Page:United States Statutes at Large Volume 101 Part 2.djvu/1066

 101 STAT. 1330-272

PUBLIC LAW 100-203—DEC. 22, 1987

"(B) the unexpended balance of appropriations to the Commisc^i sion, as of the close of business on the day before the effective date of the Panama Canal Revolving Fund Act, shall be trans*n ferred to the Panama Canal Revolving Fund, and such amounts, including amounts appropriated for capital expenditures, shall remain available until expended; "(C) the assets and liabilities recorded before such effective date under the 'Panama Canal Commission Fund' shall be recorded under the Panama Canal Revolving Fund; and r.jji J "(D) the Panama Canal Emergency Fund shall be terminated jj; and the remaining balance shall be transferred to the Panama Canal Revolving Fund. "(b) Upon completion of the transfers of funds under subsection (a)"(1) amounts attributable to interest on the investment of the ' "" ' ' '' United States in the Panama Canal which accrued before January 1, 1986, shall be transferred from the Panama Canal Revolving Fund to the general fund of the Treasury; and "(2) such amounts as were appropriated to the Commission in the fiscal year which ended September 30, 1980, and for which the Commission has not reimbursed the general fund of the ,,,„.,, Treasury, shall be transferred to the general fund of the b < - ". . Treasury. "(c)(1) There shall be deposited in the Panama Canal Revolving Fund, on a continuing basis, toll receipts and all other receipts of the Commission. Except as provided in section 1303 and subject to paragraph (2), 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 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. "(3) 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 during such fiscal year, plus "(B) the amount of revenues deposited in the Panama Canal Revolving Fund before such fiscal year and remaining unexpended at the beginning of such fiscal year. Reports. 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. "(d) 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 depository for public funds, or in such other places and in such manner as the Commission and the Secretary may agree. "(e) The Committee on Appropriations of each House of Congress shall review the annual budget of the Commission, including operations and capital expenditures.". (b) CONFORMING AMENDMENTS.—(1) The section heading for sec-

22 USC 3712.

tion 1302 is amended to read as follows:

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