61 STAT.] 80rH CONG. , 1ST SESS.-CH. 358-JULY 30, 1947 power operating revenues) not less than $2,500,000 of its outstanding bonded indebtedness to the Treasury of the United States exclusive of interest, and such a portion of the remainder of such net income into the Treasury of the United States as miscellaneous receipts as will, in the ten-year period ending June 30, 1958, and in each succeed- ing ten-year period until the aforesaid total of $348,239,240 shall have been paid, equal not less than a total of $87,059,810, including payment of bonded indebtedness exclusive of interest on such bonded indebted- ness. Total payments of not less than $10,500,000 shall be made not later than June 30,1948. Amounts equal to the total of all appropriations herein and here- after made to the Tennessee Valley Authority for power facilities shall be paid by the board of directors thereof, in addition to the total of $348,239,240 specified in the foregoing paragraph, to the Treasury of the United States as miscellaneous receipts, such payments to be amortized over a period of not to exceed forty years after the year in which such facilities go into operation. None of the power revenues of the Tennessee Valley Authority shall be used for the construction of new power producing projects (except for replacement purposes) unless and until approved by Act of Congress. NATIONAL HOUSING AGENCY Federal Home Loan Bank Administration: Not to exceed a total of $1,400,000 to be derived from the special deposit account established under the provisions under the head "Federal Home Loan Bank Administration" in the Independent Offices Appropriation Act, 1944, and from receipts of the Federal Home Loan Bank Administration or the Federal Home Loan Bank Board for the fiscal year 1948 and prior fiscal years, shall be available during the fiscal year 1948 for adminis- trative expenses of the Federal Home Loan Bank Administration. (Executive Order 9070 of February 24, 1942), including health service program as authorized by the Act of August 8, 1946 (Public Law 658): Provided, That all necessary expenses in connection with the conservatorship of institutions insured by the Federal Savings and Loan Insurance Corporation and all necessary expenses (incl'uding services performed on a contract or fee basis, but not including other personal services) in connection with the handling, includilng the purchase, sale, and exchange, of securities on behalf of Federal Home Loan banks, and the sale, issuance, and retirement of, or payment of interest on, debentures or bonds, under the Federal Home Loan Bank Act, as amended, shall be considered as nonadministrative expenses for the purposes hereof: Provided further, That notwithstanding any other provisions of this Act, except for the limitation in amount here- inbefore specified, the administrative expenses and other obligations of the Administration shall be incurred, allowed, and paid in accord- ance with the provisions of the Federal Home Loan Bank Act of July 22, 1932, as amended (12 U. S. C. 1421 -1449). Federal Savings and Loan Insurance Corporation: Not to exceed $532,000 shall be available for administrative expenses, including health service program as authorized by the Act of August 8, 1946 (Public Law 658), and the use of services and facilities of the Federal Home Loan banks, Federal Reserve banks, and agencies of the Gov- ernment, including the Federal Home Loan Bank Administration and the Home Owners' Loan Corporation, which shall be on an accrual basis and shall be exclusive of interest paid, depreciation, properly capitalized expenditures, and expenses in connection with liquidation of insured institutions, liquidation or handling of assets of or derived from insured institutions, payment of insurance, and action for or 95347---48 -pt. 1 -37 577 Appropriations for power facilities. Construction of new power projects. 57 Stat. 185. 50 U.S. C . app. 1601 note. 60 Stat. 903. 5u.s.. so.. Nonadministrative expexnses. 47 Stat. 725 . Pot, p. 74. 60 Stat. 903. 5U.S.C. 150.
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