
From the U.S. Code Online via GPO Access
[wais.access.gpo.gov]
[Laws in effect as of January 2, 2001]
[Document not affected by Public Laws enacted between
  January 2, 2001 and January 28, 2002]
[CITE: 22USC3714]

 
               TITLE 22--FOREIGN RELATIONS AND INTERCOURSE
 
                        CHAPTER 51--PANAMA CANAL
 
              SUBCHAPTER I--ADMINISTRATION AND REGULATIONS
 
                       Part 3--Funds and Accounts
 
                            subpart i--funds
 
Sec. 3714. Borrowing authority


(a) 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--
        (1) which shall have maturities (of not later than December 31, 
    1999) agreed upon by the Commission and the Secretary of the 
    Treasury, and
        (2) which may be redeemable at the option of the Commission 
    before maturity.

(b) 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.

(c) 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.

(d) 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.

(Pub. L. 96-70, title I, Sec. 1304, as added Pub. L. 100-203, title V, 
Sec. 5424(a), Dec. 22, 1987, 101 Stat. 1330-273.)


                             Effective Date

    Section effective Jan. 1, 1988, see section 5429 of Pub. L. 100-203, 
set out as an Effective Date of 1987 Amendment note under section 3712 
of this title.

                  Section Referred to in Other Sections

    This section is referred to in section 3712 of this title.
