Title 22 — Foreign Relations and IntercourseRelease 119-73not60

§3714 Borrowing Authority

Title 22 › Chapter 51— PANAMA CANAL › Subchapter I— ADMINISTRATION AND REGULATIONS › Part 3— Funds and Accounts › Subpart i— funds › § 3714

Last updated Apr 5, 2026|Official source

Summary

The Panama Canal Commission can borrow up to $100,000,000 from the Treasury. It can give the Treasury notes that must mature by December 31, 1999 and that it may redeem early. Borrowed money cannot be used for Article XIII payments to Panama. Borrowing raises U.S. investment in the Canal and repayment lowers it. The Commission must report each borrowing to Congress and the Office of Management and Budget.

Full Legal Text

Title 22, §3714

Foreign Relations and Intercourse — Source: USLM XML via OLRC

(a)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)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 of Management and Budget on each exercise of borrowing authority under this section.

Legislative History

Notes & Related Subsidiaries

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.

Reference

Citations & Metadata

Citation

22 U.S.C. § 3714

Title 22 — Foreign Relations and Intercourse

Last Updated

Apr 5, 2026

Release point: 119-73not60