ESTABLISHMENT OF REVOLVING FUND.

SEC. 5422. ESTABLISHMENT OF REVOLVING FUND. (a) Establishment.— Section 1302 (22 U.S.C. 3712) is amended by striking out subsections (a) through (d) and inserting in lieu thereof the following: “Sec. 1302. (a) (1) There is established in the Treasury of the United States a revolving fund to be known as the ‘Panama Canal Revolving Fund’. The Panama Canal Revolving Fund shall, subject to subsection (c), be available to the Commission to carry out the purposes, functions, and powers authorized by this Act, including for— “(A) the hire of passenger motor vehicles and aircraft; “(B) uniforms or allowances therefor, as authorized by sections 5901 and 5902 of title 5, United States Code; “(C) official receptions and representation expenses of the Board, the Secretary of the Commission, and the Administrator; “(D) the operation of guide services; “(E) a residence for the Administrator; “(F) disbursements by the Administrator for employee and community projects; and “(G) the procurement of expert and consultant services as provided in section 3109 of title 5, United States Code. “(2) On the effective date of the Panama Canal Revolving Fund Act— “(A) the Panama Canal Commission Fund shall be terminated and the unappropriated balance, including undeposited receipts as of the close of business on the day before the effective date of the Panama Canal Revolving Fund Act, shall be transferred to the Panama Canal Revolving Fund; 101 STAT. 1330–272 “(B) the unexpended balance of appropriations to the Commission, as of the close of business on the day before the effective date of the Panama Canal Revolving Fund Act, shall be transferred to the Panama Canal Revolving Fund, and such amounts, including amounts appropriated for capital expenditures, shall remain available until expended; “(C) the assets and liabilities recorded before such effective date under the ‘Panama Canal Commission Fund’ shall be recorded under the Panama Canal Revolving Fund; and “(D) the Panama Canal Emergency Fund shall be terminated and the remaining balance shall be transferred to the Panama Canal Revolving Fund. “(b) Upon completion of the transfers of funds under subsection (a)— “(1) amounts attributable to interest on the investment of the United States in the Panama Canal which accrued before January 1, 1986, shall be transferred from the Panama Canal Revolving Fund to the general fund of the Treasury; and “(2) such amounts as were appropriated to the Commission in the fiscal year which ended September 30, 1980, and for which the Commission has not reimbursed the general fund of the Treasury, shall be transferred to the general fund of the Treasury. “(c) (1) There shall be deposited in the Panama Canal Revolving Fund, on a continuing basis, toll receipts and all other receipts of the Commission. Except as provided in section 1303 and subject to paragraph (2), no funds may be obligated or expended by the Commission in any fiscal year unless such obligation or expenditure has been specifically authorized by law. “(2) No funds may be obligated or expended by the Commission in any fiscal year for administrative expenses except to the extent or in such amounts as are provided in appropriations Acts. “(3) No funds may be authorized for the use of the Commission, or obligated or expended by the Commission in any fiscal year in excess of— “(A) the amount of revenues deposited in the Panama Canal Revolving Fund during such fiscal year, plus “(B) the amount of revenues deposited in the Panama Canal Revolving Fund before such fiscal year and remaining unexpended at the beginning of such fiscal year. Not later than 30 days after the end of each fiscal year, the Secretary of the Treasury shall report to the Congress the amount of revenues deposited in the Panama Canal Revolving Fund during such fiscal year. “(d) With the approval of the Secretary of the Treasury, the Commission may deposit amounts in the Panama Canal Revolving Fund in any Federal Reserve bank, any depository for public funds, or in such other places and in such manner as the Commission and the Secretary may agree. “(e) The Committee on Appropriations of each House of Congress shall review the annual budget of the Commission, including operations and capital expenditures.”. (b) Conforming Amendments.— (1) The section heading for section 1302 is amended to read as follows: 101 STAT. 1330–273 “panama canal revolving fund”. (2) The item relating to section 1302 in the table of contents of the Panama Canal Act of 1979 is amended to read as follows: “1302.Panama Canal Revolving Fund.”.