§3793 Interest on Investments

Summary

For use in sections 3721 and 3792, interest must be figured on the United States’ investment in the Panama Canal as listed in the Panama Canal Company’s books at the close of business the day before October 1, 1979. The Treasury Secretary sets the interest rate. Money put into the capital does not include any interest paid while things were being built. The investment amount goes up by spending from the Panama Canal Revolving Fund and by property the Commission gets from other U.S. agencies. It goes down by money put into the Revolving Fund, by property given to Panama on or after October 1, 1979, and by property the Commission gives to other U.S. agencies. The value of property given to the Commission is decided by the Director of the Office of Management and Budget. The Director must look at cost, likely earnings, or the usable value if that is clearly less, and must allow for wear, obsolescence, and other drops in value. Where possible, the value should leave out any part that is properly tied to national defense. The Panama Canal Commission must pay the calculated interest to the U.S. Treasury, and that money goes into the Treasury’s general fund.