National Energy Development Bank Act

National Energy Development Bank Act - States that it is the purpose of this Act to establish a National Energy Development Bank to provide loans and grants to finance urgently needed research, exploration, development, production, and delivery of energy resources within the United States and to minimize this Nation's dependence on foreign sources of energy supplies. Creates a body corporate to be known as the National Energy Development Bank which shall be an instrumentality of the United States Government.

Provides that except to the extent inconsistent with the provisions of this Act, the Bank shall have the general corporate powers of a corporation organized and existing under the laws of the District of Columbia.

Provides that the Bank shall have capital stock of $1,000,000,000 subscribed by the United States.

States that the obligations of the Bank under this Act shall be fully and unconditionally guaranteed both as to interest and principal by the United States and such guarantee shall be expressed on the face thereof.

Authorizes the several Federal Reserve banks to purchase or discount any note, debenture, bond, or other obligation, secured or unsecured, held by the Bank.

Allows the Bank to make loans to organizations, corporations, companies, partnerships, and individuals at an interest rate of not greater than 4 per centum per annum: provided, that borrowers have presented evidence that they are unable to obtain funds on reasonable terms from any other source to carry out the purpose of this Act.

Provides that to carry out the purpose of this Act, the Bank may make grants to nonprofit organizations, nonprofit corporations, nonprofit companies, and institutions of higher education.

Directs the Bank's Board to give preferential treatment in the making of loans and grants to: (1) new technology in the energy field; (2) new sources of energy; (3) research in the development of new technology and sources of energy; and other specified areas.

Authorizes appropriation, without fiscal year limitation, of $1,000,000,000, to the Secretary of the Treasury to finance the purchase of Bank stock.

Authorizes to be appropriated, without fiscal year limitation, such sums as may be necessary to pay the difference, if any, between the interest paid by the Bank on its obligations and interest received by the Bank on its loans, and to reimburse the capital of the Bank to the extent of any defaults, and such additional sums as may be necessary to establish and operate the Bank and otherwise carry out the purpose of this Act.