section 3712(b)(1) of this titlesection 3712(b)(1) of this titleIf authorizing legislation described in has not been enacted for a fiscal year, then the Commission may withdraw funds from the Panama Canal Revolving Fund in order to defray emergency expenses and to ensure the continuous, efficient, and safe operation of the Panama Canal, including expenses for capital projects. The authority of this section may be exercised only until authorizing legislation described in is enacted, or for a period of 24 months after the end of the fiscal year for which such authorizing legislation was last enacted, whichever occurs first. Within 60 days after the end of any calendar quarter in which expenditures are made under this section, the Commission shall report such expenditures to the appropriate committees of the Congress.
Pub. L. 96–70, title I, § 130393 Stat. 478 Pub. L. 100–203, title V, § 5423(a)101 Stat. 1330–273 Pub. L. 104–106, div. C, title XXXV, § 3529(2)110 Stat. 642 Pub. L. 104–201, div. C, title XXXV, § 3548(b)(2)110 Stat. 2869 (, , ; , (b)(1), , ; , , ; , , .)
Editorial Notes
Amendments
Pub. L. 104–2011996— substituted “section 3712(b)(1)” for “section 3712(c)(1)” in two places.
Pub. L. 104–106 struck out “The authority of this section may not be used for administrative expenses.” after “capital projects.”
Pub. L. 100–2031987— substituted “authority” for “Fund” in section catchline and amended text generally. Prior to amendment, text read as follows:
“(a) On , the Secretary of the Treasury shall establish and thereafter shall maintain in the Treasury a fund to be known as the ‘Panama Canal Emergency Fund’. There are authorized to be appropriated for deposit in such Fund (1) for the fiscal year beginning on , $40,000,000, and (2) for any fiscal year beginning on or after , such additional sums as may be specifically authorized by law for such fiscal year.
“(b) The Commission may make withdrawals from the Panama Canal Emergency Fund by check in order to defray emergency expenses and to insure the continuous, efficient, and safe operation of the Panama Canal, if funds appropriated for the operation and maintenance of the Canal are insufficient for such purposes. Any withdrawal from such Fund to cover increased costs attributable to unprogrammed increases in traffic may not be made in amounts greater than the revenues from such increased traffic. Such Fund shall not be available for payments to Panama under Article XIII of the Panama Canal Treaty of 1977. Any withdrawal from such fund or expenditure made under this subsection shall be reported forthwith by the Commission to the Congress and to the Office of Management and Budget.”
Statutory Notes and Related Subsidiaries
Effective Date of 1987 Amendment
Pub. L. 100–203section 5429 of Pub. L. 100–203section 3712 of this titleAmendment by effective , see , set out as a note under .