SB551 Summary

• Distributes Tennessee Valley Authority in-lieu-of-taxes payments received by Morgan County to the Hartselle, Decatur, and Morgan County Boards of Education for fiscal years 2010 and 2011 to address economic hardship in schools.

• Allocates 50% of proceeds to teacher and personnel expenses (excluding administrative costs), 30% to technological purposes in schools, and 20% to instructional materials and supplies for teachers, librarians, and educational personnel.

• Distributes funds among the three school systems based on previous year's average daily student enrollment in each respective system.

• Allows school systems with less than one month's expenditures in reserve to receive and expend proceeds without regard to the percentage allocation requirements until reserves reach one month's expenditures.

• Becomes effective immediately upon passage and approval by the Governor.