§460lll–49 Tennessee Valley Authority Transfer Funding

Summary

Allows the Tennessee Valley Authority to use money from seven specific sources, such as nonpower fund balances and collections, investment returns, program savings, suspended bonuses, lower membership costs, 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 of the TVA Act or any other part of the TVA Act or bond agreements would otherwise limit them. TVA must budget so the net spending authority and outlays for these activities do not exceed $0 in the first fiscal year of the transfer and in every 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 planned spending reductions and increased receipts for the first fiscal year. Within 24 months after the transfer takes effect, the Chairman must send those Committees another itemized list showing the amounts actually reduced and received for that first fiscal year.