Sec. 1304. borrowing authority

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## Sec. 1304 borrowing authority **[**[22 U.S.C. 3714](/us/usc/t22/s3714)**]** ###

(a)The Panama Canal Commission may borrow from 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 amount 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.

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U.S. Code

Borrowing authority
§ 3714

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Sec. 1304

borrowing authority

U.S.C.§ 3714

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