22 USC § 3714 - Borrowing authority

---
identifier: "/us/usc/t22/s3714"
source: "usc"
legal_status: "official_prima_facie"
title: "22 USC § 3714 - Borrowing authority"
title_number: 22
title_name: "FOREIGN RELATIONS AND INTERCOURSE"
section_number: "3714"
section_name: "Borrowing authority"
chapter_number: 51
chapter_name: "PANAMA CANAL"
subchapter_number: "I"
subchapter_name: "ADMINISTRATION AND REGULATIONS"
part_number: "3"
part_name: "Funds and Accounts"
positive_law: false
currency: "119-84"
last_updated: "2026-03-26"
format_version: "1.1.0"
generator: "[email protected]"
source_credit: "(Pub. L. 96–70, title I, § 1304, as added Pub. L. 100–203, title V, § 5424(a), Dec. 22, 1987, 101 Stat. 1330–273.)"
---


# § 3714. Borrowing authority

**(a)** **Limitation on amount; issuance of notes and other obligations** 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)** **Restrictions on use** Amounts borrowed under this section shall not be available for payments to Panama under Article XIII of the Panama Canal Treaty of 1977.

**(c)** **Effect on investment interest in Panama Canal** 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)** **Report to Congress** 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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**Source Credit**: (Pub. L. 96–70, title I, § 1304, as added Pub. L. 100–203, title V, § 5424(a), Dec. 22, 1987, 101 Stat. 1330–273.)

## Statutory Notes and Related Subsidiaries

### Effective Date

Section effective , see , set out as an Effective Date of 1987 Amendment note under .