SB473 Summary

• Distributes increased TVA in-lieu-of-taxes payments to Marshall County generated by Act 2010-135 between school systems and a county discretionary fund.

• Allocates 25 percent of the increase to five school boards (Marshall County, Arab City, Guntersville City, Albertville City, and Boaz City) on a per pupil basis using student enrollment from the first monthly attendance report of each school year.

• Allocates 75 percent of the increase to a county discretionary fund that may be expended for any lawful purpose by warrant direction of a discretionary fund committee.

• Creates a three-member Discretionary Fund Committee: one member appointed by the state Senator representing Marshall County and two members appointed by each House Representative from Marshall County, with terms running concurrently with the appointing legislator's terms.

• These distributions are separate from all other existing TVA in-lieu-of-taxes payments required by Marshall County, including those under Act 2007-498.