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16 U.S.C. § 831n — Bonds for future construction; amount, terms, and conditions
Federal law — U.S. Code and appendices · legal_authorities
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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Source file: Laws/federal/codes/united-states-code/title-16/section-831n-bonds-for-future-construction-amount-terms-and-conditions--792a0268af.md
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Source location: Title 16, Chapter 12A, § 831n; chapter-12a-tennessee-valley-authority.md
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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
**(a) Membership**
(1) **Appointment** — The Board of Directors of the Corporation (referred to in this chapter as the “Board”) shall be composed of 9 members appointed by the President by and with the advice and consent of the Senate, at least 7 of whom shall be a legal resident of the service area of the Corporation.
(2) **Chairman** — The members of the Board shall select 1 of the members to act as chairman of the Board.
**(b) Qualifications** To be eligible to be appointed as a member of the Board, an individual—
(1) shall be a citizen of the United States;
(2) shall have management expertise relative to a large for-profit or nonprofit corporate, government, or academic structure;
(3) shall not be an employee of the Corporation;
(4) shall make full disclosure to Congress of any investment or other financial interest that the individual holds in the energy industry; and
(5) shall affirm support for the objectives and missions of the Corporation, including being a national leader in technological innovation, low-cost power, and environmental stewardship.
**(c) Recommendations** In appointing members of the Board, the President shall—
(1) consider recommendations from such public officials as—
(A) the Governors of States in the service area;
(B) individual citizens;
(C) business, industrial, labor, electric power distribution, environmental, civic, and service organizations; and
(D) the congressional delegations of the States in the service area; and
(2) seek qualified members from among persons who reflect the diversity, including the geographical diversity, and needs of the service area of the Corporation.
**(d) Terms**
(1) **In general** — A member of the Board shall serve a term of 5 years. A member of the Board whose term has expired may c
Source: Supplied U.S. Code snapshot — release unconfirmed · 16 U.S.C. § 831a
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Federal law — U.S. Code and appendices · legal_authorities
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;
Source: Supplied 2024 U.S. Code historical extraction · 16 U.S.C. § 831n
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