123STA T . 1 4 1 PUBLIC LA W 111 –5—FE B.1 7, 2 0 0 9SEC.402 . W E ST E RNA RE APOW ERA DMI NISTRATION B ORROWIN G A U T H ORIT Y . TheHo o v e r Po w erP lant A c to f198 4 ( P ub l i c L aw 98 –3 81 ) i s a m en d edb y addin g at the end the following
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‘ TI T LE III —BOR RO W I NGAU T H ORIT Y‘ ‘ SEC.301 . W ES T E RNA REA PO WER A DMI NISTRATION B ORROWIN G A U T H ORIT Y . ‘ ‘(a) D E F INITIONS. —I n this section: ‘‘(1) ADMINISTRATOR.—The term ‘Administrator ’ means the Administrator of the Western Area Power Administration. ‘‘(2) SECRETARY.—The term ‘Secretary’ means the Secretary of the Treasury. ‘‘(b) AUTHORITY.— ‘‘(1) IN GENERA L .— N otwithstanding any other p rovision of law , sub j ect to paragraphs (2) through ( 5 )— ‘‘(A) the Western Area Power Administration may bor - row 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 fi x ed 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 re q uired 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 Adminis- tration; and ‘‘(ii) delivering or facilitating the delivery of power generated by renewable energy resources constructed or reasonably expected to be constructed after the date of enactment of this section. ‘‘(2) INTEREST.—The rate of interest to be charged in connection with any loan made pursuant to this subsection shall be fixed by the Secretary, ta k ing into consideration market yields on outstanding marketable obligations of the U nited States of comparable maturities as of the date of the loan. ‘‘(3) R EFINANCING.—The Western Area Power Administra- tion may refinance loans taken pursuant to this section within the Treasury. ‘‘(4) PARTICI P ATION.—The Administrator may permit other entities to participate in the financing, construction and owner- ship projects financed under this section. ‘‘(5) C ONGRESSIONAL RE V IEW OF DIS B URSEMENT.— E ffective upon the date of enactment of this section, the Administrator shall have the authority to have utili z ed $1, 7 50,000,000 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 F ACILITY PRO J ECTS.— Deadlin e .Ef fe ct i v e date. 42USC16 421a.
