Profiles of Existing Government Corporations - US Government ...

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CORPORATION PRO?ILE
APPILLATRDAGQ1CIES: SLSDC is subject to the direction and
SUpSNiSiOn of the Secretary of Transportation. SISDC's power
proj.ct activities are to be coordinated with the Saint Lawr.nc.
Authority of Canada and N.Y. state~s desiqnee, or other Federal
Energy Regulatory commission (FERC) licensees. The Office of
Personnel Management and the Department of Labor determine
contributions to ths retirement and disability fund and
compensate the fund rsspectively. SLSDC may issue revenue bonds
payable (to a maximum of $140 million face value) to th.
Secretary of Trsaaury, who shall alao establish the cost of the
Saint Lawrencs Bridge and approachem as a baai for applying toll
revenues from users.
BDDGBT STATQS: On-budget and subject to the Government
Corporation Control Act (GCCA). SLSDC prepares a business-typa
budget and submits it annually to the President. SLSDC's budget
for expenditures is approved annually by the Office of Management
and Budget and is submitted by the President to the House and
Senate Appropriations Committees. Leqis1at.d limits are
established for accrued expenditures and for administrative
expenses.
-Y STATUS: Subject to the GCCA. Accounts are to be
maintained in the Treasury or its designee, unl.88 the
r.guirement is waived by the Secretary of the Treasury. The
requirement is not applicable to temporary accounts of not more
than S50,OOO in any one bank. The Treasury shall prescribe the
terms of obligations offered to the public. Treasury approval is
required, unless waived, for transactions over SlOO,OOO for U.S.
government obligations or guaranteed obligations. If the agency
agrees, the Treasury may delegate the responsibility regarding
obligations to an agency officer or uaployee.
RR#IRTIIIo STAmS: The annual report on operations is to be sent
to the President and the Congress. Special reports are to be
smnt to Congress when a seaway project modification exceeds an
estimate of $1,000,000. The Treasury recsives quarterly reports
on SISDC~s financial condition and monthly cash reports.
LITIGATION STAmS: SLSDC ray sue and be sued in its corporate
name. However, N.Y. District Court has held that SLSDC is a
federal agency and cannot be sued in its own name for negliq.nce.
SLSDC has used the Department of Justice for its litigation.
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