22 U.S.C. § 3714 — Borrowing authority
submitted 39 years ago by Pub. L. 96-70 to r/title-22-FOREIGN-RELATIONS-AND-INTERCOURSE · 180 words · no verdicts yet
The Panama Canal Commission may borrow up to $100 million outstanding from the Treasury for Commission purposes. Borrowed money cannot pay Panama under the 1977 Treaty, and borrowing and repayment change the U.S. investment in the Canal.
(a) The Commission may borrow from the Treasury for any Commission purpose, with no more than $100,000,000 outstanding at one time. It may issue Treasury notes or other obligations with maturities agreed by the Commission and Treasury, no later than December 31, 1999, and redeemable at the Commission’s option before maturity. (b) Borrowed amounts may not pay Panama under Article XIII of the 1977 Panama Canal Treaty. (c) Borrowing increases the United States investment in the Panama Canal; repayment decreases it. (d) The Commission shall report each use of this borrowing authority to Congress and OMB.
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 December 31, 1999) agreed upon by the Commission and the Secretary of the Treasury, and
which may be redeemable at the option of the Commission before maturity.
Amounts borrowed under this section shall not be available for payments to Panama under Article XIII of the Panama Canal Treaty of 1977.
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.
The Commission shall report to the Congress and to the Office of Management and Budget on each exercise of borrowing authority under this section.
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.)
- 1987Enacted · Pub. L. 96-70 · 101 Stat. 1330
A history note hasn’t been published yet. The record shows enactment by Pub. L. 96-70 on 1987-12-22.
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