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Title 22, Foreign Relations and IntercourseRelease 119-110

§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 Sep 22, 2026|Official source

Summary

The Panama Canal Commission can borrow from the U.S. Treasury up to $100,000,000 outstanding at any time for its work. It can give the Treasury Secretary notes or other IOUs. The due dates for those IOUs must be set with the Treasury Secretary and cannot be later than December 31, 1999. The Commission may pay them off early. Borrowed money cannot be used for payments to Panama under Article XIII of the Panama Canal Treaty of 1977. Borrowing raises the United States’ investment in the canal, and repaying it lowers that investment. Each time the Commission borrows this way, it must report to Congress and to the Office of Management and Budget.

Full Legal Text

Title 22, §3714

Foreign Relations and Intercourse, Source: USLM XML via OLRC

(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.

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

Sep 22, 2026

Release point: 119-110