Source: https://collections.lib.utah.edu/details?id=1138958
Timestamp: 2019-04-22 18:39:52+00:00

Document:
576 in generating, transmitting, and distributing electric energy" and in its fertilizer business.435 This provision is an amend- ment of the original act which required that the net proceeds derived from the sale of power and manufactured products be paid into the Treasury at the end of each calendar year, after deducting the cost of operation, maintenance, depreciation, amortization, and an amount deemed by the Board to be neces- sary to withhold as operating capital, or devoted by the Board to new construction.436 One noteworthy aspect of the amendment is the changed language setting aside so much of the proceeds as the Board deems necessary in the "operation" of dams and reservoirs, whereas the original language permitted the withholding of amounts for new construction. Furthermore, Congress in 1947 directed that none of TVA's power revenues be used for con- struction of "new power producing projects (except for replace- ment purposes) unless and until approved by Congress."43T This provision, of course, applies to steam-electric plants as well as hydroelectric plants. Colorado River Funds.-The Boulder Canyon Project Act established a special fund called the "Colorado River Dam Fund."438 It is limited to the financing of a single project, and the statute authorizes the necessary appropriations for ad- vances to the Fund.439 Project revenues are to be paid into the Fund, and expenditures therefrom are available "for construc- tion and the payment of interest, during construction." m But no expenditures from the Fund may be made for operation and maintenance except from appropriations therefor.441 Subsequently, the Boulder Canyon Project Adjustment Act 435 Act of August 81, 1935, § 10, 49 Stat. 1075, 1079, see 16 U. S. C. 831y. 486 Act of May 18,1933, § 26, 48 Stat. 58, 71. 487 Act of July 30, 1947, §201, 61 Stat. 551, 572, 16 U. S. C. 831h-2 (Supp. III). 438 Act of December 21,1928, § 2(a), 45 Stat. 1057, 43 U. S. O. 617a(a). 489 Id.; § 3, 45 Stat. 1058, 43 U. S. G. 617b. 440 §§ 2(b), 2(c), 45 Stat. 1057, 43 U. S. C. 617a(b), 617a(c). 441 § 2(c), 45 Stat. 1057, 43 U. S. C. 617a(c) ; Act of July 19, 1940, § 2(a), 54 Stat. 774, 43 U. S. C. 618a (a).

References: § 10
 § 26
 §201
 § 2
 § 3
 § 2
 § 2