The Commission shall during fiscal year 1998 establish an office to close out the affairs of the Commission that are still pending after the termination of the Panama Canal Treaty of 1977.
22 U.S. Code § 3714a - Dissolution of Commission
(a) Study and report
(1) The Commission shall conduct a study of—
the costs associated with the dissolution of the Commission, including the composition, location, and costs of the office authorized to be established under subsection (b); and
The Commission shall submit to the Congress, by not later than September 30, 1996, a report on the findings and conclusions of the study under this subsection. The report shall include an estimate of the period of time which may be required to close out the affairs of the Commission after the termination of the Panama Canal Treaty of 1977.
(b) Termination office
(c) Panama Canal Commission Dissolution Fund
There is established in the Treasury of the United States a fund to be known as the “Panama Canal Commission Dissolution Fund” (hereinafter in this section referred to as the “Fund”). The Fund shall be managed by the Commission until the termination of the Panama Canal Treaty of 1977 and by the office established under subsection (b) thereafter.
(A) Subject to paragraph (5), the Fund shall be available after September 30, 1998, to pay—
(3) The Fund shall consist of—
such amounts as may be deposited into the Fund by the Commission, from amounts collected as toll receipts, to pay the costs described in paragraph (2); and
amounts credited to the Fund under paragraph (4).
Securities invested under subparagraph (A) shall bear interest at rates determined by the Secretary of the Treasury, taking into consideration current market yields on outstanding marketable obligations of the United States of comparable maturity.
Interest earned on securities invested under subparagraph (A) shall be credited to and form part of the Fund.
Amounts in the Fund may not be obligated or expended in any fiscal year unless the obligation or expenditure is specifically authorized by law.
1999—Subsec. (c)(5). Pub. L. 106–65 designated existing provisions as subpar. (A) and added subpar. (B).
Operation of Office of Transition Administration and Oversight of Close-Out Activities
“(b) Operation of the Office of Transition Administration.—
“(1) In general.—
For purposes of exercising authority under the procurement laws of the United States, the director of the Office of Transition Administration shall have the status of the head of an agency.
“(4) Office of transition administration defined.—
“(5) Effective date.—
This subsection shall be effective on and after the termination of the Panama Canal Treaty of 1977.
“(c) Oversight of Close-Out Activities.—
The Panama Canal Commission shall enter into an agreement with the head of a department or agency of the Federal Government to supervise the close out of the affairs of the Commission under section 1305 of the Panama Canal Act of 1979 and to certify the completion of that function.”