 So in original. The comma probably should be “);”.

may, subject to any covenants contained in any bond contract, invest the proceeds of any bonds and other funds under its control which derive from or pertain to its power program in any securities approved for investment of national bank funds and deposit said proceeds and other funds, subject to withdrawal by check or otherwise, in any Federal Reserve Bank or bank having membership in the Federal Reserve System; and may perform such other acts not prohibited by law as it deems necessary or desirable to accomplish the purposes of this section. Bonds issued by the Corporation hereunder shall contain a recital that they are issued pursuant to this section, and such recital shall be conclusive evidence of the regularity of the issuance and sale of such bonds and of their validity. The annual report of the Board filed pursuant to

Editorial Notes

References in Text

The effective date of this Act, referred to in subsec. (a), and “the effective date of this section”, referred to in subsec. (f), probably means the effective date of Pub. L. 86–137, which was approved Aug. 6, 1959.

Title II of the Government Corporations Appropriation Act, 1948, referred to in subsec. (e), means title II of act July 30, 1947, ch. 358, 61 Stat. 576, which was not classified to the Code.

Codification

In subsecs. (b) and (c), “subchapter II of chapter 15 of title 31”, “chapter 31 of title 31”, and “sections 9105 and 9106 of title 31” substituted for “Revised Statutes 3679, as amended (31 U.S.C. 665)”, “the Second Liberty Bond Act, as amended”, and “sections 105 and 106 of the Act of December 6, 1945 (59 Stat. 599; 31 U.S.C. 850–851)”, respectively, on authority of Pub. L. 97–258, § 4(b), Sept. 13, 1982, 96 Stat. 1067, the first section of which enacted Title 31, Money and Finance.

Amendments

1979—Subsec. (a). Pub. L. 96–97 substituted “$30,000,000,000” for “$15,000,000,000”.

1976—Subsec. (e). Pub. L. 94–273, § 2(30), substituted “September” for “June”.

Subsec. (f). Pub. L. 94–273, § 35(a), inserted provision relating to computation of five-year periods as of Oct. 1, 1975.

1975—Subsec. (a). Pub. L. 94–139, § 1(a), substituted “$15,000,000,000” for “$5,000,000,000”.

Subsec. (e). Pub. L. 94–139, § 1(b), struck out “December 31 and” before “June 30”.

1970—Subsec. (a). Pub. L. 91–446 substituted “$5,000,000,000” for “$1,750,000,000”.

1966—Subsec. (a). Pub. L. 89–537 increased the limitation on the amount of revenue bonds the TVA may issue and sell from $750,000,000 to $1,750,000,000.

1959—Subsec. (a). Pub. L. 86–157 struck out proviso relating to the transmission of the power construction program to the Congress by the President with the budget estimates, and the provision for withholding initiation of construction of new power producing projects until the construction program of the Corporation has been before Congress in session for ninety calendar days.

Statutory Notes and Related Subsidiaries

Transfer of Functions

Atomic Energy Commission abolished and functions transferred by sections 5814 and 5841 of Title 42, The Public Health and Welfare. See also Transfer of Functions notes set out under those sections.