Panama Canal Commission Authorization Act, Fiscal Year 1986

(Measure passed Senate, amended)

Panama Canal Commission Authorization Act, Fiscal Year 1986 - Authorizes funds to be appropriated from the Panama Canal Commission Fund to the Panama Canal Commission for FY 1986 for operating expenses, including a specified maximum amount for capital outlay. Authorizes additional appropriations for FY 1986 for increases in employee benefits, for payments to Panama, and for increased fuel costs.

Amends the Panama Canal Act of 1979 to provide round trip travel for educational purposes twice a year for dependents of certain Panama Canal Commission employees.

Authorizes the Commission to pay the vacation leave travel expenses and transportation expenses for certain Commission employees and their families. Authorizes the Commission to prescribe required periods of service with respect to such benefits.

Requires funds to be available to defray the cost of: (1) health care services to elderly or disabled persons who were eligible to receive such services before October 1, 1979; and (2) educational services provided by schools in Panama to employees of the Commission who are U.S. citizens and persons who were receiving such services at the expense of the Canal Zone Government before October 1, 1979.

Provides for compensating members of the Board of the Panama Canal Commission who are not U.S. Government or Panamanian government employees.

Requires the President to notify the Congress before transferring certain property pursuant to the Panama Canal Treaty of 1977. (Current law requires the Congress to be notified at least 180 days before the transfer of such property.)