolving fund to be known as the ‘Panama Canal Revolving Fund’. The Panama Canal Revolving Fund shall, subject to subsection (c), be available to the Commission to carry out the purposes, functions, and powers authorized by this Act, including for— “(A) the hire of passenger motor vehicles and aircraft; “(B) uniforms or allowances therefor, as authorized by sections 5901 and 5902 of title 5, United States Code; “(C) official receptions and representation expenses of the Board, the Secretary of the Commission, and the Administrator; “(D) the operation of guide services; “(E) a residence for the Administrator; “(F) disbursements by the Administrator for employee and community projects; and “(G) the procurement of expert and consultant services as provided in section 3109 of title 5, United States Code. “(2) On the effective date of the Panama Canal Revolving Fund Act— “(A) the Panama Canal Commission Fund shall be terminated and the unappropriated balance, including undeposited receipts as of the close of business on the day before the effective date of the Panama Canal Revolving Fund Act, shall be transferred to the Panama Canal Revolving Fund; “(B) the unexpended balance of appropriations to the Commission, as of the close of business on the day before the effective date of the Panama Canal Revolving Fund Act, shall be transferred to the Panama Canal Revolving Fund, and such amounts, including amounts appropriated for capital expenditures, shall remain available until expended; “(C) the assets and liabilities recorded before such effective date under the ‘Panama Canal Commission Fund’ shall be recorded under the Panama Canal Revolving Fund; and “(D) the Panama Canal Emergency Fund shall be terminated and the remaining balance shall be transferred to the Panama Canal Revolving Fund. “(b) Upon completion of the transfers of funds under subsection (a)— “(1) amounts attributable to interest on the investment of the United States in the Panama Canal which accrued before January 1, 1986, shall be transferred from the Panama Canal Revolving Fund to the general fund of the Treasury; and “(2) such amounts as were appropriated to the Commission in the fiscal year which ended September 30, 1980, and for which the Commission has not reimbursed the general fund of the Treasury, shall be transferred to the general fund of the Treasury. “(c) (1) There shall be deposited in the Panama Canal Revolving Fund, on a continuing basis, toll receipts and all other receipts of the Commission. Except as provided in section 1303 and subject to paragraph (2), no funds may be obligated or expended by the Commission in any fiscal year unless such obligation or expenditure has been specifically authorized by law. “(2) No funds may be obligated or expended by the Commission in any fiscal year for administrative expenses except to the extent or in such amounts as are provided in appropriations Acts. “(3) No funds may be authorized for the use of the Commission, or obligated or expended by the Commission in any fiscal year in excess of— “(A) the amount of revenues deposited in the Panama Canal Revolving Fund during such fiscal year, plus “(B) the amount of revenues deposited in the Panama Canal Revolving Fund before such fiscal year and remaining unexpended at the beginning of such fiscal year. Not later than 30 days after the end of each fiscal year, the Reports. Secretary of the Treasury shall report to the Congress the amount of revenues deposited in the Panama Canal Revolving Fund during such fiscal year. “(d) With the approval of the Secretary of the Treasury, the Commission may deposit amounts in the Panama Canal Revolving Fund in any Federal Reserve bank, any depository for public funds, or in such other places and in such manner as the Commission and the Secretary may agree. “(e) The Committee on Appropriations of each House of Congress shall review the annual budget of the Commission, including operations and capital expenditures.”.Panama Canal Commission Compensation Fund Act of 1988
