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104847 1 (1978-02-01)

handle is hein.gao/gaobadxxk0001 and id is 1 raw text is: DOCUMENT RESUE 04147 - fB0385225] The Panama Canal Treaty. February 1, 1978. 16 pp. + enclovure (2 pp.). lestimony before the Senate Committee on Armed Service.; by Elmer B. Staats, Comptroller General. Contact: Office of the Comptroller General. Organization Concerned:' Panama Canal Co. Conqressional Relevance: Senate Committee on Armed Services. Authority: Government Crporation Control Act. Since the si4hing of the Panama Canal and neutrality treaties, GAO has analyzed issues related to ;such questions as: will the proposed Panama Canal Commission he f4nancially self-sufficient, what treaty-related costs can te anticipated, and what will be the impact on Canal toll rates. Financial viability of the proposda Commission will depend on treaty-implementing legislation. The legislatiau should deal with such issues as:the fcrm of organization the proposed Commission should take ard who will audit it, assuring an orderly transfer of property and continued efficient operation of functions, resolving Panama's $8.4 million debt for past services, relating payments for public services to costs and assuring quality of services, how to treat the annual $10 million continqent payment in financial and toll setting plans, hhether the Canal organization should be relieved of its obliqation to pay intetest on U.S. investments, whether the United States should attempt to recoup its investment through iccelerated depreciation charges, the magnitude of other treaty-related costs for personnel terminations and relocation; whether toll revenues will be sufficient to cover costs, and who will bear th' burden of increased toll rates. (HTW) U-