[Congressional Bills 103th Congress]
[From the U.S. Government Publishing Office]
[S. 2026 Introduced in Senate (IS)]

103d CONGRESS
  2d Session
                                S. 2026

    To amend the Panama Canal Act of 1979 to require the payment of 
  interest on certain damages awarded by the Panama Canal Commission.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

               April 19 (legislative day, April 11), 1994

 Mr. Akaka (for himself and Mr. Inouye) introduced the following bill; 
  which was read twice and referred to the Committee on Armed Services

_______________________________________________________________________

                                 A BILL


 
    To amend the Panama Canal Act of 1979 to require the payment of 
  interest on certain damages awarded by the Panama Canal Commission.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled, That (a) section 1411 
of the Panama Canal Act of 1979 (22 U.S.C. 3771) is amended--
            (1) in subsection (a), by inserting ``, including interest 
        under subsection (c),'' after ``damages''; and
            (2) by adding at the end the following new subsection:
    ``(c) Damages which are adjusted and payable under subsection (a) 
shall include interest calculated from the date of filing of the claim 
to the date of payment. Such interest shall be computed at the rate the 
Secretary of the Treasury establishes for interest payments under 
section 12 of the Contract Disputes Act of 1978 (41 U.S.C. 611).''.
    (b) The amendment made by subsection (a) shall be deemed to have 
become effective as of April 1, 1988.

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