§ 831y. — Net proceeds over expense payable into Treasury.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 16USC831y]
TITLE 16--CONSERVATION
CHAPTER 12A--TENNESSEE VALLEY AUTHORITY
Sec. 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.
(May 18, 1933, ch. 32, Sec. 26, 48 Stat. 71; Aug. 31, 1935, ch. 836,
Sec. 10, 49 Stat. 1079; Pub. L. 94-273, Sec. 35(b), Apr. 21, 1976, 90
Stat. 380.)
Amendments
1976--Pub. L. 94-273 substituted ``on March 31 of each year'' for
``at the end of each calendar year''.
1935--Act Aug. 31, 1935, amended section generally.
Section Referred to in Other Sections
This section is referred to in section 831n-4 of this title; title
31 section 9104.
