Page:United States Statutes at Large Volume 101 Part 2.djvu/1067

 PUBLIC LAW 100-203—DEC. 22, 1987

101 STAT. 1330-273

"PANAMA CANAL REVOLVING F U N D ".

(2) The item relating to section 1302 in the table of contents of the Panama Canal Act of 1979 is amended to read as follows: "1302. Panama Canal Revolving Fund.". SEC. 5423. EMERGENCY AUTHORITY.

(a) GRANT OF AUTHORITY.—Section 1303 (22 U.S.C. 3713) is

amended to read as follows: "SEC. 1303. If authorizing legislation described in section 1302(c)(l) has not been enacted for a fiscal year, then the Commission may withdraw funds from the Panama Canal Revolving Fund in order to defray emergency expenses and to ensure the continuous, efficient, and safe operation of the Panama Canal, including expenses for capital projects. The authority of this section may not be used for administrative expenses. The authority of this section may be exercised only until authorizing legislation described in section 1302(c)(1) is enacted, or for a period of 24 months after the end of the fiscal year for which such authorizing legislation was last enacted, whichever occurs first. Within 60 days after the end of any calendar Reports. quarter in which expenditures are made under this section, the Commission shall report such expenditures to the appropriate committees of the Congress.". (b) CONFORMING AMENDMENTS.—(1) The section heading for section 1303 is amended by striking out " F U N D " and inserting in lieu 22 USC 3713. thereof "AUTHORITY".

(2) The item relating to section 1303 in the table of contents of the Panama Canal Act of 1979 is amended by striking out "fund" and inserting in lieu thereof "authority". SEC. 5424. BORROWING AUTHORITY.

(a) GRANT OF AUTHORITY.—Subchapter I of chapter 3 of title I (22 U.S.C. 3711 and following) is amended by adding at the end thereof the following new section: "BORROWING AUTHORITY

"SEC. 1304. (a) The Panama Canal Commission may borrow from 22 USC 3714. 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. "(h) Amounts borrowed under this section shall not be available for payments to Panama under Article XIII of the Panama Canal Treaty of 1977. "(c) 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) The Commission shall report to the Congress and to the Office Reports. of Management and Budget on each exercise of borrowing authority under this section.".

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