Regional Energy Development Act of 1990

Summary

Chapter I: Introductory - Regional Energy Development Act of 1990 - Sets forth the purposes of this Act, including the creation of a corporation to promote long-term cooperation among specified Northeastern States regarding energy development and conservation. Chapter II: Organization, Management, Powers - Authorizes creation of a non-Federal, for-profit organization known as the Energy Corporation of the Northeast. Sets forth corporation membership eligibility criteria for the Northeastern States. Requires annual fiscal status reports. Authorizes withdrawals by member States. Chapter III: Projects and Programs of the Corporation - Empowers the Corporation to: (1) engage in financial activities with any combination of equity or debt; (2) provide technical and legal assistance for regional energy projects; and (3) provide for research and development activities related to the energy development of its member States in connection with energy projects. Prescribes guidelines under which the Corporation may become a project participant. Sets limits upon the Corporation's investment obligations, loan guarantees, and capital costs start-up expenses. Prescribes guidelines for: (1) the waiver of such limitations; (2) resource allocation among member States; (3) gubernatorial review of the Corporation's commitments; and (4) the Corporation's active participation as a regional instrumentality in the formulation of the National Energy Policy Plan. Chapter IV: Financing - Sets forth the Corporation's financial structure, including: (1) capital contributions by member States; (2) issuance of securities and obligations by the Corporation; (3) the degree of authorized indebtedness; and (4) the pledging of security for the Corporation's obligations. States that the Corporation's liabilities shall not be deemed a U.S. obligation. Chapter V: Guarantee of Obligations - Authorizes the Secretary of the Treasury to guarantee the obligations of the Corporation with the full faith and credit of the United States. Sets forth the guarantee terms. Establishes in the Treasury an administrative expense fund to pay administrative expenses with respect to guaranteed obligations. Authorizes the Secretary to: (1) establish loan guarantee funds to provide for timely payments to holders of guaranteed obligations after default; and (2) use the proceeds derived from the sales of certain Liberty bonds to cover administrative expenses and loan guarantee obligations. Directs the Secretary to report periodically to the Congress regarding the Corporation's financial status. Sets forth mandatory demand payment terms if the Corporation defaults on its obligations. Declares that the guaranteed obligations are not exempt from Federal taxation. Prohibits the United States from purchasing guaranteed obligations. Chapter VI: State Legislation - Sets forth conditions for Northeastern State membership in the Corporation. Exempts the Corporation from State taxation. Outlines the terms for coordination between the Corporation and the member States, including eminent domain, interagency assistance, and obligations as legal investments. Chapter VII: Miscellaneous - Sets forth construction and separability provisions.

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2 official files

• Introduced in House (text)

  Introduced in House · EN

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• Introduced in House

  summary · EN · 24 October 1990

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