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      <div>&#160;</div>
      <div style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center; mso-pagination: none; mso-layout-grid-align: none" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold">UNITED
STATES</font></div>
      <div style="TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-WEIGHT: bold">SECURITIES AND EXCHANGE
COMMISSION</font></div>
      <div style="TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Washington</font><font style="DISPLAY: inline; FONT-WEIGHT: bold">, D.C. 20549</font></div>
      <div>&#160;</div>
      <div style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center; mso-pagination: none; mso-layout-grid-align: none"><font style="DISPLAY: inline; FONT-WEIGHT: bold">FORM 8-K</font></div>
      <div>&#160;</div>
      <div style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center; mso-pagination: none; mso-layout-grid-align: none" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold">CURRENT
REPORT</font></div>
      <div>&#160;</div>
      <div style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center; mso-pagination: none; mso-layout-grid-align: none" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Pursuant to
Section 13, 15(d), or 37 of the Securities Exchange Act of 1934</font></div>
      <div>&#160;</div>
      <div style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center; mso-pagination: none; mso-layout-grid-align: none" align="center">Date of Report (Date of earliest event reported): November 7,
2008</div>
      <div>&#160;</div>
      <div style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align="center"><img src="tva-logo.jpg" alt="">&#160;</div>
      <div>&#160;</div>
      <div style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center; mso-pagination: none; mso-layout-grid-align: none" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold">TENNESSEE</font><font style="DISPLAY: inline; FONT-WEIGHT: bold"> VALLEY AUTHORITY</font></div>
      <div style="TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-STYLE: italic">(Exact name of registrant as
specified in its charter)</font></div>
      <div>&#160;</div>
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                <div style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align="center">A
      corporate agency of the United States created by an act of Congress</div>
                <div style="TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-STYLE: italic; FONT-FAMILY: times new roman">&#160;(State
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                <div style="TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-STYLE: italic; FONT-FAMILY: times new roman">(Commission
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                <div style="TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-STYLE: italic"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman">(</font></font><font style="DISPLAY: inline; FONT-STYLE: italic"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman">IRS Employer
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                <div>&#160;</div>
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                <div style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align="center">400 W.
      Summit Hill Drive</div>
                <div style="TEXT-ALIGN: center">Knoxville, Tennessee</div>
                <div style="TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-STYLE: italic"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;(Address of
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                <div>&#160;</div>
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                <div>&#160;</div>
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                <div>&#160;</div>
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                <div>&#160;</div>
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                <div style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align="center">37902</div>
                <div style="TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-STYLE: italic; FONT-FAMILY: times new roman">&#160;(Zip
      Code)</font></div>
                <div>&#160;</div>
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      <div>&#160;</div>
      <div style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align="center">(865)&#160;632-2101</div>
      <div style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align="center"><font style="DISPLAY: inline; FONT-STYLE: italic">(Registrant&#8217;s telephone number,
including area code)</font></div>
      <div>&#160;</div>
      <div style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align="center">None</div>
      <div style="TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-STYLE: italic">(Former name or former address, if
