TVA Financial Integrity Act of 1999

Summary

TVA Financial Integrity Act of 1999 - Amends the Tennessee Valley Authority Act of 1933 to reduce in annual increments the amounts authorized for the bonds for financing program. Requires the Tennessee Valley Authority (TVA) to: (1) certify annually to a specified congressional committee that its cumulative indebtedness is less that its designated bond authorization; and (2) provide on the face of its bonds a disclaimer stating that the U.S. General Accounting Office has determined that the TVA level of indebtedness may impair its future financial flexibility, that Congress has expressly disclaimed any support for such indebtedness, and that the sole means for payment comes only from the TVA Power Program. (Sec. 2) Prohibits TVA from: (1) marketing or representing such bonds as being backed by the United States; or (2) making contracts for the sale or delivery of power which would have the effect of making TVA a power supply source outside the area for which it was the primary source on July 1, 1957. Denies such bonds any special status or protection under law. Sec. 3) Subjects TVA to Federal antitrust law jurisdiction. (Sec. 4) Prohibits TVA from making any contract that has the effect of making it a source of power supply to a retail customer that will consume the power within an area assigned by State law to a distributor, unless: (1) the customer was a retail customer of TVA as of January 1, 1998; (2) the distributor is purchasing firm power from TVA in an amount equal to at most 50 percent of its total retail sales; and (3) the customer elects to continue such purchases. Prohibits TVA from offering long-term, firm power to a new customer under conditions more favorable than those offered to any distributor for comparable power supply. (Sec. 5) Prohibits TVA from charging power customers to recover expenses incurred in its conduct of foreign operations or activities. (Sec. 6) Provides that TVA shall be deemed "a corporation, a public utility, and an electric utility", for purposes of the Federal Power Act. (Sec. 7) Prohibits TVA from providing construction equipment, contracting, and engineering services except under specified circumstances. Mandates that all proceeds received from TVA disposition of used construction equipment be applied to reduction of its debt. (Sec. 8) Sets forth prerequisites governing TVA acquisition, construction, maintenance or ownership of any major generating resource. Authorizes TVA to submit to the jurisdiction and taxing authority of State and local governments relating to new major generating resources, as well as State and local regulatory authority respecting power generation and supply. Sets forth a statutory formula to provide for taxation equivalency between TVA and private industry with respect to State, local and Federal tax liability. Requires TVA to compensate the Federal Treasury for the support given to TVA bonds by virtue of its status as a Federal corporation. Mandates that the Federal Energy Regulatory Commission determine the amounts due and transmit its determination as final and binding upon TVA, without opportunity for judicial review. (Sec. 9) Subjects TVA to the same legal and regulatory requirements over its operations as apply generally to electric utility companies. Provides that to the extent TVA makes any contract that has the effect of making it a power supply source, its eminent domain authority may not be exercised for facilities construction or acquisition.

This text is taken from the official record. PoliticalRepo does not editorialize.

Timeline

1. 21 October 1999

   Introduced

   Referred to the Committee on Transportation and Infrastructure, and in addition to the Committee on Commerce, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.

   Source: IntroReferral

2. 21 October 1999

   Introduced

   Referred to the Committee on Transportation and Infrastructure, and in addition to the Committee on Commerce, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.

   Source: IntroReferral

3. 21 October 1999

   Introduced

   Introduced in House

   Source: IntroReferral

4. 21 October 1999

   Introduced

   Introduced in House

   Source: IntroReferral

5. 22 October 1999

   Referred

   Referred to the Subcommittee on Water Resources and Environment.

   Source: Committee

6. 5 November 1999

   Referred

   Referred to the Subcommittee on Energy and Power.

   Source: Committee

Votes

No vote records are attached yet.

Versions

• Introduced in House · 21 October 1999 · Official file

Documents

3 official files

• Introduced in House (text)

  Introduced in House · EN · 21 October 1999

  ViewDownloadOpen at official source

• Introduced in House (PDF)

  Introduced in House · EN · 21 October 1999

  ViewDownloadOpen at official source

• Introduced in House

  summary · EN · 21 October 1999

  Open at official source

Sponsors

• Rep. Baker, Richard H. [R-LA-6] · R · Sponsor
• · hsif00 · Standing
• · hspw00 · Standing

Related records

No cross-record relationships stored yet.