2014 US Code
Title 22 - Foreign Relations and Intercourse (Sections 1 - 9141)
Chapter 51 - Panama Canal (Sections 3601 - 3873)
Subchapter I - Administration and Regulations (Sections 3611 - 3823)
Part 6 - Tolls for Use of Panama Canal (Sections 3791 - 3795)
Sec. 3793 - Interest on investments
Publication Title | United States Code, 2012 Edition, Supplement 2, Title 22 - FOREIGN RELATIONS AND INTERCOURSE |
Category | Bills and Statutes |
Collection | United States Code |
SuDoc Class Number | Y 1.2/5: |
Contained Within | Title 22 - FOREIGN RELATIONS AND INTERCOURSE CHAPTER 51 - PANAMA CANAL SUBCHAPTER I - ADMINISTRATION AND REGULATIONS Part 6 - Tolls for Use of Panama Canal Sec. 3793 - Interest on investments |
Contains | section 3793 |
Date | 2014 |
Laws In Effect As Of Date | January 5, 2015 |
Positive Law | No |
Disposition | standard |
Source Credit | Pub. L. 96-70, title I, §1603, Sept. 27, 1979, 93 Stat. 490; Pub. L. 99-195, §1(b), Dec. 23, 1985, 99 Stat. 1349; Pub. L. 100-203, title V, §5425(a), Dec. 22, 1987, 101 Stat. 1330-274. |
Statutes at Large References | 93 Stat. 490, 452 99 Stat. 1349 101 Stat. 1330-274 |
Public and Private Laws | Public Law 96-70, Public Law 99-195, Public Law 100-203 |
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For purposes of sections 3721 and 3792 of this title, interest shall be computed, at a rate determined by the Secretary of the Treasury, on the investment of the United States in the Panama Canal as shown in the accounts of the Panama Canal Company at the close of business on the day preceding October 1, 1979, and as adjusted in accordance with subsections (b) and (c) of this section. Capital investment for interest purposes shall not include any interest during construction.
(b) Increases and decreases in investment of United StatesThe investment of the United States described in subsection (a) of this section—
(1) shall be increased by—
(A) the amount of expenditures from the Panama Canal Revolving Fund,,1 and
(B) the value of property transferred to the Commission by any other department or agency of the United States, as determined in accordance with subsection (c) of this section; and
(2) shall be decreased by—
(A) the amount of the funds deposited in the Panama Canal Revolving Fund,
(B) the value of property transferred to the Republic of Panama pursuant to this chapter or any other Act on or after October 1, 1979, and
(C) the value of property transferred by the Commission to any other department or agency of the United States.
(c) Value of property transferred to CommissionThe value of property transferred to the Commission by any other department or agency of the United States shall be determined by the Director of the Office of Management and Budget. In computing such value, such Director shall give due consideration to the cost and probable earning power of the transferred property, or the usable value to the Commission if clearly less than cost, and shall make adequate provisions for depreciation, obsolescence, and other determinable decreases in value. Insofar as practicable, the value of such transferred property shall exclude any portion of such value properly allocable to national defense.
(d) Payment and deposit of interestThe Panama Canal Commission shall pay to the Treasury of the United States interest on the investment of the United States, as determined under this section. Such interest shall be deposited in the general fund of the Treasury.
(Pub. L. 96–70, title I, §1603, Sept. 27, 1979, 93 Stat. 490; Pub. L. 99–195, §1(b), Dec. 23, 1985, 99 Stat. 1349; Pub. L. 100–203, title V, §5425(a), Dec. 22, 1987, 101 Stat. 1330–274.)
REFERENCES IN TEXTThis chapter, referred to in subsec. (b)(2)(B), was in the original "this Act", meaning Pub. L. 96–70, Sept. 27, 1979, 93 Stat. 452, known as the Panama Canal Act of 1979, which is classified principally to this chapter. For complete classification of this Act to the Code, see Short Title note set out under section 3601 of this title and Tables.
AMENDMENTS1987—Subsec. (b)(1)(A). Pub. L. 100–203, §5425(a)(1), substituted "the Panama Canal Revolving Fund," for "appropriations to the Commission made on or after October 1, 1979".
Subsec. (b)(2)(A). Pub. L. 100–203, §5425(a)(2), substituted "deposited in the Panama Canal Revolving Fund" for "covered into the Panama Canal Commission Fund pursuant to section 3712 of this title".
Subsec. (d). Pub. L. 100–203, §5425(a)(3), added subsec. (d).
1985—Subsec. (b)(2)(A). Pub. L. 99–195 substituted "Panama Canal Commission Fund" for "Treasury".
EFFECTIVE DATE OF 1987 AMENDMENTAmendment by Pub. L. 100–203 effective Jan. 1, 1988, see section 5429 of Pub. L. 100–203, set out as a note under section 3712 of this title.
EFFECTIVE DATE OF 1985 AMENDMENTAmendment by Pub. L. 99–195 applicable only to tolls and other receipts of the Commission deposited in the Treasury on or after Dec. 23, 1985, see section 2 of Pub. L. 99–195, set out as a note under section 3712 of this title.
1 So in original.
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