§ 838k. Bonneville Power Administration bonds

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.

1. 1974

   Federal Columbia River Transmission System Act

   Pub. L. 93–454 § 13 · 88 Stat. 1376

   Enacted · 16 U.S.C. § 838k

   Pub. L. 93–454, § 13, Oct. 18, 1974, 88 Stat. 1380

   Source evidence

   Code source credit
   Pub. L. 93–454, § 13, Oct. 18, 1974, 88 Stat. 1380

   Enacted provision · exact public law section
   Sec. 13. (a) The Sale and issuance. 16 USC 838k. Administrator is authorized to issue and sell to the Secretary of the Treasury from time to time in the name and for and on behalf of the Bonneville Power Administration bonds, notes, and other evidences of indebtedness (in this Act collectively referred to as “bonds”) to assist in financing the construction, acquisition, and replacement of the transmission system, and to issue and sell bonds to refund Terms and conditions. such bonds. Such bonds shall be in such forms and denominations, bear such maturities, and be subject to such terms and conditions as may be prescribed by the Secretary of the Treasury taking into account terms and conditions prevailing in the market for similar bonds, the useful life of the facilities for which the bonds are issued, and financing practices of the utility industry. Refunding provisions may Interest rate, determination. be prescribed by the Administrator. Such bonds shall bear interest at a rate determined by the Secretary of the Treasury taking into consideration the current average market yield on outstanding marketable obligations of the United States of comparable maturities, plus an amount in the judgment of the Secretary of the Treasury to provide for a rate comparable to the rates prevailing in the market for Limitation. similar bonds. The aggregate principal amount of any such bonds outstanding at any one time shall not exceed $1,250,000,000. (b) The principal of, premiums, if any, and interest on such bonds shall be payable solely from the Administrator’s net proceeds as hereinafter “Net proceeds.” defined. “Net proceeds” shall mean for the purposes of this section the remainder of the Administrator’s gross receipts from all sources after first deducting trust funds and the costs listed in section 11(b) (2) through 11(b) (7) and 11(b) (11), and shall include reserve or other funds created from such receipts. (c) The Secretary of the Treasury shall purchase forthwith any Bonds, purchase. 31 USC 774. bonds issued by the Administrator under this Act and for that purpose is authorized to use as a public debt transaction the proceeds from the sale of any securities issued under the Second Liberty Bond Act, as now or hereafter in force, and the purposes for which securities may be issued under the Second Liberty Bond Act, as now or hereafter in force, are extended to include any purchases of the bonds issued by the Administrator under this Act, The Secretary of the Treasury may, at any time, sell any of the bonds acquired by him under this Act. All redemptions, purchases, and sales by the Secretary of the Treasury of such bonds shall be treated as public debt transactions of the United States.

2. 1980

   Pacific Northwest Electric Power Planning and Conservation Act

   Pub. L. 96–501 § 8(d) · 94 Stat. 2697

   1. Inserted · 16 U.S.C. § 838k(a)

      Pub. L. 96–501, § 8(d), inserted provision relating to the implementation of the Administrator’s authority pursuant to the Pacific Northwest Electric Power Planning and Conservation Act

   2. Inserted · 16 U.S.C. § 838k(a)

      Pub. L. 96–501, § 8(d), inserted “issued by Government corporations” after “rates prevailing in the market for similar bonds”, increased the existing $1,250,000,000 aggregate principal limitation by an additional $1,250,000,000 after Oct. 1, 1981, to be used to provide funds for conservation and renewable resource loans and grants in a special revolving account created for that purpose

   3. Inserted · 16 U.S.C. § 838k(a)

      Pub. L. 96–501, § 8(d), inserted provision that, beginning in fiscal year 1982, if the Administrator fails to repay by the end of any fiscal year all of the amounts projected immediately prior to that year to be repaid to the Treasury by the end of that year under the repayment criteria of the Secretary of Energy and if that failure is due to reasons other than a decrease in power sale revenues due to fluctuating streamflows or other reasons beyond the control of the Administrator, the Secretary of the Treasury may increase the interest rate applicable to the outstanding bonds issued by the Administrator during that fiscal year

