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HEARINGS - JUL 10

AMENDING THE TVA ACT

U.S. Congress, Senate

BEFORE A

SUBCOMMITTEE OF THE
COMMITTEE ON PUBLIC WORKS

UNITED STATES SENATE

EIGHTY-FIFTH CONGRESS

FIRST SESSION

ON

S. 1855, S. 1869, S. 1986, and S. 2145

BILLS TO AMEND THE TENNESSEE VALLEY AUTHORITY
ACT TO PROVIDE FINANCING IMPROVEMENTS
WITH PROCEEDS FROM REVENUE
BONDS, AND FOR OTHER

PURPOSES

APRIL 30, JUNE 6 AND 7, 1957

Printed for the use of the Committee on Public Works

57-60673

UNITED STATES

GOVERNMENT PRINTING OFFICE

WASHINGTON : 1957

93483

COMMITTEE ON PUBLIC WORKS

DENNIS CHAVEZ, New Mexico, Chairman ROBERT S. KERR, Oklahoma

EDWARD MARTIN, Pennsylvania ALBERT GORE, Tennessee

FRANCIS CASE, South Dakota PAT MCNAMARA, Michigan

THOMAS H. KUCHEL, California RICHARD L. NEUBERGER, Oregon

NORRIS COTTON, New Hampshire W. KERR SCOTT, North Carolina

ROMAN L. HRUSKA, Nebraska JOHN A. CARROLL, Colorado

CHAPMAN REVERCOMB, West Virginia

SUBCOMMITTEE ON FLOOD CONTROL-RIVERS AND HARBORS

ROBERT S. KERR, Oklahoma, Chairman ALBERT GORE, Tennessee

FRANCIS CASE, South Dakota PAT MCNAMARA, Michigan

THOMAS H. KUCHEL, California RICHARD L. NEUBERGER, Oregon

NORRIS COTTON New Hampshire W. KERR SCOTT, North Carolina

ROMAN L. HRUSKA, Nebraska JOHN A. CARROLL, Colorado

CHAPMAN REVERCOMB, West Virginia

II

R.V.S.13 Ag 57

HN79

A135

CONTENTS

108

74

Statement of-

Page

Biemiller, Andrew J., director, department of legislation, AFL-CIO. 127

Cooper, Senator John Sherman --

46

Ellis, Clyde T., general manager, National Rural Electric Cooperative

Association

187

Finley, S. R., general superintendent, Electric Power Board of Chatta-

nooga-

111

Hill, Senator Lister..

15

Hitch, Tom, president, Tennessee Farm Bureau Federation..

122

Jones, Floyd, Tennessee Rural Electric Cooperative Association

133

Kefauver, Senator Estes---

40

Martin, Senator Edward..

Peterson, William S., president, American Public Power Association - 85

Robbins, Paul H., executive director, National Society of Professional

Engineers.-

146

Sammis, Walter H., president, Ohio Edison Co..

159

Smith, Stanton, secretary-treasurer, Citizens for TVA.

126

Sparkman, Senator John..

63

Stearman, Stanley, assistant legislative analyst, National Society of

Professional Engineers -

146

Stennis, Senator John..

71

Sutton, Louis V., Chamber of Commerce of the United States.

149

Swidler, Joseph C., General Counsel TVA..

215
Thompson, Basil, manager, Alabama Electric Cooperative, Inc.-

143
Triggs, Matt, assistant legislative director, American Farm Bureau

Federation

Vogel, Brig. Gen. Herbert D., Chairman of Board of Directors, TVA. 70

Wallace, Porter, Warren Rural Electric Cooperative Corp--

118

Wessenauer, G. 0., manager of power, TVA.

