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AL SB503
Bill
AI Summary
SB 503 Summary
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Establishes distribution formula for TVA in-lieu-of-taxes payments to Jackson County: 4% to legislative delegation office, 40% to public schools (per pupil basis), 30% to incorporated municipalities (population basis), and 26% to county general fund.
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Creates Discretionary Fund Committee composed of two members appointed by the state senator, and one member appointed by each House member representing Jackson County, with terms concurrent to legislative terms.
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Directs all growth in TVA payments since October 1999 into a discretionary fund for committee disbursement, with first priority given to Jackson County Economic Development Authority, Hospital Board, and county departments that previously received such funds.
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Repeals Acts 79-473, 88-292, and 99-550 governing prior TVA payment distributions.
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Takes effect immediately upon passage and gubernatorial approval.
Legislative Description
Jackson Co., Tennessee Valley Authority, payments in-lieu-of-taxes, distrib. to legislative delegation office, schools, municipalities, Discretionary Fund Committee, Act 79-473, 1979 Reg. Sess.; Act 88-292, 1988 Reg. Sess.; Act 99-550, 1999 Reg. Sess. repealed (2011-21127)
Jackson County
Last Action
Delivered to Governor at 2:00 p.m. on June 2, 20111
6/2/2011