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B-204078.2 1 (1988-05-06)

handle is hein.gao/gaobabizt0001 and id is 1 raw text is: omptroUer General of the United States Washingtn, D.C. 20548 RELEASED may 6, 1988 DO NOT MAKE AVAILABLE TO PUBLIC READING FOR 30 DAYS The,Honorable William Lehman chairman, Subcommittee on Transportation and Related Agencies committee on Appropriations House of---Represenit-tives Dear Mr. Chairman: In your letter of March 2, 1988, you asked four questions relating to the interpretation of the !Panama Canal Revolving Fund Act, as enactej by the Omnibus Budget Reconciliation Act of 1987, Pub. L.-o. 100-203, 101 Stat. 1330-1, 1330-269 .:through 1330-275, and the Department of Transportation and ...Related Agencies Appropriations Act, 1988, as enacted by the SJoint Resolution making further appropria ions for fiscal -year 1988, and for other purposes, Pub. Lt.VNo. 100-202, ,: 101 Stat. 1329-1, 1329-358 through 1329-390 (Appropriations i Act). We shall address your questions in order. 14 Your first question is whether section 5422 of the Reconciliation Act, which establishes the Panama Canal Revolving Fund, eliminates the need for annual appropria- tions to the Panama Canal Commission before the Commission 'may incur obligations or make expenditures in carrying out its activities. In our opinion, the creation of the revolving fund K eliminates the need for annual appropriations to the ;Commission. However, as we discuss in our answer to 4, question 3, below, authority to obligate or expend funds for j' administrative expenses must be provided in advance in annual appropriation acts. Section 5422 aiends section 1302 of the :Panama Canal Act of 1979, 22 U.S.C.VS 3712, by establishing in the Treasury of the United States a revolving fund to be known as the 'Panama Canal Revolving Fund'. The Fund is generally available to the Commission to carry out the purposes, functions, and powers authorized by the Panama Canal Act. The Fund is initially composed of all unappropriated balances in the Panama Canal Commission Fund, and the .1unexpended balance of7-all appropriations to the Commission, at the close of business on the day before the effective 0 0

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