
From the U.S. Code Online via GPO Access
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[Laws in effect as of January 2, 2001]
[Document not affected by Public Laws enacted between
  January 2, 2001 and January 28, 2002]
[CITE: 22USC3712]

 
               TITLE 22--FOREIGN RELATIONS AND INTERCOURSE
 
                        CHAPTER 51--PANAMA CANAL
 
              SUBCHAPTER I--ADMINISTRATION AND REGULATIONS
 
                       Part 3--Funds and Accounts
 
                            subpart i--funds
 
Sec. 3712. Panama Canal Revolving Fund


(a) 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) of this 
section, be available to the Commission to carry out the purposes, 
functions, and powers authorized by this chapter, including for the 
following purposes:
        (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.
        (9) The purchase and transportation to the Republic of Panama of 
    passenger motor vehicles, including large, heavy-duty vehicles.
        (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 (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).

(b) Tolls and other receipts into Panama Canal Revolving Fund; 
        restriction on use of funds

    (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 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.
    (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 
    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.

(c) 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.

(d) Costs of implementation

    (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 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.
    (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. 96-70, title I, Sec. 1302, Sept. 27, 1979, 93 Stat. 477; Pub. 
L. 99-195, Sec. 1(a), Dec. 23, 1985, 99 Stat. 1349; Pub. L. 100-203, 
title V, Sec. 5422(a), (b)(1), Dec. 22, 1987, 101 Stat. 1330-271, 1330-
272; Pub. L. 100-705, Sec. 9, Nov. 19, 1988, 102 Stat. 4687; Pub. L. 
102-484, div. C, title XXXV, Sec. 3521(b)(1), Oct. 23, 1992, 106 Stat. 
2657; Pub. L. 104-106, div. C, title XXXV, Sec. 3525, Feb. 10, 1996, 110 
Stat. 640; Pub. L. 104-201, div. C, title XXXV, Sec. 3539, Sept. 23, 
1996, 110 Stat. 2865; Pub. L. 105-85, div. C, title XXXV, Sec. 3528, 
Nov. 18, 1997, 111 Stat. 2069.)

                       References in Text

    This chapter, referred to in subsecs. (a) and (d)(1), 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

    1997--Subsec. (a). Pub. L. 105-85, Sec. 3528(b)(1), substituted 
``for the following purposes:'' for ``for--'' in introductory 
provisions.
    Subsec. (a)(1) to (7). Pub. L. 105-85, Sec. 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, Sec. 3528(b)(2), (4), capitalized 
initial letter of first word and substituted ``industry.'' for 
``industry; and''.
    Subsec. (a)(9). Pub. L. 105-85, Sec. 3528(b)(2), capitalized initial 
letter of first word.
    Subsec. (a)(10). Pub. L. 105-85, Sec. 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, Sec. 3525(1)(A), struck out ``and 
subject to paragraph (2)'' after ``section 3713 of this title''.
    Subsec. (c)(2), (3). Pub. L. 104-106, Sec. 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, Sec. 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, Sec. 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, Sec. 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, Sec. 5422(b)(1), substituted ``Panama Canal 
Revolving Fund'' for ``Panama Canal Commission Fund'' in section 
catchline.
    Subsecs. (a) to (d). Pub. L. 100-203, Sec. 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.
    Subsec. (e). Pub. L. 100-203, Sec. 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.


                    Effective Date of 1988 Amendment

    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.


                    Effective Date of 1987 Amendment

    Section 5429 of Pub. L. 100-203 provided that: ``This part and the 
amendments made by this part [part 2 (Secs. 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 January 1, 1988.''


                    Effective Date of 1985 Amendment

    Section 2 of Pub. L. 99-195 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 [Dec. 23, 
1985].''


                  Termination of Reporting Requirements

    For termination, effective May 15, 2000, 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.

                  Section Referred to in Other Sections

    This section is referred to in sections 3713, 3751 of this title.
