[Federal Register Volume 62, Number 104 (Friday, May 30, 1997)]
[Rules and Regulations]
[Pages 29287-29288]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 97-14181]


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TENNESSEE VALLEY AUTHORITY

18 CFR Part 1314


Book-Entry Procedures for TVA Power Securities Issued Through the 
Federal Reserve Banks; Technical Amendments

AGENCY: Tennessee Valley Authority (TVA).

ACTION: Technical amendments.

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SUMMARY: This document contains amendments to the regulations which 
were published in the Federal Register

[[Page 29288]]

on Tuesday, January 7, 1997 (62 FR 920). The regulations relate to the 
book-entry procedures for TVA Power Securities issued through the 
Federal Reserve Banks.

EFFECTIVE DATE: May 30, 1997.

FOR FURTHER INFORMATION CONTACT:
Edward S. Christenbury at (423) 632-2241.

SUPPLEMENTARY INFORMATION:

Background

    The regulations that are the subject of these technical amendments 
revised TVA's book-entry procedures to incorporate recent changes in 
commercial and property law and to bring them into accord with the 
revised book-entry procedures of the United States Department of 
Treasury published in the Federal Register on August 23, 1996 (61 FR 
43626).

Need for Technical Amendments

    As published, the regulations contain items which are in need of 
clarification.

List of Subjects in 18 CFR Part 1314

    Accounting, Bonds, Brokers, Federal Reserve System, Reporting and 
recordkeeping requirements, Securities.

    According, 18 CFR Part 1314 is amended by making the following 
technical amendments:

PART 1314--BOOK-ENTRY PROCEDURES FOR TVA POWER SECURITIES ISSUED 
THROUGH THE FEDERAL RESERVE BANKS

    1. The authority citation for Part 1314 continues to read as 
follows:

    Authority: 16 U.S.C. 831-831dd.


Sec. 1314.2  [Amended]

    2. In Sec. 1314.2, paragraph (i) is amended by revising ``Book-
entry Securities'' to read ``Book-entry TVA Power Securities'' and 
paragraphs (g), (h), (t), and (v) are revised to read as follows:


Sec. 1314.2  Definition of terms.

* * * * *
    (g) Other TVA Power Evidences of Indebtedness means any TVA Power 
Security issued consistent with section 2.5 of the TVA Basic Bond 
Resolution (see paragraph (r) of this section).
    (h) Participant (also called ``holder'' in the TVA Basic Bond 
Resolution and in other resolutions adopted by the TVA Board of 
Directors relating to Book-entry TVA Power Securities) means a Person 
that maintains a Participant's Security Account with a Reserve Bank.
* * * * *
    (t) TVA Power Bond Anticipation Obligation means any TVA Power 
Security issued consistent with section 2.4 of the TVA Basic Bond 
Resolution.
* * * * *
    (v) TVA Power Security means a TVA Power Bond, TVA Power Bond 
Anticipation Obligation, TVA Power Note, or Other TVA Power Evidence of 
Indebtedness issued by TVA under Section 15d of the TVA Act, as 
amended.


Sec. 1314.3  [Amended]

    3. In Sec. 1314.3, paragraph (a)(3) is amended by revising 
``Securities Accounts'' to read ``Security Accounts''.


Sec. 1314.4  [Amended]

    4. In Sec. 1314.4, paragraph (a) introductory text is amended by 
removing the semicolon and adding a colon in its place, paragraph (b) 
is amended in the first sentence by revising ``securities account'' to 
read ``Security Account''; and paragraph (d) is amended by revising 
``Security Documentation'' to read ``Securities Documentation''.

    Dated: May 23, 1997.
John L. Dugger,
Assistant General Counsel.
[FR Doc. 97-14181 Filed 5-29-97; 8:45 am]
BILLING CODE 8120-01-M