
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: 22USC3714a]

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


(a) Study and report

    (1) The Commission shall conduct a study of--
        (A) the costs associated with the dissolution of the Commission, 
    including the composition, location, and costs of the office 
    authorized to be established under subsection (b) of this section; 
    and
        (B) costs and liabilities incurred or administered by the 
    Commission that will not be paid before the date of that 
    dissolution.

    (2) The Commission shall submit to the Congress, by not later than 
September 30, 1996, a report on the findings and conclusions of the 
study under this subsection. The report shall include an estimate of the 
period of time which may be required to close out the affairs of the 
Commission after the termination of the Panama Canal Treaty of 1977.

(b) Termination office

    The Commission shall during fiscal year 1998 establish an office to 
close out the affairs of the Commission that are still pending after the 
termination of the Panama Canal Treaty of 1977.

(c) Panama Canal Commission Dissolution Fund

    (1) There is established in the Treasury of the United States a fund 
to be known as the ``Panama Canal Commission Dissolution Fund'' 
(hereinafter in this section referred to as the ``Fund''). The Fund 
shall be managed by the Commission until the termination of the Panama 
Canal Treaty of 1977 and by the office established under subsection (b) 
of this section thereafter.
    (2)(A) Subject to paragraph (5), the Fund shall be available after 
September 30, 1998, to pay--
        (i) the costs of operating the office established under 
    subsection (b) of this section; and
        (ii) the costs and liabilities associated with dissolution of 
    the Commission, including such costs incurred or identified after 
    the termination of the Panama Canal Treaty of 1977.

    (B) Payments from the Fund made during the period beginning on 
October 1, 1998, and ending with the termination of the Panama Canal 
Treaty of 1977 shall be subject to the approval of the Board provided 
for in section 3612 of this title.
    (3) The Fund shall consist of--
        (A) such amounts as may be deposited into the Fund by the 
    Commission, from amounts collected as toll receipts, to pay the 
    costs described in paragraph (2); and
        (B) amounts credited to the Fund under paragraph (4).

    (4)(A) The Secretary of the Treasury shall invest excess amounts in 
the Fund in public debt securities with maturities suitable to the needs 
of the Fund, as determined by the manager of the Fund.
    (B) Securities invested under subparagraph (A) shall bear interest 
at rates determined by the Secretary of the Treasury, taking into 
consideration current market yields on outstanding marketable 
obligations of the United States of comparable maturity.
    (C) Interest earned on securities invested under subparagraph (A) 
shall be credited to and form part of the Fund.
    (5)(A) Amounts in the Fund may not be obligated or expended in any 
fiscal year unless the obligation or expenditure is specifically 
authorized by law.
    (B) The office established by subsection (b) of this section is 
authorized to expend or obligate funds from the Fund for the purposes 
enumerated in clauses (i) and (ii) of paragraph (2)(A) until October 1, 
2004.
    (6) The Fund shall terminate on October 1, 2004. Amounts in the Fund 
on that date shall be deposited in the general fund of the Treasury of 
the United States.

(Pub. L. 96-70, title I, Sec. 1305, as added Pub. L. 102-484, div. C, 
title XXXV, Sec. 3521(a), Oct. 23, 1992, 106 Stat. 2656; amended Pub. L. 
106-65, div. C, title XXXV, Sec. 3504(a), Oct. 5, 1999, 113 Stat. 975.)


                               Amendments

    1999--Subsec. (c)(5). Pub. L. 106-65 designated existing provisions 
as subpar. (A) and added subpar. (B).


Operation of Office of Transition Administration and Oversight of Close-
                             Out Activities

    Pub. L. 106-65, div. C, title XXXV, Sec. 3504(b), (c), Oct. 5, 1999, 
113 Stat. 975, provided that:
    ``(b) Operation of the Office of Transition Administration.--
        ``(1) In general.--The Panama Canal Act of 1979 (22 U.S.C. 3601 
    et seq.) shall continue to govern the Office of Transition 
    Administration until October 1, 2004.
        ``(2) Procurement.--For purposes of exercising authority under 
    the procurement laws of the United States, the director of the 
    Office of Transition Administration shall have the status of the 
    head of an agency.
        ``(3) Offices.--The Office of Transition Administration shall 
    have offices in the Republic of Panama and in the District of 
    Columbia. Section 1110(b)(1) of the Panama Canal Act of 1973 (22 
    U.S.C. 3620(b)(1)) does not apply to such office in the Republic of 
    Panama.
        ``(4) Office of transition administration defined.--In this 
    subsection the term `Office of Transition Administration' means the 
    office established under section 1305 of the Panama Canal Act of 
    1979 (22 U.S.C. 3714a) to close out the affairs of the Panama Canal 
    Commission.
        ``(5) Effective date.--This subsection shall be effective on and 
    after the termination of the Panama Canal Treaty of 1977.
    ``(c) Oversight of Close-Out Activities.--The Panama Canal 
Commission shall enter into an agreement with the head of a department 
or agency of the Federal Government to supervise the close out of the 
affairs of the Commission under section 1305 of the Panama Canal Act of 
1979 and to certify the completion of that function.''

                  Section Referred to in Other Sections

    This section is referred to in sections 3712, 3792 of this title.
