BORROWING AUTHORITY.

SEC. 5424. BORROWING AUTHORITY. (a) Grant of Authority.— Subchapter I of chapter 3 of title I (22 U.S.C. 3711 and following) is amended by adding at the end thereof the following new section: “borrowing authority “Sec. 1304. (a) The Panama Canal Commission may borrow from the 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 amounts 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.”. 101 STAT. 1330–274 (b) Conforming Amendment.— The table of contents of the Panama Canal Act of 1979 is amended by inserting after the item relating to section 1303 the following: “1304. Borrowing authority.”.