33 U.S.C. § 984 — General powers of Corporation

Page 320 TITLE 33—NAVIGATION AND NAVIGABLE WATERS § 984 1 So in original. The period probably should be a semicolon. 2 So in original. There are two pars. designated (13). 3 Clauses (10), (11), and (12) redesignated (11), (12), and (13) by Pub. L. 97–369. tivities with those of the Saint Lawrence Sea- way Authority of Canada and the entity des- ignated by the State of New York, or other li- censee of the Federal Energy Regulatory Com- mission, authorized to construct and operate the dams and power works authorized by the Inter- national Joint Commission in its order of Octo- ber 29, 1952 (docket 68) or any amendment or modification thereof. (May 13, 1954, ch. 201, § 3, 68 Stat. 93; Pub. L. 95–91, title IV, § 402(a)(1)(A), Aug. 4, 1977, 91 Stat. 583.) Statutory Notes and Related Subsidiaries TRANSFER OF FUNCTIONS ‘‘Federal Energy Regulatory Commission’’ sub- stituted for ‘‘Federal Power Commission’’ in subsecs. (a)(2) and (b), on authority of Pub. L. 95–91, title IV, § 402(a)(1)(A), Aug. 4, 1977, 91 Stat. 583, which is classi- fied to section 7172(a)(1)(A) of Title 42, The Public Health and Welfare. § 984. General powers of Corporation (a) For the purpose of carrying out its func- tions under this chapter the Corporation— (1) shall have succession in its corporate name; (2) may adopt and use a corporate seal, which shall be judicially noticed; (3) may sue and be sued in its corporate name; (4) may adopt, amend, and repeal bylaws, rules, and regulations governing the manner in which its business may be conducted and the powers vested in it may be exercised; (5) may make and carry out such contracts or agreements as are necessary or advisable in the conduct of its business; (6) shall be held to be an inhabitant and resi- dent of the northern judicial district of New York within the meaning of the laws of the United States relating to venue of civil suits; (7) may appoint and fix the compensation, in accordance with the provisions of chapter 51 and subchapter III of chapter 53 of title 5, of such officers, attorneys, and employees as may be necessary for the conduct of its busi- ness, define their authority and duties, and delegate to them such of the powers vested in the Corporation as the Administrator may de- termine; (8) may acquire, by purchase, lease, con- demnation, or donation such real and personal property and any interest therein, and may sell, lease, or otherwise dispose of such real and personal property, as the Administrator deems necessary for the conduct of its busi- ness; (9) shall determine the character of and the necessity for its obligations and expenditures, and the manner in which they shall be in- curred, allowed and paid, subject to provisions of law specifically applicable to Government corporations; (10) may retain toll revenues for purposes of eventual reinvestment in the Seaway.1 (11) may provide services and facilities nec- essary in the maintenance and operation of the seaway, including but not limited to pro- viding, at reasonable prices, services to vessels using the seaway and to visitors to the sea- way, but not to include overnight housing ac- commodations for visitors; (12) may participate with the Saint Law- rence Seaway Authority of Canada, or its des- ignee, in the ownership and operation of a toll bridge company: Provided, That the United States’ portion of the revenue from the tolls charged to the users of any toll bridge oper- ated under this section shall be applied solely to the cost of the bridge and approaches, in- cluding maintenance and operation, amortiza- tion of principal and interest, as established by the Secretary of the Treasury; and (13) 2 shall be credited with amounts received from any of the activities authorized by clauses (10) and (11) 3 of this subsection. (13) 2 shall accept such amounts as may be transferred to the Corporation under section 9505(c)(1) of title 26, except that such amounts shall be available only for the purpose of oper- ating and maintaining those works which the Corporation is obligated to operate and main- tain under subsection (a) of section 983 of this title. (b) Amounts credited under subsection (a)(12) 3 are available to pay any obligation or expense of the Corporation under this chapter, except as specifically provided in subsection (a)(11).3 (May 13, 1954, ch. 201, § 4, 68 Stat. 94; Pub. L. 85–108, § 1(1)–(3), July 17, 1957, 71 Stat. 307; Pub. L. 92–310, title II, § 232, June 6, 1972, 86 Stat. 214; Pub. L. 97–369, title III, § 311, Dec. 18, 1982, 96 Stat. 1783; Pub. L. 99–662, title XIV, § 805(a)(1)–(3), Nov. 17, 1986, 100 Stat. 4272.) Editorial Notes CODIFICATION In subsec. (a)(7), ‘‘chapter 51 and subchapter III of chapter 53 of title 5’’ substituted for ‘‘the Classification Act of 1949’’ on authority of Pub. L. 89–554, § 7(b), Sept. 6, 1966, 80 Stat. 631, the first section of which enacted Title 5, Government Organization and Employees. AMENDMENTS 1986—Subsec. (a)(13). Pub. L. 99–662 added par. (13) re- lating to acceptance of amounts transferred to the Cor- poration under section 9505(c) of title 26. 1982—Subsec. (a)(10) to (13). Pub. L. 97–369 added par. (10) and redesignated former pars. (10) to (12) as (11) to (13), respectively. 1972—Subsec. (a)(7). Pub. L. 92–310 struck out provi- sions which empowered the Corporation to require bonds from such officers, attorneys, and employees as the Administrator might designate. 1957—Subsecs. (a)(10) to (12), (b). Pub. L. 85–108 added pars. (10) to (12) and subsec. (b). Statutory Notes and Related Subsidiaries EFFECTIVE DATE OF 1986 AMENDMENT Pub. L. 99–662, title XIV, § 805(b), Nov. 17, 1986, 100 Stat. 4272, provided that: ‘‘The amendments made by this section [enacting section 988a of this title and amending this section] shall take effect on April 1, 1987.’’ Page 321 TITLE 33—NAVIGATION AND NAVIGABLE WATERS § 987 § 984a. Repealed. June 28, 1955, ch. 189, § 12(c)(11), 69 Stat. 181 Section, act Aug. 26, 1954, ch. 935, ch. VIII, § 801, 68 Stat. 818, authorized Administrator to place not more than four positions in grades 16, 17, or 18 of General Schedule established by Classification Act of 1949. § 985. Bonds; issuance; maturity; redemption; in- terest; purchase of obligations by Secretary of the Treasury (a) To finance its activities, the Corporation may issue revenue bonds payable from corporate revenue to the Secretary of the Treasury. The total face value of all bonds so issued shall not be greater than $140,000,000. Not more than fifty per centum of the bonds may be issued during any one year. Such obligations shall have matu- rities agreed upon by the Corporation and the Secretary of the Treasury, not in excess of fifty years. Such obligations may be redeemable at the option of the Corporation before maturity in such manner as may be stipulated in such obli- gations, but the obligations thus redeemed shall not be refinanced by the Corporation. The Sec- retary of the Treasury is authorized and di- rected to purchase any obligations of the Cor- poration to be 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 issued under chapter 31 of title 31, and the purposes for which securities may be issued under chapter 31 of title 31 are extended to include any purchases of the Corporation’s obligations hereunder. (b) Effective as of October 21, 1970, the obliga- tions of the Corporation incurred under sub- section (a) of this section shall bear no interest, and the obligation of the Corporation to pay the unpaid interest which has accrued on such obli- gations is terminated. (May 13, 1954, ch. 201, § 5, 68 Stat. 94; Pub. L. 85–108, § 1(4), July 17, 1957, 71 Stat. 307; Pub. L. 91–469, § 43(a), Oct. 21, 1970, 84 Stat. 1038.) Editorial Notes CODIFICATION In subsec. (a), ‘‘chapter 31 of title 31’’ substituted for ‘‘the Second Liberty Bond Act, as amended’’ on author- ity of Pub. L. 97–258, § 4(b), Sept. 13, 1982, 96 Stat. 1067, the first section of which enacted Title 31, Money and Finance. AMENDMENTS 1970—Subsec. (a). Pub. L. 91–469, § 43(a)(1), designated existing provisions as subsec. (a) and struck out fourth, fifth, and eighth sentences which provided for deferral, with approval of Secretary of the Treasury, of interest payments on bonds but required interest payments so deferred to bear interest after June 30, 1960; prohibited charging of deferred interest against debt limitation of $140,000,000; and prescribed for each obligation a rate of interest determined by the Secretary, taking into con- sideration the current average rate on current market- able obligations of the United States of comparable maturities as of the last day of the month preceding the issuance of the obligation of the Corporation. Subsec. (b). Pub. L. 91–469, § 43(a)(2), added subsec. (b). 1957—Pub. L. 85–108 increased Corporation’s bor- rowing authority from $105,000,000 to $140,000,000; omit- ted first year bond issue limitation, and raised limits of bond issues for any year from 40 to 50 per centum of total borrowing power; and authorized deferment of in- terest payments on borrowings, excluding such deferred interest charges from the debt limitation of $140,000,000. § 985a. Cancellation of bonds issued under sec- tion 985 Notwithstanding any other provision of law, any bond issued under section 985 of this title, is hereby canceled together with the obligation to pay such bond. (Pub. L. 97–369, title III, § 311, Dec. 18, 1982, 96 Stat. 1782.) Editorial Notes CODIFICATION Section was enacted as part of the Department of Transportation and Related Agencies Appropriations Act, 1983, and not as part of act May 13, 1954, ch. 201, 68 Stat. 903, which comprises this chapter. Section consists of a part of section 311 of Pub. L. 97–369. The remainder of section 311 of Pub. L. 97–369 amended sections 984 and 988 of this title. § 986. Payments to States and local governments in lieu of taxes; tax exemption of Corpora- tion The Corporation is authorized to make pay- ments to State and local governments in lieu of property taxes upon property which was subject to State and local taxation before acquisition by the Corporation. Such payments may be in the amounts, at the times, and upon the terms the Corporation deems appropriate, but the Corpora- tion shall be guided by the policy of making payments not in excess of the taxes which would have been payable for such property in the con- dition in which it was acquired, except in cases where special burdens are placed upon the State or local government by the activities of the Cor- poration or its agents. The Corporation, its property, franchises, and income are expressly exempted from taxation in any manner or form by any State, county, municipality, or any sub- division thereof, but such exemption shall not extend to contractors for the Corporation. (May 13, 1954, ch. 201, § 7, 68 Stat. 95.) § 987. Services and facilities of other agencies (a) Utilization of personnel, services, facilities, and information The Corporation may, with the consent of the agency concerned, accept and utilize, on a reim- bursable basis, the officers, employees, services, facilities, and information of any agency of the Federal Government, except that any such agen- cy having custody of any data relating to any of the matters within the jurisdiction of the Cor- poration shall, upon request of the Adminis- trator, make such data available to the Corpora- tion without reimbursement. (b) Contributions to retirement and disability, and employees’ compensation, funds; pay- ment of costs The Corporation shall contribute to the civil- service retirement and disability fund, on the basis of annual billings as determined by the Di- rector of the Office of Personnel Management, for the Government’s share of the cost of the civil-service retirement system applicable to the