changed since last report)</font></div>
      <div>&#160;</div>
      <div>&#160;</div>
      <div style="MARGIN: 0in 0in 0pt; mso-pagination: none; mso-layout-grid-align: none">Check
the appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following
provisions:</div>
      <div>&#160;</div>
      <div style="MARGIN: 0in 0in 0pt; mso-pagination: none; mso-layout-grid-align: none">&#160;</div>
      <div style="MARGIN: 0in 0in 3.9pt; LINE-HEIGHT: 150%; mso-pagination: none; mso-layout-grid-align: none"><font style="DISPLAY: inline;" face="Wingdings">o</font>&#160; Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)</div>
      <div>&#160;</div>
      <div style="MARGIN: 0in 0in 3.9pt; LINE-HEIGHT: 150%; mso-pagination: none; mso-layout-grid-align: none"><font style="DISPLAY: inline;" face="Wingdings">o</font>&#160; Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)</div>
      <div>&#160;</div>
      <div style="MARGIN: 0in 0in 6.9pt; mso-pagination: none; mso-layout-grid-align: none"><font style="DISPLAY: inline;" face="Wingdings">o</font>&#160; Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))</div>
      <div>&#160;</div>
      <div style="MARGIN: 0in 0in 0pt; mso-pagination: none; mso-layout-grid-align: none"><font style="DISPLAY: inline;" face="Wingdings">o</font>&#160;&#160;
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act
(17 CFR 240.13e-4(c))</div>
      <div>&#160;</div>
      <div style="MARGIN: 0in 0in 0pt; mso-pagination: none; mso-layout-grid-align: none">&#160;</div>
      <div>&#160;</div>
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      <div>&#160;</div>
      <div style="MARGIN: 0in 0in 0pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Item 1.01 Entry into a Material
Definitive Agreement. </font></div>
      <div>&#160;</div>
      <div style="MARGIN: 0in 0in 0pt">&#160;</div>
      <div>&#160;</div>
      <div style="MARGIN: 0in 0in 0pt">On November 7, 2008, TVA executed the Third
Amendment to its Fall Maturity Credit Agreement with Bank of America, N.A., as
Administrative Agent, and Bank of America, N.A., as a Lender.&#160; The
effective date of the Third Amendment is November 10, 2008, and it renews the
Fall Maturity Credit Agreement for a term ending on November 9, 2009.&#160; The
maximum available credit under the Fall Maturity Credit Agreement, as amended,
is $1 billion.&#160; TVA has never borrowed under this credit facility. &#160;A
copy of the amendment is attached as Exhibit 99.1.</div>
      <div>&#160;</div>
      <div style="MARGIN: 0in 0in 0pt">&#160;</div>
      <div style="MARGIN: 0in 0in 0pt; mso-pagination: none; mso-layout-grid-align: none"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Item 9.01 Financial Statements and
Exhibits.</font></div>
      <div>&#160;</div>
      <div style="MARGIN: 0in 0in 0pt; mso-pagination: none; mso-layout-grid-align: none">&#160;</div>
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              <div style="MARGIN: 0in 0in 0pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Exhibit No.</font></div>
              <div>&#160;</div>
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      Exhibit</font></div>
              <div>&#160;</div>
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              <div style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align="center">99.1*</div>
              <div>&#160;</div>
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              <div style="MARGIN: 0in 0in 0pt">Third Amendment Dated as of November 10,
      2008, to the Fall Maturity Credit Agreement Dated as of May&#160;17, 2006,
      and Amended as of November 2, 2006, and November 2, 2007, Among TVA, Bank
      of America, N.A., as Administrative Agent, Bank of America, N.A., as a
      Lender, and the Other Lenders Party Thereto. </div>
              <div>&#160;</div>
              <div style="MARGIN: 0in 0in 0pt">&#160;</div>
              <div>&#160;</div>
            </td>
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      <div style="MARGIN: 0in 0in 0pt">&#160;</div>
      <div>&#160;</div>
      <div style="MARGIN: 0in 0in 0pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">* </font>Schedule 1.01 has been
omitted.&#160; The Tennessee Valley Authority hereby undertakes to furnish
supplementally copies of the omitted schedule upon request by the Securities and
Exchange Commission.</div>
      <div>&#160;</div>
      <div style="MARGIN: 0in 0in 0pt">&#160;</div>
      <div>&#160;</div>
      <div>&#160;</div>
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      <div>&#160;</div>
      <div style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold">SIGNATURE</font></div>
      <div>&#160;</div>
      <div style="MARGIN: 0in 0in 0pt">&#160;</div>
      <div>&#160;</div>
      <div style="MARGIN: 0in 0in 0pt">&#160;</div>
      <div>&#160;</div>
      <div style="MARGIN: 0in 0in 0pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.</div>
