A bill to provide the congressional authorization required by clause 2, section 3, article IV of the Constitution, for the transfer to Panama of the property of the United States in the Canal Zone; to authorize the appropriations required by clause 7, section 9, article I of the Constitution, to implement that transfer of United States property, including the transfer of military installations and of cemeteries in which United States veterans are interred, the closing of the Canal Zone courts, and the assumption by the United States Postal Service of the functions of the Canal Zone postal service; to otherwise provide legislatively the authorizations not provided pursuant to clause 2, section 2, article II of the Constitution which are necessary to implement the Panama Canal Treaty of 1977 and related agreements; and for other purposes.

[AI summary unavailable — showing source text] Redesignates the Canal Zone Code as the Panama Canal Code. Enacts technical amendments in such Code and laws of the United States to reflect the administration of the Canal by the Panama Canal Commission, and the transfer of the Canal to the Republic of Panama under the Panama Canal Treaty of 1977. Directs the President to submit to Congress proposed legislation to revise laws which are applicable only during the Canal transition period, and to incorporate the remaining provisions of the Panama Canal Code into the United States Code. Title I: Panamanian Relations and Security Matters - Directs the President to appoint the United States representatives to the Joint Commission on the Environment and to any joint committee with Panama to study a sea level canal in that country. Requires Congressional authorization for the construction of a sea level canal. Directs the President to designate the United States representatives to the Consultative Committee between the United States and Panama. Repeals security legislation with respect to use of the Canal during a national emergency. Amends the Arms Export Control Act to repeal the applicability of arms export or import licensing requirem…