Pub. L. 100–705 § 9 · 102 Stat. 4685
Redesignated · 22 U.S.C. § 3712(e); 22 U.S.C. § 3712(f)
Pub. L. 100–705 redesignated subsec. (e), relating to costs of implementation, as (f)
Source evidence
Code amendment note
Subsecs. (e), (f). Pub. L. 100–705 redesignated subsec. (e), relating to costs of implementation, as (f).Enacted provision · exact public law section
SEC. 9. TECHNICAL AMENDMENT. Section 1302 of the Panama Canal Act of 1979 (22 U.S.C. 3712) is amended in the last subsection by striking out “(e)(1)” and inserting in lieu thereof “(f)(1)”.Effective date note
Amendment by Pub. L. 100–705 effective Oct. 1, 1988, see section 10 of Pub. L. 100–705, set out as a note under section 3612 of this title.Panama Canal Commission Authorization Act for Fiscal Year 1993
Pub. L. 102–484 § 3521(b)(1)(A) · 106 Stat. 2315
Inserted · 22 U.S.C. § 3712(c)(1)
Pub. L. 102–484, § 3521(b)(1)(A), inserted “(other than amounts of toll receipts deposited into the Panama Canal Commission Dissolution Fund under section 3714a of this title)” after “toll receipts”
Source evidence
Code amendment note
Subsec. (c)(1). Pub. L. 102–484, § 3521(b)(1)(A), inserted “(other than amounts of toll receipts deposited into the Panama Canal Commission Dissolution Fund under section 3714a of this title)” after “toll receipts”.Enacted provision · exact public law section
(A) in paragraph (1), by inserting after “toll receipts” in the first sentence the following: “(other than amounts of toll receipts deposited into the Panama Canal Commission Dissolution Fund under section 1305)”; andPanama Canal Commission Authorization Act for Fiscal Year 1993
Pub. L. 102–484 § 3521(b)(1)(B) · 106 Stat. 2315
Inserted · 22 U.S.C. § 3712(c)(3)(A)
Pub. L. 102–484, § 3521(b)(1)(B), inserted “and the Panama Canal Dissolution Fund” after “Panama Canal Revolving Fund”
Source evidence
Code amendment note
Subsec. (c)(3)(A). Pub. L. 102–484, § 3521(b)(1)(B), inserted “and the Panama Canal Dissolution Fund” after “Panama Canal Revolving Fund”.Enacted provision · exact public law section
(B) in paragraph (3)(A), by inserting “and the Panama Canal Dissolution Fund” after “Panama Canal Revolving Fund”.Panama Canal Amendments Act of 1995
Pub. L. 104–106 § 3525(1)(A) · 110 Stat. 186
Struck · 22 U.S.C. § 3712(c)(1)
Pub. L. 104–106, § 3525(1)(A), struck out “and subject to paragraph (2)” after “section 3713 of this title”
Source evidence
Code amendment note
Subsec. (c)(1). Pub. L. 104–106, § 3525(1)(A), struck out “and subject to paragraph (2)” after “section 3713 of this title”.Enacted provision · exact public law section
(A) by striking out “and subject to paragraph (2)” in paragraph (1);Panama Canal Amendments Act of 1995
Pub. L. 104–106 § 3525(1)(B) · 110 Stat. 186
Redesignated · 22 U.S.C. § 3712(c)(2); 22 U.S.C. § 3712(c)(3)
Pub. L. 104–106, § 3525(1)(B), (C), redesignated par. (3) as (2)
Struck · 22 U.S.C. § 3712(c)(2); 22 U.S.C. § 3712(c)(3)
Pub. L. 104–106, § 3525(1)(B), (C), struck out former par. (2) which read as follows: “No funds may be obligated or expended by the Commission in any fiscal year for administrative expenses except to the extent or in such amounts as are provided in appropriations Acts.”
Source evidence
Code amendment note
Subsec. (c)(2), (3). Pub. L. 104–106, § 3525(1)(B), (C), redesignated par. (3) as (2) and struck out former par. (2) which read as follows: “No funds may be obligated or expended by the Commission in any fiscal year for administrative expenses except to the extent or in such amounts as are provided in appropriations Acts.”Enacted provision · exact public law section
(B) by striking out paragraph (2); andPanama Canal Amendments Act of 1995
Pub. L. 104–106 § 3525(2) · 110 Stat. 186
Added · 22 U.S.C. § 3712(e)
Pub. L. 104–106, § 3525(2), added subsec. (e)
Struck · 22 U.S.C. § 3712(e)
Pub. L. 104–106, § 3525(2), struck out former subsec. (e) which read as follows: “The Committee on Appropriations of each House of Congress shall review the annual budget of the Commission, including operations and capital expenditures.”
