[Congressional Bills 108th Congress]
[From the U.S. Government Publishing Office]
[S. 308 Introduced in Senate (IS)]
108th CONGRESS
1st Session
S. 308
To impose greater accountability on the Tennessee Valley Authority with
respect to capital investment decisions and financing operations by
increasing Congressional and Executive Branch oversight.
_______________________________________________________________________
IN THE SENATE OF THE UNITED STATES
February 5, 2003
Mr. Lott introduced the following bill; which was read twice and
referred to the Committee on Environment and Public Works
_______________________________________________________________________
A BILL
To impose greater accountability on the Tennessee Valley Authority with
respect to capital investment decisions and financing operations by
increasing Congressional and Executive Branch oversight.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. TENNESSEE VALLEY AUTHORITY.
(a) Definitions.--In this section:
(1) Authority.--The term ``Authority'' means the Tennessee
Valley Authority.
(2) Board.--The term ``Board'' means the Board of Directors
of the Authority.
(3) Committee leader.--The term ``Committee leader'' means
the chairman and ranking member of each of the Committee on
Appropriations and the Committee on the Environment and Public
Works of the Senate and the Committee on Appropriations and the
Committee on Transportation and Infrastructure of the House of
Representatives.
(4) Director.--The term ``Director'' means the Director of
the Office of Management and Budget.
(5) Plan.--The term ``Plan'' means the Ten-Year Business
Outlook and Strategic Plan submitted under subsection (b).
(b) Plan.--Not later than 90 days after the effective date of this
section, the Authority shall submit to the Director and each of the
Committee leaders, for their concurrence, a Ten-Year Business Outlook
and Strategic Plan for the Authority that includes, at a minimum--
(1) estimates of--
(A) the power demand in the service area of the
Authority during the 10-year period following the date
of the plan;
(B) the assets that the Authority anticipates will
be available to meet that demand; and
(C) capital expenditures that will be required to
meet that demand;
(2) a strategy and criteria for the development and
financing of new nuclear and nonnuclear power supply sources,
including a strategy for competitive sourcing and partnering
with the private sector for the development and financing of
new nuclear and nonnuclear power facilities; and
(3) a strategy for managing the financing, refinancing, and
repayment of the existing indebtedness of the Authority,
including a specific debt repayment schedule to which the Board
is specifically committed.
(c) Financing Strategies.--The provisions of the Plan relating to
financing strategies under subsection (b)(3) shall include a recitation
of the policies of the Board with respect to--
(1) the use of short-term and long-term debt;
(2) the use of derivative or other financing instruments;
and
(3) risk management strategies.
(d) Limitations.--
(1) In general.--The Authority shall not, until the date,
if any, on which the Director and each of the Committee leaders
issue a written concurrence to the Plan--
(A) expend any internally generated capital or
otherwise undertake any investment in, or enter into
any arrangement that would result in the development or
financing of, new, additional, or replacement plant,
equipment, or capacity; or
(B) without the written concurrence of the Director
and each of the Committee leaders, undertake any
financing of additional indebtedness or refinancing of
debt of the Authority in any public or private market.
(2) Effect.--This subsection does not preclude the
Authority from expending available funds, in the exercise of
the independent judgment of the Authority, for the repair,
maintenance, or necessary renovation to preserve the operating
capacity and efficiency of existing units and related
facilities.
(e) Effective Date.--This section takes effect on January 31, 2003.
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