PUBLIC LAW 104-106—FEB. 10, 1996 110 STAT. 637 (c) CONSIDERATIONS UNDER STUDY. —An examination of the value to be derived by the United States from the transfer or sale of the naval petroleum reserves shall include an assessment and estimate of the fair market value of the interest of the United States in the naval petroleum reserves. The assessment and estimate shall be made in a manner consistent with customary property valuation practices in the oil and gas industry. (d) REPORT AND RECOMMENDATIONS REGARDING STUDY.— Not later than June 1, 1996, the Secretary shall submit to Congress a report describing the results of the study and containing such recommendations (including proposed legislation) as the Secretary considers necessary to implement the option, or combination of options, identified in the study that would maximize the value of the naval petroleum reserves to the United States. TITLE XXXV—PANAMA CANAL COMMISSION Subtitle A—Authorization of Appropriations SEC. 3501. SHORT TITLE. This subtitle may be cited as the "Panama Canal Commission Authorization Act for Fiscal Year 1996". SEC. 3502. AUTHORIZATION OF EXPENDITURES. (a) IN GENERAL.—Subject to subsection (b), the Panama Canal Commission is authorized to m.ake such expenditures within the limits of funds and borrowing authority available to it in accordance with law, and to make such contracts and commitments without regard to fiscal year limitations, as may be necessary under the Panama Canal Act of 1979 (22 U.S.C. 3601 et seq.) for the operation, maintenance, and improvement of the Panama Canal for fiscal year 1996. (b) LIMITATIONS.—For fiscal year 1996, the Panama Canal Commission may expend from funds in the Panama Canal Revolving Fund not more than $50,741,000 for administrative expenses, of which— (1) not more than $15,000 may be used for official reception and representation expenses of the Supervisory Board of the Commission; (2) not more than $10,000 may be used for official reception and representation expenses of the Secretary of the Commission; and (3) not more than $45,000 may be used for official reception and representation expenses of the Administrator of the Commission. (c) REPLACEMENT VEHICLES. —Funds available to the Panama Canal Commission shall be available for the purchase of not to exceed 38 passenger motor vehicles (including large heavy-duty vehicles to be used to transport Commission personnel across the isthmus of Panama) at a cost per vehicle of not more than $19,500. A vehicle may be purchased with such funds only as necessary to replace another passenger motor vehicle of the Commission. Panama Canal Commission Authorization Act for Fiscal Year 1996.
�
