16 U.S.C. § 460lll–49 — Tennessee Valley Authority transfer funding
submitted 28 years ago by Pub. L. 105-277 to r/title-16-CONSERVATION · 392 words · no verdicts yet
This law lists where TVA can get money to pay for transferring the Recreation Area. The money must come only from specific savings and revenue sources, not new taxpayer funds. TVA must report its actual savings and spending changes to Congress.
(a) In general: The funding for this section can come from only one or more of these sources: (1) leftover nonpower fund balances and collections; (2) investment returns from the nonpower program; (3) savings applied from the power and nonpower programs; (4) savings from stopping bonuses and awards; (5) savings from cutting memberships and contributions; (6) more money collected from nonpower activities, including user fees; and (7) higher charges to private and public utilities (both investor-owned and cooperatively owned) and to direct customers.
(b) Availability: This money is available even though sections 11, 14, 15, or 29 of the TVA Act of 1933 (or any other part of that Act, or any promise in TVA's power bonds) might otherwise limit it.
(c) Sufficiency of savings: TVA's budget savings and revenue changes, starting with the first fiscal year of the transfer and every year after, must be enough that spending and outlays under subsection (a) do not exceed $0. In other words, this funding cannot add net new federal spending.
(d) Itemized list of reductions and increased receipts. (1) Proposed changes: Within 30 days of the transfer, TVA's Chairman* must give Congress's two Appropriations Committees an itemized list of the spending cuts and revenue increases planned for the transfer's first fiscal year. (2) Actual changes: Within 24 months of the transfer's effective date, the Chairman must give those same committees an itemized list of the spending cuts and revenue increases that actually happened during that first fiscal year.
The funding described in this section is funding derived from only 1 or more of the following sources:
Nonpower fund balances and collections.
Investment returns of the nonpower program.
Applied programmatic savings in the power and nonpower programs.
Savings from the suspension of bonuses and awards.
Savings from reductions in memberships and contributions.
Increases in collections resulting from nonpower activities, including user fees.
Increases in charges to private and public utilities both investor and cooperatively owned, as well as to direct load customers.
Funds from the sources described in subsection (a) shall be available notwithstanding section 11, 14, 15, or 29 [16 U.S.C. 831j, 831m, 831n, 831bb] or any other provision of the Tennessee Valley Authority Act of 1933 (16 U.S.C. 831 et seq.) or any provisions of the covenants contained in any power bonds issued by the Tennessee Valley Authority.
The savings from and the revenue adjustment to the budget of the Tennessee Valley Authority for the first fiscal year of the transfer and each fiscal year thereafter shall be sufficient so that the net spending authority and resulting outlays to carry out activities with funding described in subsection (a) shall not exceed $0 for the first fiscal year of the transfer and each fiscal year thereafter.
Not later than 30 days after the date of transfer pursuant to section 460lll–41 of this title, the Chairman* of the Tennessee Valley Authority shall submit to the Committee on Appropriations of the House of Representatives and the Committee on Appropriations of the Senate an itemized list of the amounts of reductions in spending and increases in receipts that are proposed to be made as a result of activities under this subsection during the first fiscal year of the transfer.
Not later than 24 months after the effective date of the transfer, the Chairman of the Tennessee Valley Authority shall submit to the Committee on Appropriations of the House of Representatives and the Committee on Appropriations of the Senate an itemized list of the amounts of reductions in spending and increases in receipts as a result of activities under this subsection during the first fiscal year of the transfer.
Source credit: (Pub. L. 105–277, div. A, § 101(e) [title V, § 549], Oct. 21, 1998, 112 Stat. 2681–231, 2681–325.)
- 1998Enacted · Pub. L. 105-277 · 112 Stat. 2681
A history note hasn’t been published yet. The record shows enactment by Pub. L. 105-277 on 1998-10-21.
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