Us Code § 3714 - Borrowing authority
Full text of Us Code United States Code § 3714 — Borrowing authority, with citation guidance and answers to common questions.
§ 3714. Borrowing authority
(a) Limitation on amount; issuance of notes and other obligations
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—
(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.
(b) Restrictions on use
Amounts borrowed under this section shall not be available for payments to Panama under Article XIII of the Panama Canal Treaty of 1977.
(c) Effect on investment interest in Panama Canal
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) Report to Congress
The Commission shall report to the Congress and to the Office of Management and Budget on each exercise of borrowing authority under this section.
(Pub. L. 96–70, title I, §1304, as added Pub. L. 100–203, title V, §5424(a), Dec. 22, 1987, 101 Stat. 1330–273.)
Statutory Notes and Related Subsidiaries
Effective Date
Section effective Jan. 1, 1988, see section 5429 of Pub. L. 100–203, set out as an Effective Date of 1987 Amendment note under section 3712 of this title.
About This Section
22 U.S.C. § 3714 is part of Title 22 of the United States Code. The United States Code is the official codification of federal statutes maintained by the Office of the Law Revision Counsel of the U.S. House of Representatives. Congress amends the Code through new public laws, which are eventually incorporated into the relevant title.
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