Source evidence
Code amendment note
Subsec. (e). Pub. L. 104–106, § 3525(2), added subsec. (e) and struck out former subsec. (e) which read as follows: “The Committee on Appropriations of each House of Congress shall review the annual budget of the Commission, including operations and capital expenditures.”Enacted provision · exact public law section
(2) by striking out subsection (e) and inserting in lieu thereof the following new subsection (e): “(e) In accordance with section 9104 of title 31, United States Code, Congress shall review the annual budget of the Commission.”.Panama Canal Act Amendments of 1996
Pub. L. 104–201 div. C title XXXV § 3539 · 110 Stat. 2422
Amended · 22 U.S.C. § 3712
Pub. L. 104–201 amended section generally, reenacting section catchline without change, revising and restating former subsecs. (a)(1), (c), (d), and (f) as subsecs. (a) to (d)
Struck · 22 U.S.C. § 3712
Pub. L. 104–201 striking out provisions of former subsecs. (a)(2), (b), and (e), which related to termination of the Fund, transfer of funds, and congressional review of Commission budgets
Source evidence
Code amendment note
Pub. L. 104–201 amended section generally, reenacting section catchline without change, revising and restating former subsecs. (a)(1), (c), (d), and (f) as subsecs. (a) to (d), and striking out provisions of former subsecs. (a)(2), (b), and (e), which related to termination of the Fund, transfer of funds, and congressional review of Commission budgets.Enacted provision · exact public law section
SEC. 3539. PANAMA CANAL REVOLVING FUND. Section 1302 of the Panama Canal Act of 1979 (22 U.S.C. 3712) is amended to read as follows: “Sec. 1302. “panama canal revolving fund (a) There is established in the Treasury of the Nomenclature. United States a revolving fund to be known as ‘Panama Canal Revolving Fund’. The Panama Canal Revolving Fund shall, subject to subsection (b), be available to the Commission to carry out the purposes, functions, and powers authorized by this Act, including for— “(1) the hire of passenger motor vehicles and aircraft; “(2) uniforms or allowances therefor; “(3) official receptions and representation expenses of the Board, the Secretary of the Commission, and the Administrator; “(4) the operation of guide services; “(5) a residence for the Administrator; “(6) disbursements by the Administrator for employee and community projects; “(7) the procurement of expert and consultant services; “(8) promotional activities, including the preparation, distribution, or use of any kit, pamphlet, booklet, publication, radio, television, film, or other media presentation designed to promote the Panama Canal as a resource of the world shipping industry; and “(9) the purchase and transportation to the Republic of Panama of passenger motor vehicles, including large, heavy-duty vehicles. “(b) (1) There shall be deposited in the Panama Canal Revolving Fund, on a continuing basis, toll receipts (other than amounts of toll receipts deposited into the Panama Canal Commission Dissolution Fund under section 1305) and all other receipts of the Commission. Except as provided in section 1303, no funds may be obligated or expended by the Commission in any fiscal year unless such obligation or expenditure has been specifically authorized by law. “(2) No funds may be authorized for the use of the Commission, or obligated or expended by the Commission in any fiscal year; in excess of— “(A) the amount of revenues deposited in the Panama Canal Revolving Fund and the Panama Canal Commission Dissolution Fund during such fiscal year; plus “(B) the amount of revenues deposited in the Panama Canal Revolving Fund before such fiscal year and remaining unobligated at the beginning of such fiscal year; plus “(C) the $100,000,000 borrowing authority provided for in section 1304 of this Act. Reports. Not later than 30 days after the end of each fiscal year, the Secretary of the Treasury shall report to the Congress the amount of revenues deposited in the Panama Canal Revolving Fund during such fiscal year. “(c) With the