      <div>&#160;</div>
      <div style="MARGIN: 0in 0in 0pt">&#160;</div>
      <div style="MARGIN: 0in 0in 0pt">&#160;</div>
      <div>&#160;</div>
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              <div style="MARGIN: 0in 0in 0pt">Date: November 12, 2008</div>
            </td>
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          <tr style="MSO-YFTI-IROW: 1;">
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              <div>&#160;</div>
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              <div style="MARGIN: 0in 0in 0pt">(Registrant)</div>
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              <div style="MARGIN: 0in 0in 0pt">&#160;</div>
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      <div>&#160;</div>
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      <div>&#160;</div>
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    <div>&#160;</div>
    <div style="MARGIN: 0in 0in 0pt">This exhibit is filed pursuant to Item 1.01
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      and Amended as of November 2, 2006, and November 2, 2007, Among TVA, Bank
      of America, N.A., as Administrative Agent, Bank of America, N.A., as a
      Lender, and the Other Lenders Party Thereto. </div>
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              <div>&#160;</div>
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    <div style="MARGIN: 0in 0in 0pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">* </font>Schedule 1.01 has been
omitted.&#160; The Tennessee Valley Authority hereby undertakes to furnish
supplementally copies of the omitted schedule upon request by the Securities and
Exchange Commission.</div>
    <div>&#160;</div>
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tva8-k.htm
UNITED
STATES
SECURITIES AND EXCHANGE
COMMISSION
Washington
, D.C. 20549
FORM 8-K
CURRENT
REPORT
Pursuant to
Section 13, 15(d), or 37 of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): November 7,
2008
TENNESSEE
VALLEY AUTHORITY
(Exact name of registrant as
specified in its charter)
A
      corporate agency of the United States created by an act of Congress
(State
      or other jurisdiction of incorporation or organization)
000-52313
(Commission
      file number)
62-0474417
(
IRS Employer
      Identification No.)
400 W.
      Summit Hill Drive
Knoxville, Tennessee
(Address of
      principal executive offices
)
37902
(Zip
      Code)
(865) 632-2101
(Registrant's telephone number,
including area code)
None
(Former name or former address, if
changed since last report)
Check
the appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following
provisions:
o
Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
o
Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
o
Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
o
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act
(17 CFR 240.13e-4(c))
Item 1.01 Entry into a Material
Definitive Agreement.
On November 7, 2008, TVA executed the Third
Amendment to its Fall Maturity Credit Agreement with Bank of America, N.A., as
Administrative Agent, and Bank of America, N.A., as a Lender.  The
effective date of the Third Amendment is November 10, 2008, and it renews the
Fall Maturity Credit Agreement for a term ending on November 9, 2009.  The
maximum available credit under the Fall Maturity Credit Agreement, as amended,
is $1 billion.  TVA has never borrowed under this credit facility.  A
copy of the amendment is attached as Exhibit 99.1.
Item 9.01 Financial Statements and
Exhibits.
Exhibit No.
Description of
      Exhibit
99.1*
Third Amendment Dated as of November 10,
      2008, to the Fall Maturity Credit Agreement Dated as of May 17, 2006,
      and Amended as of November 2, 2006, and November 2, 2007, Among TVA, Bank
      of America, N.A., as Administrative Agent, Bank of America, N.A., as a
      Lender, and the Other Lenders Party Thereto.
*
Schedule 1.01 has been
omitted.  The Tennessee Valley Authority hereby undertakes to furnish
supplementally copies of the omitted schedule upon request by the Securities and
Exchange Commission.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
Date: November 12, 2008
Tennessee Valley Authority
(Registrant)
/s/ John M. Thomas
John M. Thomas
Vice President and Controller
EXHIBIT INDEX
This exhibit is filed pursuant to Item 1.01
hereof.
Exhibit No.
Description of
      Exhibit
99.1*
Third Amendment Dated as of November 10,
      2008, to the Fall Maturity Credit Agreement Dated as of May 17, 2006,
      and Amended as of November 2, 2006, and November 2, 2007, Among TVA, Bank
      of America, N.A., as Administrative Agent, Bank of America, N.A., as a
      Lender, and the Other Lenders Party Thereto.
*
Schedule 1.01 has been
omitted.  The Tennessee Valley Authority hereby undertakes to furnish
supplementally copies of the omitted schedule upon request by the Securities and
Exchange Commission.