Panama Canal Revolving Fund Act of 1987

Summary

Panama Canal Revolving Fund Act of 1987 - Amends the Panama Canal Act of 1979 to terminate the present Panama Canal Commission Fund and Panama Canal Emergency Fund and establish in the Treasury a Panama Canal Revolving Fund (Fund). Makes amounts in such Fund available to carry out the authorized purposes, functions, and powers of the Panama Canal Commission (Commission). Provides that such Fund shall consist of the balance of the Panama Canal Commission Fund, the balance of unexpended appropriations to the Commission, the balance of the Panama Canal Emergency Fund, toll receipts and all other receipts of the Commission. Authorizes the Commission to borrow from the Treasury, for any of the purposes of the Commission, not more than $100,000,000, outstanding at any time. Provides for the calculation and payment of interest to the Fund. Adds working capital requirements to the list of expenditures of the Commission. Authorizes the purchasing of insurance coverage for unpredictable events. Authorizes using tolls from the Panama Canal to pay for working capital requirements. Authorizes the Commission to lease office space.

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1 official file

• Introduced in House

  summary · EN · 11 June 1987

  Open at official source

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