"(f) The Corporation shall charge rates for power which will pro- Rates for duce gross revenues sufficient to provide funds for operation, main- sale of tenance, and administration of its power system; payments to States power. and counties in lieu of taxes; debt service on outstanding bonds, including provision and maintenance of reserve funds and other funds established in connection therewith; payments to the Treasury as a return on the appropriation investment pursuant to subsection (e) hereof; payment to the Treasury of the repayment sums specified in subsection (e) hereof; and such additional margin as the Board may consider desirable for investment in power system assets, retirement of outstanding bonds in advance of maturity, additional reduction of appropriation investment, and other purposes connected with the Corporation's power business, having due regard for the primary objectives of the Act, including the objective that power shall be sold at rates as low as are feasible. In order to protect the investment of holders of the Corporation's securities and the appropriation investment as defined in subsection (e) hereof, the Corporation, during each successive five-year period beginning with the five-year period which commences on July 1 of the first full fiscal year after the effective date of this section, shall apply net power proceeds either in reduction (directly or through payments into reserve or sinking funds) - of its capital obligations, including bonds and the appropriation investment, or to reinvestment in power assets, at least to the extent of the combined amount of the aggregate of the depreciation accruals and other charges representing the amortization of capital expenditures applicable to its power properties plus the net proceeds realized from any disposition of power facilities in said period. "(g) Power generating and related facilities operated by the Cor- Power propporation under lease and lease-purchase agreements shall constitute erty. power property held by the Corporation within the meaning of sec tion 13 of this Act, but that portion of the payment due for any fiscal 54 Stat. 626. year under said section 13 to a State where such facilities are located 16 USC 8311. which is determined or estimated by the Board to result from holding 73 STAT. 284. such facilities or selling electric energy generated thereby shall be 73 STAT. 285. reduced by the amount of any taxes or tax equivalents applicable to such fiscal year paid by the owners or others on account of said facilities to said State and to local taxing jurisdictions therein. In con- Lease and nection with the construction of a generating plant or other facilities lease-purunder an agreement providing for lease or purchase of said facilities chase agreeor any interest therein by or on behalf of the Corporation, or for the purchase of the output thereof, the Corporation may convey, in the name of the United States by deed, lease, or otherwise, any real property in its possession or control, may perform necessary engineering and construction work and other services, and may enter into any necessary contractual arrangements. ments. "(h) It is hereby declared to be the intent of this section to aid Declaration the Corporation in discharging its responsibility for the advancement of intent. of the national defense and the physical, social and economic development of the area in which it conducts its operations by providing it with adequate authority and administrative flexibility to obtain the necessary funds with which to assure an ample supply of electric power for such purposes by issuance of bonds and as otherwise provided herein, and this section shall be construed to effectuate such intent." 73 STAT. 285. SEC. 2. Paragraph seventh of section 5136 of the Revised Statutes (12 U.S.C. 24), as amended, is further amended by inserting after the words "obligations issued by the International Bank for Reconstruction and Development which are at the time eligible for purchase by a national bank for its own account" the words nor to bonds, notes and other obligations issued by the Tennessee Valley Authority," and by substituting for the words "said bank" in the immediately following proviso the words "either of said organizations". 66 SEC. 3. That section 5(m) of the Tennessee Valley Authority Act 66 Stat. 334. of 1933, as amended, is hereby amended by inserting after the word "Corporation” in the first line, the words "except ferrophosphorus”. Approved August 6, 1959. 16 USC 831d. 36-929 - 79-18 86th Congress, S. 2471 To amend the Tennessee Valley Authority Act of 1933, as amended, and for other purposes. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That section 15d (a) TVA. of the Act to amend the Tennessee Valley Authority Act of 1988, as Ante, p. 282. amended, and for other purposes, approved on August 6, 1959, is hereby amended by deleting therefrom the following: "Provided, That, with the budget estimates transmitted by the President to the Congress, the President shall transmit the power construction program of the Corporation as presented to him and recommended by the Corporation, together with any recommendation he may deem appropriate. "Neither bond proceeds nor power revenues received by the ('orporation shall be used to initiate the construction of new power producing projects (except for replacement purposes and except the first such project begun after the effective date of this section) until the construction program of the Corporation shall have been before Congress in session for ninety calendar days. In the absence of any modifying action by a concurrent resolution of the Congress within the ninety days, such projects will be deemed to have congressional approval." Approved August 14, 1959. L (261) 86th Congress, S. J. Res. 16 JOINT RESOLUTION To designate the lake to be formed by the waters impounded by the Dickinson Resolved by the Senate and House of Representatives of the United States of America in Congress assembled, That the lake to be formed Edward Arthur by the waters impounded by the Dickinson Dam in the State of Patterson Lake, North Dakota shall hereafter be known as "Edward Arthur Patterson N. Dak. Lake", and any law, regulation, document or record of the United 73 STAT. 417. States in which such lake is designated or referred to shall be held 73 STAT. 418. to refer to such lake under and by the name of "Edward Arthur Patterson Lake". Approved August 25, 1959. (262) To designate the dam and reservoir to be constructed on the Pound River near Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That the dam and John W. reservoir to be constructed on the Pound River near Bartlick, Dicken- Flannagan son County, Virginia, authorized by section 4 of the Act entitled "An Dam and Act authorizing the construction of certain public works on rivers Reservoir, and harbors for flood control, and for other purposes", approved Va June 28, 1938 (52 Stat. 1216; Public Law 761, Seventy-fifth Congress), shall be known and designated hereafter as the "John W. Flannagan Dam and Reservoir". Any law, regulation, map, document, record, or other paper of the United States in which such dam and reservoir are referred to shall be held to refer to such dam and reservoir as the "John W. Flannagan Dam and Reservoir". Approved August 25, 1959. (263) Designation. |