
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: 22USC3793]

 
               TITLE 22--FOREIGN RELATIONS AND INTERCOURSE
 
                        CHAPTER 51--PANAMA CANAL
 
              SUBCHAPTER I--ADMINISTRATION AND REGULATIONS
 
                  Part 6--Tolls for Use of Panama Canal
 
Sec. 3793. Interest on investments


(a) Calculation of interest

    For purposes of sections 3721 and 3792 of this title, interest shall 
be computed, at a rate determined by the Secretary of the Treasury, on 
the investment of the United States in the Panama Canal as shown in the 
accounts of the Panama Canal Company at the close of business on the day 
preceding October 1, 1979, and as adjusted in accordance with 
subsections (b) and (c) of this section. Capital investment for interest 
purposes shall not include any interest during construction.

(b) Increases and decreases in investment of United States

    The investment of the United States described in subsection (a) of 
this section--
        (1) shall be increased by--
            (A) the amount of expenditures from the Panama Canal 
        Revolving Fund,,\1\ and
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    \1\ So in original.
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            (B) the value of property transferred to the Commission by 
        any other department or agency of the United States, as 
        determined in accordance with subsection (c) of this section; 
        and

        (2) shall be decreased by--
            (A) the amount of the funds deposited in the Panama Canal 
        Revolving Fund,
            (B) the value of property transferred to the Republic of 
        Panama pursuant to this chapter or any other Act on or after 
        October 1, 1979, and
            (C) the value of property transferred by the Commission to 
        any other department or agency of the United States.

(c) Value of property transferred to Commission

    The value of property transferred to the Commission by any other 
department or agency of the United States shall be determined by the 
Director of the Office of Management and Budget. In computing such 
value, such Director shall give due consideration to the cost and 
probable earning power of the transferred property, or the usable value 
to the Commission if clearly less than cost, and shall make adequate 
provisions for depreciation, obsolescence, and other determinable 
decreases in value. Insofar as practicable, the value of such 
transferred property shall exclude any portion of such value properly 
allocable to national defense.

(d) Payment and deposit of interest

    The Panama Canal Commission shall pay to the Treasury of the United 
States interest on the investment of the United States, as determined 
under this section. Such interest shall be deposited in the general fund 
of the Treasury.

(Pub. L. 96-70, title I, Sec. 1603, Sept. 27, 1979, 93 Stat. 490; Pub. 
L. 99-195, Sec. 1(b), Dec. 23, 1985, 99 Stat. 1349; Pub. L. 100-203, 
title V, Sec. 5425(a), Dec. 22, 1987, 101 Stat. 1330-274.)

                       References in Text

    This chapter, referred to in subsec. (b)(2)(B), 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

    1987--Subsec. (b)(1)(A). Pub. L. 100-203, Sec. 5425(a)(1), 
substituted ``the Panama Canal Revolving Fund,'' for ``appropriations to 
the Commission made on or after October 1, 1979''.
    Subsec. (b)(2)(A). Pub. L. 100-203, Sec. 5425(a)(2), substituted 
``deposited in the Panama Canal Revolving Fund'' for ``covered into the 
Panama Canal Commission Fund pursuant to section 3712 of this title''.
    Subsec. (d). Pub. L. 100-203, Sec. 5425(a)(3), added subsec. (d).
    1985--Subsec. (b)(2)(A). Pub. L. 99-195 substituted ``Panama Canal 
Commission Fund'' for ``Treasury''.


                    Effective Date of 1987 Amendment

    Amendment by Pub. L. 100-203 effective Jan. 1, 1988, see section 
5429 of Pub. L. 100-203, set out as a note under section 3712 of this 
title.


                    Effective Date of 1985 Amendment

    Amendment by Pub. L. 99-195 applicable only to tolls and other 
receipts of the Commission deposited in the Treasury on or after Dec. 
23, 1985, see section 2 of Pub. L. 99-195, set out as a note under 
section 3712 of this title.

                  Section Referred to in Other Sections

    This section is referred to in sections 3721, 3751 of this title.