approval of the Secretary of the Treasury, the Commission may deposit amounts in the Panama Canal Revolving Fund in any Federal Reserve bank, any depositary for public funds, or such other place and in such manner as the Commission and the Secretary may agree. “(d) (1) It is the sense of the Congress that the additional costs resulting from the implementation of the Panama Canal Treaty of 1977 and related agreements should be kept to the absolute minimum level. To this end, the Congress declares appropriated costs of implementation to be borne by the taxpayers over the life of such Treaty should be kept to a level no greater than the March 1979 estimate of those costs ($870,700,000) presented to the Congress by the executive branch during consideration of this Act by the Congress, less personnel retirement costs of $205,000,000, which were subtracted and charged to tolls, therefore resulting in net taxpayer cost of approximately $665,700,000, plus appropriate adjustments for inflation. “(2) It is further the sense of the Congress that the actual costs of implementation be consistent with the obligations of the United States to operate the Panama Canal safely and efficiently and keep it secure.”.National Defense Authorization Act for Fiscal Year 1998
Pub. L. 105–85 § 3528(b)(1) · 111 Stat. 1629
Substituted · 22 U.S.C. § 3712(a)
Pub. L. 105–85, § 3528(b)(1), substituted “for the following purposes:” for “for—” in introductory provisions
Source evidence
Code amendment note
Subsec. (a). Pub. L. 105–85, § 3528(b)(1), substituted “for the following purposes:” for “for—” in introductory provisions.Enacted provision · exact public law section
(1) by striking out “for—” in the matter preceding paragraph (1) and inserting in lieu thereof “for the following purposes:”;National Defense Authorization Act for Fiscal Year 1998
Pub. L. 105–85 § 3528(b)(2) · 111 Stat. 1629
Substituted · 22 U.S.C. § 3712(a)(1)(7)
Pub. L. 105–85, § 3528(b)(2), (3), capitalized initial letter of first word and substituted a period for the semicolon at end
Source evidence
Code amendment note
Subsec. (a)(1) to (7). Pub. L. 105–85, § 3528(b)(2), (3), capitalized initial letter of first word and substituted a period for the semicolon at end.Enacted provision · exact public law section
(2) by capitalizing the initial letter of the first word in each of paragraphs (1) through (9);National Defense Authorization Act for Fiscal Year 1998
Pub. L. 105–85 § 3528(b)(2) · 111 Stat. 1629
Substituted · 22 U.S.C. § 3712(a)(8)
Pub. L. 105–85, § 3528(b)(2), (4), capitalized initial letter of first word and substituted “industry.” for “industry; and”
Source evidence
Code amendment note
Subsec. (a)(8). Pub. L. 105–85, § 3528(b)(2), (4), capitalized initial letter of first word and substituted “industry.” for “industry; and”.Enacted provision · exact public law section
(2) by capitalizing the initial letter of the first word in each of paragraphs (1) through (9);National Defense Authorization Act for Fiscal Year 1998
Pub. L. 105–85 § 3528(b)(2) · 111 Stat. 1629
Changed · 22 U.S.C. § 3712(a)(9)
Pub. L. 105–85, § 3528(b)(2), capitalized initial letter of first word
Source evidence
Code amendment note
Subsec. (a)(9). Pub. L. 105–85, § 3528(b)(2), capitalized initial letter of first word.Enacted provision · exact public law section
(2) by capitalizing the initial letter of the first word in each of paragraphs (1) through (9);National Defense Authorization Act for Fiscal Year 1998
Pub. L. 105–85 § 3528(a) · 111 Stat. 1629
Added · 22 U.S.C. § 3712(a)(10)
Pub. L. 105–85, § 3528(a), added par. (10)
Source evidence
Code amendment note
Subsec. (a)(10). Pub. L. 105–85, § 3528(a), added par. (10).Enacted provision · exact public law section
