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RCED-93-43R 1 (1992-10-23)

handle is hein.gao/gaobackeb0001 and id is 1 raw text is: (3-A~iI) United States General Accounting OMce Washngton, D.C. 20548 Resources, Community, and Economic Development Division B-250664 October 23, 1992 The Honorable Jim Sasser III 111111111111 United States Senate 147926 Dear Senator Sasser: On September 1, 1992, we briefed members of your staff on information we had obtained in response to your request that we determine whether significant changes had taken place since January 1988 in the extent to which Tennessee Valley financial institutions received deposits from the Tennessee Valley Authority (TVA). A special area of interest was the number of bond underwriting firms, including minority firms' and/or firms located in the Tennessee Valley region,2 that have been involved in TVA bond sales since October 1989. At the briefing, we were asked to provide you with additional information on the extent to which minority and regional bond underwriters that participated in TVA bond sales were actually located in the TVA service delivery area. Your staff defined the TVA service delivery area as restricted to those portions of states that actually receive power from TVA. TVA financial management officials, on the other hand, defined the TVA service area as the entire seven states in which TVA provides service. As a result, a bond underwriting firm could be included within the TVA service area under TVA's definition, although the firm may be located in an area in the seven states that does not receive power from TVA. This correspondence provides the results of our analysis using both definitions. 'TVA defines a minority firm as any firm owned by either minorities or women. 2TVA supplies power to electric distributors serving customers in portions of seven states: Alabama, Georgia, Kentucky, Mississippi, North Carolina, Tennessee, and Virginia. GAO/RCED-93-43R, TVA Bond Sales r- ,- 1 , ,-

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