National Energy Development Bank Act

[AI summary unavailable — showing source text] National Energy Development Bank Act - Establishes the National Energy Development Bank designed to aid in the financing of projects to produce or develop energy sources other than oil or natural gas. Authorizes such Bank to make long-term, low-interest loans for: (1) activities designed to provide energy from cogeneration or to produce geothermal power, solar energy, wind energy, synthetic fuel, or other alternative energy sources; (2) energy conservation activities; and (3) research and development related to (1) and (2) above. Establishes eligibility requirements for such loans. Authorizes such Bank to guarantee loans made by financial institutions for such activities to eligible borrowers. Sets forth requirements concerning the board of directors, officers and employees, powers and restrictions, audits and accounts, and other matters relating to the administration of the Bank. Amends the Government Corporation Control Act to include such Bank as a wholly owned government corporation. Exempts such Bank from any Federal, State, or local taxation.…