TVA Board Meeting - FY24 Financial plan and budget- Reso-Memo
authorized or required by law or executive order to be closed, unless otherwise specified in the Officer’s Certificate.
ARTICLE III
DESCRIPTION OF NEW POWER BONDS
SECTION 3.1. General Description. In the case of Book-Entry Bonds, the New Power Bonds of each series will be issued and maintained and shall be transferable and exchangeable only in accordance with the Book-Entry Procedures on the book-entry system of the Federal Reserve Banks in minimum principal amounts set forth in the Officer’s Certificate for such series of New Power Bonds. In the case of Certificated Bonds, except as otherwise permitted in the Officer’s Certificate referred to in Section 2.1 above, the New Power Bonds of each series may be issued, may be maintained, and may be transferable and exchangeable in accordance with the procedures of the depository, if any, named in the Officer’s Certificate referred to in Section 2.1 above or as otherwise provided in such Officer’s Certificate. The New Power Bonds of each series will not be obligations of, nor will payment of the principal thereof or interest thereon be guaranteed by, the United States of America. Such principal and interest will be payable solely from the Corporation’s Net Power Proceeds. SECTION 3.2. Holders of New Power Bonds. In the case of Book-Entry Bonds, the New Power Bonds of each series may be held of record only by depository institutions (as such term is defined in the Book-Entry Procedures). In the case of Certificated Bonds, the New Power Bonds of each series may be held of record only by the depository designated in the Officer’s Certificate or as otherwise provided in the Officer’s Certificate. Such depository entities shall be deemed to be the holders of the New Power Bonds for all purposes of the Resolution and this Supplemental Resolution. SECTION 3.3. Recital. The New Power Bonds of each series shall be issued, and shall be deemed to contain a recital that they are issued, pursuant to Section 15d of the Act. SECTION 3.4. Global Securities. In the case of Certificated Bonds, the New Power Bonds of such series may be represented by one or more global securities (“Global Securities”) registered in the name of a depository nominee for the accounts of participants. Such Global Security or Securities of each series shall be delivered to such depository (the “Depository”), or a nominee or custodian thereof. Arrangements for any such Global Security or Securities will be as provided for in the Officer’s Certificate referred to in Section 2.1 of this Supplemental Resolution.
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