Page:United States Statutes at Large Volume 114 Part 3.djvu/875

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PUBLIC LAW 106-429—APPENDIX A-1 114 STAT. 1900A-73 Leasing Act (30 U.S.C. 191) and section 20 of the Geothermal Steam Act of 1970 (30 U.S.C. 1019). (e) EXCHANGE ACCOUNT.— (1) ESTABLISHMENT. —Notwithstanding any other provision of law, not later than 60 days after the date of enactment of this Act, the Secretary of the Interior shall establish an exchange account for the Tennessee Valley Authority for the monetary credits provided under subsection (a). (2) ADMINISTRATION.—The account shall— (A) be established with the Minerals Management Service of the Department of the Interior; and (B) have an initial balance of credits equal to $4,000,000. (3) USE OF CREDITS.— (A) IN GENERAL.— The credits shall be available to the Tennessee Valley Authority for the purposes described in subsection (a). (B) ADJUSTMENT OF BALANCE.— The Secretary of the Interior shall adjust the balance of credits in the account to reflect credits accepted by the Secretary of the Interior under subsection (c). (f) TRANSFER OR SALE OF CREDITS. — (1) IN GENERAL.—The Tennessee Valley Authority may transfer or sell any credits in the account of the Authority to another person or entity. (2) USE OF TRANSFERRED CREDITS.— Credits transferred or sold under paragraph (1) may be used in accordance with this subsection only by a person or entity that is qualified to bid on, or that holds, a mineral, oil, or gas lease under— (A) the Mineral Leasing Act (30 U.S.C. 181 et seq.); (B) the Outer Continental Shelf Lands Act (43 U.S.C. 1331 et seq.); or (C) the Geothermal Steam Act of 1970 (30 U.S.C. 1001 et seq.). (3) NOTIFICATION.— (A) IN GENERAL. —Not later than 30 days after the transfer or sale of any credits, the Tennessee Valley Authority shall notify the Secretary of the Interior of the transfer or sale. (B) VALIDITY OF TRANSFER OR SALE. —The transfer or sale of any credit shall not be valid until the Secretary of the Interior has received the notification required under subparagraph (A). (4) TIME LIMIT ON USE OF CREDITS. — (A) IN GENERAL.—On the date that is 5 years after the date on which an account is established for the Tennessee Valley Authority under subsection (e), the Secretary of the Interior shall terminate the account. (B) UNUSED CREDITS.— Any credits that originated in the terminated account and have not been used as of the termination date, including any credits transferred or sold under this subsection, shall expire.