§ 831y. Net proceeds over expense payable into Treasury

Statutory text

Commencing July 1, 1936, the proceeds for each fiscal year derived by the Board from the sale of power or any other products manufactured by the Corporation, and from any other activities of the Corporation including the disposition of any real or personal property, shall be paid into the Treasury of the United States on March 31 of each year, save and except such part of such proceeds as in the opinion of the Board shall be necessary for the Corporation in the operation of dams and reservoirs, in conducting its business in generating, transmitting, and distributing electric energy and in manufacturing, selling, and distributing fertilizer and fertilizer ingredients. A continuing fund of $1,000,000 is also excepted from the requirements of this section and may be withheld by the Board to defray emergency expenses and to insure continuous operation: Provided, That nothing in this section shall be construed to prevent the use by the Board, after June 30, 1936, of proceeds accruing prior to July 1, 1936, for the payment of obligations lawfully incurred prior to such latter date.

Legislative history

Reconstructed from this section’s Code source credit and amendment notes, resolved against the local Statutes at Large. Editorial notes are evidence, not the law that made the change.

1933
Pub. L. 73–32 § 26 · 48 Stat. 58
Enacted · 16 U.S.C. § 831y
May 18, 1933, ch. 32, § 26, 48 Stat. 71
Source evidence
Code source credit
May 18, 1933, ch. 32, § 26, 48 Stat. 71
Enacted provision · exact public law section
Sec. 26. The net proceeds derived by the board from the sale of Net proceeds from sale of power, etc., covered in. power and any of the products manufactured by the Corporation, after deducting the cost of operation, maintenance, depreciation, amortization, and an amount deemed by the board as necessary to withhold as operating capital, or devoted by the board to new construction, shall be paid into the Treasury of the United States at the end of each calendar year.
1976
Fiscal Year Adjustment Act
Pub. L. 94–273 § 35(b) · 90 Stat. 375
Substituted · 16 U.S.C. § 831y
Pub. L. 94–273 substituted “on March 31 of each year” for “at the end of each calendar year”
Source evidence
Code amendment note
Pub. L. 94–273 substituted “on March 31 of each year” for “at the end of each calendar year”.
Enacted provision · exact public law section
(b) Section 26 of the Tennessee Valley Authority Act of 1933, as amended (16 U.S.C. 831y), is amended by deleting “at the end of each calendar year” and inserting “on March 31 of each year” in lieu thereof.

2 of 2 references resolved to an enrolled provision

Editorial Notes

Amendments1935–1976 · 2 rounds

1976

Pub. L. 94–273 substituted “on March 31 of each year” for “at the end of each calendar year”.

1935

Act Aug. 31, 1935, amended section generally.

Credits

1933–1976 · 3 acts

1933May 18, 1933, ch. 32, § 26, 48 Stat. 71
1935Aug. 31, 1935, ch. 836, § 10, 49 Stat. 1079
1976Pub. L. 94–273, § 35(b), Apr. 21, 1976, 90 Stat. 380.

Show as published

(May 18, 1933, ch. 32, § 26, 48 Stat. 71; Aug. 31, 1935, ch. 836, § 10, 49 Stat. 1079; Pub. L. 94–273, § 35(b), Apr. 21, 1976, 90 Stat. 380.)