---
kind: "section"
citation: "22 U.S.C. § 3714"
title: "22"
title_heading: "Foreign Relations and Intercourse"
number: "3714"
heading: "Borrowing authority"
release: "119-102"
date: "2026-07-12"
url: "https://uscodex.org/usc/22/3714"
units:
  - "Chapter 51 — Panama Canal"
  - "Subchapter I — Administration and Regulations"
  - "Part 3 — Funds and Accounts"
  - "Subpart i — funds"
---

# §3714. Borrowing authority

- (a) **Limitation on amount; issuance of notes and other obligations—** The Panama Canal [Commission](/usc/22/277d–43.md?p=2) may borrow from the Treasury, for any of the purposes of the [Commission](/usc/22/277d–43.md?p=2), not more than $100,000,000 outstanding at any time. For this purpose, the [Commission](/usc/22/277d–43.md?p=2) may issue to the [Secretary](/usc/22/277d–43.md?p=5) 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](/usc/22/277d–43.md?p=2) and the [Secretary](/usc/22/277d–43.md?p=5) of the Treasury, and
  - (2) which may be redeemable at the option of the [Commission](/usc/22/277d–43.md?p=2) 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](/usc/22/277d–43.md?p=2) shall report to the Congress and to the Office of Management and Budget on each exercise of borrowing authority under this section.

## 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.)

## Notes

### Statutory Notes and Related Subsidiaries

### Effective Date

Section effective Jan. 1, 1988, see section 5429 of Pub. L. 100–203, set out as an Effective Date of 1987 Amendment note under section 3712 of this title.