16 U.S.C. § 831n — Bonds for future construction; amount,

Page 1468 TITLE 16—CONSERVATION § 831n contained in section 2621(d) of this title or any similar requirement which might arise out of the Tennessee Valley Authority’s electric power transactions with the Southeastern Power Ad- ministration. (Pub. L. 102–486, title I, § 113, Oct. 24, 1992, 106 Stat. 2798.) Editorial Notes CODIFICATION Section was enacted as part of the Energy Policy Act of 1992, and not as part of the Tennessee Valley Author- ity Act of 1933 which comprises this chapter. § 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sec. 1, 34 Stat. 5), referred to in text, was classified to sections 743, 744, and 744 note of former Title 31 and was repealed in part by Pub.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 Pub. L. 97–452, § 4(b), Jan. 12, 1983, 96 Stat. 2480. AMENDMENTS 2004—Pub. L. 108–447 substituted ‘‘Board’’ for ‘‘board’’ in first sentence. Statutory Notes and Related Subsidiaries EFFECTIVE DATE OF 2004 AMENDMENT Amendment by Pub. L. 108–447 effective on the later of the date on which at least three persons nominated under section 604(a) of Pub. L. 108–447 take office or May 18, 2005, see section 604(b) of Pub. L. 108–447, set out in an Appointments; Effective Date; Transition note under section 831a of this title. § 831n–1. Bonds to carry out provisions of section 831k–1; amount, terms, and conditions With the approval of the Secretary of the Treasury, the Corporation is authorized to issue bonds not to exceed in the aggregate $50,000,000 outstanding at any one time, which bonds may be sold by the Corporation to obtain funds to carry out the provisions of section 831k–1 of this title. Such bonds shall be in such forms and de- nominations, shall mature within such periods not more than fifty years from the date of their issue, may be redeemable at the option of the Corporation before maturity in such manner as may be stipulated therein, shall bear such rates of interest not exceeding 31⁄2 per centum per annum, shall be subject to such terms and con- ditions, shall be issued in such manner and amount, and sold at such prices, as may be pre- scribed by the Corporation, with the approval of the Secretary of the Treasury: Provided, That such bonds shall not be sold at such prices or on such terms as to afford an investment yield to the holders in excess of 31⁄2 per centum per annum. Such bonds shall be fully and uncondi- tionally guaranteed both as to interest and prin- cipal by the United States, and such guaranty shall be expressed on the face thereof, and such bonds shall be lawful investments, and may be accepted as security, for all fiduciary, trust, and public funds, the investment or deposit of which shall be under the authority or control of the United States or any officer or officers thereof. In the event that the Corporation should not pay upon demand, when due, the principal of, or interest on, such bonds, the Secretary of the Treasury shall pay to the holder the amount thereof, which is authorized to be appropriated out of any moneys in the Treasury not other- wise appropriated, and thereupon to the extent of the amount so paid the Secretary of the Treasury shall succeed to all the rights of the holders of such bonds. The Secretary of the Treasury, in his discretion, is authorized to pur- chase any bonds issued hereunder, and for such purpose the Secretary of the Treasury is author- ized to use as a public-debt transaction the pro- ceeds from the sale of any securities hereafter issued under chapter 31 of title 31, and the pur- poses for which securities may be issued under such chapter are extended to include any pur- chases of the Corporation’s bonds hereunder. The Secretary of the Treasury may, at any time, sell any of the bonds of the Corporation acquired by him under this section. All redemptions, pur- chases, and sales by the Secretary of the Treas- ury of the bonds of the Corporation shall be treated as public-debt transactions of the United States. With the approval of the Secretary of the Treasury, the Corporation shall have power to purchase such bonds in the open market at any time and at any price. No bonds shall be issued hereunder to provide funds or bonds nec- essary for the performance of any proposed con- tract negotiated by the Corporation under the authority of section 831k–1 of this title until the proposed contract shall have been submitted to and approved by the Federal Power Commission. When any such proposed contract shall have been submitted to the said Commission, the matter shall be given precedence and shall be in