PANAMA CANAL REVOLVING FUND.

SEC. 3539. PANAMA CANAL REVOLVING FUND. Section 1302 of the Panama Canal Act of 1979 (22 U.S.C. 3712) is amended to read as follows: “panama canal revolving fund “Sec. 1302. (a) There is established in the Treasury of the United States a revolving fund to be known as ‘Panama Canal Revolving Fund’. The Panama Canal Revolving Fund shall, subject to subsection (b), be available to the Commission to carry out the purposes, functions, and powers authorized by this Act, including for— “(1) the hire of passenger motor vehicles and aircraft; “(2) uniforms or allowances therefor; “(3) official receptions and representation expenses of the Board, the Secretary of the Commission, and the Administrator; “(4) the operation of guide services; “(5) a residence for the Administrator; “(6) disbursements by the Administrator for employee and community projects; “(7) the procurement of expert and consultant services; “(8) promotional activities, including the preparation, distribution, or use of any kit, pamphlet, booklet, publication, radio, television, film, or other media presentation designed to promote the Panama Canal as a resource of the world shipping industry; and “(9) the purchase and transportation to the Republic of Panama of passenger motor vehicles, including large, heavy-duty vehicles. “(b) (1) There shall be deposited in the Panama Canal Revolving Fund, on a continuing basis, toll receipts (other than amounts of toll receipts deposited into the Panama Canal Commission Dissolution Fund under section 1305) and all other receipts of the Commission. Except as provided in section 1303, 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. 110 STAT. 2866 “(2) 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 and the Panama Canal Commission Dissolution Fund during such fiscal year; plus “(B) the amount of revenues deposited in the Panama Canal Revolving Fund before such fiscal year and remaining unobligated at the beginning of such fiscal year; plus “(C) the $100,000,000 borrowing authority provided for in section 1304 of this Act. 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. “(c) 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 depositary for public funds, or such other place and in such manner as the Commission and the Secretary may agree. “(d) (1) It is the sense of the Congress that the additional costs resulting from the implementation of the Panama Canal Treaty of 1977 and related agreements should be kept to the absolute minimum level. To this end, the Congress declares appropriated costs of implementation to be borne by the taxpayers over the life of such Treaty should be kept to a level no greater than the March 1979 estimate of those costs ($870,700,000) presented to the Congress by the executive branch during consideration of this Act by the Congress, less personnel retirement costs of $205,000,000, which were subtracted and charged to tolls, therefore resulting in net taxpayer cost of approximately $665,700,000, plus appropriate adjustments for inflation. “(2) It is further the sense of the Congress that the actual costs of implementation be consistent with the obligations of the United States to operate the Panama Canal safely and efficiently and keep it secure.”.