§ 831n. — Bonds for future construction; amount, terms, and conditions.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 16USC831n]
TITLE 16--CONSERVATION
CHAPTER 12A--TENNESSEE VALLEY AUTHORITY
Sec. 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.
(May 18, 1933, ch. 32, Sec. 15, 48 Stat. 66.)
References in Text
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), referred to in
text, was classified to sections 743, 744, and 744 note of former Title
31 and was repealed in part by Pub. L. 97-258, Sec. 5(b), Sept. 13,
1982, 96 Stat. 1068, the first section of which enacted Title 31, Money
and Finance, and in part by Pub. L. 97-452, Sec. 4(b), Jan. 12, 1983, 96
Stat. 2480.
Section Referred to in Other Sections
This section is referred to in sections 460lll-49, 831n-2, 831ee of
this title.
