§460lll–49 Tennessee Valley Authority Transfer Funding

Summary

Allows the Tennessee Valley Authority to use money from one or more of seven sources, including nonpower fund balances and collections, investment returns of the nonpower program, program savings, suspended bonuses and awards, lower memberships and contributions, higher nonpower collections (like user fees), and higher charges to utilities and direct customers. These funds can be used even if sections 11, 14, 15, or 29 (16 U.S.C. 831j, 831m, 831n, 831bb), other parts of the TVA Act, or any power bond covenants would normally limit them. TVA must make budget cuts or raise revenues so the net spending authority and resulting outlays for these activities do not exceed $0 in the first fiscal year of the transfer and in each fiscal year after. Within 30 days after the transfer date the TVA Chairman must send the House and Senate Appropriations Committees an itemized list of the proposed spending cuts and increased receipts for the first fiscal year. Then, within 24 months after the transfer’s effective date, the Chairman must send those committees an itemized list of the actual cuts and increased receipts for that first fiscal year.