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LegalText 16 U.S.C. § 831n Bonds for future construction; amount, terms, and conditions us united_states_code code_section 16 CONSERVATION 12A TENNESSEE VALLEY AUTHORITY 831n 16 U.S.C. § 831n current 119-100 2026-06-26 official https://uscode.house.gov/download/releasepoints/us/pl/119/100/xml_usc16@119-100.zip /us/usc/t16/s831n data/legal/raw/us/code/title-16/usc16.xml 400546500aefbeabd143505e72718bbf33b300eeb9bcb329da15e6621bf47584 7be8950da5a93cac7c98e4576ce00340f2aba5e8e46d29915382c203c421d503 d958b9dbce3c32d7191a16ac732b8a301ba4254743b8e4c14b1bbc758f6f5f38 2026-07-04 official
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16 U.S.C. § 831n - Bonds for future construction; amount, terms, and conditions

Text

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 3½ 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, § 15, 48 Stat. 66; Pub. L. 108447, div. C, title VI, § 603(a)(2), Dec. 8, 2004, 118 Stat. 2966.)

Notes

Editorial Notes

References in TextSection 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sec. 1, 34 Stat. 5), referred to in text, was classified to sections 743, 744, and 744 note of former Title 31 and was repealed in part by Pub.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. 97258, § 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. 97452, § 4(b), Jan. 12, 1983, 96 Stat. 2480.

Amendments2004—Pub. L. 108447 substituted “Board” for “board” in first sentence.

Statutory Notes and Related Subsidiaries

Effective Date of 2004 AmendmentAmendment by Pub. L. 108447 effective on the later of the date on which at least three persons nominated under section 604(a) of Pub. L. 108447 take office or May 18, 2005, see section 604(b) of Pub. L. 108447, set out in an Appointments; Effective Date; Transition note under section 831a of this title.