Title 22 — Foreign Relations and Intercourse
Part 3 · Chapter 51 — Panama Canal
§ 3714. Borrowing authority
Statutory text
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 outstanding at any time. For this purpose, the Commission may issue to the Secretary of the Treasury its notes or other obligations—
which shall have maturities (of not later than ) agreed upon by the Commission and the Secretary of the Treasury, and
which may be redeemable at the option of the Commission before maturity.
Restrictions on use
Amounts borrowed under this section shall not be available for payments to Panama under Article XIII of the Panama Canal Treaty of 1977.
Effect on investment interest in Panama Canal
Amounts borrowed under this section shall increase the investment of the United States in the Panama Canal, and repayment of such amounts shall decrease such investment.
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.
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 § 1304 · 93 Stat. 452
Enacted · 22 U.S.C. § 3714
(Pub. L. 96–70, title I, § 1304, as added Pub. L. 100–203, title V, § 5424(a), Dec. 22, 1987, 101 Stat. 1330–273.)
Source evidence
Code source credit
(Pub. L. 96–70, title I, § 1304, as added Pub. L. 100–203, title V, § 5424(a), Dec. 22, 1987, 101 Stat. 1330–273.)
0 of 1 references resolved to an enrolled provision · 1 partial
Statutory Notes and Related Subsidiaries
Effective Date
Section effective , see section 5429 of Pub. L. 100–203, set out as an Effective Date of 1987 Amendment note under section 3712 of this title.
Credits
(Pub. L. 96–70, title I, § 1304, as added Pub. L. 100–203, title V, § 5424(a), , 101 Stat. 1330–273.)