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U.S. Code as of:
01/19/04
Section 831n. Bonds for future construction; amount, terms, and conditions
In the construction of any future dam, steam plant, or other
facility, to be used in whole or in part for the generation or
transmission of electric power the board is authorized and
empowered to issue on the credit of the United States and to sell
serial bonds not exceeding $50,000,000 in amount, having a maturity
not more than fifty years from the date of issue thereof, and
bearing interest not exceeding 3 1/2 per centum per annum. Said
bonds shall be issued and sold in amounts and prices approved by
the Secretary of the Treasury, but all such bonds as may be so
issued and sold shall have equal rank. None of said bonds shall be
sold below par, and no fee, commission, or compensation whatever
shall be paid to any person, firm, or corporation for handling,
negotiating the sale, or selling the said bonds. All of such bonds
so issued and sold shall have all the rights and privileges
accorded by law to Panama Canal bonds, authorized by section 8 of
the Act of June 28, 1902, chapter 1302, as amended by the Act of
December 21, 1905 (ch. 3, sec. 1, 34 Stat. 5). All funds derived
from the sale of such bonds shall be paid over to the Corporation.
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