§460lll–49 Tennessee Valley Authority transfer funding

Summary

Allows the Tennessee Valley Authority (TVA) to use money from seven specific sources to pay for the transfer. Those sources cover nonpower fund balances and collections, investment returns from nonpower programs, program savings in power and nonpower areas, savings from suspending bonuses and awards, cuts to memberships and contributions, higher collections from nonpower activities (like user fees), and higher charges to public and private utilities and direct load customers. These funds may be used even if sections 11, 14, 15, or 29 (16 U.S.C. 831j, 831m, 831n, 831bb) of the TVA Act or any power bond covenants would otherwise limit them. The budget changes must be made so that the net spending authority and outlays for these activities do not exceed $0 for the first fiscal year of the transfer and for each fiscal year after. The Chairman of the TVA must send an itemized list to the Committee on Appropriations of the House and the Committee on Appropriations of the Senate showing how much spending was cut and how much extra money was collected for the first fiscal year of the transfer. That report is due within 30 days after the date of transfer under section 460lll–41, and a second, similar itemized list is due within 24 months after the transfer’s effective date.