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124174 1 (1984-05-16)

handle is hein.gao/gaobactht0001 and id is 1 raw text is: 9 /C.. I I I I UNITED STATES GENERAL ACCOUNTING OFFICE WASHINGTON, D.C. 20548. FOR RELEASE ON DELIVERY Expected at 10:00 a.m. Wednesday, May 16, 1984 SUMMARY OF 124174 STATEMENT OF SAMUEL W. BOWLIN ASSOCIATE DIRECTOR, NATIONAL SECURITY AND INTERNATIONAL AFFAIRS DIVISION BEFORE THE SUBCOMMITTEE ON PANAMA CANAL/OUTER CONTINENTAL SHELF HOUSE COMMITTEE ON MERCHANT MARINE AND FISHERIES ON GAO VIEWS CONCERNING RETURN ON U.S. INVESTMENT IN THE PANAMA CANAL Mr. Chairman and Members of the Subcommittee: We are pleased to have the opportunity to present our views on how interest on the U.S. investment in the Panama Canal should be paid. Because of uncertainty regarding the method to be used in computing and paying the return on the U.S. invest- ment in the Canal, we have qualified our opinion on the Commis- sion's financial statements or reported on the need for an explicit statement of congressional intent of how interest should be treated every year since the Commission assumed opera- tion of the Canal on October 1, 1979. THE RETURN ON INVESTMENT ISSUE The Panama Canal Act of 1979 provides that the United States will receive a return on its investment in the Panama 0

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