Tennessee Valley Authority Financing. Hearings ... S. 2373. July 19551955 - 245 lappuses |
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additional agencies amended amortization amount annual appropriation investment approval assets audit basis believe bond issues budget program Bureau capacity capital Chairman Chattanooga committee Congress construction Corporation Control Act Corporation's cost of money debt depreciation earnings electric power engineering equity expansion Federal Government figures financing FINLEY fiscal Fontana Dam Government Corporation Control interest rate issuance June 30 KAMPMEIER Kerr bill kilowatt-hours kilowatts lease lease-purchase legislation megawatts ment million municipalities obligations paid payments percent power facilities power proceeds power program power properties present projects proposed purchase purposes question recommendations revenue bonds SAMMIS SCHWARTZ Secretary sell Senator BUSH Senator COTTON Senator GORE Senator HRUSKA Senator KERR statement steam plants SUTTON SWIDLER taxes Tennessee Valley Authority tion transmission Treasury TVA Act TVA Board TVA bonds TVA power system TVA system TVA's United utility VOGEL watt-hours WESSENAUER
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11. lappuse - The Secretary of the Treasury is authorized and directed to purchase any notes and other obligations to be issued hereunder and for such purpose he is authorized to use as a public debt transaction the proceeds from the sale of any securities issued under the Second Liberty Bond Act...
12. lappuse - 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.
31. lappuse - The financial transactions of the Corporation for any fiscal year during which Federal funds are available to finance any portion of its operations may be audited by the General Accounting Office in accordance with the principles and procedures applicable to commercial corporate transactions and under such rules and regulations as may be prescribed by the Comptroller General of the United States.
12. lappuse - The Corporation shall charge rates for power which will produce gross revenues sufficient to provide funds for operation, maintenance, and administration of its power system; payments to States 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...
12. lappuse - Any and all notes, debentures, bonds or other such obligations issued by the corporation shall be exempt both as to principal and Interest from all taxation (except surtaxes, estate, inheritance, and gift taxes) now or hereafter imposed by the United States, by any territory, dependency or possession thereof, or by any state, county, municipality or local taxing authority.
15. lappuse - Act, use the proceeds of such bonds for the construction, acquisition, enlargement, improvement, or replacement of any plant or other facility used or to be used for the generation or transmission of electric power (including the portion of any multiplepurpose structure used or to be used for power generation) ; as may be required in connection with the lease, lease-purchase, or any contract for the power output of any such plant or other facility ; and for other purposes incidental thereto.
31. lappuse - Office in accordance with the principles and procedures applicable to commercial corporate transactions and under such rules and regulations as may be prescribed by the Comptroller General of the United States. The audit shall be conducted at the place or places where accounts of the Corporation are normally kept.
229. lappuse - ... operation for the last completed fiscal year. Such budget program shall include a statement of financial condition, a statement of income and expense, an analysis of surplus or deficit, a statement of sources and application of funds, and such other supplementary statements and information as are necessary or desirable to make known the financial condition and operations of the corporation.
24. lappuse - The board is hereby empowered and authorized to sell the surplus power not used in its operations, and for operation of locks and other works generated by it, to States, counties, municipalities, corporations, partnerships, or individuals, according to the policies hereinafter set forth; and to carry out said authority, the board is authorized to enter into contracts for such sale for a term not exceeding twenty years...
11. lappuse - State or local taxing authority except estate, inheritance, and gift taxes; and (5) not be obligations of, nor shall payment of the principal thereof or interest thereon be guaranteed by, the Government of the United States, except as provided in section 2006(c) of this title.