§2297b–8. Obligations
(a) Issuance
(1) In general
The Corporation may issue and sell bonds, notes, and other evidences of indebtedness (collectively referred to in this division as "bonds"), except that the Corporation may not issue or sell bonds for the purpose of constructing new uranium enrichment facilities or conducting directly related preconstruction activities. Borrowing under this paragraph during any fiscal year ending before October 1, 1996, shall be subject to approval in appropriation Acts.
(2) Use of revenues
The Corporation may pledge and use its revenues for payment of the principal of and interest on its bonds, for their purchase or redemption, and for other purposes incidental to these functions, including creation of reserve funds and other funds that may be similarly pledged and used.
(3) Agreements with holders and trustees
The Corporation may enter into binding covenants with the holders and trustees of its bonds with respect to-
(A) the establishment of reserve and other funds;
(B) stipulations concerning the subsequent issuance of bonds; and
(C) other matters not inconsistent with this division;
that the Corporation determines necessary or desirable to enhance the marketability of the bonds.
(b) Not obligations of United States
Bonds issued by the Corporation under this section shall not be obligations of, or guaranteed as to principal or interest by, the United States, and the bonds shall so plainly state.
(c) Terms and conditions
(1) Negotiable; maturity
Bonds issued by the Corporation under this section shall be negotiable instruments unless otherwise specified in the bond and shall mature not more than 50 years after their date of issuance.
(2) Role of Secretary of the Treasury
(A) Right of disapproval
The Corporation may set the terms and conditions of bonds issued under this section, subject to disapproval of such terms and conditions by the Secretary of the Treasury within 5 days after the Secretary of the Treasury is notified of the following terms and conditions of the bonds:
(i) Their forms and denominations.
(ii) The times, amounts, and prices at which they are sold.
(iii) Their rates of interest.
(iv) The terms at which they may be redeemed by the Corporation before maturity.
(v) The priority of their claims on the Corporation's net revenues with respect to principal and interest payments.
(vi) Any other terms and conditions.
(B) Inapplicability of right to prescribe terms
Section 9108(a) of title 31 shall not apply to the Corporation.
(d) Inapplicability of securities requirements
The Corporation shall be considered an executive department of the United States for purposes of section 78c(c) of title 15.
(e) Inapplicability of FFB
The Corporation shall not issue or sell any bonds to the Federal Financing Bank.
(Aug. 1, 1946, ch. 724, title II, §1309, as added Oct. 24, 1992,