Energy Development and Demonstration Corporation Act

Summary

Energy Development and Demonstration Corporation Act - Establishes the Energy Development and Demonstration Corporation. Establishes a Board of Directors consisting of seven members appointed by the President with the advice and consent of the Senate. Directs the Board to designate projects to develop: (1) domestic nonnuclear energy production capacity; (2) increased energy conservation through improved energy efficiency techniques; and (3) transportation systems for nonnuclear fuels. Limits the nubmer of projects which the Board may support at any given time. Authorizes the Corporation to: (1) provide loans or loan guarantees to cover all or any portion of the costs of the activities involved in such projects; (2) undertake projects alone or jointly. Authorizes the Corporation to enter into contracts for construction, operation, or maintenance activities associated with such projects. Stipulates that such contracts may not be made, directly or indirectly with any foreign government. Requires that such projects be given preference under any Federal expediting law. Authorizes the Board to appoint officers and employees of the Corporation. Sets forth the terms and conditions of such employment. Sets forth the powers and restrictions of such Corporation. Stipulates that such Corporation not be empowered to: (1) lease any of its facilities, directly or indirectly, to a foreign government without the approval of the President; (2) issue shares or declare or pay dividends; or (3) contribute to any political party. Directs the Corporation to publish an annual report to be submitted, with recommendations, to the President and the Congress. Directs the Comptroller General to audit the transactions of such Corporation. Permits the Corporation with the approval of the Secretary of the Treasury, to issue bonds, notes, debentures, and other similar obligations. Sets forth term s and conditions of such obligations. Makes the United States the guarantor of such obligations.

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1 official file

• Introduced in House

  summary · EN · 5 September 1979

  Open at official source

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