(a) Availability of Revolving Fund.— Section 1302(a) (22 U.S.C. 3712(a)) is amended' by adding at the end the following new paragraph: “(10) Payment to the Panama Canal Authority, not later than the Canal Transfer Date, of such amount as is computed by the Commission to be the future amount of severance pay to be paid by the Panama Canal Authority to employees whose employment with the Authority is terminated, to the extent that such severance pay is attributable to periods of service performed with the Commission before the Canal Transfer Date ad assuming for purposes of such computation that the Panama Canal Authority, in paying severance pay to terminated employees, will provide for crediting of periods of service with the Commission).”.Pub. L. 108–309 § 121 · 118 Stat. 1137
Added · 22 U.S.C. § 3712(e)
Pub. L. 108–309 added subsec. (e)
Source evidence
Code amendment note
Subsec. (e). Pub. L. 108–309 added subsec. (e).Enacted provision · exact public law section
Sec. 121. Section 1302 of the Panama Canal Act of 1979 (22 U.S.C. 3712) is amended by adding the following new subsection at the end: “(e) (1) Termination date. Government organization. The Panama Canal Commission and the Office of Transition Administration (described in section 3504 of Public Law 106–65) shall terminate on October 1, 2004. “(2) Upon termination pursuant to paragraph (1), the Panama Canal Revolving Fund shall be transferred to the General Services Administration (GSA). GSA shall use the amounts in the Fund to make payments of any outstanding liabilities of the Commission, as well as any expenses associated with the termination of the Office of Transition Administration and the Commission. The fund shall be the exclusive source available for payment of any outstanding liabilities of the Commission.” .
21 of 22 references resolved to an enrolled provision · 1 partial
Editorial Notes
References in Text
This chapter, referred to in subsecs. (a) and (d)(1), was in the original “this Act”, meaning Pub. L. 96–70, , 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.
Section 3504 of Public Law 106–65, referred to in subsec. (e)(1), is section 3504 of Pub. L. 106–65, div. C, title XXXV, , 113 Stat. 975, which amended section 3714a of this title and enacted provisions set out as a note under section 3714a of this title.
Amendments1985–2004 · 7 rounds
2004
Subsec. (e). Pub. L. 108–309 added subsec. (e).
1997
Subsec. (a). Pub. L. 105–85, § 3528(b)(1), substituted “for the following purposes:” for “for—” in introductory provisions.
Subsec. (a)(1) to (7). Pub. L. 105–85, § 3528(b)(2), (3), capitalized initial letter of first word and substituted a period for the semicolon at end.
Subsec. (a)(8). Pub. L. 105–85, § 3528(b)(2), (4), capitalized initial letter of first word and substituted “industry.” for “industry; and”.
Subsec. (a)(9). Pub. L. 105–85, § 3528(b)(2), capitalized initial letter of first word.
Subsec. (a)(10). Pub. L. 105–85, § 3528(a), added par. (10).
1996
Pub. L. 104–201 amended section generally, reenacting section catchline without change, revising and restating former subsecs. (a)(1), (c), (d), and (f) as subsecs. (a) to (d), and striking out provisions of former subsecs. (a)(2), (b), and (e), which related to termination of the Fund, transfer of funds, and congressional review of Commission budgets.
Subsec. (c)(1). Pub. L. 104–106, § 3525(1)(A), struck out “and subject to paragraph (2)” after “section 3713 of this title”.
Subsec. (c)(2), (3). Pub. L. 104–106, § 3525(1)(B), (C), redesignated par. (3) as (2) and struck out former par. (2) which read as follows: “No funds may be obligated or expended by the Commission in any fiscal year for administrative expenses except to the extent or in such amounts as are provided in appropriations Acts.”
Subsec. (e). Pub. L. 104–106, § 3525(2), added subsec. (e) and struck out former subsec. (e) which read as follows: “The Committee on Appropriations of each House of Congress shall review the annual budget of the Commission, including operations and capital expenditures.”
1992
Subsec. (c)(1). Pub. L. 102–484, § 3521(b)(1)(A), inserted “(other than amounts of toll receipts deposited into the Panama Canal Commission Dissolution Fund under section 3714a of this title)” after “toll receipts”.
Subsec. (c)(3)(A). Pub. L. 102–484, § 3521(b)(1)(B), inserted “and the Panama Canal Dissolution Fund” after “Panama Canal Revolving Fund”.
