§3714a Dissolution of Commission

Summary

The Commission must study the costs of shutting itself down. That study must look at the cost, makeup, and location of a new office to finish work, and any costs or debts that will not be paid before the Commission ends. The Commission must send a report to Congress by September 30, 1996. The report must say how long it may take to close out the Commission’s affairs after the Panama Canal Treaty of 1977 ends. During fiscal year 1998 the Commission must create an office to finish any remaining work after the treaty ends. A “Panama Canal Commission Dissolution Fund” is set up in the U.S. Treasury. The Commission will run the Fund until the treaty ends, and the new office will run it after that. After September 30, 1998 the Fund may pay for the office and other costs and debts of dissolving the Commission, including costs found after the treaty ends. Payments from October 1, 1998 until the treaty ends must be approved by the Board. The Fund gets money from toll receipts deposited by the Commission and from interest earned. The Treasury can invest extra Fund money in U.S. government securities, and interest goes back into the Fund. No money may be spent from the Fund unless a law allows it. The office may use the Fund until October 1, 2004. The Fund ends on October 1, 2004, and any money left then goes into the Treasury’s general fund.