   Source evidence

   Code amendment note
   Subsec. (a). Pub. L. 96–501, § 8(d), inserted provision relating to the implementation of the Administrator’s authority pursuant to the Pacific Northwest Electric Power Planning and Conservation Act, inserted “issued by Government corporations” after “rates prevailing in the market for similar bonds”, increased the existing $1,250,000,000 aggregate principal limitation by an additional $1,250,000,000 after Oct. 1, 1981, to be used to provide funds for conservation and renewable resource loans and grants in a special revolving account created for that purpose, and inserted provision that, beginning in fiscal year 1982, if the Administrator fails to repay by the end of any fiscal year all of the amounts projected immediately prior to that year to be repaid to the Treasury by the end of that year under the repayment criteria of the Secretary of Energy and if that failure is due to reasons other than a decrease in power sale revenues due to fluctuating streamflows or other reasons beyond the control of the Administrator, the Secretary of the Treasury may increase the interest rate applicable to the outstanding bonds issued by the Administrator during that fiscal year.

   Enacted provision · exact public law section
   (d) (1) The first sentence of subsection (a) of section 13 of such Act 16 USC 838k. is amended by inserting after the word “system,” the following: “to implement the Administrator’s authority pursuant to the Pacific Northwest Electric Power Planning and Conservation Act (including Ante, p. 2697. his authority to provide financial assistance for conservation measures, renewable resources, and fish and wildlife, but not including the authority to acquire under section 6 of that Act electric power from a Ante, p. 2717. generating facility having a planned capability greater than 50 average megawatts),”. (2) The fourth sentence of such subsection (a) is amended by inserting the following before the period at the end thereof: “issued by Government corporations”. (3) Such subsection (a) is further amended by inserting the following before the period at the end thereof: “prior to October 1, 1981. Such aggregate principal limitation shall be increased by an additional $1,250,000,000 after October 1, 1981, as provided in advance in annual appropriation Acts, and such increased amount shall be reserved for the purpose of providing funds for conservation and renewable resource loans and grants in a special revolving account created therefor in the Fund. The funds from such revolving account shall not be deemed State or local funds”. (4) Such subsection (a) is further amended by inserting the following after the fourth sentence thereof: “Beginning in fiscal year 1982, Rate increase. if the Administrator fails to repay by the end of any fiscal year all of the amounts projected immediately prior to such year to be repaid to the Treasury by the end of such year under the repayment criteria of the Secretary of Energy and if such failure is due to reasons other than (A) a decrease in power sale revenues due to fluctuating streamflows or (B) other reasons beyond the control of the Administrator, the Secretary of the Treasury may increase the interest rate applicable to the outstanding bonds issued by the Administrator during such fiscal year. Such increase shall be effective commencing with the fiscal year immediately following the fiscal year during which such failure occurred and shall not exceed 1 per centum for each such fiscal year during which such repayments are not in accord with such criteria. The Secretary of the Treasury shall take into account amounts that the Administrator has repaid in advance of any repayment criteria in determining whether to increase such rate. Before such rate is increased, the Secretary of the Treasury, in consultation with the Administrator and the Federal Energy Regulatory Commission, must be satisfied that the Administrator will have the ability to pay such increased rate, taking into account the Administrator’s obligations. Such increase shall terminate with the Termination. fiscal year in which repayments (including repayments of the increased rate) are in accordance with the repayment criteria of the Secretary of Energy.”.

   Effective date note
   Amendment by Pub. L. 96–501 effective Dec. 5, 1980, see section 11 of Pub. L. 96–501, set out as an Effective Date note under section 839 of this title.

3. 1980

   Pacific Northwest Electric Power Planning and Conservation Act

   Pub. L. 96–501 § 8(c) · 94 Stat. 2697

   Substituted · 16 U.S.C. § 838k(b)

   Pub. L. 96–501, § 8(c), substituted “, (b)(11), and (b)(12) of this title,” for “and (b)(11) of this title,”

   Source evidence

   Code amendment note
   Subsec. (b). Pub. L. 96–501, § 8(c), substituted “, (b)(11), and (b)(12) of this title,” for “and (b)(11) of this title,”.

   Enacted provision · exact public law section
   (c) Subsection (b) of section 13 of such Act is amended by striking out “and ll(b)(11)” and inserting in lieu thereof “, (11)(b)(11), and 11(b)(12)”.

   Effective date note
   Amendment by Pub. L. 96–501 effective Dec. 5, 1980, see section 11 of Pub. L. 96–501, set out as an Effective Date note under section 839 of this title.

5 of 5 references resolved to an enrolled provision