In the construction of any future dam, steam plant, or other facility, to be used in whole or in part for the generation or transmission of electric power the Board is authorized and empowered to issue on the credit of the United States and to sell serial bonds not exceeding $50,000,000 in amount, having a maturity not more than fifty years from the date of issue thereof, and bearing interest not exceeding 3½ per centum per annum. Said bonds shall be issued and sold in amounts and prices approved by the Secretary of the Treasury, but all such bonds as may be so issued and sold shall have equal rank. None of said bonds shall be sold below par, and no fee, commission, or compensation whatever shall be paid to any person, firm, or corporation for handling, negotiating the sale, or selling the said bonds. All of such bonds so issued and sold shall have all the rights and privileges accorded by law to Panama Canal bonds, authorized by section 8 of the Act of June 28, 1902, chapter 1302, as amended by the Act of December 21, 1905 (ch. 3, sec. 1, 34 Stat. 5). All funds derived from the sale of such bonds shall be paid over to the Corporation.
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Stable record: federal_law:legal_authorities:record_usc_631b31313e22ca1548e2cf00 Source file: Laws/federal/codes/united-states-code/title-16/section-831n-bonds-for-future-construction-amount-terms-and-conditions--792a0268af.md Pages: Not recorded – Not recorded Passage SHA-256: 18d0834f92c4c69aa38a6e0b4340ac026d6d208bc43e4cb39b5425febaeabadf Retained source evidence SHA-256: 9013c7426afe1ead0ae53ec1428f7bc12c58c4299483350af960b9c5ef29183e
Source location: Title 16, Chapter 12A, § 831n; chapter-12a-tennessee-valley-authority.md
Stored source content
In the construction of any future dam, steam plant, or other facility, to be used in whole or in part for the generation or transmission of electric power the Board is authorized and empowered to issue on the credit of the United States and to sell serial bonds not exceeding $50,000,000 in amount, having a maturity not more than fifty years from the date of issue thereof, and bearing interest not exceeding 3½ per centum per annum. Said bonds shall be issued and sold in amounts and prices approved by the Secretary of the Treasury, but all such bonds as may be so issued and sold shall have equal rank. None of said bonds shall be sold below par, and no fee, commission, or compensation whatever shall be paid to any person, firm, or corporation for handling, negotiating the sale, or selling the said bonds. All of such bonds so issued and sold shall have all the rights and privileges accorded by law to Panama Canal bonds, authorized by section 8 of the Act of June 28, 1902, chapter 1302, as amended by the Act of December 21, 1905 (ch. 3, sec. 1, 34 Stat. 5). All funds derived from the sale of such bonds shall be paid over to the Corporation.
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Federal law — U.S. Code and appendices · legal_authorities
§ 831n. Bonds for future construction; amount,
terms, and conditions
In the construction of any future dam, steam
plant, or other facility, to be used in whole or in
part for the generation or transmission of elec-
tric power the Board is authorized and empow-
ered to issue on the credit of the United States
and to sell serial bonds not exceeding $50,000,000
in amount, having a maturity not more than
fifty years from the date of issue thereof, and
bearing interest not exceeding 31⁄2 per centum
per annum. Said bonds shall be issued and sold
in amounts and prices approved by the Sec-
retary of the Treasury, but all such bonds as
may be so issued and sold shall have equal rank.
None of said bonds shall be sold below par, and
no fee, commission, or compensation whatever
shall be paid to any person, firm, or corporation
for handling, negotiating the sale, or selling the
said bonds. All of such bonds so issued and sold
shall have all the rights and privileges accorded
by law to Panama Canal bonds, authorized by
section 8 of the Act of June 28, 1902, chapter 1302,
as amended by the Act of December 21, 1905 (ch.
3, sec. 1, 34 Stat. 5). All funds derived from the
sale of such bonds shall be paid over to the Cor-
poration.
(May 18, 1933, ch. 32, § 15, 48 Stat. 66; Pub. L.
108–447, div. C, title VI, § 603(a)(2), Dec. 8, 2004,
118 Stat. 2966.)
Editorial Notes
REFERENCES IN TEXT
Section 8 of the Act of June 28, 1902, chapter 1302, as
amended by the Act of December 21, 1905 (ch. 3, sec. 1,
34 Stat. 5), referred to in text, was classified to sections
743, 744, and 744 note of former Title 31 and was repealed
in part by Pub. L. 97–258, § 5(b), Sept. 13, 1982, 96 Stat.
1068, the first section of which enacted Title 31, Money
and Finance, and in part by