202

Wise, Louis, cochairman, legislative committee, Mississippi Rural

Electric Association --

138

Wright, E. H., president Tennessee Valley Public Power Association. 214

Exhibits, letters, etc.-

Biemiller, Andrew J., director, department of legislation, AFL-CIO- 129

Burgess, Hon. W. Randolph, Acting Secretary of the Treasury -

14

Campbell, Hon. Joseph, Comptroller General of the United States. 14, 82, 83
Crow, Paul, president, Fort Payne Chamber of Commerce

158

Ellis, Clyde f., general manager, National Rural Electric Cooperative

Association

194

Financial statement, NRECA..

189-191
Jones, Hon. A. R., Acting Director, Bureau of the Budget -

8
K. U. Requests Rate Increases for Electricity (news item)-

119
Merriam, Hon. Robert E., Assistant Director, Bureau of the Budget.- 12, 82
Nelson, Paul, NRECA.-

209
Peterson, William S., president, American Public Power Association. 95, 100
Proportionate share of States in TVA appropriations -

110

Senate bill 1855.

1

Senate bill 1869.

4

Senate bill 1986.

77

Senate bill 2145.

78

Table of differences in bills.

63

TVA Area Notes Economic Advance (news item).

65

Trend of Power Company Common Stock Earnings (graph).

138
Vogel, Brig. Gen. Herbert D., Chairman of the Board, TVÁ.

12, 82

Wright, E. H., president, Tennessee Valley Public Power Association - 75

raggy

140

AMENDING THE TVA ACT

TUESDAY, APRIL 30, 1957

UNITED STATES SENATE,

COMMITTEE ON PUBLIC WORKS, SUBCOMMITTEE ON FLOOD CONTROL-RIVERS AND HARBORS,

Washington, D.C. The subcommittee met at 10:05 a. m., in room 412, Senate Office Building, Senator Kerr (chairman of the subcommittee) presiding.

Present: Senators Kerr, Gore, Martin, Case, Kuchel, Cotton, and Hruska.

Also present: Senators Hill, Kefauver, Cooper, Sparkman, and Morton.

Senator KERR. The committee will come to order.

The hearings this morning are on bills S. 1855, a bill to amend the Tennessee Valley Authority Act of 1933 in order to authorize the Tennessee Valley Authority to undertake certain financing activities and to require certain payments to the United States, and S. 1869, a bill to amend the Tennessee Valley Authority Act of 1933, as amended, and for other purposes.

The bills will be incorporated into the record at this point. (S. 1855 and S. 1869 are as follows:)

(S. 1855, 85th Cong., 1st sess. ] A BILL To amend the Tennessee Valley Authority Act of 1933 in order to authorize the

Tennessee Valley Authority to undertake certain financing activities and to require certain payments to the United States, and for other purposes Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That the Tennessee Valley Authority Act of 1933, as amended, is hereby amended by inserting immediately after section 150 thereof (16 U. S. C. 831n-3) the following new section :

"SEC. 15d. (a) The Corporation is authorized to issue and sell bonds, notes, and other evidences of indebtedness (in this section collectively referred to as bonds') to assist in financing its power program, in an aggregate amount not to exceed $750,000,000 outstanding at any one time, and to refund such bonds. The Corporation may, in performing functions authorized by this Act, use the proceeds of such bonds for the construction, acquisition, enlargement, improvement, or replacement of any plant or other facility used or to be used within the service area of the Corporation for the generation or transmission of electric power (including the portion of any multiple-purpose structure used or to be used for power generation) and for refinancing any such plant or other facility whether originally financed with the proceeds of such bonds or otherwise; or as may be required in connection with the lease, lease-purchase, or any contract for the power output of any such plant or other facility; and for other purposes incidental thereto. Proceeds of such bonds may be used outside such service area if authorized by law after the Corporation has submitted to the Congress and the Bureau of the Budget a request for such authorization. The term “service area' as used in this subsection means the area regularly served during the month of February 1957 with electric power generated by the Corporation. The principal of and interest on said bonds shall be payable solely from the Corporation's net power proceeds as hereinafter defined. The term 'net power

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