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U.S. Code as of:
01/19/04
Section 831y. Net proceeds over expense payable into Treasury
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.
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