1988
Subsecs. (e), (f). Pub. L. 100–705 redesignated subsec. (e), relating to costs of implementation, as (f).
1987
Pub. L. 100–203, § 5422(b)(1), substituted “Panama Canal Revolving Fund” for “Panama Canal Commission Fund” in section catchline.
Subsecs. (a) to (d). Pub. L. 100–203, § 5422(a), added subsecs. (a) to (d) and struck out former subsecs. (a) to (d) which related to termination of Panama Canal Company Fund on , subsequent deposit of tolls and other receipts into Panama Canal Commission Fund, restriction on use of funds, and authority of the Commission to enter into contracts, respectively.
Subsec. (e). Pub. L. 100–203, § 5422(a), added subsec. (e), directing Appropriations Committee of each House to review annual budget of the Commission.
1985
Subsec. (b). Pub. L. 99–195 provided for deposit of interest receipts as miscellaneous receipts.
Statutory Notes and Related Subsidiaries
Effective Date of 1988 Amendment
Amendment by Pub. L. 100–705 effective , see section 10 of Pub. L. 100–705, set out as a note under section 3612 of this title.
Effective Date of 1987 Amendment
Pub. L. 100–203, title V, § 5429, , 101 Stat. 1330–275, provided that: “This part and the amendments made by this part [part 2 (§§ 5421–5429) of subtitle E of title V of Pub. L. 100–203, enacting section 3714 of this title, amending this section, sections 3683, 3711, 3713, 3751, 3753, 3754, 3792, and 3793 of this title, and section 8348 of Title 5, Government Organization and Employees, and enacting provisions set out as a note under section 3601 of this title] take effect on .”
Effective Date of 1985 Amendment
Pub. L. 99–195, § 2, , 99 Stat. 1349, provided that: “The amendments made by this Act [amending this section and section 3793 of this title] shall apply only to tolls and other receipts of the Commission deposited in the Treasury on or after the date of the enactment of this Act [].”
Termination of Reporting Requirements
For termination, effective , of provisions of law requiring submittal to Congress of any annual, semiannual, or other regular periodic report listed in House Document No. 103–7 (in which a report required under subsec. (b) of this section is listed on page 142), see section 3003 of Pub. L. 104–66, as amended, set out as a note under section 1113 of Title 31, Money and Finance.
Credits
1979–2004 · 9 acts
- 1979Pub. L. 96–70, title I, § 1302, , 93 Stat. 477
- 1985Pub. L. 99–195, § 1(a), , 99 Stat. 1349
- 1987Pub. L. 100–203, title V, § 5422(a), (b)(1), , 101 Stat. 1330–271, 1330–272
- 1988Pub. L. 100–705, § 9, , 102 Stat. 4687
- 1992Pub. L. 102–484, div. C, title XXXV, § 3521(b)(1), , 106 Stat. 2657
- 1996Pub. L. 104–106, div. C, title XXXV, § 3525, , 110 Stat. 640
- 1996Pub. L. 104–201, div. C, title XXXV, § 3539, , 110 Stat. 2865
- 1997Pub. L. 105–85, div. C, title XXXV, § 3528, , 111 Stat. 2069
- 2004Pub. L. 108–309, § 121, , 118 Stat. 1140.
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(Pub. L. 96–70, title I, § 1302, , 93 Stat. 477; Pub. L. 99–195, § 1(a), , 99 Stat. 1349; Pub. L. 100–203, title V, § 5422(a), (b)(1), , 101 Stat. 1330–271, 1330–272; Pub. L. 100–705, § 9, , 102 Stat. 4687; Pub. L. 102–484, div. C, title XXXV, § 3521(b)(1), , 106 Stat. 2657; Pub. L. 104–106, div. C, title XXXV, § 3525, , 110 Stat. 640; Pub. L. 104–201, div. C, title XXXV, § 3539, , 110 Stat. 2865; Pub. L. 105–85, div. C, title XXXV, § 3528, , 111 Stat. 2069; Pub. L. 108–309, § 121, , 118 Stat. 1140.)