SB563 Summary

• Amends Act 79-473 to establish how Jackson County appropriates Tennessee Valley Authority (TVA) payments in lieu of taxes, with the first $145,000 annually paid to the Jackson County Hospital Board for ambulance services beginning October 1, 2012.

• Allocates the next $150,000 annually (with 2% annual increases based on TVA payment growth) to the Jackson County Economic Development Authority, plus an additional $75,000 annually beginning October 1, 2012 for industrial recruitment, grant matching, and site preparation.

• Provides $5,000 annually to each volunteer fire department in good standing plus $30,000 to the Jackson County Association of Volunteer Fire Departments, and $25,000 annually to the Scottsboro-Jackson County Rescue Squad.

• Distributes remaining TVA payments based on fiscal year 2005 baseline: 3% for a legislative office, 39% to public school systems per pupil, 29% to incorporated municipalities per population, and 29% to the county general fund.

• Creates a Jackson County Discretionary Board (consisting of the County Commission Chair, state senator, and two representatives serving Jackson County) to manage all future TVA payment growth above the 2005 baseline and repeals Acts 2011-611 and 2011-654.