|
U.S. Code as of:
01/19/04
Section 838k. Bonneville Power Administration bonds
(a) Issuance and sale; terms and conditions; interest rate;
limitation on aggregate principal amount outstanding
The 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 chapter collectively
referred to as "bonds") to assist in financing the construction,
acquisition, and replacement of the transmission system, to
implement the Administrator's authority pursuant to the Pacific
Northwest Electric Power Planning and Conservation Act [16 U.S.C.
839 et seq.] (including 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 [16 U.S.C. 839d] electric power from a
generating facility having a planned capability greater than 50
average megawatts), and to issue and sell bonds to refund 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 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 similar bonds issued by
Government corporations. 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 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 fiscal year in which repayments (including
repayments of the increased rate) are in accordance with the
repayment criteria of the Secretary of Energy. The aggregate
principal amount of any such bonds outstanding at any one time
shall not exceed $1,250,000,000 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.
(b) Payment of principal, premiums, and interest from net proceeds;
"net proceeds" defined
The principal of, premiums, if any, and interest on such bonds
shall be payable solely from the Administrator's net proceeds as
hereinafter 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 838i(b)(2) through (b)(7), (b)(11), and (b)(12)
of this title, and shall include reserve or other funds created
from such receipts.
(c) Purchase and sale by Secretary of the Treasury; public debt
transactions
The Secretary of the Treasury shall purchase forthwith any bonds
issued by the Administrator under this chapter and for that purpose
is authorized to use as a public debt transaction the proceeds from
the sale of any securities issued under chapter 31 of title 31, as
now or hereafter in force, and the purposes for which securities
may be issued under chapter 31 of title 31, as now or hereafter in
force, are extended to include any purchases of the bonds issued by
the Administrator under this chapter. The Secretary of the Treasury
may, at any time, sell any of the bonds acquired by him under this
chapter. 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.
|
|