SB575 Summary

• Amends Act 79-501 to modify how Limestone County distributes TVA in-lieu-of-taxes payments received under Title 40, Chapter 28 of the Alabama Code.

• Establishes a fixed allocation of $293,000 distributed to specific entities including Auburn University ($40,000), Limestone County Economic Development Association ($37,500), Athens-Limestone Public Library ($35,000), and 13 volunteer fire departments ($12,000 each).

• Allocates remaining funds using a percentage formula to county government, public building and school funds, hospital tax fund, and municipalities including Athens (20%), Ardmore (1%), and smaller cities.

• Creates separate distribution tracks for increases in TVA payments: the 2006-655 Act increase goes to county commission for economic development and community projects, while the 2010-135 Act increase funds specific organizations including Athens State University ($50,000), Calhoun Community College ($25,000), and designated school systems ($200,000 annually for fiscal years 2010-2011).

• Becomes effective immediately upon passage and gubernatorial approval.