42 USC 16421a - Western Area Power Administration borrowing authority

U.S Code last checked for updates: May 19, 2024

§ 16421a.

Western Area Power Administration borrowing authority

(a)

Definitions

In this section:

(1)

Administrator

(2)

Secretary

(b)

Authority

(1)

In general

Notwithstanding any other provision of law, subject to paragraphs (2) through (5)—

(A)

the Western Area Power Administration may borrow funds from the Treasury; and

(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

(ii)

delivering or facilitating the delivery of power generated by renewable energy resources constructed or reasonably expected to be constructed after February 17, 2009.

(2)

Interest

(3)

Refinancing

(4)

Participation

(5)

Congressional review of disbursement

(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—

(A)

each other such project; and

(B)

all other Western Area Power Administration power and transmission facilities.

(2)

Proceeds

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—

(A)

to pay for any ancillary services that are provided; and

(B)

to meet the costs of operating and maintaining the new project from which the revenues are derived.

(3)

Source of revenue

Revenue from the use of projects under this section shall be the only source of revenue for—

(A)

repayment of the associated loan for the project; and

(B)

payment of expenses for ancillary services and operation and maintenance.

(4)

Limitation on authority

(5)

Treatment of certain revenues

(d)

Certification

(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—

(A)

the project is in the public interest;

(B)

the project will not adversely impact system reliability or operations, or other statutory obligations; and

(C)

it is reasonable to expect that the proceeds from the project shall be adequate to make repayment of the loan.

(2)

Forgiveness of balances

(A)

In general

(B)

Unconstructed projects

(C)

Notification

(e)

Public processes

(1)

Policies and practices

(2)

Requests for interest

(Pub. L. 98–381, title III, § 301, as added Pub. L. 111–5, div. A, title IV, § 402, Feb. 17, 2009, 123 Stat. 141.)

cite as: 42 USC 16421a