42 U.S. Code § 16421a - Western Area Power Administration borrowing authority
In this section:
The term “Administrator” means the Administrator of the Western Area Power Administration.
(1) In general
Notwithstanding any other provision of law, subject to paragraphs (2) through (5)—
(B) the Secretary shall, without further appropriation and without fiscal year limitation, loan to the Western Area Power Administration, on such terms as may be fixed by the Administrator and the Secretary, such sums (not to exceed, in the aggregate (including deferred interest), $3,250,000,000 in outstanding repayable balances at any one time) as, in the judgment of the Administrator, are from time to time required for the purpose of—
(i) constructing, financing, facilitating, planning, operating, maintaining, or studying construction of new or upgraded electric power transmission lines and related facilities with at least one terminus within the area served by the Western Area Power Administration; and
The rate of interest to be charged in connection with any loan made pursuant to this subsection shall be fixed by the Secretary, taking into consideration market yields on outstanding marketable obligations of the United States of comparable maturities as of the date of the loan.
The Western Area Power Administration may refinance loans taken pursuant to this section within the Treasury.
The Administrator may permit other entities to participate in the financing, construction and ownership projects financed under this section.
(5) Congressional review of disbursement
Effective upon February 17, 2009, the Administrator shall have the authority to have utilized $1,750,000,000 at any one time. If the Administrator seeks to borrow funds above $1,750,000,000, the funds will be disbursed unless there is enacted, within 90 calendar days of the first such request, a joint resolution that rescinds the remainder of the balance of the borrowing authority provided in this section.
(c) Transmission line and related facility projects
(1) In general
For repayment purposes, each transmission line and related facility project in which the Western Area Power Administration participates pursuant to this section shall be treated as separate and distinct from—
The Western Area Power Administration shall apply the proceeds from the use of the transmission capacity from an individual project under this section to the repayment of the principal and interest of the loan from the Treasury attributable to that project, after reserving such funds as the Western Area Power Administration determines are necessary—
(3) Source of revenue
Revenue from the use of projects under this section shall be the only source of revenue for—
(4) Limitation on authority
Nothing in this section confers on the Administrator any additional authority or obligation to provide ancillary services to users of transmission facilities developed under this section.
(1) In general
For each project in which the Western Area Power Administration participates pursuant to this section, the Administrator shall certify, prior to committing funds for any such project, that—
(B) the project will not adversely impact system reliability or operations, or other statutory obligations; and
(2) Forgiveness of balances
(A) In general
If, at the end of the useful life of a project, there is a remaining balance owed to the Treasury under this section, the balance shall be forgiven.
(B) Unconstructed projects
Funds expended to study projects that are considered pursuant to this section but that are not constructed shall be forgiven.
(e) Public processes
(1) Policies and practices
Prior to requesting any loans under this section, the Administrator shall use a public process to develop practices and policies that implement the authority granted by this section.
Source(Pub. L. 98–381, title III, § 301, as added Pub. L. 111–5, div. A, title IV, § 402,Feb. 17, 2009, 123 Stat. 141.)
Section was enacted as part of the Hoover Power Plant Act of 1984, and not as part of the Electricity Modernization Act of 2005, which comprises this subchapter, or the Energy Policy Act of 2005, which comprises this chapter.